Buying additional units to cover Endowment shortfall

Ewymac

Is it possible?
Is it worthwhile buying extra units in my Standard life endowments (while they are cheaper) to help cover my shortfall?
1 is due to mature 4 yrs and another in 13 yrs!
I have filled my isa amount £3600?
I have some savings that are not earning at the moment.

Any advice will be appreciated

Ewan

dunstonh

Is it possible?

Yes. But not in the way you think.

Is it worthwhile buying extra units in my Standard life endowments (while they are cheaper) to help cover my shortfall?

No. It would turn the plan into a non qualifying endowment and it wouldnt be as tax efficient as using an ISA.

I have filled my isa amount £3600?

The ISA allowance is £7200.

grogdog

if it is something that concerns you, why not change part of your mortgage to repayment

EdInvestor

Post some info about the endowment

Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate on mortgage

Ewymac

The ISA allowance is £7200.[/quote]

I have a cash Isa an i thought it was capped at £3600! Shares scare me a bit, I do have some in Standard life and i have contemplated buying some more as they are now close the price at floatation. Can only go up!!!!!!!!!?????????? Risk??

I have opened an All and Leic Easy Isa in my wifes name. Not transferred any funds as yet.

dunstonh

have a cash Isa an i thought it was capped at £3600!

The cash ISA stops at £3600 but the Stocks and shares element can take you to £7200.

Shares scare me a bit

Whilst the S&S ISA doesnt have to mean shares, you do have to remember that its likely that they endowment funds are heavily in shares (again dont have to be but probably are). So, if the S&S ISA scares you then so should the endowment. They are both containers for investments. The only difference is the taxation.

EdInvestor

dunstonh wrote: »

So, if the S&S ISA scares you then so should the endowment.

Were you perhaps missold the endowment? If shares scare you and you weren't told the endowment was invested in shares by the salesman,and would have rejected it if you had known, then that's misselling.Put in a complaint.

Gorgeous_George

I can only say that I am happier since cashing in my Standard Life and Friends Provident endowment policies in July 2008.

The SL policy was taken out in 2005 and was due to mature in 2010. I don't think it would have been worth any more than the £26,500 surrender value if I'd kept it to maturity.

The FP policy was more recent, taken out in 1999. Every month it made less than my payments and I think it was a dud.

Surrendering both policis gave me £110 more money in my bank account every month. I used it to boost my offset savings account.

I feel much more in control of my finances than never before.

GG

jm28cardiff

Gorgeous_George wrote: »

The FP policy was more recent, taken out in 1999. Every month it made less than my payments and I think it was a dud.

GG

What type of policy, what fund?