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Cashing in an endowment
Mumknowsbest
Posts: 5 Forumite
Hi all
I currently have an endowment which was taken out a while ago and was 'supposed' to pay out £20,000 at end of term. I have been receiving statements and letters informing me that there is a 'very high' risk of there being a shortfall. This endowment is not needed to pay off any mortgage so there isn't a huge worry. However, I am looking to cash it in and was hoping for some advice.
The last statement (Dec 2012) lists the current value at £9000. I realise that I won't get the full value if I cash in but could anyone give me a rough figure of how much to expect. Also, someone mentioned to me that you don't have to cash it with the company it's with? Is this correct?
Thank you.
I currently have an endowment which was taken out a while ago and was 'supposed' to pay out £20,000 at end of term. I have been receiving statements and letters informing me that there is a 'very high' risk of there being a shortfall. This endowment is not needed to pay off any mortgage so there isn't a huge worry. However, I am looking to cash it in and was hoping for some advice.
The last statement (Dec 2012) lists the current value at £9000. I realise that I won't get the full value if I cash in but could anyone give me a rough figure of how much to expect. Also, someone mentioned to me that you don't have to cash it with the company it's with? Is this correct?
Thank you.
0
Comments
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Contact the provider and ask for a current surrender value, which will usually apply for the following month (if a with profit endowment).
Hope this helps
Holly0
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