Scottish Amicable Endowment - Payment Of Further Bonus

Old_coin-op

Quote'' Have you considered surrendering?''

Just to add, I telephoned today out of interest and was quoted a surrender value of £32,683.

hansi

That's interesting.I asked Prudential for a policy value on my Scot Am policy taken out in 1985 for 25 years to cover a 25k mortgage. The surrender value at today's date is £24457 which I thought was very good, and I have emailed AAP to get a quote. However in view of the posts here, I wonder if it is best to "hang on" and wait till maturity (22 months) to get the Scot Am "bonus"?

hansi

I have now had replies to three of the companies I contacted for a quote, and none of them can better the Prudential surrender offer. I think I'll hang on to the bitter end now

LeeTomkins_2

I have a Scot Am endowment maturing on the 12th March 2009 after 25 years. They sent me a letter with a maturity value, which was above the target so I suppose I should be grateful. However, as the form I have to sign states "I accept that payment of the Sum Payable by Prudential as instructed by me above will be a full and final discharge of your liability under the plan", I got to thinking that I would like more information on the way the maturity value was calculated. I have asked Prudnetial and to date have yet to get a written response (now 30 days waiting). Anyway, I do have the 1997 Bonus Statement and the paperwork regarding the Prudentail takeover. My letter from Scot Am dated 17 October 1997 states that I will have a "Special Bonus Added" of £309.87. My bonus statement dated 1997 had a "New Declared Bonus" of £204.98, and yet at the bottom of the 1997 bonus statement it states "If your policy was due the Special Bonus addition as a result of the acquisition by Prudential of Scottish Amicable, then this amount has been allowed for in the Existing Declared Bonus above." That being the case then they have effectively declared a negative bonus for 1997 as the special bonus I was suppossed to have is more than the entire declared bonus for that year!!!!!???? I am not aware that they are allowed to clawback existing bonuses, which is effectively what seems to have happended. I am still waiting for their response!

safc53

what was the percentage over the inital cover amount

Neil88

I have been fobbed off by Prudential who claim that the Further bonus due at maturity was allocated to my existing bonus in either 1997 or 1998. I have asked for evidence of this allocation and have been told that it was shown in my 1998 bonus declaration. I don't have my 1998 bonus declaration so can't disprove their claim. Can anyone help - I am inclined to challenge what I am being told as I believe I have been somewhat misled.

worldtraveller

Neil88 wrote: »

I have been fobbed off by Prudential who claim that the Further bonus due at maturity was allocated to my existing bonus in either 1997 or 1998. I have asked for evidence of this allocation and have been told that it was shown in my 1998 bonus declaration. I don't have my 1998 bonus declaration so can't disprove their claim. Can anyone help - I am inclined to challenge what I am being told as I believe I have been somewhat misled.

Neil, see my post #15 in this thread. I was able to check all my past declarations, as I keep them on file, and it was indeed allocated as Prudential say (in my case anyway).

Hope this helps.

hansi

Anyone had a Scot Am(Pru) mortgage endowment mature this year? I would be interested to know approx how much the shortfall is likely to be? Mine matures in May.

jcorbygas

Mine matures in 2014 and I was disappointed on getting a telephone surrender value today of £13295 - I had taken it out in 1989 to cover a £35000 mortgage so luckily I changed to a repayment mortgage some years back.
So on paying £11466 in premiums there is not much over!
I did query whether a terminal bonus was included in the surrender figure and they said it was - which I dont quite understand.
So based on these figures can anybody give me advice as to whether to continue paying £46.80 for the next 30 months or surrender the policy to pay off one of our many credit cards?

nalla_2

Funny jcorbygas, I was just thinking the same thing myself this morning.
I have two SA plans due to payout £10,000 in 2012 and £10,910 in 2013 with £1071 in payments until completion, these will go towards my repayment mortgage.
At their 6% growth I will be £4320 down between the two, more optimistly thinking if I get £15,000 back anything else would be a bonus.
On seeing your surrender value I'm not looking too hopeful either, looks like I will have to keep paying in to get a reasonable return.

Allan.