Anyone with a 25 year endowment which matured recently ?

frogdandy104

I have talked about this before and feel exhausted just writing and thinking about it. I had a joint life endowment with ex husband from 1984 to cover a £14000 mortgage!!!(YES). I paid the mortgage till 1999 when we divorced. The endowment policy was still going at the time and it was not assigned in the divorce. He kept the property and I moved on, changed back to my maiden name and took other jobs, moved again and I never contacted him. Anyway in 2015 out of the blue. I get this email on facebook from him asking me if i would sign away the policy to him for a fee and explaining that they only paid him 50% of its value in 2012 and that they held on to the rest. I then asked him details of what sort of policy it was and that is when he started getting vague. He could not recall the policy number , the name of the company or any paperwork and he got a bit nasty when i asked for details , which reminded me why we divorced in the first place. He said he lost a lot of money on this endowment, which considering he sold a property we bought for £14750 for £150000 in 2009 was a bit of a pathetic joke. Up to that point I would have signed it over like a dimwit but his attitude made me think twice. Every financial person I talked to said the reason they only paid him half was that the other half was mine. I paid the lost asset register, land/ mortgage register and nothing came up, i wrote to different companies with no luck. Finally this july I tried phoning Phoenix life just in case and they did find something that could be a match. I had to produce all manners of evidence, passport, birth certificate , divorce etc. Between the phone calls, the registered postage cost. wasting money with the lost assets and land registers, getting my passport certified; I have easily spent £100 tracing this blighter of a policy. Finally yesterday I got a letter from phoenix . They state 50% of the policy was mine all along and they don't need anybody else's signature (plus my bank statement) to pay me £6244 t + interest backdated to its maturity date in 2009. They have not specified what it will be but it will happen within 10 working days! They explained that they sent 2 surrender forms to our old address when it matured in 2009 but only got his back , paid him his share and that was that. So it seems it is perfectly acceptable practice to keep clients money with no attempt made to trace me at any point. Never again.

dunstonh

Adding some paragraphs and formatting would make it easy to read

So it seems it is perfectly acceptable practice to keep clients money with no attempt made to trace me at any point. Never again.

They would eventually employ a tracing agency at some significant cost.

However, maybe you will learn from this poor money management and not make the same mistakes again.

frogdandy104

I certainly learnt one thing and that is never get married again.

sparker123

My Axa ( now Aviva) taken out in 97 got its first 'green letter' this year after many years of receiving short fall letters and FSA 'how to make a complaint' brochures. The plan is supposedly guaranteed to return a minimum of 3%. Looking at what's available these days who would have thought 3% would be a good deal back in 1997 ?

apb1

I'm going to get about 20k against a 33k expected return on my Aviva (was CU) endowment. Or that's what it appears like from the not very transparent communications I've been getting over the years. Seems some people have had a nice surprise so let's hope I get one next year when it matures.

timrowlands

My Standard Life Homeplan has just matured this week and I am pleasantly surprised. The MEP is a lot higher than the range quoted every year on the statement. The range quoted was £2880 - £4320.

Target amount was £41000, monthly premium was £59.60 for 25 years and investments were split 50/50 between the managed fund and the with profits fund.

Payout was;
Managed fund £15677.00
With profits fund £9378.45
Final bonus £5984.23
MEP top up £7200
Total £38239.68

I still own my demutualisation shares and the value of these, combined with the dividends over the years bring the total return close to the target amount.

dunstonh

Total £38239.68

I still own my demutualisation shares and the value of these, combined with the dividends over the years bring the total return close to the target amount.

Plus, the overall mortgage cost would have been around £20pm cheaper than a repayment mortgage. So, in the end, despite a small shortfall, you are almost certainly better off.

Crag30

Just had my notification from Royal London regarding the maturity of my CIS endowment next month.
It was for £51 per month with a guaranteed £16000 with them saying they hope it to achieve £32000.
After all the red letters over the years, and me positively expecting/hoping it to be in the region of £24000, the figure given now is £33,800 so more than happy.
Just got to find what to do with it next

gillyb64

Ours has finally come to an end
Was with standard life. Should have been £56,000 we received £46,400. Not what we’d hoped for all those years ago but still better than we expected and mortgage is finally paid off! Yay 😁

maninthestreet

My 30 year policy with Aviva (was Friends Provident) matures in mid-August. The monthly premium was £25 for the first year, increasing by £5 for the first five years, then £50 for the last 25 years.
They have told me that the terminal bonus rate is currently 187%. Hoping to get about £50k payout.