Originally posted by original PM
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Reply to: Endowment matures
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Previously on "Endowment matures"
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Originally posted by mudskipper View PostCould you tell that to my pension provider?
Was there a promise that you will get at least what you paid in ? Or was there a small print that said you could end up with less money if the stock market crashes ? Most of these types of investment derivatives depend on stock markets, gold prices and a variety of asset classes and how the value of these asset classes go up or down. The fund managers gamble with funds that they dont own and when the gamble does not pay off they pass the losses on to the unsuspecting punter. If the gamble pays off they pocket shed load of bonuses and pass on as less profit to the punter as they possibly can.
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Deposit on BTL property. Property only ever goes up, especially with 20 years of money printing in the pipeline and continued large scale immigration to this country.
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Originally posted by Old Hack View PostNever 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
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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
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Originally posted by Troll View PostEndowment 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?
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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.
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Originally posted by BlasterBates View PostGetting less than you paid in is fraud in my view it should be at least what you paid in plus risk free interest rate.
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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.
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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).
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