Is it too late to have an endowment investigated?

opinions4u

The endowment premium alone was never £380 a month.

holly_hobby

scrumpymummy wrote: »

Around the time of the first red letter my husband was (please don't laugh!) a financial advisor. I handed everything to him to advise on, and subsequently letters, and was always told not to worry - that it was all scare mongering to make you take out more policies and spend more money.

Unfortunately that can't be used to set aside a time barr with either the firm or even if you later took it to the Ombudsman (FOS) - and it still doesn't cancel out the risk awareness and understanding it appears you had at point of sale, which would really be the pivotal grounds for rejection (with the fact its time barred just the cherry on top really).

Moving on from the sale, if you are still using this as a mortgage repayment vehicle, please ensure you put in place plans to mitigate any anticipated shortfall to the target sum/amount necessary to redeem your interest only mortgage.

On the flip side the actual shortfall may not be as bad as anticipated (although yes could be worse), given that the estimated maturity values issued by providers are done so on generic and prescribed growth rates, which nay and ofter differ to the acutal performace of the provider and the relevant fund ....

Sorry this news won't have made your weekend I know ... !!

Hope this helps

Holly x

holly_hobby

opinions4u wrote: »

The endowment premium alone was never £380 a month.

My thoughts exactly ... unless it was perhaps a full endowment ?

With a mge payment circa £285 pm (using svr at Jan 93), and using the £380 endowment prem , his total monthly mge payments would have been £665 a month .... this doesn't sound right at all for a 25 yr LCE policy !!!

I think it was his total mge payment inc endowment that was £380, leaving (even basing his mge on svr at the time) circa £100 funding the LCE, which sounds a bit more realistic.

Anyhoo, in any event he wasn't happy with the outcome

H x

artbaron

holly_hobby wrote: »

I think it was his total mge payment inc endowment that was £380, leaving (even basing his mge on svr at the time) circa £100 funding the LCE, which sounds a bit more realistic.

Certainly, I hope I didn't suggest otherwise. I paid £380 a month in total. How that was divided I've no idea.

holly_hobby

artbaron wrote: »

Certainly, I hope I didn't suggest otherwise. I paid £380 a month in total. How that was divided I've no idea.

Good that makes much more sense !!!

This is where we the confusion has come from ....

artbaron wrote: »

Cashed the endowment there and then and my £36K of payments resulted in an impressive payout of £7K. A complete con like so many investment schemes.

Indicating your 36k capital outlay over the 8 yr period, was purely in connection with the endowment itself .... hence you not being happy with just a 7k return on surrender ....

Anyhoo, its all as clear as mud now

Thanks for coming back and confirming Art ...

Holly x