Why are no companies interested in my Endowment

outbidder

toonfish wrote:

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?

I am quite good at readnig thanks, been doing it for years in fact, but I don't class receiving recommendations from other members as throwing my money away, so how was that trying to help me? When generally companies pay around 10% more than your surrender value, there's not a lot more to be squeezed out of a policy, I was simply asking if anyone had done this and if there was anyone that could be recmomended. I am now looking into apmm.org that was suggested before on here.

If I had said "Ok I have received a surrender quotation but have also been offered half that value from a policy buyer which I have chosen to accept", then I would expect all the advisers to jump on me and advise me against it.

I am not suggesting people don't go to financial or mortgage advisers like yourself, at no point did I suggest that. Jeez. so I guess nobody on here has sold an endowment policy before and this thread will turn into suggesting I go pay someone. With the success of this site (thanks Martin) and the number of members I am surprised.

EdInvestor

I doubt you'll get an offer on your zombie policy (except perhaps from a firm called Integrity which I suggest you avoid).

But nothing ventured, nothing gained, and markets do change.

toonfish

outbidder wrote:

I am quite good at readnig thanks, been doing it for years in fact, but I don't class receiving recommendations from other members as throwing my money away, so how was that trying to help me?

was simply suggesting you consider the options - there are many potential buyers and it may be worth asking an IFA what they can get you for the policy rather than dismiss this route out of hand.

mystic_trev

I've got to agree that it's abit rich anyone having a pop at dunstonh. He's provided a lot of people (including me) with good FREE info.

dunstonh

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

Can you explain to me what vested interest I have in your policy?

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

Exactly. So, not using an IFA can be more expensive than using one. Servicing your own car saves you having to pay a garage. However, can you service your own car? What happens when it breaks down because you messed it up and ends up costing three times more than it would have done if you had used the garage in the first place.

Back on TEPs, most of these firms are IFAs themselves or utilise IFAs and give you the same price whether you use an IFA or not.

At the moment, you havent had any success at selling it so you have 100% of nothing.

outbidder

mystic_trev wrote:

I've got to agree that it's abit rich anyone having a pop at dunstonh. He's provided a lot of people (including me) with good FREE info.

Why do I feel a bit outnumbered here? I wasn't having a "pop" at anyone. I made no derogatory comments, just a few observations.

The vested interest was in getting people to use IFAs, nothing to do with my policy in particular. As an I.T. specialist I can relate to your "car-service" analogy but I don't really see how it applies to my comments. I was asking if anyone could suggest a company they had used for selling their own endowment.

To bring in what I think is a more relevant analogy, if my daughter was looking to get married then I would suggset she speaks to her friends and colleagues to see if they can suggest good places to buy dresses, I wouldn't suggest she goes and pays a wedding organiser for it.

This thread shouldn't be turned on me to make it look like I am suggesting people stop seeking expert advice and I'm sure there are many experts on here in their own particular fields. With that in mind I would like to ask how IFAs work though if I chose to use one for my policy - do they take a percentage based on the extra they would get me or are there fixed fees? If there are fixed fees and they can't get me any more money then I am out of pocket with my original surrender quotation.

At the moment, I havent had any success at selling because I haven't been to any TEP companies to see what they can offer.

sheffieldeagle

Help my thread has been hijacked!
Can we please calm down dear and back to my "Zombie" policy?

outbidder

I thought a zombie policy was one that the policyholder had stopped paying premiums on...if that is the case then as your maturity date is July 2024 I would assume you are still paying into it and haven't frozen it?

Mystic_trev, what makes you think it has become a bit of a dog, is it because it has gone from R&SA to Phoenix? I wouldn't have thought this would change anything. The premiums are the same, the maturity date is the same as are the benefits?

I would recommend https://www.apmm.org to at least use as an information resource. I won't suggest other members come on here and offer their advice on policies they have sold (which companies, how they rated them etc) as that didn't see a popular comment!

From what I understand about the value quoted, this is the figure you will get if you carry out the sale before paying the next premium, although I stand to be corrected as I am no expert on these matters.

defender_of_the_weak

Back to the plot. As a general rule third party companies will only be interested if the plan started before 1996. Even then it is very rare for anyone to be interested in a Phoenix plan.

outbidder

What is so wrong with Phoenix plans that nobody will supposedly touch them?

My plan started in 1990 so in the lack of experiences from other members I will post my experience of selling it on this thread. Watch this space :-)