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endowment question
chris_n_tj
Posts: 2,659 Forumite
We are on the final year of our endowment. (end of mortgage thank god) Anyway for the last 24 years our endowment has run in profit.
We have recieved this years update and we are now running at a loss. Because we havnt had this problem until now we havnt needed to make savings to make up the shortfall.
I put a complaint in and have been told we were missold our policy. The pru have offered us £30 our shortfall is over £1000. I am at a loss on what to do. Should I take it further or count our losses.
Many thanks
Chris n TJ
We have recieved this years update and we are now running at a loss. Because we havnt had this problem until now we havnt needed to make savings to make up the shortfall.
I put a complaint in and have been told we were missold our policy. The pru have offered us £30 our shortfall is over £1000. I am at a loss on what to do. Should I take it further or count our losses.
Many thanks
Chris n TJ
RIP TJ. You my be gone, but never forgotten. Always in our hearts xxx
He is your friend, your partner, your defender, your dog.
You are his life, his love, his leader.
He will be yours, faithful and true, to the last beat of his heart.
You owe it to him to be worthy of such devotion.
0
Comments
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Until your endowment actually matures, you won't know whether it will meet its target or not.
The Financial Services Authority publishes a factsheet on endowment compensation to help people work out if what they've been offered is fair - see www.fsa.gov.uk/pubs/public/endowment_compensation.pdf.
On what basis have Prudential offered you £30? If you're not sure, ask them.0 -
I think I would talk to the lender anyway to prepare for the posibility that your endowment may fall short.
options that will help
Extend your term get this done now so it is not a rush at the end.
Some lenders won't charge for this.
Start overpaying now to reduce the impact of a shortfall and posibly eliminate it.
Convert to a repayment basis when you know the shortfall.0
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