Non GS . Advice wanted please .

[Geno]

Just got letter from endowment plan , i have been paying into the fund for 22 years , its due to mature in 2013 , i have sold the house that the endowment covered ,and i have been paying into since as a investment plan .So here is the question who gets the money when it matures , since the house was paid for at selling . I know there is a Tosser who knows all about this stuff ,there always is . Many Thanks Geno .

 

[ghiribizzo]

Get the Bank or B Soc. concerned to confirm to the Assurance Company that the mortgage loan was discharged and that there's no other house associated. No doubt there will be a fee involved.
It's been a few years since I worked in that business mind. Mebbe someone still working in life assurance can give you more specifics!

 

[davidgibson999]

Just got letter from endowment plan , i have been paying into the fund for 22 years , its due to mature in 2013 , i have sold the house that the endowment covered ,and i have been paying into since as a investment plan .So here is the question who gets the money when it matures , since the house was paid for at selling . I know there is a Tosser who knows all about this stuff ,there always is . Many Thanks Geno .

Hi Geno
Assuming that the endowment plan was not assigned to the mortgage lender at outset the money will come to you at maturity. If it was assigned to a lender you'd want to sort that out in advance. A quick ring to the endowment provider will determine if it was ever assigned.
David

 

[luke scott]

Call the life office, ask them is the policy "assigned" to anyone. If they say no then there is no further action needed, you will get the cheque. If they say yes it is assigned then you need to get onto the lender and get a "deed of release". This is an important piece of paper and you will need it at maturity date for the life assurance company. Any questions pm me (I'm a life broker).

 

[Geno]

Call the life office, ask them is the policy "assigned" to anyone. If they say no then there is no further action needed, you will get the cheque. If they say yes it is assigned then you need to get onto the lender and get a "deed of release". This is an important piece of paper and you will need it at maturity date for the life assurance company. Any questions pm me (I'm a life broker).

Thankyou to all of you , as you can see i have no idea about all this ,
Thanks again Geno .

 

[Firefox]

best of luck

I hope you are not disappointed in teh amount the policy returns. Insurance company has been sending me regular letters to the effect that my policy will not meet the mortgage amount. And not just since the crash hit. bloody lying bstrds swore it was guaranteed.

 

[luke scott]

bloody lying bstrds swore it was guaranteed.

The salesman or the company ? Anything in writing from them ? After 26 years selling life assurance products I can sleep at night knowing I never sold an endowment mortgage to my customers.

 

[Teamin]

Sold a pup

I hope you are not disappointed in teh amount the policy returns. Insurance company has been sending me regular letters to the effect that my policy will not meet the mortgage amount. And not just since the crash hit. bloody lying bstrds swore it was guaranteed.

I take it that you have made a claim against them for miss selling. I did and got about 3k back. Mine too was said to be a sure thing.

Interesting information, as mine matures in 2015 and the house has been paid off. I will need to contact them and sort out assignment.

 

[Teamin]

Sold a pup

I hope you are not disappointed in teh amount the policy returns. Insurance company has been sending me regular letters to the effect that my policy will not meet the mortgage amount. And not just since the crash hit. bloody lying bstrds swore it was guaranteed.

I take it that you have made a claim against them for miss selling. I did and got about 3k back. Mine too was said to be a sure thing.

Interesting information, as mine matures in 2015 and the house has been paid off. I will need to contact them and sort out assignment.

 

[Cortina]

... and do you have to pay any income tax on the proceeds ???

 

[Firefox]

no claim

Nothng in writing unfortunately, I took advice from a trusted solicitor who said not to bother.
At least it's not bad. Won't be too short and wasn't too much to start with. Not in negative equity like so many poor sods.

 

[davidgibson999]

... and do you have to pay any income tax on the proceeds ???

If the policy reaches maturity then it's a qualifying policy and no tax is due.

 

[Cortina]

oh good ... ta !!