Friends Provident Endowment Advice

EdInvestor

Hi fruitcake

This policy might have benefited from tax relief, so it may not be much of a guide to the later ones.

magicarp

Bert_Fry wrote:

Yes,
I successfully claimed a couple of years ago. If I recall correctly it was about £2,700.

I successfully claimed also and won that was a couple of thousand

Bert_Fry

Thanks for all the replies. Thanks Edinvestor, I'll have to get my calculator out tomorrow and go through the figures in detail and if I bail out, find something to reinvest in - any ideas?
I guess the only conundrum is the Final Bonus - Fruitcake, I'd be very interested in what you get as it may be a significant factor (although with FPs performance, probably not).
Cheers

spuds_2

We claimed we were missold our FP endowment and received a settlement a couple of years ago. Of course, all they do is put you back in the position you would have been if you'd taken out a repayment mortgage - but it is definitely worth looking into. In the years before we surrendered it and were 'compensated' the Final Bonus had been quite significant amounts - 30% rings a bell - but by the time we were looking to leave they were hardly paying bonuses at all. We didn't think it was worth the risk - also, we felt that at least we knew where we stood if we quit, rather than worrying for quite a few more years.

Bert_Fry

Thinking about it today, I believe an important factor is that I've only got 6 yrs to go. That equates to £3600 of extra investment on my part and if, crudely, I add that to the £13k+ I'd get for cashing it in now it comes to about £17k. Against this is a projected return of £21k @4% plus the chance of a final bonus. Does anyone know what sort of return I could get investing £13.5k now plus £50 per month elsewhere? If, at best, I'd be looking at a final value of around the same as the FP policy, I'll probably stay put (and keep my fingers crossed for a final bonus).
Thanks

EdInvestor

Bert_Fry wrote:

Does anyone know what sort of return I could get investing £13.5k now plus £50 per month elsewhere?

See my calculations above.

amcintosh

I am in the same position with FP. I obviously knew ithe endowments wouldn't give me the full amount so I converted part of my mortgage to repayment 2 years ago.

I was always banking on the final bonus. However when I got the latest pathetic bonus notice where they stated that most of the bonuses would be at the end, I emailed them to ask what my final bonus was likely to be as a percentage. They sent me a letter back telling me it would likely be zero !!! I was shocked, but maybe I shouldn't have been.

I have decided to bail out, I have got 8 years left but I will convert my entire mortgage to repayment and try to repay it early. At least I will know that my mortgage will get paid off.

Any good tips for companies to sell my endowments to ?

Mushy61

Any good tips for companies to sell my endowments to ?

I submitted my details to this company

http://www.apmm.org/

...and received four offers for my FP policy, am now in the process of selling to Surrenda Link who offered £650 above surrender value on a policy with a surrender value of £8500.