Thinking of surrendering my endowment

Thrupnybit

MEP sounds great but like other posters, I've never seen it mentioned in the sparse documentation I have from Scottish Provident now Phoenix. Shortfall could be £14K on £32K endowment, due to mature in 2015. Last time I checked, some years ago now, no-one was interested in buying it but I have seen recently that some of these 'dogs' are paying reasonable terminal bonuses, os it it worth paying another £600 (£40.36 per month) or so and hanging on?

gillette147

HI,

Sorry to hijack the thread but I have a Guardian Royal Exchange Endowment which has been running 19yrs (6 left). I know it has done terrible and I have had warnings almost the whole time it has been running (but did not up my contributions - good money after bad). I don't need this any more as my house is paid off but should I carry on chucking £75pm in or cash out?

The market drops over last 2yrs have meant I've just sat tight on it.
This thing was sold to make 45k but I would say it is looking at making 20-odd.

I suspect that I was mis-sold but I wouldn't know how to argue the case. And I think it's too late. I am happy to chalk it off under experience but - should I dump it or carry on?

I think it is with profits - I will post actual info tonight when I am home and can look stuff up.

Cheers

PS A quick google brought up a mention...

Carrington cites bad performers Alba Life and Guardian Royal Exchange, and Eagle Star which 'won’t tell you about performance'.

Yay :j

jaysb

the numbers will help you decide

I was halfway thru my endowments, wasn't successful in claiming they were mis-sold so this year decided to cut my potential losses and trade them in - I fell that I've reduced my capital and I'm now making overpayments with additional money from, saved endowment premiums plus saved mortgage interest charges. But there isn't any answer that's right for all.

Good luck with your calcs and decision !

Shahsaadat_2

I like to give you heads up to what happen to me. After 25 years endowments with Pru I had a letter from them that it matures on 1st March 2012. I phoned them on 29th Feb 2012 to hear that the Halifax roll number they are holding is does not match with the roll number that Halifax confirmation of letter on 3rd Feb 2012.

I was told in this day and age that they are going to write to Halifax for confirmation. I was basically told I can log a complaint and god nose when it gets sorted. I tried their email what a joke after spending time registering and typing, you get a feedback sorry there seems to be an issue.

If you ask me take your money and put it in the bank at least when the time comes you can access your money.

dunstonh

If you ask me take your money and put it in the bank at least when the time comes you can access your money.

It appears your problem is one of lack of understanding.

If you assign a policy to a lender then when it matures the endowment provider has a legal responsibility to pay it to that lender. It cannot pay it to you unless the lender waives the assignment. Since around the early to mid 90s lenders ceased requiring assignment but older policies retained them until revoked.

A complaint wont speed it up. The Pru have to wait for Halifax.

kingstreet

Shahsaadat wrote: »

the Halifax roll number they are holding is does not match with the roll number that Halifax confirmation of letter on 3rd Feb 2012

Have you changed your mortgage at any time over the 25 years? If you have, the lender should have notified the insurer of the change.

Lenders used to insist on policies being assigned, but have been bloody useless in resolving these assignments in the intervening years when changes have been made or mortgages repaid altogether.

It seems they simply ignored what had gone before when they decided to stop the assignment process.