Help! advice needed

Dolphin

Hi

We took out an endowment for £28.5k in 1987 with co-op insurance and in 1998 we stupidly took out another one also for £28.5k but to run over the same period. My mortgage is due to end in 2012 when both endowments mature. My actual mortgage is with Abbey National and is based on the current interest rate.

The second endowment is running at a loss of at least £4k but we have known this for a while and have had an ISA running for 5 years to help aleviate this.

Back in September we had a statement saying that the first endowment is still on track and we should pocket about £200 (nowhere near the amount we were promised when the endowment was taken out!), however this week we have had another statement saying that the endowment is now running at a loss of £1600 - I suppose I shouldnt be surprised due to the current climate but to lose that much in 6 months is ridiculous! - we have been on to co-op insurance and they are sending a financial advisor round next week.

Please can someone advise me on what demands I can make or where to go from here e.g. am i wise to leave things be? or should i cash both endowments in - pay this amount to Abbey and have a 'repayment mortgage' for the amount still outstanding? please bear in mind that i really want rid of this mortgage ASAP.

Cheers

Dol

Robert_Sterling_3

Somewhere along the line you will have been told what the payout would be IF the stock market did this and how much you would get if it did something else.
You will have been warned that the past performance is not a guide to the future
and that the stock market can go down as well as up.
An endowment policy is a gamble.
There is risk.