Should I surrender or sell my endowment?

j777

Hello - I haven't used this forum before and would like some help PLEASE?

I have an endowment due to mature in may 2015. (details below) I really need to lower my outgoings and I'm thinking of surrendering it and using the amount to pay into my mortgage to reduce my outgoings. I won't need the full amount to pay off my mortage when it matures but really need to reduce costs now.

I have looked at claiming for a mis-sale as it was sold to a single person, low income, no dependants!!! but it was sold before 1991 so the law society have rejected this. I have been trying (poorly) or should I say thinking if pursuing a claim another way for about 8 years now so I don;t think that this is route for me to go down.

Please could anyone advise me if it's best to surrender it with the provider or sell it to another company? and who? here are the details....

started - may 1990
target amount - £35500
current premium - £51.00
(i think i have paid in £9795 since it started as it was a low-start policy)
latest letter shows projected target amounts to be...
3% 17,000. 3.75%= £18,000 and 5%=£15,900.

The current surrender value is £11,593

I'm not very good with finances, so the decisio needs to be a fairly simple one that will reduce current outgoings hopefully.
ANY help woudl be hugely appreciated. THANKS ***

EdInvestor

Please post the guaranteed sum assured and declared bonus amounts plus the interest rate payable on the mortgage.

Also the provider's name.

Dick_here

j777 wrote: »

latest letter shows projected target amounts to be...
3% 17,000. 3.75%= £18,000 and 5%=£15,900.

Eh ?

j777

Thanks for you reply.

The guaranteed sum assured is £9595.
Declared bonus amounts at 31/12/07 were...Exisiting bonus £3,794.12 and New bonus was £33.45. Accumilated benefit £13,412.57.

The interest rate payable on the mortgage is 5.78%.
The provider's name is Zurich (it was originally Eagle Star).

Zurich just gave me the number for APMM but they said they aren;t making offers for this endowment at the moment. Are there any other options?
Thank you