I applied for an annuity with Royal London in November and was told the processing time would be four to six weeks.
After five weeks I was told there was no progress and it would take “as long as needed”. I filed an official complaint in January, but there was no response.
I foolishly made some financial assumptions in the original timeline and racked up credit card debt, my credit score plummeted and I have to pay. bill, I can barely pay it. I am at my wits end as Royal London is not helping me. If nothing else, it’s worth noting that the usual four to six weeks can actually mean 13 or more.
CHIEF EXECUTIVE OFFICER, by e-mail
Even after my involvement, this saga continued, but I am happy to report that it has been resolved and the first payments have now reached your bank account.
Royal London does not sell annuities, but sells them on behalf of other companies – in this case it was Scottish Widows – for which it receives a commission.
It is unclear where exactly the delays occurred.
after the promotion of the newsletter
The Monzo bank account was one last thing to confirm as yours, but at least you have the money.
Such transactions seem to be taking much longer than before the pandemic, if the mailbag of our consumer champions is anything to go by, so others in this position may want to plan their future spending accordingly.
A healing period of four to six weeks seems optimistic, at least to me.
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