Endowment

[Lockhouse]

I've got two 25 year policies running that expire in 6 years time. A total of £160 per month - they are just starting to climb up a bit in value but I'd have been better off putting the money in something else. I was originally supposed to get back around £100k but I reckon I'll be lucky to see £45K.

Older and wiser now.

[MickeyP]

I used the letter generator on

http://www.which.co.uk/reports_and_c...ages/index.jsp

for my wife's mortgage endowment with Allied Dunbar. Got quite a few grand back and the original money without any hastle. Not sure if you have missed the deadline, have a read of the website.

Would I send this letter to the mortgage company itself eg Clerical Medical, Winterthur or to the company who advised me eg John Charcol Ltd

[lukemg]

These things are an absolute joke, got one myself with 10 years to run, Charlie clueless about finance then. it's 32 notes a month so I don't even notice it, I was hoping that it is back-loaded and that the bonuses really start to kick in towards/at maturity but that looks doubtful. I think it will probably give the same return as a deposit account so will just leave it running, probably wouldn't if it was 100/month though !
My pep's and ISA are averaging 13.5%/year return (various since 97)which puts things in perspective !

[TheRightStuff]

just found out that the final bonus is currently on 1K. Great

[IR35 Avoider]

I tried to sell an endowment a few years ago. I thought I had an agreed sale, after an auction process on a web site, and returned the form selling it, with my signature independently witnessed. It then transpired that the company I thought I had "sold" it to interpreted a convoluted phrase in the small print in such a way that what I had in effect done was given them the right to hawk my policy around and re-sell it for a profit, and if they couldn't they would give it back to me. In other words, I had sold them an option to buy in return for an option premium of nothing.

I started a complaint against them, a few weeks later they gave me an option to back out, which I took, though they gave as their reason for letting me back out a revaluation of the policy by the company, rather than my complaint.

[TheRightStuff]

It was easy to create the letter, just be careful which boxes you tick for the miss selling reasons. Quite a few of my wifes friends did it soon after us and all got a payout. It's obviously tackled all the legal problems up front so they don't have much choice but cough up. Not sure the payout will be as good now that the stock market has recovered in the past year or 2.

If i get 14.5K + another K or two then that won't be too bad.

[rootsnall]

CIS don't have a deadline yet. thanks for the link.

It was easy to create the letter, just be careful which boxes you tick for the miss selling reasons. Quite a few of my wifes friends did it soon after us and all got a payout. It's obviously tackled all the legal problems up front so they don't have much choice but cough up. Not sure the payout will be as good now that the stock market has recovered in the past year or 2.

[TheRightStuff]

I used the letter generator on

http://www.which.co.uk/reports_and_c...ages/index.jsp

for my wife's mortgage endowment with Allied Dunbar. Got quite a few grand back and the original money without any hastle. Not sure if you have missed the deadline, have a read of the website.

CIS don't have a deadline yet. thanks for the link.

[rootsnall]

I used the letter generator on

http://www.which.co.uk/reports_and_c...ages/index.jsp

for my wife's mortgage endowment with Allied Dunbar. Got quite a few grand back and the original money without any hastle. Not sure if you have missed the deadline, have a read of the website.

[TheRightStuff]

I'm just thinking that if external companies who are specialist in these things don't want to take it over after I've paid alot of the front end costs that it can't be worth holding on to.
12K paid in and 14.5K returned over 10yrs isn't great but it might be the best offer I get. Better then taking 13K (surrender value). It's just always in the back of my mind and I want to get rid of it now.

[DimPrawn]

So what you guys are saying is you are not well endowed?

[Troll]

I have a similar dilemma although mine are a lot closer to maturing than yours.

The only advice I can give is to either take the long term view & see it through to maturity as these don't tend to perform that well over the short term or get out completely and anything over your contributions should be a bonus

Also CIS isn't one of the big players so that could be affecting your cash in price

But I did read recently that WP policies maturing this year are delivering healthy returns... as always it's the Terminal bonus that delivers the wonga

Also also...these policies were so badly criminally mis-sold - it amounts to legalised theft by the institutions - and the mis-selling compensation package is a joke

HTH

[bobhope]

Check out the financial ombudsman site.

What's the estimated (min / max) payout (in 2017)? Whats the life sum assured?

[TheRightStuff]

I've been paying into a CIS endowment for 10yrs - another 10yrs left. OUCH.
I've been contributing £100 p/m. So that's £12K so far.
Asked for a surrender value and was quoted just under £13k. OUCH OUCH.
Went to the open market and have found a company who will buy it for £14.5K.
One company said they wouldn't touch it because it is making less then base rate. I've decided to sell it for £14.5K and put it towards the next house.
Anyone think this is a good move?
Does anyone know if this is taxable in anyway?

Really don't want to contribute to something that I know isn't going to get better. Going to also complain that the policy was missold. I was still living with my parents at the time and had no intention of moving out at the time. Why would I need life insurance and a stupid endownment. I was looking for something to put my savings in - a PEP would of been more appropiate at the time. Heard there was a good letter template on the which site.