A
aileenm
Guest
What is the name of your state? : Scotland UK
My husband and I have paid into a Mortgage Endowment Policy for our house for the last 15 years. We surrendered 2 previous policies (with the same Insurance Company) after being given wrong advice. We were assured we would receive £45,000 at maturity - £29,000 to pay off the mortgage and £16,000 for ourselves. Over the last few years this Company has lost money in the Stock Market and our policy value has fallen drastically. 2 years ago when my husband retired from the Fire Service we made a formal complaint to the Company - 18 months later they denied any liability and said we were due no redress. However, 2 months ago they changed there mind and made an offer - we accepted this offer, but are still losing £27,000.
We have however received 2 payments from this Company - DOUBLE THE AGREED SETTLEMENT. We have had no contact from them to say this is an error - we signed TWO Acceptance Forms for 2 different amounts of money and received 2 letters of offer. We returned all the papers correctly completed and they have paid out TWICE.
WHAT IS OUR POSITION HERE - THEY HAVE CASHED THE CHEQUE AND WE HAVE THE MONEY IN OUR BANK ACCOUNT.
IF THEY DO NOT REQUEST THIS MONEY BACK WHEN IS IT LEGALLY OURS????
WE HAVE BEEN PAID £36,000 (2 payments of £18,000) - THEREFORE £9,000 LESS THAN THE FINAL DEAL IF THE POLICY WENT TO MATURITY.
Any advice would be helpful.
My husband and I have paid into a Mortgage Endowment Policy for our house for the last 15 years. We surrendered 2 previous policies (with the same Insurance Company) after being given wrong advice. We were assured we would receive £45,000 at maturity - £29,000 to pay off the mortgage and £16,000 for ourselves. Over the last few years this Company has lost money in the Stock Market and our policy value has fallen drastically. 2 years ago when my husband retired from the Fire Service we made a formal complaint to the Company - 18 months later they denied any liability and said we were due no redress. However, 2 months ago they changed there mind and made an offer - we accepted this offer, but are still losing £27,000.
We have however received 2 payments from this Company - DOUBLE THE AGREED SETTLEMENT. We have had no contact from them to say this is an error - we signed TWO Acceptance Forms for 2 different amounts of money and received 2 letters of offer. We returned all the papers correctly completed and they have paid out TWICE.
WHAT IS OUR POSITION HERE - THEY HAVE CASHED THE CHEQUE AND WE HAVE THE MONEY IN OUR BANK ACCOUNT.
IF THEY DO NOT REQUEST THIS MONEY BACK WHEN IS IT LEGALLY OURS????
WE HAVE BEEN PAID £36,000 (2 payments of £18,000) - THEREFORE £9,000 LESS THAN THE FINAL DEAL IF THE POLICY WENT TO MATURITY.
Any advice would be helpful.