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I've got an Assignned Policy that the Bank don't want to know about!!
almacmil
Posts: 4,428 Forumite
Some time age (more than 6 years now!) I assigned various policies to a bank as security for a loan for a business. the business failed and I ended up in an IVA. This policy was excluded because it's shared with my wife.
We'd like to access the money now BUT we can't!!
1. The Insurance Compay won't let us at it 'cos it's marked as assigned.
2. The bank refuse to do anything because they have no record of the assignment - the accounts I used to have were closed and have been moved to the HQ and can't be found!
Any ideas about how to unlock this?
:wall:
We'd like to access the money now BUT we can't!!
1. The Insurance Compay won't let us at it 'cos it's marked as assigned.
2. The bank refuse to do anything because they have no record of the assignment - the accounts I used to have were closed and have been moved to the HQ and can't be found!
Any ideas about how to unlock this?
:wall: Apparently, if you lose one sense, others senses are enhanced. That's why those who have no sense of humour have an enlarged sense of self-importance.
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Comments
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All the bank need to do is send a letter to the provider and say that they have no need for the assignment on the policy.
Tell the insurance company to write to the bank asking them to confirm that they no longer have assignment. The insurance company cannot pay out any benefit until the bank confirm it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks dunstonh, it seems so simple when you put it like that, but neither have seemed to inclined to get their fingers out! I'll push a bit harder now.Apparently, if you lose one sense, others senses are enhanced. That's why those who have no sense of humour have an enlarged sense of self-importance.0
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