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  • FIRST POST
    • S Downie
    • By S Downie 13th Oct 18, 9:47 AM
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    S Downie
    Newbie post mortgage/ endowment assistance
    • #1
    • 13th Oct 18, 9:47 AM
    Newbie post mortgage/ endowment assistance 13th Oct 18 at 9:47 AM
    Hi, my endowment has finished in September and is linked to our mortgage. The bank are saying the policy is not assigned to them but refuse to send a no interest letter to the endowment company and the endowment company cannot release funds until they have this letter. Halifax have now opened a complaint and their rules are they will investigate within 8 weeks! My mortgage is due to finish before then and every day I am paying daily interest on a mortgage which could be paid off now if only 2 companies would talk to each other. Any help, suggestions would really be appreciated.
Page 1
    • AnotherJoe
    • By AnotherJoe 13th Oct 18, 10:30 AM
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    AnotherJoe
    • #2
    • 13th Oct 18, 10:30 AM
    • #2
    • 13th Oct 18, 10:30 AM
    Does your complaint to Halifax point out you will be reclaiming the mortgage interest paid until this is resolved?
    And have they said why they wont send the no interest letter?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • S Downie
    • By S Downie 13th Oct 18, 10:55 AM
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    S Downie
    • #3
    • 13th Oct 18, 10:55 AM
    • #3
    • 13th Oct 18, 10:55 AM
    They have raised my concern as a complaint so I havenít officially complained. Perhaps I should do this? They wonít send the no interest letter as there is no interest to them. They claim itís nothing to do with them and therefore no need to do anything. Thanks for your reply 😃
    • AnotherJoe
    • By AnotherJoe 13th Oct 18, 11:52 AM
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    AnotherJoe
    • #4
    • 13th Oct 18, 11:52 AM
    • #4
    • 13th Oct 18, 11:52 AM
    So just to clarify, the endowment says something like "assigned to halifax" and halifax are denying all knowledge?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • dunstonh
    • By dunstonh 13th Oct 18, 7:04 PM
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    dunstonh
    • #5
    • 13th Oct 18, 7:04 PM
    • #5
    • 13th Oct 18, 7:04 PM
    The bank are saying the policy is not assigned to them but refuse to send a no interest letter to the endowment company and the endowment company cannot release funds until they have this letter.
    This is a common issue and easily resolved.

    The problem is that the bank front line is usually manned by young, inexperienced and low knowledge staff nowadays. So, whilst policy assignment was commonplace up until around 1998, it stopped after that. So, only the older staff will know about it and only those that worked in that area of the bank (used to be known as securities).

    The usual solution is to arrange a complaint to the bank saying that the policy was assigned to the bank in accordance with its rules at the time it was taken out and that the bank should write to the insurer to confirm that they have no interest in the policy any more.

    A very simple letter and the complaints departments always do these.
    My mortgage is due to finish before then and every day I am paying daily interest on a mortgage which could be paid off now if only 2 companies would talk to each other. Any help, suggestions would really be appreciated.
    This is not an issue if the lender is the same one as the policy is assigned to. This is because the maturity should be paid to the lender and the interest should not be charged.

    Its only an issue if its a different bank. In which case, you should add to your complaint that the delay is causing you financial losses and that you should not be responsible for these losses.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. 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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