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Endowment to sell or not to sell ?
FlyingDonkeys
Posts: 241 Forumite
Hi Just wondered if anyone knows about whether a good idea to sell Friends Provident endowment. Current surrender value is £17,822
It expires 1st Oct 2009 , monthly I pay £30.66 They are saying its forecast to give me £19,600 at 5.5% and currently its doing 6.2%
I was wondering if its better to put into isa combo part cash part shares. and put the other £7k into next year's ISA allowance. My aim is to use the money to fund me taking a degree as soon as I can figure out how to afford to do it. I did not get the chance to do when at school. I don't need it for the mortgage and its not going to pay out the £24k or more they said it would pay out when I got it. Any knowledge of this stuff much appreciated or where to go to get good advice. Thanks
It expires 1st Oct 2009 , monthly I pay £30.66 They are saying its forecast to give me £19,600 at 5.5% and currently its doing 6.2%
I was wondering if its better to put into isa combo part cash part shares. and put the other £7k into next year's ISA allowance. My aim is to use the money to fund me taking a degree as soon as I can figure out how to afford to do it. I did not get the chance to do when at school. I don't need it for the mortgage and its not going to pay out the £24k or more they said it would pay out when I got it. Any knowledge of this stuff much appreciated or where to go to get good advice. Thanks
Flying Donkeys- Do no harm to others and you will benefit in more ways than one.
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Comments
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Whats the curerent value? (so we can compare the cost of surrender).
Where is it invested? (FP offered many versions over the years which included conventional with profits, unitised with profits and unit linked).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for reply Its a conventional one with profits. There is not current value just the surrender value, I just confirmed this with them and bonuses to date added at 1st January are £8256 As its such a short expiry date I expect that is the max surrender value and I won' t do any better with the other traders in this market.Flying Donkeys- Do no harm to others and you will benefit in more ways than one.0
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You need to find out the guaranteed value ( guaranteed sum assured plus bonuses added.) plus the current terminal bonus amount included.Trying to keep it simple...
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In addition to the above,
Guaranteed sum plus bonuses is £16,309
terminal Bonus is 30% of annual bonus. Annual bonus is 38,053Flying Donkeys- Do no harm to others and you will benefit in more ways than one.0
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