Please help! advice on cashing in L&G Endowment needed.

madmaiden

Pleased help!!

Would be grateful if anyone out there could give me advice!

Have debts of around £15,000 at moment and thinking of cashing in endowment to get rid of some of them!

We have changed to a repayment mortgage already.

Endowment due to finish in 2013 - at the moment it is on amber alert - did receive £2,000 towards misselling a couple of years ago - this was due to being told to cash in an old endowment with norwich union when we moved rather than mis selling.


Here are the details
Legal and General policy

Basic sum assured 10,557.00
Guaranteed life cover 34,500
Existing bonuses 7,065.10
2005 annual bonus rate applied to sum assured 0.75%
2005 annual bonus rate applied to existing bonuses 1.25%
Bonus added for 2005 167.50
Total basic sum assured and annual bonuses to 2005 17,789.60
Current final bonus rate 76%


We did have a quote back in 2004 for selling up which was at that time offering £11,500.

Very unsure what to do whether to try carry on battling with debts or sell up and try to start again. Is it worth paying in to this while the debts mount up? Getting to the end of our tether no matter how hard we try we never seem to make a dent in the amount we owe.

Thanks very much in advance for any help given!!

madmaiden

Please can anyone out there help with this - I need to make a decision - getting stressed out with the whole situation!