Two Pennies Left

Fortune_Smiles

Well I now know more about endowments than I thought I could. Mr F has one and we reviewed it yesterday to see whether we'd be better off surrendering it early and paying it to the mortgage. I learnt that:

• endowment income is taxed at source at 20% - a bit like interest on savings accounts
• extra tax is payable on the income if you are in a higher tax bracket unless you have a qualifying policy. A qualifying policy is one which has at least a 10 year term and has run to term or is 10 years in/75% complete. Also the premiums cannot have halved or doubled over the term
• Capital Gains Tax is payable on the returns but everyone has a personal CGT allowance this year of £10,900
• a fee may be payable on policies which are surrendered early
• a Market Value Reduction may also be applied. This is to ensure that those remaining in the scheme do not lose out if policies are surrendered early
• there is a market for surrendered endowment policies

Mr F is going to 'phone up for a surrender value today as his is a qualifying policy. The provider hasn't applied any annual bonuses for years now and has no intention of doing so in the future. The final bonus estimation has come down about £7k and there's still about £2k in premiums to pay before the end of the term. Even with interest rates so low, we'd be better off OPing the money and, if interest rates go up, we'll make even greater savings. Once we get the surrender value I'll see what we can get if we trade it.


I do feel a little vulnerable about surrendering it though. It's reassuring to know that the money is there to access should we need it.


I've managed to OP £43.40 since deciding to re-focus on the mortgage on Friday. £15 tax rebate, £15 savings on the entertainment budget and Tillytidies. Surprising how it all adds up and every £50 OP'd saves us £25 in interest and knocks 10 days off the term.


Thai Spiced Meatballs in a Red Thai Curry Sauce from the meal plan for supper last night. It's a new recipe for me and was delicious. I thought it would be really hot with 3 chillis but it was just right. We had it with egg noodles and vegetables and there's enough left over for tonight too. Handy as we're both out tonight - Mr F at the 4x4 Response Meeting and me at the WI. We're doing wine tasting :rotfl:


Happy Tuesday everyone.


Fortune x

in_need_of_direction

If you do cancel, you'll also have your current monthly payment to add to the mortgage op pot.

Fortune_Smiles

in_need_of_direction wrote: »

If you do cancel, you'll also have your current monthly payment to add to the mortgage op pot.

That's true INOD - it's all adding up.


Fortune x

StrugglingYouth

Owh I love Goodwood! I didnt get to go this year. Last year I spent over an hour just in the carpark looking at all the cars people came in, let alone the stuff on show. The exhibit is a good idea at a show like that. I bought some metal signs from a man there last year and there were loads of people around it. I imagine painted cars would attract a crowd as its something a bit different!

Fortune_Smiles

I haven't managed to get Mr F to call the endowment company yet. He's either too busy or keeps forgetting :mad: He'd better hurry up as we've had all the quotes in now for the oil tank and it's going to hurt


On the up side:

• some admin work completed
• OPd the contents of Mr Marmite - £27.09 :j
• leftover Thai meatballs for supper
• went to the WI wine tasting meeting. Very interesting and we got to taste a few wines from a local vineyard. It made me wonder why I don't pop along to one of our many local vineyards and pick up my wine from them. Then I looked at the prices :eek: Good for gifts though. £4.00 spent - £2 on raffle tickets (all the money goes to the charities we support) and £2 on coffee and a home-baked Raspberry Brownie which was delicious
• Zumba this morning
• reconciled the credit card statement - all balanced
• I have finished the Water Lily painting (here for anyone who wants a peek). It's probably going to be another Landie next as I need some originals of cars to showcase
• Bacon, Pea & Basil Macaroni Cheese from the meal plan for supper tonight. Should be plenty left over for tomorrow too

I'm half way through my last set of minutes for the admin job and hoping to finish this evening :j And, they have someone for me to hand over to :T Not long now.


Best wishes


Fortune x

Getmeoutofdebt

Oooohhh good luck with your possible commissions! Hope it brings some business your way!!

I have joined your club this week and got myself a leaking oil tank!
Hubby took advantage of the cheap rates due to it being warm weather etc and we got it filled up last week only to come home yesterday and find it leaking out in two places!!! We spent last night frantically emptying it into containers :mad:

Luckily we have found a used one very close by to us on ebay and it has a load of oil in it too!! Hubby is busy negotiating a buy it now price. They only want £150 for it as they need it moving quickly! Fingers crossed they will let us have it without having to bid against anyone else. Can't believe your quotes were so much! Is it some special kind of tank? I think ours new was only about £200 though that may be why it split! ha ha!

Good luck with both the commissions and the tank!

GMOOD xxxx

Fortune_Smiles

Getmeoutofdebt wrote: »

Oooohhh good luck with your possible commissions! Hope it brings some business your way!!

I have joined your club this week and got myself a leaking oil tank!
Hubby took advantage of the cheap rates due to it being warm weather etc and we got it filled up last week only to come home yesterday and find it leaking out in two places!!! We spent last night frantically emptying it into containers :mad:

Luckily we have found a used one very close by to us on ebay and it has a load of oil in it too!! Hubby is busy negotiating a buy it now price. They only want £150 for it as they need it moving quickly! Fingers crossed they will let us have it without having to bid against anyone else. Can't believe your quotes were so much! Is it some special kind of tank? I think ours new was only about £200 though that may be why it split! ha ha!

Good luck with both the commissions and the tank!

GMOOD xxxx

Hi GMOOD - what is it with oil tanks at the moment? Apparently the OFTEC and building regs have changed and we now need a bunded rather than a single skinned tank and bunded tanks are more expensive. They are also bigger which means a new tank won't fit on our existing concrete base so that has to be enlarged. And, we are now required to fire proof our boundary fence. So it's all adding up.


Hope you didn't lose too much oil.


Fortune x

Fortune_Smiles

... there aint a cloud in sight.

What a glorious day! And a very relaxed and calm one too:

• it's obviously too hot for bananas. Mine left their skins hanging on the fruit hook and slipped onto the cool kitchen counter :rotfl: All on their own! So, some emergency baking has been required to use them all up - chocolate banana muffins (brilliant because they use up 3 bananas and are easy peasy) and http://www.bbcgoodfood.com/recipes/3028699/feelgood-flapjacks. Mr F is a very happy man :rotfl:
• looked at all the quotes for the oil tank and made a decision on the supplier. It will be just over £2k
• Mr F baulked at the cost and was galvanised into calling the endowment provider. Good news! The surrender value is higher than we thought it would be. I've contacted the A$$ociation of Policy Marke£t Mak£rs to see if we can getting a better price through trading it
• joined Mr F in the garden for his lunch hour. Tidied up some beds and caught some rays at the same time. I wore a sarong as I'm wearing a strapless dress to a ball on Saturday and didn't want tan lines. What a picture that must have made :rotfl:
• completed the last set of minutes for the admin job :j I'm not going to miss that task.. at all... not even for a minute
• we have left over Macaroni Cheese for supper tonight so no cooking to do

I've only got a couple of tasks left now for the admin job so will probably go into the office one day next week to complete those.


I hope you've all been able to enjoy the sunshine.


Fortune x

Skint_but_Optimistic

You are so talented well done with giving out the business cards.

Well done with the endowment too, its good its performed well.

Fortune_Smiles

... how you 'spect to get your day's work done.

Too hot to do much today:

• booked the oil tank installation
• received 1 sorry and 3 offers on the endowment! We'll get 11% more from trading it :j The forms have been completed and will be put in the post tomorrow
• Ratatouille Hotpot from the meal plan currently baking in the oven. There's half a bottle of white in the fridge which needs using up
• Mr F is going to pop out to the shops later to pick up a few bits to see us through until the next weekly shop :A

The weather is due to break at about 3.00 am. I hope the rain stops before we have to go to the Ball tomorrow.

Happy weekend all

Fortune x