#1: Terminating an endowment
Posted on 2006-07-17 21:31:41 by Colin Wilson
(reposted from The Motley Fool - looking for advice please !)
I have a small mortgage (swapped to a repayment about 3 years ago) that=20
is not reliant on an endowment scheme I got when I first took out a (re)
mortgage 15 year ago.
I haven't looked into mis-selling "compensation" as yet, as I needed the=20
mortgage situation resolving quickly following the breakdown of a=20
relationship - I don't recall being offered a repayment option at the=20
time. I don't know whether the lack of a repayment alternative (I stayed=20
with my existing mortgage lender) might count as mis-selling.
The payments are only small, around =A328 a month, but the projected=20
payout at the end of 25 years is, to be blunt, as bad as the reports in=20
the press - in that it would appear i'd be lucky to get =A312k back on a=20
=A322.5k policy.
The endowment statement isn't clear about figures, and "promises" =A37k at=
=20
the end of the period with =A33k in bonuses, without saying whether thats=
=20
the position as it stands now with monies already paid, or if I pay into=20
the scheme for another 10 years.
I don't really know what options are available by way of terminating the=20
policy, or whether its possible to leave it as-is without making further=20
payments (is this known as "paid up" ?)
Does anyone have any experience of surrender values through Prudential ?
Thanks
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#2: Re: Terminating an endowment
Posted on 2006-07-19 20:35:47 by xyz
Its clear you are unsure what to do, and no decent adviser (IFA) can tell
you without knowing more. Suggest you try IFAP (www.unbiased.co.uk) and
search for a fee based IFA near you. It might cost you £200-£300 only you
can decide if it is worth it, but based on a 22.5k policy you the fee is
only 1-2%.
I am writing this as an experienced and highly qualified IFA, who never sold
endowments as they represented bad value for money. I am impartial as are a
lot of other IFAs.
"Colin Wilson" <<a href="mailto:void@btinternet.com" target="_blank">void@btinternet.com</a>> wrote in message
news:<a href="mailto:MPG.1f25f5f6abb4b3bd989774@news.individual.net..." target="_blank">MPG.1f25f5f6abb4b3bd989774@news.individual.net...</a>
(reposted from The Motley Fool - looking for advice please !)
I have a small mortgage (swapped to a repayment about 3 years ago) that
is not reliant on an endowment scheme I got when I first took out a (re)
mortgage 15 year ago.
I haven't looked into mis-selling "compensation" as yet, as I needed the
mortgage situation resolving quickly following the breakdown of a
relationship - I don't recall being offered a repayment option at the
time. I don't know whether the lack of a repayment alternative (I stayed
with my existing mortgage lender) might count as mis-selling.
The payments are only small, around £28 a month, but the projected
payout at the end of 25 years is, to be blunt, as bad as the reports in
the press - in that it would appear i'd be lucky to get £12k back on a
£22.5k policy.
The endowment statement isn't clear about figures, and "promises" £7k at
the end of the period with £3k in bonuses, without saying whether thats
the position as it stands now with monies already paid, or if I pay into
the scheme for another 10 years.
I don't really know what options are available by way of terminating the
policy, or whether its possible to leave it as-is without making further
payments (is this known as "paid up" ?)
Does anyone have any experience of surrender values through Prudential ?
Thanks
Report this message |
#3: Re: Terminating an endowment
Posted on 2006-07-20 09:20:52 by Irma Troll
xyz wrote:
> Its clear you are unsure what to do, and no decent adviser (IFA) can tell
> you without knowing more. Suggest you try IFAP (www.unbiased.co.uk) and
> search for a fee based IFA near you. It might cost you £200-£300 only you
> can decide if it is worth it, but based on a 22.5k policy you the fee is
> only 1-2%.
>
> I am writing this as an experienced and highly qualified IFA, who never sold
> endowments as they represented bad value for money. I am impartial as are a
> lot of other IFAs.
Ignore this troll - an IFA will rip and bleed you and give you any
advice to line his/her pocket.
Irma
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#4: Re: Terminating an endowment
Posted on 2006-07-21 08:06:52 by Derek Way
If you would like to provide details of your policy on our website
www.policysalesdirect.com I will see if it has any extra value over and
above surrender value, which may give you another option of selling it.
DWW
"Colin Wilson" <<a href="mailto:void@btinternet.com" target="_blank">void@btinternet.com</a>> wrote in message
news:<a href="mailto:MPG.1f25f5f6abb4b3bd989774@news.individual.net..." target="_blank">MPG.1f25f5f6abb4b3bd989774@news.individual.net...</a>
(reposted from The Motley Fool - looking for advice please !)
I have a small mortgage (swapped to a repayment about 3 years ago) that
is not reliant on an endowment scheme I got when I first took out a (re)
mortgage 15 year ago.
I haven't looked into mis-selling "compensation" as yet, as I needed the
mortgage situation resolving quickly following the breakdown of a
relationship - I don't recall being offered a repayment option at the
time. I don't know whether the lack of a repayment alternative (I stayed
with my existing mortgage lender) might count as mis-selling.
The payments are only small, around £28 a month, but the projected
payout at the end of 25 years is, to be blunt, as bad as the reports in
the press - in that it would appear i'd be lucky to get £12k back on a
£22.5k policy.
The endowment statement isn't clear about figures, and "promises" £7k at
the end of the period with £3k in bonuses, without saying whether thats
the position as it stands now with monies already paid, or if I pay into
the scheme for another 10 years.
I don't really know what options are available by way of terminating the
policy, or whether its possible to leave it as-is without making further
payments (is this known as "paid up" ?)
Does anyone have any experience of surrender values through Prudential ?
Thanks
Report this message |
#5: Re: Terminating an endowment
Posted on 2006-07-21 10:43:09 by MM
On Fri, 21 Jul 2006 07:06:52 +0100, "Derek Way"
<<a href="mailto:policysalesdirect@btopenworld.com" target="_blank">policysalesdirect@btopenworld.com</a>> wrote:
>If you would like to provide details of your policy on our website
>www.policysalesdirect.com I will see if it has any extra value over and
>above surrender value, which may give you another option of selling it.
I've just had a look at that URL. Crikey, there is no way I would
consider entering all my details, plus the policy details into an
unknown web page. It doesn't even appear to have the "secure" padlock
set!
MM
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