Why are no companies interested in my Endowment

sheffieldeagle

I've recently looked to sell my endowment but so far three companies have passed on it. Does this mean I should sell?
Details of policy are:

Started 21/07/99 End Date 21/07/2024

Min Amount 12341

Surrender Value: 5628 Date Surrender Value: 05/02/07

Bonus: 638.71 Date: 31/12/05

mystic_trev

Who's the Endowment with?

sheffieldeagle

Originally Royal & Sun Alliance now Pheonix

mystic_trev

Your policy was transfered / sold to Resolution now Phoenix - That's one of the reasons you can't sell it, it's become a bit of a "dog" I'm no expert,but I would imagine you'd be better surrendering it. DON'T take my advice - there are plenty of other people who read this forum who WILL give you good advice and suggestions.

sheffieldeagle

Many thanks for that hopefully some more help will be forthcoming.
My mortgage is down to just £13,000 so wanted to surrender but hoped I might get offered a bit above the surrender value.

outbidder

I recently got a Surrender Value Quotation from Phoenix for my policy and in the accompanying letter they even suggest you look at selling it to another company!

The problem is, how do you know who to trust? Is there a list somewhere of reputable companies or can anyone on this forum (who isn't a newbie - no disrespect but you'll get employees of firms recommending their company!) recommend a company who I could go to? I know some might suggest going to a Financial Advisor but that's not erally money-saving :-)

Also they do suggest possibly freezing the policy (with reduced benefits but no more premiums).

sheffieldeagle

I might be wrong but I get the impression they may have to suggest other alternatives as a standard requirement.
I'm also interested to know if Pheonix quote a surrender value is that what I actually get or might this change when I go back to them to srrender the policy.

Addiscomber

You might find the third page of this article helpful if you decide to sell it - there is a trade body for traders in endowments. Sorry if the headline gets your hopes up, if it is any consolation the article has convinced us to ask for a surrender value for our policy.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/03/03/cmendow03.xml

dunstonh

I know some might suggest going to a Financial Advisor but that's not erally money-saving :-)

Nor is throwing your money away because you didnt get the best deal.

Moneysaving is about getting value for money. Not about paying nothing.

outbidder

MoneySaving...it kind of gives it away in the name...saving money.

I was merely asking for other members advice and possible companies that they could recommend. I thought this board was about a community spirit and helping each other but maybe you know different dunstonh.

Ah, I see your signature now, you have a vested interest...

toonfish

outbidder wrote:

MoneySaving...it kind of gives it away in the name...saving money.

I was merely asking for other members advice and possible companies that they could recommend. I thought this board was about a community spirit and helping each other but maybe you know different dunstonh.

Ah, I see your signature now, you have a vested interest...

the "vested interest" was in helping you out if you read it properly. Surely better to pay a bit, if it results in the net gain to you being higher than going alone?