Friends Life Endowment Maturing This Month *UPDATE

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  • dunstonh
    dunstonh Posts: 116,485 Forumite
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    mae wrote: »
    The maturity date is 25th September so when I signed the paperwork they sent me to cash it in I assumed I would get the money after that date so now Im worried I shouldn't have sent it back so soon and I may have been penalised for doing so?

    It was a Homebuyer Plus Plan FL FP With Profits Fund

    You should contact them. You should not get the maturity until after 25th September as you would be invested right up to that day. If it is a unit linked plan, then it now sounds like a surrender. This is a possibility as your earlier posts were worded like a surrender form was being used.

    However, if it is a conventional with profits plan, then early pay out of a few weeks is quite normal. (not that there are many conventional with profits plans left nowadays).
    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.
  • mae
    mae Posts: 1,511 Forumite
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    Thanks I've rung them and they are looking into it and will write to me with their findings.
  • mae
    mae Posts: 1,511 Forumite
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    edited 10 October 2017 at 9:50AM
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    Update:

    They have now sent me a letter showing the figures if it was paid out on the 25th Sept as was expected. The figure is £21201.94

    They paid me £20742.92 on the 12th September. Im confused.

    The letter is literally just the dates and figures, no mention of why they paid early or if they are going to pay me the difference?

    Also they use the terminology 'surrender value', is this correct? I am assuming it should say cash in value as I didn't surrender early I allowed it to run its course and didn't request the money I just filled in the paperwork they sent me notifying me of the end of premiums etc.

    I am going to contact them today but wanted to get some feedback on here first so I am clear on what I am saying/asking.

    Thanks
  • mae
    mae Posts: 1,511 Forumite
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    To follow on from my post earlier today. I have rung them and even they don't know what the point of sending us the updated figure is as there is no explanation or offer of paying us the difference :cool: she could see the letter that had been sent to me but there are no notes accompanying it. So they are looking into it and getting back to me.

    Very strange. I will keep this thread updated as it may happen to other people. Seems an unethical practice.
  • mae
    mae Posts: 1,511 Forumite
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    Does anyone have any guidance on this while I am waiting for them to get back to me?

    I feel that is had been processed very badly if I am understanding it correctly.
  • mae
    mae Posts: 1,511 Forumite
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    They didn't get back to me so I called again.

    The guy stated there are brief notes on the system but no line of what has been done or what is being done so I have asked for him to flag up a complaints procedure so it is looked into properly.
  • mae
    mae Posts: 1,511 Forumite
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    Another update I have just had a phone call from them saying they are sending me £450 and also £200 as an apology.

    Would you accept this?
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
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    mae wrote: »
    Another update I have just had a phone call from them saying they are sending me £450 and also £200 as an apology.

    Would you accept this?

    What more do you think you are entitled to??
    "You were only supposed to blow the bl**dy doors off!!"
  • Voyager2002
    Voyager2002 Posts: 15,319 Forumite
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    maninthestreet wrote: »
    What more do you think you are entitled to??

    It looks as if the OP was misled into surrendering the endowment a little before maturity rather than allowing it to mature, and so has lost about £12,000. I think that an apology and £200, and maybe some chocolate as well, is rather inadequate.
  • Keep_pedalling
    Keep_pedalling Posts: 16,681 Forumite
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    Voyager2002 wrote: »
    It looks as if the OP was misled into surrendering the endowment a little before maturity rather than allowing it to mature, and so has lost about £12,000. I think that an apology and £200, and maybe some chocolate as well, is rather inadequate.

    Where do you get £12,000 from? £21,201 - £20742 = £459.
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