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Sell Endowment - is this a good offer?
Breezy
Posts: 10 Forumite
Recently switched my mortgage to capital and interest repayment and am considering what to do with my endowment policy. It's with Friends Prov and I was under the impression their long term prospects weren't good. However, I contacted a few companies with a view to selling it and they've all made various offers. Some of the offers were to auction the policy with a fixed reserve and some were firm offers. The best of the latter was £17237. Policy details as follows:
Company: Friends Prov
Commencement Date: 01 Mar 1992
Maturity Date: 01 Mar 2017
Basic Sum Assured: £22,760
Total Attaching Bonuses: £7,242.88 as at 31.12.2006
Monthly Premium: £73.64
Surrender Value: £14,400
One point - I have a loan of £9000 against the policy and they are aware of this. I could repay this loan but need that cash to go towards a new house I've just bought.
My question is - is that a good price or might I be better off fixing a reserve of say £18500 to allow for fees and going to auction?
Any thoughts much appreciated
Company: Friends Prov
Commencement Date: 01 Mar 1992
Maturity Date: 01 Mar 2017
Basic Sum Assured: £22,760
Total Attaching Bonuses: £7,242.88 as at 31.12.2006
Monthly Premium: £73.64
Surrender Value: £14,400
One point - I have a loan of £9000 against the policy and they are aware of this. I could repay this loan but need that cash to go towards a new house I've just bought.
My question is - is that a good price or might I be better off fixing a reserve of say £18500 to allow for fees and going to auction?
Any thoughts much appreciated
0
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<bump> due to need to make a decision shortly. Last call for any thoughts?
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