do you think this right

bradley164

i took out an endownment in 1984 in order to cover my mortgage of 13000 told there would be enough to cover the mortgage and a lump sum left over 6 years ago had an advance of 10000 on my mortgage so the endownment would have to reach 23000 5 years ago realised this was not going to happen so i started to save for the shortfall of what i thought woulb be 5000 i asked phoenix insurance for regular updates on the policy the last one was nov 2008 were the projection on the policy was between 18000 and 19000 so i thought everything was ok last week ihad a letter from phoenix saying the policy was coming to the end and there projection on its payout was 14700 i could not believe it do you think that this figure would include a terminal bonus i rang phoenix to ask them but they could not tell me

maninthestreet

It would help if you actually wrote in sentences. What did your last Endowment STATEMENT (not projectionn) show as the Guaranteeed Amount for Bonues, and Bonuses Already Added?

minimike2

Sorry I didn't bother to read due to lack of punctuation.

Gorgeous_George

Well, I read it without too much difficulty. Must be the Fully Comprehensive education.

Essentially, the policy has suffered due to falls in the stock market. Just unlucky with the timing and yes, it sounds about right.

You may have a claim for mis-selling. Check out the mis-selling threads. If not, at least the shortfall is quite modest. You may need to reschedule your mortgage to allow more time to repay it or take a personal loan for the shortfall if the mortgage fees are too high.

Good luck with whatever you decide to do Bradley164.

GG

bradley164

maninthestreet wrote: »

It would help if you actually wrote in sentences. What did your last Endowment STATEMENT (not projectionn) show as the Guaranteeed Amount for Bonues, and Bonuses Already Added?

i am sorry that you found it hard to read what i wrote but i try my best with the help of my son as i went blind 18 months ago and he is reluctant to tell me mistakes as to keep my confidence

McKneff

minimike2 wrote: »

Sorry I didn't bother to read due to lack of punctuation.

why did you bother to post then

I read it without too much difficulty, as did other peeps.

McKneff

Tell your son it would give you more confidence if he did get you to correct your errors, then you would eventually KNOW that you are doing things right, therefore boosting your confidence. See what i mean.