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Selling Endowment to Friend?
motch
Posts: 429 Forumite
Hi
Can an Endowment policy be sold on to a friend - rather than surrending it or selling it to another company?
Can an Endowment policy be sold on to a friend - rather than surrending it or selling it to another company?
0
Comments
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If the friend is stupid enough to buy it, yes.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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I'll post a bit more info..
Cooperative Endowment I think its with profits, started approx april 98 £32.60 per month for a £19,000 mortgage guarenteed for £9000 ish
been running approx 8 years 9 months. surrender value £3330. I havent enquired about selling it on to a firm as yet
now my thinking is that the value would be worth more after 10 years (i've read its often the time when more/higher bonuses are added)
I was just wondering if it would be viable or worthwhile a friend buying it as a savings investment? or to sell after 10 years, as I could do with paying off some credit cards/loan
any thoughts welcome0 -
just to add - My mortgage is now a repayment so no need for it to pay it off0
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CIS - I wouldnt touch it with a barge pole. If you still want them to be friends with you, dont sell it to them. Friends wouldnt do that
There are a few valid reasons for going with a third party endowment but its unlikely your friend would fit in with those reasons.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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