What about the endowment?

greenspun.com : LUSENET : Repossession : One Thread

Hi Lee, thanks very much for your last reply. I have another query for you. With regards the endowment policy, it is in my name, i.e., has not been assigned to the building society. The house is being repossessed, do the building society have the right to cash in the policy without my say-so? They have the original policy documents so I cannot cash it in myself. Would it be worth asking them for these documents?


-- Sarah Starbuck (Sarah@starbyland.freeserve.co.uk), February 09, 2000


Hello Sarah,

The endowment policy is in your name because it is your life that is insured. If the policy document is with the building society, the chances are that it has been assigned. An assignment is a form which you put your signature too and this is usually done when you're signing other documents at your solicitors when you bought the house.

If the house is already being repossessed then the building society may well have already cashed in the policy or written to the insurance company and told them of their intention to do so. They are not obliged to tell you this information.


-- denise (denise@amun-ra.demon.co.uk), February 09, 2000.

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