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  • FIRST POST
    • mae
    • By mae 1st Sep 17, 12:48 PM
    • 1,445Posts
    • 818Thanks
    mae
    Friends Life Endowment Maturing This Month *UPDATE
    • #1
    • 1st Sep 17, 12:48 PM
    Friends Life Endowment Maturing This Month *UPDATE 1st Sep 17 at 12:48 PM
    Hi

    I have an endowment maturing this month. It was called a Homebuyer Plus Plan. I have had a letter saying no further premiums required after 25th September 2017. So I assume I can cash it from that date?
    Also it says the amount will depend what date I cash it in..so when should I cash it in?

    The target amount was £26510.00
    Todays letter states projected cash in value is £18590

    Options available to me:

    -Claim the cash in value
    -Take no action and leave it in there (paying no further premiums)

    I don't understand this part:

    Final bonus will be added at the end of the premium payment term, and any final bonus will not accrue if the policy is not cashed in for at least another three years. We guarantee not to apply a Market Value Reduction if you cash in the policy within 14 days of the end of the premium payment term. After this you may be subject to MVR.


    Has anyone who has had an endowment mature got any advice or input or an expert would appreciated

    I don't know when or if to cash it in? Would it be better to leave it in?
    I am not relying on it for my mortgage so I not basing my decision on that.

    Thanks
    Last edited by mae; 10-10-2017 at 9:49 AM.
Page 2
    • Keep pedalling
    • By Keep pedalling 12th Oct 17, 9:55 PM
    • 3,752 Posts
    • 4,019 Thanks
    Keep pedalling
    It looks as if the OP was misled into surrendering the endowment a little before maturity rather than allowing it to mature, and so has lost about £12,000. I think that an apology and £200, and maybe some chocolate as well, is rather inadequate.
    Originally posted by Voyager2002
    Where do you get £12,000 from? £21,201 - £20742 = £459.
    • mae
    • By mae 13th Oct 17, 9:55 AM
    • 1,445 Posts
    • 818 Thanks
    mae
    What more do you think you are entitled to??
    Originally posted by maninthestreet
    It was more should I accept the no explanation type of thing not the money. I am very inexperienced with endowments and how they are paid out and if I hadn't decided to query it I would have lost out on nearly £500. So my point is surely their procedures should be questioned and possibly changed as how many others have missed out on money that is rightfully theirs or was this a one off mistake, which obviously can happen.
    • mae
    • By mae 13th Oct 17, 9:59 AM
    • 1,445 Posts
    • 818 Thanks
    mae
    It looks as if the OP was misled into surrendering the endowment a little before maturity rather than allowing it to mature, and so has lost about £12,000. I think that an apology and £200, and maybe some chocolate as well, is rather inadequate.
    Originally posted by Voyager2002
    Hi, no the amount is just under £500 they have said so luckily didn't run into thousands !
    • dunstonh
    • By dunstonh 13th Oct 17, 10:05 AM
    • 89,852 Posts
    • 55,455 Thanks
    dunstonh
    All the way through the thread, the terminology sounded like surrender rather than maturity. So, the £450 figure does seem like the correction amount and £200 being the inconvenience/goodwill amount.
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