Friends Provident Endowment Assurance Policy

4Moneysaver

Hi there, I have an endowment assurance with profits policy which matures in 2012. I pay in £40 per month and I know it's not exactly going to pay me out anything too much but I'm wondering if I should cash it in, sell it or hang onto it. The last time I enquired which was at the end of July 2008 the cash value was £5475.

They also gave me a couple of projections of a payout on maturity of between £8370 and £9630. I know that I can approach certain companies that would consider buying the policy from me, are they worth it? Are there any that I should steer clear of?

I have a credit card with £4000 outstanding which I wold feel more comfortable paying off and an overdraft of £2500. I know the adage is that you should pay off debt with savings ut is it worth getting rid of this now and paying off my debt and starting to save again in a better way?

Any advice gratefully recieved.

EdInvestor

Post some info

provider
Guaranteed sum assured
declared bonuses
Surrender value
Monthly premium
Maturity dtae
maturity forecasts

interest rate payable on mortgage

4Moneysaver

Thanks Ed, okay so this isn't a mortgage it's a simple 15 year policy which I took out as a way to save money long-term.

provider Friends Provident
Guaranteed sum assured at 2007 the guaranteed sum was £6,300
declared bonuses at 2007 £793.41
Surrender value on enquiry in July 2008 £5475.70
Monthly premium £40
Maturity dtae 23/10/2012
maturity forecasts at a growth rate of 4% = £8370 and at a growth rate of 8% = £9630

Hope this helps,
Jan