Endowment selling through Integrity - warning!

titewelshgit

Word of warning to those looking to sell an endowment through Integrity - don't!. After 8 months they have just said that for reasons beyond their's and the buyers control, they have had to withdraw the endowment from the portfolio to sell and I would have to start the whole process again. Absolutely shocking but a lesson to learn is that only sell through somebody who actually buys and not an intermediary such as these scallywags. I had loads of offers for my Prudential with profits so it's not as if I had an unattractive sale. So be aware - INTEGRITY not!!!!!!!!!

dunstonh

argh, wrote a response and board timed out and lost it. A much shorter response retyped....

Pru endowments have yet to fail and 2007 projections show none failing and average surplus increasing from that of last year. They are about the best with profits endowments you can get.

Many people should consider keeping them going and sticking with interest only if they have Pru endowments. The lower monthly cost of an endowment mortgage compared to repayment mortgage coupled with a good endowment could be worth the calculated risk involved.

Integrity have a poor reputation.

EdInvestor

titewelshgit wrote: »

After 8 months they have just said that for reasons beyond their's and the buyers control, they have had to withdraw the endowment from the portfolio to sell and I would have to start the whole process again. Absolutely shocking but a lesson to learn is that only sell through somebody who actually buys and not an intermediary such as these scallywags.

Dreadful: and to think these people have the nerve to charge you a fee if you pull out because they take so long.

In this case they should pay you for wasting your time. :mad:

holly201

Oh great! picked your message up on an internet search as I am having such trouble with Integrity, now I feel like I have been had! They never let you speak to an advisor (always has to be on a 48 hour call back) and 7 months into their "average 14 week process" they still cannot tell me when it will complete - the only thing they have been definite about is that I cannot back out!! Apparently I am now on "stage 5 of 6" although when pushed they said they did not know what that meant, nor could they tell me who the buyer is - does that sound like Integrity?

Reedster

I am a Financial Adviser and have now stopped using Integrity for Endowment Sales. Because they are brokers for private investors, they tend to give a better offer than the companies who buy policies in bulk and sell them on themselves, but you are totally at the mercy of 'the investor' who is supposed to have a approximately 3 months to 'place the policy in their portfolio'. It is still my understanding that you are able to cancel the sale after this period without charge so there is a get out clause, however most of my clients are conflicted at that point because they still have the propsect of the better offer in their mind and feel that after that length of time they may as well wait a little longer.

All of my clients have ended up cancelling the sale and gone back to the insurance company and surrendering that way but this of course has wasted alot of their time and my time with not alot to show for it, financially!

My advice is to surrender directly with the insurance company or use firms like AAP who ACTUALLY buy the policies directly from the policyholder and sell them on in a separate transaction. These companies are currently 'swollen' with policies, bearing in mind the bad press endowments have had and the diabolical annual bonus rates that most policies currently enjoy, so you may not get many offers but at least you know where you stand and get the cash you are after within a reasonable period of time.

Hope I havent droned on!

Reedster

I am a Financial Adviser and have now stopped using Integrity for Endowment Sales. Because they are brokers for private investors, they tend to give a better offer than the companies who buy policies in bulk and sell them on themselves, but you are totally at the mercy of 'the investor' who is supposed to have a approximately 3 months to 'place the policy in their portfolio'. It is still my understanding that you are able to cancel the sale after this period without charge so there is a get out clause, however most of my clients are conflicted at that point because they still have the propsect of the better offer in their mind and feel that after that length of time they may as well wait a little longer.

All of my clients have ended up cancelling the sale and gone back to the insurance company and surrendering that way but this of course has wasted alot of their time and my time with not alot to show for it, financially!

My advice is to surrender directly with the insurance company or use firms like AAP who ACTUALLY buy the policies directly from the policyholder and sell them on in a separate transaction. These companies are currently 'swollen' with policies, bearing in mind the bad press endowments have had and the diabolical annual bonus rates that most policies currently enjoy, so you may not get many offers but at least you know where you stand and get the cash you are after within a reasonable period of time.

Hope I havent droned on!