Endowment matures

[Paddy]

Endowment taken out for first property sooooooooo long ago matures this December

Had all the usual "you policy is at risk" arse covering letters over the years - but as the mortgage is already paid off I kept it running for the life cover and as a savings scheme

Policy was to cover a £47500 mortgage (eeee houses were cheap in them days!)

Payout is £36595 so a 23% undershoot! and I remember at the time the bint who sold it suggested it should be worth £60000 at maturity on current projections

Feels like institutionalised mugging

What should I spend £36595 on?

Just think yourself lucky. I got less than 50% what I paid into STANDARD LIFE.

NB. To newbie’s DO NOT TAKE OUT A POLICY with STANDARD LIFE!

[NotAllThere]

Just think yourself lucky. I got less than 50% what I paid into STANDARD LIFE.

NB. To newbie’s DO NOT TAKE OUT A POLICY with STANDARD LIFE 25 years ago!

ftfy

[mudskipper]

Yep - we went down the misselling route a few years back when it all came to a head. Got back what we'd paid in, plus interest as dictated by whatever authority decides these things (but seemed fairly generous).

[BlasterBates]

Getting less than you paid in is fraud in my view it should be at least what you paid in plus risk free interest rate.

[mudskipper]

Getting less than you paid in is fraud in my view it should be at least what you paid in plus risk free interest rate.

Could you tell that to my pension provider?

[Lockhouse]

I've got two endowments coming out in 2014\5. Both effectively 30% down on what was originally estimated. Was a total rip-off but I was young and naive when I took them out and by the time I realised what poor investments they were it was too late to get out and better to let them run to term. Still, they'll get me a nice motor and a house extension as the mortgage they were supposed to cover is long gone.

[Support Monkey]

Endowment taken out for first property sooooooooo long ago matures this December

Had all the usual "you policy is at risk" arse covering letters over the years - but as the mortgage is already paid off I kept it running for the life cover and as a savings scheme

Policy was to cover a £47500 mortgage (eeee houses were cheap in them days!)

Payout is £36595 so a 23% undershoot! and I remember at the time the bint who sold it suggested it should be worth £60000 at maturity on current projections

Feels like institutionalised mugging

What should I spend £36595 on?

I don't think thats anything to celebrate, you just lost 11 grand, what you should have done is gone down the mis-selling route when you had the chance, you would have got back what you paid plus interest to put you where you would have been if you had been interest only.

[Old Hack]

Never look back, always look forward; his mis selling ship has sailed, so concentrate on the bonus of suddenly having £37k to spend.

Personally, I'd buy many acres of woodlands nearby. As part of a plan B

[MarillionFan]

Stick it on black.
No red!
No no black!!!!

[FiveTimes]

I'd save it all as I will need every penny now I'm permie

ftfy