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Endowment traders
majestick
Posts: 5 Forumite
Where can i find a company whom might be interested in quoting me on my endowment.
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Beggars belief, i contacted the link you sent me , thanks. The results was most interesting. Or should i say bordering on dubious trading .
I was told that i would be quoted for the endowment i wanted to sell. all i needed to give them was the policy number and the surrender value! surrender value! Surely that is my business.
Eg. i would like to buy your car sir, "what is your best offer" Oh one hundred quid, well i'll give you a hundred and one..:rotfl:
i think i need to report this business to dept of fair trading, this cannot be right way to do business?0 -
this cannot be right way to do business?
sorry. You cannot expect someone to purchase an endowment without actually knowing the value of it. It is impossible to make an assessment without knowing things about the policy.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 -
It seems laughable to me, but i just cannot believe i can expect to get the chance of a better deal by showing my hand.
Also just wondering if i could let it run its course, if it has one?
I mean, this policy i have was only paid into it for about 3 years and then i cancelled the mortgage and sold house. Then i contacted said endowment company instructing them to make it a paid up policy (ie i would not pay into it anymore). So i had a 25 five year mortgage and it will now have six years left on it. So will it finish on the 25 year anniversary and pay me out? As you have probably realised i not familiar with this business.
Thanks0 -
It seems laughable to me, but i just cannot believe i can expect to get the chance of a better deal by showing my hand.
Not all endowments are the same. Providers have different versions. They also have different target growth rates. You can tell from the surrender value and a range of other details what the quality of an endowment is going to be.
If you dont have that information, it would just be like them bidding on a plastic bag without knowing its contents.
Would you buy one if you didnt know the details about it?Also just wondering if i could let it run its course, if it has one?
yes you can.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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