Shortfall on my endowments - help needed if possible.

ManicPanic

Had a chat on another thread last night (about feeling panicky) and one of the suggestions was to get help sorting out my endowment.

I've got all the info I think I need - the only thing was I was going to try to read all the info on my own to see if I could sort it out myself but at the 1st step I've come across that you have to act either 6 years or 3 years from the policy start - We started our policies in 1992 and 1991


I have 2 endowments

1 is for 30k which matures Nov 2012 - L+G

1 is for £5,850 which matures FEB 2013 - S LIFE


I don't hold out much hope as I think I have left it too late.

Thanks for any help you can offer.

JoeK_3

When did you receive your "red warning" letter for each policy?

Please advise

JoeK

ManicPanic

In front of me I have a Red Alert:High risk of shortfall for the S Life dated Yearly Statement Feb 2007 and Amber Alert June 2006 for L+G.

JoeK_3

You are OK to take action on the SL policy.

Do you have any previous correspondence about the L&G policy indicating a Red Alert?

JoeK

ManicPanic

Not that I can see in all the stuff I have. We have kept every single bit of paper that has anything to do with our house/mortgage etc - none of it is in date order but looking through them I can't find anything that mentions Red Alert with L+G

JoeK_3

ManicPanic wrote: »

Not that I can see in all the stuff I have. We have kept every single bit of paper that has anything to do with our house/mortgage etc - none of it is in date order but looking through them I can't find anything that mentions Red Alert with L+G

You get three years to complain from the first time that you receive your red alert letter and insurance companies put a time bar on complaints in accordance with this.

That is not to say that you should still not complain as all insurance companies treat this differently.

JoeK

EdInvestor

Hello Manic Panic

You say on the other thread that your mortgage is for 85k, so I assume some of it is on repayment?You are not expecting these two endowments to pay it all off in 6 years' time?

When you speak of debt, are you just talking about the mortgage, or is there more?

Post some info about the two endowments, so we can see what might be the best stategy to deal with them (this is in addition to making misselling complaints).

Guaranteed sum assured
Declared bonuses
Monthly premium
Surrender value ( ring up and ask)
Maturity date
Maturity forecasts
Interest rate payable on the mortgage loan

ManicPanic

Guaranteed sum assured
Declared bonuses
Monthly premium
Surrender value ( ring up and ask)
Maturity date
Maturity forecasts
Interest rate payable on the mortgage loan

Hi, no the other part is a repayment mortgage - that's the rest of the amount that makes the 85k - we have never missed a payment but have added over the years.

We don't have any other debts other than normal everyday living - Poll tax, travel on bus to work, food, tv licence, electricity, gas etc etc.


L+G Letter dated May, 2006 (latest one I have let me know if I need a more recent one - have looked in the place it's supposed to be but of course it's 1 I can't find)


Guaranteed sum assured - Total of basic sum assured and annual bonuses to 31 dec 05 - £15, 765.30

Monthly premium - £38.36 (do you mean how much we pay per month?)

Surrender value -

Maturity date - 18.11.2012

Maturity forecasts -

Interest rate payable on the mortgage loan -

Think I need to phone them up and get all of the figures updated - other wise I don't suppose you will be able to help.

Thanks very much for all the help you have given so far.

ManicPanic

L+G - letter dated 26 June, 2006

Projected final amount 4% £24,100 Shortfall £5,900
6% £27,200 Shortfall £2,800
8% Surplus £300

JoeK_3

I know that you have had a lot to do today but can you locate the first "red alert" letters that you have received from both insurance companies and post the dates of both.

It look like Edinvestor is going to investigate selling the two policies but she will need the information requested before she can say, sell, keep or surrender.

can you phone up tomorrow and request the outstanding information and then post the information by filling in the blanks on your post.

Regards

JoeK

ManicPanic

Will be on to it 1st thing.