re-claiming endowment

garderia
garderia Posts: 2 Newbie
in Reclaim mortgage fees, council tax, etc
hi,

15 years ago i lost my business and went into bankruptcy, i have an old endowment policy with clerical medical that had a bonding floating charge put on it while i had an overdraft with the bank i.e. security.

As so much time has passed is it possible that i can cash this in now, i spoke to clerical medical and they advised me to contact the bank who i had went bankrupt with originally and get the floating charge removed.

Is it possible to lift the bonding floating charge?
is there a time limit for the bank to take this money?

many thanks in advance.

Comments

  • dunstonh
    dunstonh Posts: 116,318 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Is it possible to lift the bonding floating charge?

    If the bank still have a financial interest in the policy then no. If not, yes
    is there a time limit for the bank to take this money?

    For as long as they have the debt.
    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.
  • garderia
    garderia Posts: 2 Newbie
    hi,

    thanks very much for the answers but i'm still a bit confused, is there a time limit on the debt with the bank as i was informed that after 6 years this may change?, there were guarentees on the debt with the government (small guarentee loan scheme), so the bank would have claimed back some of the original debt and then sold of the company assests, i was never declared bankrupt but the company was liquidated.

    Is there anyone i contact i.e. FSA or advice bureau regarding this matter, i'm reluctant to contact original bank due to bad memories and quiet frankly dont want them to take another penny.

    thanks again
  • dunstonh
    dunstonh Posts: 116,318 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Was the debt in the name of a limited company or a personal debt?
    Is there anyone i contact i.e. FSA or advice bureau regarding this matter, i'm reluctant to contact original bank due to bad memories and quiet frankly dont want them to take another penny.

    If the policy has been assigned to the bank then you will need the bank's authorisation to remove 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.
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