Barry Ashcroft Posted March 23, 2006 Posted March 23, 2006 I have an Endowment policy been running for about 10years it is not performing surprise surprise and it is no longer important to me so thinking about cashing it in. The company have said it has a value of X which is about what I have paid in to it. Is it best to sell to them or do other companies buy them for greater value to keep running so paying me more money for it bottom line is where can I get most money for it any advice is greatly appreciated. Barry Quote
Barry Ashcroft Posted March 23, 2006 Author Posted March 23, 2006 Looked on google lots of companies touting for buisness anybody had any experience of doing this? Quote
a4drk Posted March 24, 2006 Posted March 24, 2006 Have you tried the compensation route? My mate got 5 grand compensation....!! then sold it!! The companies which buy them only look for ones which are "with profits" mine wasn't.....so i just bit the bullet & cashed it in. I paid into it for 9 years........ i think i paid in £8100 over the 108 months & only got about £7,000 back.... Quote
Karl Woolf Posted March 24, 2006 Posted March 24, 2006 I had a no profits one, value was about 8k Went the complaints route, they calculated the value it would have been worth had I been repayment and got about 13k I was advised as long as you state that the risks were not explained, they are likely to pay out as they just want rid of the liability. Cheers Karl Quote
jeff oakley Posted March 24, 2006 Posted March 24, 2006 If the money is not important you could give it to me seriously endowment policies were misold and if you could prove it then you will get cash back, however I have one which has been running for almost 15 years and because the origanal company is no longer about , been bought out several times it has been a no compensation to me. The policy is now starting to grow albeit very slowly so hopefully by the end of it the returns will be much higher than they appear now. The companies that by them do so knowing that over a long period they will make money out of them, so if they can so can you. As I have paid off the mortgage I look at it as a cash bonus which will come eventually in some form, I will get back more than I paid in but nowhere near what was claimed. Take advice from someone who is really able to see all your finances as a whole not this issue in isolation and certainly not from the companies who buy them. Jeff Quote
david.c Posted March 24, 2006 Posted March 24, 2006 Good advice from Jeff I looked into this myself a few years back, but despite their claims, none of the independant companies were willing to pay more than my endowment company In the end I decided to leave them running as I couldn't accept being ripped off. David Quote
daverobs Posted March 24, 2006 Posted March 24, 2006 We have done the same, had some compo and are now seeing the policy going from a red letter notice level of return to an amber one. Also there is the life cover aspect as well. Dave Quote
dern Posted March 24, 2006 Posted March 24, 2006 We have one from our first house but were advised that unless we needed the money it's still a reasonable savings scheme even though it isn't performing to the original forecasts. The way we see ours is that it'll mature just as our girls hit university age so will come in handy at a time when we'll need to find some extra cash. Hopefully they'll just be stupid and give it a miss and I'll buy a porsche. Regards, Mark Quote
david.c Posted March 24, 2006 Posted March 24, 2006 Hopefully they'll just be stupid and give it a miss and I'll buy a porsche. Regards, Mark Aaahhh!!!!!!!! The proud father Quote
Barry Ashcroft Posted March 24, 2006 Author Posted March 24, 2006 OK liking the compo route anybody got any info on how I plead insanity and go down the compo route as I was surelly missold this scheme Quote
dern Posted March 24, 2006 Posted March 24, 2006 Hopefully they'll just be stupid and give it a miss and I'll buy a porsche. Aaahhh!!!!!!!! The proud father They're both blonde ladies... they're going to have to rely on the looks the wife's blessed them with Quote
Mike H Posted March 24, 2006 Posted March 24, 2006 Hi mate, I used this guy many years ago: http://www.dontsurrender.co.uk/index.htm Policy was about 5 years old, surrender value 3k he sold it for over 5k ! Might be worth giving him a call, his name is David Shimmings. Mike Quote
Barry Ashcroft Posted March 24, 2006 Author Posted March 24, 2006 Complaint registered waiting paitently fot the out come (Fuel Injection here I come) Turns out the sum insurred was no where near as high as I was led to believe so gonna kick some ass Cheers for the advice Quote
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