Selling Endowment Policy?

dchurch24

Hi,

About 8-9 years ago I took an endowment with Barclays - not linked to a mortgage, just as a long term savings plan.
Thing is, I now have debts, 2 children, and a partner who has recently had to give up work to look after the children (still works part-time), and the money in the endowment would cover about 65% of unsecured debts that we have.
I haven't been able to pay into the endowment for over a year now and cannot foresee a time when I would be likely to be able to.
My question is; do I have to surrender the policy normally, or can I get someone to buy it for more then the surrender value that has been quoted to me.
The amount is just over 2.5k. I have tried a few on-line quotes, but because it is less than 10 years old, most decline to quote.

Any advice would be greatfully received.

Thanks in advance.

dunstonh

savings endowments wouldnt normally interest anyone. They are usually made up a little differently to mortgage endowments as well.

In addition, Barclays were not a with profits provider (assuming its not an L&G version) and you can only sell with profits plans.

dchurch24

I see. So the best bet would be to cash this for the surrender value, do you think?

EdInvestor

Hi Dchurch

Yep, I should surrender it , you can't sell it.

dimli

Can anyone tell me how long selling an endowment policy should take!

I am in the process of doing this and so far it has taken 2 months and still no money! I returned my documentation (which they seem to have lost) and filled in their Lost Policy form which they received over a week ago ... still nothing... Am I unlucky or is this a common experience? Do I have any right to claim the interest on this money for the 2 months since they enchased it?

Thanks in antici ... pation!