Endowment repayment query

[gordieglqasg]

Hi Not Sure if in the correct section.

 

when my partner took out his mortgage (approx 20 years ago) he took it as an endowment.

A few years ago we got into some financial problems and to stop the bank (BOS) repossessing we were switched to an interest only mortgage and stopped paying into the endowment 'fund'.

 

Earlier this year we received an endowment statement with a figure of approx 8k, however we realised that for each year since we stopped paying into it the company (Countrywide assured) have been using the units up to service the policy.

 

We have decided to try and cash in the policy and possibly invest elsewhere. So far all so good.

 

The problem is that CAS require a notification from the bank that we are on an intrest only mortgage, we have tried calling the bank many times asking for this notice they confirm they are going to send it out however it has never arrived.

 

My question (s) really are:

1. if the endowment has dropped due to time wasting by the BOS can we claim refund

2. how can i get the BOS to speed up the letter?

3. any ideas of how we can prove without the letter from BOS. They have recently sent us a form reminding us that the mortgage is finishing in 5 years and asking for information of how we intend to pay it off, this has 'interest only mortgage' at the top will this suffice?

 

Sorry if this doesn't make much sense, and also if posted in the wrong forum.

[gordieglqasg]

Any help or advice guys? - any thing appreciated - Thanks

[AndyOrch]

Does it not state " interest only " on your annual statement ? Is your endowment independent to the Bank ?

 

In most cases the Bank and the Endowment company converse direct with each other as that was initially their security on the mortgage......so they are still tied in to a certain degree.

 

Do you intend to pay some of the mortgage off with proceeds of the surrender?

 

Regards

 

Andy

[gordieglqasg]

Hi Andy, thanks for your reply. It has now been sorted, actually phoned them again yesterday and they said they had deposited the money to my partners account! but as you took the time to respond, i will answer your questions: The endowment was independent to the bank (although taken out at the same time) and the statement does say interest only. We are still trying to decide what to do with the surrender tbh just wanted it back as it was decreasing all the time. Again thanks for your help.