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Selling Endowments
ShermanPotter
Posts: 13 Forumite
Originally posted in wrong forum.
I have 2 endowments (£30,000 and £10,000) still costing me £70 per month ....originally taken out to cover a £30,000 endowment mortgage
The mortgage has since been converted to repayment.
I intend to cash in the endowments - but can't beat the incredibly poor offer from Phoenix (£17,000 combined) - they are both "with profits" Sun Alliance policies (4 years to go on 25 year policies) - does anyone know of one of these second hand endowment companies who may improve my offer ?
Also - will I be liable to tax on this payment ? Considering the lack of return (over 21 years - I have LOST approximately £640) - I certainly hope not !!
What alternatives do I have ?
Freezing the payments - what effect will this have on any Terminal Bonus ?
I have 2 endowments (£30,000 and £10,000) still costing me £70 per month ....originally taken out to cover a £30,000 endowment mortgage
The mortgage has since been converted to repayment.
I intend to cash in the endowments - but can't beat the incredibly poor offer from Phoenix (£17,000 combined) - they are both "with profits" Sun Alliance policies (4 years to go on 25 year policies) - does anyone know of one of these second hand endowment companies who may improve my offer ?
Also - will I be liable to tax on this payment ? Considering the lack of return (over 21 years - I have LOST approximately £640) - I certainly hope not !!
What alternatives do I have ?
Freezing the payments - what effect will this have on any Terminal Bonus ?
0
Comments
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Usually TEP traders aren't interested in these policies but you can try here: https://www.apmm.org
There should be no tax on surrender. There's really little alternative to surrender One has to doubt there will be any terminal bonus attached by the time they mature.Trying to keep it simple...
0
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