endowment mortgage

bazam1905

Hi
in 1992 my fiance and i were offered an endowment mortgage with the endowment being paid to royal sun alliance ....we quickly found it hard to pay the mortgage and endowment so we stopped paying the endowment to keep our heads above water.
10 years later we sold our property and paid off our mortgage. I was just wondering if in 3 years when our mortgage was due to be paid would i get back any of the money we paid into the endowment policy?
i dont think royal sun alliance exists anymore
thanks in advance

dunstonh

I was just wondering if in 3 years when our mortgage was due to be paid would i get back any of the money we paid into the endowment policy?

It would have been paid to back when you cancelled it if there was any. Probably there wasnt as you only went 3 years. Typically you needed to get to around years 4-5 to start accruing value.

bazam1905

Thanks we didnt actually cancel it we just stopped paying after a couple of years. Its 25 years in 3 years and i wondered if we get back what we paid in

dunstonh

bazam1905 wrote: »

Thanks we didnt actually cancel it we just stopped paying after a couple of years. Its 25 years in 3 years and i wondered if we get back what we paid in

You would have continued to get statements if it had a value.

kingstreet

bazam1905 wrote: »

Thanks we didnt actually cancel it we just stopped paying after a couple of years

After only two years payments, the value would have been negligible then as you failed to do anything but stop paying, chances are the little value was used to maintain the life cover for the couple of months it would have lasted. Then the plan would have lapsed without value.