This blog is the sequel to the post I wrote last month about my investigation into a dripping tap of wasted money that I have been paying out for over 40 years ! (You can find it by clicking on February 2020 in the Archive —— just in case anyone reads this in the cloud in 40 years time and can’t speak to a wonderful Scottish lady called Ellen who assisted me in my search for the lost policy)
The story began in 1972 when I wanted to pay for a deposit on my first house,. I had not got a house, but if you wanted to buy one at an auction you had to cough up 10% of the money straight away and pay the balance in 28 days. As a poorly paid, still yet to qualify, long-haired architect in Nottingham I was seen as quite a risk by the bank manager when I asked him for the huge sum of £3000 ! I didn’t have a mask or a gun, but you would think I was holding up his West Bridgeford branch of the NatWest bank. No alarm bells rang, but he sent me packing with an instruction to “ Get yourself £3000 of life insurance as security, before I can lend you a penny !” I must admit I had not intended to threaten the whole future of the banking industry with my reckless spending. Who knows, I might have caused a run on the pound ?
So off I went to find a trusted friend, a stalwart of the insurance world. Where else but in the club house of Old Nottinghamians Rugby Club. People you could fall back on after a failed bank robbery😀 What better than a prop forward? Although, John Ullyat was better at propping up the bar these days, when he wasn’t selling life insurance.
Now I’ve got it 💡 Thanks to that tight-fisted bank manager and my trusty prop forward friend that is how I finally secured my first house, with a £3,000 life insurance policy from Standard Life. Phew! That took a bit of remembering.
Forty seven years and 2345 payments of £2.68 pence later the lovely lady from Standard Life tells me it is now worth a vast fortune of £1,977 and 79 pence, if I wish to surrender it. But, as a one-time attempted bank robber, I’m Butch Cassidy, or maybe The Sundance Kid and you’re not getting my money back. I’m going to keep paying the £2.68 pence until I get my £3,000 life insurance or I’ll die doing it!
If my calculations are correct I should be robbing the bank or at least the Standard Life Insurance Company in just another 26 years ! 🤠