Cashed in My Standard Life Endowment!!

Dithering_Dad

Just cashed in my SL endowment over the phone. The money will be in my bank account in 10 days time and a few days after that will be transferred into the Interest Only portion of my mortgage.

Finally free of this crappy investment. Once I receive my free SL shares on the 10th July, I'll be cashing the lot in and throwing them at the mortgage too. That will end all my dealings with Standard life (apart from my mortgage, but I don't mind owing them money - just don't want them investing for me anymore!)

My next step is to purchase some new term life assurance to cover the entire mortgage, which (because of this website) will work out cheaper than what I have currently pay for just the repayment part of the mortgage.

No more endowment worries for me!!

dunstonh

I take it you didnt read the threads on standard life endowments that have happened over the last few weeks.
These indicating that the figures are not quite as bad as the projections suggest.

My next step is to purchase some new term life assurance to cover the entire mortgage, which (because of this website) will work out cheaper than what I have currently pay for just the repayment part of the mortgage.

That should have been done before you surrendered in case the premiums get rated or cover declined or terms imposed.

absolutebounder

"Once I receive my free SL shares on the 10th July, I'll be cashing the lot in and throwing them at the mortgage too. That will end all my dealings with Standard life (apart from my mortgage, but I don't mind owing them money - just don't want them investing for me anymore!)"

Theres one born every minute. How would they be investing the free share

Dithering_Dad

I did actually, and I also looked at selling on the endowment (no one was interested).

Even if the endowment recovers slightly, it's still a poor investment return compared with just simply overpaying on my mortgage. I'm sick of worrying about whether I'll cover my mortgage when I'm in my 60's. I'll work hard now and cover it in my 40s.

Dithering_Dad

absolutebounder wrote: »

"Once I receive my free SL shares on the 10th July, I'll be cashing the lot in and throwing them at the mortgage too. That will end all my dealings with Standard life (apart from my mortgage, but I don't mind owing them money - just don't want them investing for me anymore!)"

Theres one born every minute. How would they be investing the free share

What are you talking about?

EdInvestor

It's hard to exaggerate the anger and disappointment many customers feel towards Standard Life. :mad:

In 2000, the company had the chance to be an excellent moneymaker for everyone.

But no.Sheer pig-headed selfishness and total incompetence by management meant not only did members miss out on what would have been the biggest demutualisation windfalls of all, but also lost virtually their entire terminal bonuses as well.

I have every sympathy for Dithering Dad and the millions like him.

An utterly pathetic performance, topped only by the unbelievable shower at that other benighted mutual Equitable Life.

absolutebounder

What was I talking about? OP says he doesnt want free shares because he doesnt want SL investing for him. They are not investing his shares are they.
old proverb very true in this case "never look gift horse in mouth"
Besides was it not the greed of the investors who caused the demutualisation by voting for it?
Sorry I have no sympathy for greedy people I give at least 10% of my income to charity and just seem to get better off as a result of it without even trying.

Dithering_Dad

absolutebounder wrote: »

What was I talking about? OP says he doesnt want free shares because he doesnt want SL investing for him. They are not investing his shares are they.
old proverb very true in this case "never look gift horse in mouth"
Besides was it not the greed of the investors who caused the demutualisation by voting for it?
Sorry I have no sympathy for greedy people I give at least 10% of my income to charity and just seem to get better off as a result of it without even trying.

No, sorry I still don't know what you're talking about. In the original post I said that I was going to cash my SL shares in once I had received the free ones on July 10th - i.e. I would have kept the original floatation shares for 1 year, been given my free shares and so I will cash everything in and put the whole amount onto my mortgage. Not sure why that financial planning should result in the comment "one born every minute". Why did you say that?

Not sure where you're going with the "greed" rant here.

Dithering_Dad

EdInvestor wrote: »

It's hard to exaggerate the anger and disappointment many customers feel towards Standard Life. :mad:

In 2000, the company had the chance to be an excellent moneymaker for everyone.

But no.Sheer pig-headed selfishness and total incompetence by management meant not only did members miss out on what would have been the biggest demutualisation windfalls of all, but also lost virtually their entire terminal bonuses as well.

I have every sympathy for Dithering Dad and the millions like him.

An utterly pathetic performance, topped only by the unbelievable shower at that other benighted mutual Equitable Life.

And lets not forget the "Endowment promise" that they sidestepped. What a shower. Plus the IFA sold me the endowment at a time when I was a single guy and so didn't need the life cover. When I got married, I had to get separate term life assurance for my wife to cover the endowment amount, and reducing life assurance for us both when we bought our new house. By getting a joint reducing life policy I'm actually saving money.

absolutebounder

Never mind You wont get it now anyway.

The rant was in response to Edinvestor and the rubbish about SL demutualisation. The greed of the investors saw the windfalls and caused the company to demutualise so no sympathy towards the idiots who voted for the windfall. Of course the management wanted it but that was their own greed.

Dithering_Dad

absolutebounder wrote: »

Never mind You wont get it now anyway.

The rant was in response to Edinvestor and the rubbish about SL demutualisation. The greed of the investors saw the windfalls and caused the company to demutualise so no sympathy towards the idiots who voted for the windfall. Of course the management wanted it but that was their own greed.

I voted to remain mutual on both occasions, didn't do me any good.

What will I not get? If it's your point... was there one? If it's the extra shares then yes I will.