Selling or Surrendering your endowment

pmclough

I believe I was missold my mortgage and endowment 7 years ago via an independent fianancial advisor, i have twice wrote to the endowment provider and financial ombudsman and other financial institutions but didnt have any joy because it was via a an independant financial advisor

I am now thinking of surrendering my endowment, ( theres a shortfall of when it matures of over £40,000). Ii have contatced Clerical Medical and they have offered me £200 more than what I have paid into over the last 7 years. I would have earnt more in a high interest account

Is there another institution I can use to get more for it if I surrender it ?
The policy is worth a few thousand now.....

We are moving home in 3 years so wont need it and I have taken out sufficent life cover to cover me should I die whilst I still have a mortgage. I am going to invest the money into a high interest savings account.


any advice or help woudl be most welcome

many thanks

dunstonh

I believe I was missold my mortgage and endowment 7 years ago via an independent fianancial advisor, i have twice wrote to the endowment provider and financial ombudsman and other financial institutions but didnt have any joy because it was via a an independant financial advisor

IFAs have the same FOS protection as any other adviser. You were more likely rejected as the year you took yours out would have had much stronger documentation and warnings issued than those that took theirs out 10 years earlier. It would be hard to miss the warnings in 2000 compared to 1990.

theres a shortfall of when it matures of over £40,000

How do you know? No provider gives a prediction on maturity values. They give examples based on growth rates but those growth rates can understate and overstate the most likely outcome. Projections alone are not reliable. Especially on unit linked endowments using low projection rates.