Endownment Maturity Payment Form

waynesworld30726

You're all criticising the original poster, and maybe he is naive, but I am grateful to him for raising queries over an Endowment Repayment form. I had to google the phrase and this thread came up.
I received a letter from the endowment company this week advising that in order to receive any payout I need to source and complete one of these forms. No information on what one is, how to complete it or what I am agreeing to.
From reading this thread to garner some knowledge, it is clear this is basically to certify I will submit no claim for poor performance of the plan. A bit rich as I recall the financial advisor telling me it would not only pay the mortgage off but also give me enough to cruise the world. Of course, it won't even pay off the mortgage and we will have to sell the property to pay the mortgage company back.It seems there has been some responsibility taken for PPI, yet, as far as I know, no similar pushback for endowment sales in the eighties.

Nearlyold

The time to complain about your Endowment was when the under performance issue first came to light in the early part of the noughties, you surely received letters from the Endowment provider warning of potential shortfalls and inviting you to complain if you believed the policy was unsuitable.

The low interest rate conditions which are part of the cause of endowment shortfalls also had an upside in that your mortgage interest payments were much lower than expected when the mortgage and endowment started, allowing you to re direct a good portion of the savings in interest to reduce your mortgage debt.

With regard to the "Endowment (Maturity) Repayment Form" your endowment provider would/should include this in your maturity pack - there is no way they would ask you to find your own.

AnotherJoe

There was plenty of pushback along the lines of poor performance for endowments and you've had years to do it. You're very late to the party just finding that out now. Your endowment company would also have been telling you for the past 15-20 years about underperformance and you have had that long to make alternative arrangements so it's a bit rich to complain right at the end.

I also very much the letter you received from your endowment company said you have to go and find your own form to complete.

kingstreet

waynesworld30726 wrote: »

You're all criticising the original poster, and maybe he is naive, but I am grateful to him for raising queries over an Endowment Repayment form. I had to google the phrase and this thread came up.
I received a letter from the endowment company this week advising that in order to receive any payout I need to source and complete one of these forms. No information on what one is, how to complete it or what I am agreeing to.
From reading this thread to garner some knowledge, it is clear this is basically to certify I will submit no claim for poor performance of the plan. A bit rich as I recall the financial advisor telling me it would not only pay the mortgage off but also give me enough to cruise the world. Of course, it won't even pay off the mortgage and we will have to sell the property to pay the mortgage company back.It seems there has been some responsibility taken for PPI, yet, as far as I know, no similar pushback for endowment sales in the eighties.

It's a standard maturity discharge form and your provider should send it to you in preparation for maturity. It will enable you to tell the provider how you want the proceeds paid etc.

Please await the arrival of the form before you begin to complain about its contents. If then you have an issue, post back in your thread with the wording concerning you.