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Scottish Widows endowment-advice needed
dolce_vita
Posts: 1,031 Forumite
Can anyone help me decide whether to keep or cash in this policy?
start date-1987 matures-2012 monthly payment £36.50
target amount £27,750 (though no longer needed to pay mortgage)
projected payout
£20,500 @ 4%
£21,600 @ 5%
£22,700 @ 6%
surrender value £15,066
Do these figures seem right?
If I did decide to sell, what's the best way of doing it?
hope someone can help. thanks
start date-1987 matures-2012 monthly payment £36.50
target amount £27,750 (though no longer needed to pay mortgage)
projected payout
£20,500 @ 4%
£21,600 @ 5%
£22,700 @ 6%
surrender value £15,066
Do these figures seem right?
If I did decide to sell, what's the best way of doing it?
hope someone can help. thanks
dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing
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Comments
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unit linked or with profits?
if unit linked, what fund range is it (ex LloydsTSB Life, Black Horse Life or TSB Life or genuine Scot Widows)?
If with profits, what is guaranteed sum assured, current bonuses paid and current terminal bonus accrued?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for the reply
It's with profits
The wording on the letter I have is not quite the same as what you've asked for but I think the guaranteed sum is £9250
existing bonus is £5663
does that make sense?dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
Do you still have a mortgage, if so what interest rate are you paying?Trying to keep it simple...
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No mortgage Ed.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
dolce_vita wrote: »
projected payout
£20,500 @ 4%
£21,600 @ 5%
£22,700 @ 6%
To try to sell it, go here for quotes:
https://www.apmm.org
If you surrendered it and put the surrender value on deposit at a net 5%, also paying in the premiums to maturity, you would end up with a guaranteed amount of 21,748.
If you did the same but used a modern risk based investment returning 7%, you would end up with 23,780.
So there's no premium left in the policy for taking a risk.Trying to keep it simple...0 -
Thanks Ed.
Am i right in thinking that it would be better to sell/surrender the policy and invest the money elsewhere
dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
Bump
Anyone?dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
Scot Widows with profits is weak. With their unit linked range not available to you then it isnt really a desirable option.
Modern alternatives appear to offer better potential.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Unfortunately the company have a bad with profits record.dolce_vita wrote: »Bump
Anyone?
Sell
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Thanks for the replies.
where am I likely to get the best deal?dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0
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