Best Price Endowment > FAQs > Loan on the policy

If the policy has been used as security against a loan, arrangements need to be made to clear the outstanding debt. To do this, the solicitors will need a 'Letter of Authority' addressed to the lender which is signed by the policy holder, and then the buyer of the endowment policy will repay the loan when they buy the policy and send you the balance of the purchase price, less the loan amount.