97 Repossessed Endowment Now maturing

[ozydave]

Hi

In December ’89 I brought a property for £53,500. I paid a mortgage indemnity guarantee at the time the mortgage. I also started an endowment policy. The initial mortgage company split the mortgage in two giving a main and top up mortgage. This company went bust and the mortgage was sold off to another company (still in two parts). This company then sold the mortgage on again (still in two parts) to a sister company of Halifax (HL6 ltd).

I was repossessed in October ’97. The property was then sold for £23,000 by the mortgage company to pay off the debt. This left £30,000 negative equity.

At the time of repossession I informed the court , the solicitors acting on behalf of the mortgage company of my new contact details. I did receive a letters for a short time from the solicitors telling me what was going to happen, including a form asking me for my income and outgoings, presumably so they could work out how much I would have to payback each month. This was filled in returned. The letters stopped. I wrote to them asking what was happening, several times over the next few months. I stopped writing and I have still never heard anything. I must add that the contact details I gave to the courts and solicitors was my parents address (where they still live) so I have always be reachable.

My endowment is with AXA and is now worth £5,000 (I stopped paying into it when I was repoed).

I contacted them to cash it in, they said it is OK but I need a statement of no further interest form the holders of the deeds. The told me it was a company called ‘Berkshire Capital funding’ (never heard of this company). Done some research on them, it seems they buy debts, which they then try and recover.

I have written to the court where I was repossessed, got a letter back saying that my case had gone to file.

I do not have any of the old mortgage contracts.

What I would like to know.

Can I safely get my endowment money back, with out string up a hornets nest (ie them now starting to chase me for the £30,000)?

None of the above has seemed to effect my credit rating, I have been able to get a mortgage on two different properties.

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Received a letter today saying that the endowment will mature on 1 may 2013. The company ‘Berkshire Capital funding’, I have checked today and they no longer exists it was dissolved.

Still to this date i have never received any communication from anyone regarding this thats 16 years now.

 

Hope this makes sense. Many thanks for any advice

Dave

[Conniff]

Have you been making payments towards the shortfall? if not then a mortgage becomes statute barred in 12 years in accordance with The Limitations Act 1980.

[ozydave]

Hello Conniff

Thanks you for the reply.

Since the court date in 97 were I was repossessed I have heard nothing. I have always been contactable at the address phone number I gave them (it is still my parents address). I have made no payment at all.

 

Should then, the endowment company then pay me?

 

Thanks

Dave