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scottish provident endowment - sell or keep?
madbenns
Posts: 10 Forumite
Hi, I would be grateful if anyone out there can help us please. We have an endowment with scottish provident which my husband and I took out in sept 1989. Originally it was to pay off a mortgage of 57k but we moved house and changed to a repayment but kept endowment going in the hope of paying off mortgage early.
We have tried to go down the route of misselling but the firm that originally sold it to us ceased to be an IFA in 1993 when they withdrew from FIMBRA, (we tried the Financial ombudsman but they were unable to help either as the firm would not give them jurisdiction voluntarily).
After several years of no bonuses (since 2002) we have been looking at cashing it in. Would this be the best route to take? On one hand we keep thinking that there are only 7 years to go but on the other hand things dont look that good re no bonuses over the past 5 years. Details are:
low cost endowment taken out sept 1989 due to end 2014, sum assured 18753, minimum death benefit 57000. Bonuses to date 12682. Surrender value 23707.
Would really be grateful for views as really stuck on what to do.
We have tried to go down the route of misselling but the firm that originally sold it to us ceased to be an IFA in 1993 when they withdrew from FIMBRA, (we tried the Financial ombudsman but they were unable to help either as the firm would not give them jurisdiction voluntarily).
After several years of no bonuses (since 2002) we have been looking at cashing it in. Would this be the best route to take? On one hand we keep thinking that there are only 7 years to go but on the other hand things dont look that good re no bonuses over the past 5 years. Details are:
low cost endowment taken out sept 1989 due to end 2014, sum assured 18753, minimum death benefit 57000. Bonuses to date 12682. Surrender value 23707.
Would really be grateful for views as really stuck on what to do.
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