Cashing in my Endowment

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Comments

  • Rapid64k
    Rapid64k Posts: 21 Forumite
    Ok, just spoke the more knowledgeable person on the desk and it seems there was a change to my policy in 2009 I would presume this is when my premiums changed so I guess this will make policy non qualifying but as always they are unable to tell me how much the "charge" will be.
    Tax I presume.
  • TrickyDicky101
    TrickyDicky101 Posts: 3,513 Forumite
    First Anniversary First Post
    Rapid64k wrote: »
    Ok, just spoke the more knowledgeable person on the desk and it seems there was a change to my policy in 2009 I would presume this is when my premiums changed so I guess this will make policy non qualifying but as always they are unable to tell me how much the "charge" will be.
    Tax I presume.

    Any changes to a policy to ensure the qualifying status is not impacted must be made on a plan anniversary and must be in accordance with the Terms and Conditions [of the policy].

    What or who instigated the change in 2009?

    What was the change (you mention premium increase but are you certain this was the change at this date point)?

    Did you take financial advice (eg from an IFA) before executing the change?

    Because a change to a qualifying status is potentially significant, it is important to be very clear on what, why, when and who instigated such a change.
  • Rapid64k
    Rapid64k Posts: 21 Forumite
    Hi,


    The policy was no longer on track so I had to increase my payments in 2009 to keep the policy on track.


    I did not seek any Financial advice.
  • TrickyDicky101
    TrickyDicky101 Posts: 3,513 Forumite
    First Anniversary First Post
    Did you increase the premiums from a plan anniversary or mid-year?

    Before you increased premiums did CountryWide caution you to seek independent advice or that there could be implications in increasing the payments?
  • Rapid64k
    Rapid64k Posts: 21 Forumite
    hi TrickyDicky,

    They said that they sent me a letter in February.

    I do remember receiving a letter advising me that the Endowment has a short fault so I had no choice but to up my payments.
    I do not remember been told that the increase in payments will affect my policy.
    The anniversary of the policy is in October.

    Getting complicated now.:eek:
  • Rapid64k
    Rapid64k Posts: 21 Forumite
    Ok spoke to the tax office, they said that the calculations will be done by Counrtywide.

    I think they can only tax the gain that was made not the money paid in to the account by myself.
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