Home repossessed in 1996. Haven't heard anything since. Was endowment mortgage. Would they have taken the endowment policy at the time of repossession?

-- (sprocket5@hotmail.com), November 22, 2002

Answers

Yes, but you should have been given paperwork.

-- Too scared to say (iwasduped@yahoo.com), November 23, 2002.

Hello,

Not necessarily 'wasduped'.

Depends if the lender has/had the origonal policy document assigned to the mortgage (not all policies are assigned).

If your endowment paperwork/policy has 'This is a copy' printed on it's face then they have the origonal and should have used the surrender proceeds to reduce the outstanding amount 'allegedly' owing.

If you think you have the origonal document/policy, or even if you have not got the documents it's still worth writing to the endowment company. If the policy is not assigned and there is a surrender value then they owe you money. Alternatively, you could at least find out from them details of what the lender did with the proceeds, you never know what you may rake up.

Good luck

Stephen

-- (stephen.pooley@ntlworld.com), November 23, 2002.

My policy wasn't assigned directly to the Lender - but they took it anyway. It was assigned to the Insurance Co providing the top up loan to 100% - apparently the Lender can claim it where they have the mortgage to which the 2nd loan relates. Something to do with land and property and titles - can't remember what exactly. I did query it and was politely told to shove off.

-- Too scared to say (iwasduped@yahoo.com), November 23, 2002.