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Endowment Misselling Compensation
twiggi
Posts: 3 Newbie
Hi
Within about 3 weeks of making a claim I have been offered compensation. The amount offered is equal to the difference between my current shortfall and that which would have been paid if I was on a repayment mortgage. What should I do? Obviously I do not want the shortfall to be still with me. What is the normal settlement.
Rgds
twiggi
Within about 3 weeks of making a claim I have been offered compensation. The amount offered is equal to the difference between my current shortfall and that which would have been paid if I was on a repayment mortgage. What should I do? Obviously I do not want the shortfall to be still with me. What is the normal settlement.
Rgds
twiggi
0
Comments
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That is the normal settlement.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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Thanks for the reply
But could I ask the Policy provider to cancel the policy and so pay the total amount owed so that I can pay it into my mortgage and at the same time convert it into a capital + interest repayment mortgage.
Regards
twiggi0 -
Take the settlement, use it to reduce the capital owed on your mortgage.
Get advice (on here or otherwise) on whether you should keep the endowment going; some are performing quite well.
Remeber if you cancel the endowment you will lose life insurance.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
twiggi wrote:Thanks for the reply
But could I ask the Policy provider to cancel the policy and so pay the total amount owed so that I can pay it into my mortgage and at the same time convert it into a capital + interest repayment mortgage.
Regards
twiggi
This might be the way forward, let's see.Post some figs:
Company policy is with
Guaranteed sum assured
Declared bonuses
Surrender value (you may need to ring up)
Monthly premium
Maturity dateTrying to keep it simple...
0 -
Thanks
Company policy is with Abbey Life
Guaranteed sum assured £34000
Declared bonuses none
Surrender value (you may need to ring up) £5600
Monthly premium £57
Maturity date 5/1/2021
Rgds
twiggi0
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