Equitbale Life Endowment

cornishrex

Hi,

I would really welcome views on the best thing to do ....

I've had an Equitable Life "with profits" "low cost mortgage plan" endowment since 1996, maturing in 2021. I pay in about £80 per month. I've stayed with them partly out of indecision over what best to do / hope that things will turn around or compensation will be paid / apathy.

Last time I checked with them in Jan 2009, my surrender value was £11,991 (taking into account a 5% exit fee). I worked out that I had by then paid in about £12,424 in total.

I have no idea whether the recent announcements over compensation extend to endownment policy holders too - they only seem to talk about pensions. I'll call them and ask. I also need to call them for an update on my surrender price.

My question is three-fold: (1) should I get out? (2) If yes, where should I put the money and continue my £80 a month investments? I don't need the money to pay off a mortgage any more - I'm on a full repayment mortgage now. But it would be nice to have a fund built up by 2021 so that I'd have a nice lump sum of something to either pay off part of the mortgage early or "other". I already invest £1000 a month into a pension, so I don't feel I need to beef that up any further; (3) If I should get out, do I surrender or seek to sell to a third party. But surely if a third party is willing to buy the policy from me, its worth holding onto ......!?

It doesn't seem like a big enough investment to warrant me consulting an IFA?

Thanks for any thoughts !!:o

PS - I haven't applied for endowment mis-selling compensation because I don't feel I was mis-sold. I knew what I was getting into and the risk I was taking; and I doubt I'd ever find any documentary evidence of the mortgage I took out in 1996. I've moved house and mortgages at least half a dozen times since then .....