Another endowment cash in/keep question if you please..AXA..

Dick_here

EdInvestor wrote: »

Most post-1988 mortgage endowments are like this.

This one was taken out in 1985 though. See the OP.

EdInvestor

I didn't say that there were no hybrid unitised WP policies before 1988, just that before then, conventional WP policies were more common.The insurers updated to the more modern unit-linked style when regulation came in.

Dick_here

EdInvestor wrote: »

I didn't say that there were no hybrid unitised WP policies before 1988, just that before then, conventional WP policies were more common.The insurers updated to the more modern unit-linked style when regulation came in.

My 1989 endowment isn't unitised though...

EdInvestor

!!!!!!_here wrote: »

My 1989 endowment isn't unitised though...

I think you've said that your endowment is unit-linked - ie it's not invested in the With profits fund? So it wouldn't be unitised, as this only applies to WP endowments.

Basically there are 3 types of endowments:

1)Unit linked
2)With profits, of which 2 categories
a)conventional
b)unitised.
3)Combination of the two, typically split 50/50 unit-linked and unitised WP

angie12

Hi Eanie Meanie

We took out an endowment policy with the same company as you through Bradford & Bingley in 1993. We took an £8.000 endowment on our council house which was £29.00 a month and would have matured this year. In the late 80s, they advised us to raise the payment by £10.00, because it was falling short, so we did.
They asked us to raise it another £10.00 in 2002. I roughly added up what we'd payed them so far coupled with the fact we were also paying over £100pm interest, we decided not to throw any more money at it and looked into cashing it in. We could only cash it in with them, so we recieved little more than we'd paid.
When we cancelled the life insurance, we noticed it had a finish date, three yrs before the endowment matured. We threw all the paperwork in the bin and put it down to experience.

Last year I read on here about mis-sold endowments and wrote a letter to the B&B, complaining of mis-sold endowment. They answered within days, promising to look into it. Got a phone call a couple of days later asking me a few questions and they wrote saying we had been mis-sold the mortgage. They worked out what we had paid in ect..., against how much we would have paid off a re-payment mortgage. They deducted the cashed in endowment and we got the difference, (Approx:£2300.) They were brilliant.

Maybe you should think about looking into mis-selling too.

Angie

Dick_here

EdInvestor wrote: »

I think you've said that your endowment is unit-linked - ie it's not invested in the With profits fund? So it wouldn't be unitised, as this only applies to WP endowments.

You're getting muddled up with my endowments, I've got a WP and a unit-linked. So if I was to cash one in which one should it be, generally speaking ?

EdInvestor

!!!!!!_here wrote: »

You're getting muddled up with my endowments, I've got a WP and a unit-linked. So if I was to cash one in which one should it be, generally speaking ?

Sorry to hear you ended up with two.:( You would need to post the usual information on both of them, there is no hard and fast rule.

Dick_here

EdInvestor wrote: »

Sorry to hear you ended up with two.

Yeah, I should have taken out an ISA...

eanie_meanie

Hi everyone - sorry usual stuff got in the way the last day or two.

Thanks for everyones comments and if I could add a couple of my own

!!!!!! - So where does the unit-linked element come into it ? - no idea that it was, just this is what the girl from AXA told me on the phone.

Angie - We too were asked to increase payments which we did, from £22 ish to current of £32 several years ago. I've sort of looked into mis-selling but took it that we didn't have a case as
a) there's nothing in writing about the promises made at the time
b) the booklets do state that it was a risk even though this wasn't explained
c) we haven't actually got anything in writing which sets out dates etc - presumably this is what is on the faded papers (see earlier post!)
d) it was sold through a small independant advisor no longer trading and understood that although theres a fsa compensation scheme it wouldn't cover us as it only operates for policies taken out 1988 onwards
e) we had a letter stating we could only claim up to end of march last year as they had previously issued the 'red letter' notice of policy not on target

Do you remember if the life assurance was with a separate company, the only thing I can make out on the faded papers is a Standard Life logo (possibly!), couldn't understand why this would be the case unless it is this??? Well done though!

EdInvestor - I think you'll find the maturity projections include the TB element but do check.The surrender value does include the accumulated TB. I thought I had asked the girl this but wonder if I understood correctly as I didn't really know what I was asking:o She did say that she'd send something out showing projections, although we've not received them yet.

Think I'll leave it a couple of days to see if anything arrives and ring again now that I have a bit more info. Will also ask if they have any paperwork they can send showing policy details, dates etc.

Once again, thanks for everyones time - think this website is great!

angie12

Hi Eanie Meanie

We had no paperwork at all. I just rang B&B and asked for our old account number. We had the same booklets as you did too. We claimed last November and we recieved the money in December.

I just filled the form in that they sent me, explaining that we had been told by the advisor, 'He had to tell us,(By law) that the endowment could fail ''but' he assured us, 'He had never ever, seen it happen.'
I also told them that we hadn't fully understood how the endowment worked as it had been our first ever mortgage. (except the council one) and how alarmed we were at the amount of interest we had paid, more so, when the payments had passed the £100 pm mark. A nice bloke phoned me to ask a few questions, I think the adviser has lied about my being a smoker too as I was asked if I had been smoker at the time of the mortgage.

We got a long letter explaining how they had come to the decision it was mis-sold. They were great, they sent me a short survey on the way they had dealt with the claim. They were brilliant.

Angie