Declare savings?

dunstonh

What is the mortgage promise value?
What is the current final/terminal bonus on the plan?

Without those, any projections or analysis will understate the current and likely figures.

margaretclare

Dithering_Dad wrote: »

A lot of women, especially if they are the OP's mother's generation always left the finances to their husbands to deal with and so if they're widowed or divorced struggle when they're plunged in at the deep end. You can understand why she has turned to her Son in Law for support. For his part, he's simply "sounding out" the lump sum idea to see if it was necessary or would work. Nothing wrong with either of them doing this.

You are writing off a whole generation of women - 'tarring them all with the same brush' as the saying goes. I resent this. While this may be true of some, it's not true of all. I am of that generation too, in fact I'm a bit older than the OP's Mum. I have learned a lot over the past few years and can certainly see mistakes that I made in the past and wouldn't make now, but I have NEVER left finances to anyone else to deal with. Nor do I do so now.

Let's not go jumping to the conclusion that the OP is simply trying to rip off his dotty mother-in-law!!

I never said, or implied, any such thing. Neither that he was trying to 'rip her off' or that she was 'dotty'. Perish the thought!

It was the statement 'WE are considering HER giving MY WIFE AND I a lump sum' that rang warning bells.

Margaret

chesky369

Margaret and I always get incensed at the implication that 'women of a certain age' are incapable of managing their money matters, without recourse to a handy male relation. The generation we both belong to seem to have made a better fist of it - sometimes against all odds - than the generation coming up now, who resort to credit cards at the drop of a hat.

Dithering_Dad

In my defence, I did say "A lot of women", not "All women" or even "The majority of women". I stand by the statement though that in couples, especially if the male is the breadwinner, a lot of females are content to let their husbands be in charge of the finances.

This was even more the case with the previous generation.

Errata

Dithering_Dad wrote: »

In my defence, I did say "A lot of women", not "All women" or even "The majority of women". I stand by the statement though that in couples, especially if the male is the breadwinner, a lot of females are content to let their husbands be in charge of the finances.

This was even more the case with the previous generation.

I'd just like to point out that in couples, even when the male is the breadwinner, a lot of males are content to put their wives in charge of finances.
And so it was in previous generations. I think too many people have golden Janet and John memories of times gone by.

EdInvestor

Phuddles

Phuddles wrote: »

Maturity forecasts £12k shortfall

Please post the actual maturity projection figures so we can compare. If you surrendered the endowment now and used the lump sum to reduce the loan @6.25% also using the premiums to overpay up to maturity, then your return would be 35,473.

How does this no-risk return compare with the maturity forecasts?

The surrender value of £18323 was given to my financial adviser last year, but he was told that the 'true value' at that date was £29000.

To get a "second opinion" about the value of the policy, you could try seeing if anyone will buy it from you.Quotes are obtainable here:

https://www.apmm.org

I'm trying to knock the capital down so that the endowment will pay off the balance in 2013

Given that you could also use your state pension to overpay, perhaps we could do better than that

dunstonh

No insurance company forecasts what they are going to pay out. They issue example projections. These can be very different to the likely result (in either direction).