claiming for mis sold endownment

billymiff

Hi, I;ve just filled in the which letter generator to try and claim for my endownment. My question is, it is unit linked which I have read I can't sell I can only surrender. Can I surrender it now before I want to claim or does it still need to be in force? Surrender value is about £6k and we've paid about £8.5k into it its ridiculous
Thanks

EdInvestor

You can surrender now, but compensation would apply only up to that date.A unit linked policy is probably doing quite well at present, premature to surrender?

billymiff

EdInvestor wrote: »

You can surrender now, but compensation would apply only up to that date.A unit linked policy is probably doing quite well at present, premature to surrender?

We are desperate for money at the mo to pay some debts...been a bad year, We've had it for 10years
Thank you x

dunstonh

Are you still able to complain? Over 75% of endowments are now time barred. Those that are not are mostly the ones that good and unlikely to result in much or any redress if a complaint is upheld.

We are desperate for money at the mo to pay some debts

Aren't you robbing Peter to pay Paul here though?

Surrender value is about £6k and we've paid about £8.5k into it its ridiculous

Why is that ridiculous? To be honest, that doesnt seem too bad given current investment values and the buying of cheaper units now could be really beneficial long term.

billymiff

Aren't you robbing Peter to pay Paul here though?


Sorry I didn't explain ...it was from an old mortgage that we just kept on for investment purpose, we have a repayment mortgage now



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dunstonh

billymiff wrote: »

Aren't you robbing Peter to pay Paul here though?


Sorry I didn't explain ...it was from an old mortgage that we just kept on for investment purpose, we have a repayment mortgage now

Ahh, thats it ok then. Although your timing on wanting to call it a day isnt good. However, if the debts are expensive and causing issues then I can see why you would do it.