Selling Endowment Policies - Who Knows The Low Down?
15 June 2009, 01:58 PM
#1
Selling Endowment Policies - Who Knows The Low Down?
Amazingly I have one and it's just one of those times that the cash is needed now as opposed to in 8 years time.
It's a with profits etc and has been running for 17 years.
I know that if I surrender it, I may not get as much as I could do by selling.
Are there any good/reputable trading companies (agents) out there that someone can advise me of? Or is there a good buyer whom I could approach directly? How do I know where to find buyers?
Any advice will be helpful.
Cheers
Puff
It's a with profits etc and has been running for 17 years.
I know that if I surrender it, I may not get as much as I could do by selling.
Are there any good/reputable trading companies (agents) out there that someone can advise me of? Or is there a good buyer whom I could approach directly? How do I know where to find buyers?
Any advice will be helpful.
Cheers
Puff
15 June 2009, 02:26 PM
#2
Scooby Regular
We did a few ages ago. Used to use TEP exchange.
As to whether you'll get a better offer than from the existing company I don't know. It was the in thing a while ago but when With Profits funds went down hill the market dried up.
As to whether you'll get a better offer than from the existing company I don't know. It was the in thing a while ago but when With Profits funds went down hill the market dried up.
15 June 2009, 06:58 PM
#3
I looked at selling one a while ago and there was not much interest to be honest .The surrender value from the original company it was with was the best offer we got ,so we are keeping it until it matures in 2017 .
It is a p!sser when you want the cash but Im not for getting swizzed .!!!
I think you lose most of the best bonuses by cashing in early .
It is a p!sser when you want the cash but Im not for getting swizzed .!!!
I think you lose most of the best bonuses by cashing in early .
15 June 2009, 07:49 PM
#4
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I sold one a few months back but the market was completely dead. Google will list out loads of companies and you can get free valuations/estimates. You will need an up-to-date surrender value to get a quote. In the end I got no more than the surrender value. dl
15 June 2009, 09:04 PM
#5
Hmm
Keeping isn't a current financial option & the bummer is that the surrender value is less than I've put in over the years
But if it went to term I make a whole 20% with bonuses etc...
1st buyer came back as not interested
See what the others think but I guess I'm going to be filling in the surrender part of the policy...
Keeping isn't a current financial option & the bummer is that the surrender value is less than I've put in over the years
But if it went to term I make a whole 20% with bonuses etc...1st buyer came back as not interested
See what the others think but I guess I'm going to be filling in the surrender part of the policy...
15 June 2009, 10:10 PM
#6
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I used a company called Integrity
I sold them a with profits endowment in 2005 that was under performing. It had been running 15 years with another 10 years to go. I sold it for 2k over it's surrender value. Sum assured was only 10k & payments a little over £40 pm so not a biggy by any means.
They weren't interested in 2 smaller ones & I ended up surrendering 1 & have kept the other running. If you need to liquidate your money quickly these were very slow as they gather a portfolio of sellers together & sell them as a job lot to a 3rd party. The offer was made in October & I was not paid out till July the following year.
I also did my own "Endowment compensation" claim on 2 of them & was turned down out of hand for both. I took it to the Ombudsman & they found in my favour & I got nearly £3k. Power to the little man in the street.
HTH.
I sold them a with profits endowment in 2005 that was under performing. It had been running 15 years with another 10 years to go. I sold it for 2k over it's surrender value. Sum assured was only 10k & payments a little over £40 pm so not a biggy by any means.
They weren't interested in 2 smaller ones & I ended up surrendering 1 & have kept the other running. If you need to liquidate your money quickly these were very slow as they gather a portfolio of sellers together & sell them as a job lot to a 3rd party. The offer was made in October & I was not paid out till July the following year.
I also did my own "Endowment compensation" claim on 2 of them & was turned down out of hand for both. I took it to the Ombudsman & they found in my favour & I got nearly £3k. Power to the little man in the street.
HTH.
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26 October 2009, 03:12 PM
#8
I did as I needed the $$
Due to a fu they changed their rates/blah on the 1st July and I became subject to that so lost a further £500 on it so I was not best pleased.
Post Office Savings account or even a piggy bank would have done better over the time period
Due to a fu they changed their rates/blah on the 1st July and I became subject to that so lost a further £500 on it so I was not best pleased.
Post Office Savings account or even a piggy bank would have done better over the time period
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