The Artful Shrimper
President
With 14 years left on my mortgage am thinking of changing to a repayment which I can afford and cashing in the endowment policies. Anyone done this before? is it easy? can I sell the plans etc etc.
I have to say most people who change to repayment mortgages keep the endowment on as an investment because of that exact reason, this is of course dependant on you being able to afford the higher mortgage repayments and the endoment policy payments. It all depends on your particular policy and personal circumstances, so before you commit to anything get some decent financial advice[b said:Quote[/b] (RobM. @ Aug. 07 2005,12:43)]DO NOT CASH IN! You will lose huge terminal bonuses! Check your statements.
Are you expecting a shortfall on the policy at the end of the full term?[b said:Quote[/b] (The Artful Shrimper @ Aug. 06 2005,10:16)]With 14 years left on my mortgage am thinking of changing to a repayment which I can afford and cashing in the endowment policies. Anyone done this before? is it easy? can I sell the plans etc etc.
erm ... I didn't. Was I lucky?[b said:Quote[/b] (RobM. @ Aug. 07 2005,13:43)]DO NOT CASH IN! You will lose huge terminal bonuses! Check your statements.
We have two policies and we will get 8k each off them which is just about the amount we've invested and a little bit more. In fact my own personal shares have done better.[b said:Quote[/b] (RobM. @ Aug. 07 2005,12:43)]DO NOT CASH IN! You will lose huge terminal bonuses! Check your statements.
Sort of....it all depends on the particular policy you have, how long you've had it etc etc...there's no real general rule to this, which is why you must get someone suitably qualified to look into it and give you the right advice (not touting for business, I don't deal with nor am I qualified to give advice about endowments).[b said:Quote[/b] (Xàbia Shrimper @ Aug. 07 2005,13:24)]erm ... I didn't. Was I lucky?[b said:Quote[/b] (RobM. @ Aug. 07 2005,13:43)]DO NOT CASH IN! You will lose huge terminal bonuses! Check your statements.
WS
It all comes down to what you mean by "cashing-in". There are two possibilities:[b said:Quote[/b] (Xàbia Shrimper @ Aug. 07 2005,13:24)]erm ... I didn't. Was I lucky?[b said:Quote[/b] (RobM. @ Aug. 07 2005,13:43)]DO NOT CASH IN! You will lose huge terminal bonuses! Check your statements.
WS
Just a quick note... if you intend making a complaint about this, it is the Financial Ombudsman Service (FOS) that will deal with this, not the FSA. You will also need to complain to the selling agents first before the FOS can look at it. If you have any problems, drop me a PM (I work for the FOS and spend half of my life adjudcating on bloody endowment complaints!!)[b said:Quote[/b] (The Artful Shrimper @ Aug. 07 2005,17:10)]I also have a promise that the policies will reach the target from when I got the policy, of course, now they won't. I could argue with FSA which I will probably.