23 years ago I defaulted on a mortgage. The mortgage was jointly taken out with my then girlfriend. A Mortgage Guarantee policy was taken out and paid by us as a condition of the mortgage application being accepted. We split up, went our separate ways and the flat was repossessed.
For four years we paid into an endowment policy and then walked away from this too.
I've just been traced by the endowment company who have informed me that I'm entitled to a half share of the policy value, now that it has matured. My share would be £3000, which was a nice surprise.
The endowment was assigned to the bank with whom we had the mortgage and the endowment company have written to them asking them to confirm they have no claim on it.
Am I right in assuming that the mortgage losses would have been paid to the bank by the company who I paid the Mortgage Guarantee policy to and that therefore the bank would have no claim on my endowment proceeds?
Obviously the debt on the mortgage is now time barred and am hoping this applies to any claim on the endowment too!
Thanks.
For four years we paid into an endowment policy and then walked away from this too.
I've just been traced by the endowment company who have informed me that I'm entitled to a half share of the policy value, now that it has matured. My share would be £3000, which was a nice surprise.
The endowment was assigned to the bank with whom we had the mortgage and the endowment company have written to them asking them to confirm they have no claim on it.
Am I right in assuming that the mortgage losses would have been paid to the bank by the company who I paid the Mortgage Guarantee policy to and that therefore the bank would have no claim on my endowment proceeds?
Obviously the debt on the mortgage is now time barred and am hoping this applies to any claim on the endowment too!
Thanks.