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endowment compensation ,should I accept?.
clara_2
Posts: 11 Forumite
I Have Just Been Offered £1311.41 Compensation For An Endowment I Took Out In 1999 And Which Is Due To Finish In 2024.
The Question Is Whether In Accepting This I Then Lose The Right To Claim Any Further Losses If The Policy Fails To Reach The Targeted £22050.
Although The Endowment Is A Savings Policy At The Moment I Am Looking To Buy A Property With My Partner Which For The Time Being And Due To Circumstances (i.e Looking After An 18month Old And Having Given Up My Job !)-will Need To Be Partly On Interest Only, So Will Need Some Saving Scheme To Cover Part Of The Mortgage (approx 20000).
Could Anyone Advise Me Whether They Think I Would Be Just Better Reinvesting In A High Interest Account Or To Forge On With This Policy,,,many Thanks For Any Replies.
The Question Is Whether In Accepting This I Then Lose The Right To Claim Any Further Losses If The Policy Fails To Reach The Targeted £22050.
Although The Endowment Is A Savings Policy At The Moment I Am Looking To Buy A Property With My Partner Which For The Time Being And Due To Circumstances (i.e Looking After An 18month Old And Having Given Up My Job !)-will Need To Be Partly On Interest Only, So Will Need Some Saving Scheme To Cover Part Of The Mortgage (approx 20000).
Could Anyone Advise Me Whether They Think I Would Be Just Better Reinvesting In A High Interest Account Or To Forge On With This Policy,,,many Thanks For Any Replies.
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Comments
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The Question Is Whether In Accepting This I Then Lose The Right To Claim Any Further Losses If The Policy Fails To Reach The Targeted £22050.
The compensation is to allow you to switch to repayment mortgage and continue from there. If you choose to continue the endowment you will have no further right to complain.
Also, if you do not accept the compensation now, you will not be able to go back in future years and claim again.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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