home repo'd in 1996 shortfall letter arrived in dec 1999 managed to reduce one off payment from £42000 to £5000 which we paid in dec 2000 had a letter of finality in jan 2001 we had three endowment policies to cover mortgage - 2 with standard life which were cashed in & paid to n/wide and a 3rd with guardian royal exchange royal exchange one is still standing (not being paid) I checked surrender value in jan 2000 & was told a letter of non-interest by b/soc was needed before cashing in how can i get this money back? thanks

-- jacqueline pacey (pacey.j@ntlworld.com), March 26, 2001

Answers

Hello

Your Guardian Royal Exchange policy will have been assigned to the lender which is why the insurer wants a letter confirming that they've no interest. Write to the lender explaining that the policy is still assigned and ask them to send you a letter which you can forward onto the insurer. Once the insurer has this then you can get your money. That should be all that you need to do, but come back to the board if you need further help.

-- pendle (pendle@amun-ra.demon.co.uk), March 27, 2001.

Jacqueline, When you receive the required letter for the Guardian Royal Exchange ask the G.R.E what the surrender value will be. Before you accept their figure (which will be considerably below what you would hope for!!) contact some of the companies who actually buy these policies. (You'll see adverts in the newspapers.) You should get a much better price. Joy.

-- Joy Harker (joytelkomstar@bun.com), March 27, 2001.