DAC

anyone know any good places to sell these to ?

got surrender value from N Union - they're taking the wee wee



somebody should be strung up regarding these mis-sold policies.
It has totally knackered my future savings/retirement plans.
and to cap it all the government wants me to put more into a pension - Wot so they can claim these are worthless in 20/30 years time also.
roll on when I can leave rip-off Britain.
(sorry rant over)

jbryant

If you've honestly been mis-sold, then most of the endowment brokers on the web will assist you in letting you know how an if you can claim compensation. Do a search on Google for endowment brokers - there's loads of them out there.

Personally I wasn't mis-sold mine - I mis-bought it (i.e. my decision and I made the wrong one what with all the facts given to me at the time by my financial adviser).

Joolz

Tiggs

joolz, what a refreshing comment.

DAC

Jollz - thanks I will look

the complaint has been upheld by the financial ombudsman, but they are assisting in daylight robbery and advise me to accept surrender value plus a poxy adjustment.

I was 19 when I took it - and was sold it as an investment. - was 100% under impression it would pay off the mortgage sum and additional lump sum. - now wont come close to mortgage sum.

they have had 13 good (no excellent) investment years - and a bad year last year and are trying to get out of policies that will cost them more than they want to put aside for.

they have reaped big profits and should have budgeted for lean years - they are supposed to be professionals.

CEL

iTrader: (1)

I have one of these damn things [img]images/smilies/mad.gif[/img]
When i first took mine out in 1998 i was under the impression too that it would pay the mortgage off and i would have a lump sum left. Fortunatley, the mortgage was fairly small. So if it doesnt make the expected amount i will have to take out a small loan (hopefully) to make the rest up.

I looked into selling mine, they said it was basically worthless. I decided to keep it going and hope for the best

I have also learnt that financial advisors got good commision on selling endownment policies rather than selling you a repayment mortgage.

the idea of having your mortgage paid off and a lump sum sounds very appealing to most people who dont know any better.

Sorry this isnt any help, but maybe it will make you feel a little better to know there are probably lots of people with the same problem

unclebuck

It depends on the type of endowment IIRC. I tried to flog mine to several companies, but nobody was interested. I just surrendered it back to ******** **** in the end

Believe me I was well pleased to be shot of that mortgage [img]images/smilies/mad.gif[/img]

Never again. [img]images/smilies/mad.gif[/img]

Katana

So what do I have to do to be well-endowed?

Big Daz

I believe "with profits" policies are selling better then "index linked" as no one will touch these, FYI I had one index linked policy valued at one third of the money I have invested!!! and this is on a 10 year old policy.
daylight Robbery.

Big Daz

Tiggs

with profits sell as ppl are buying the final bonus, no final bonus exist with UL plans so their value is what it is.

DAC

cheers for replies - I've sent complaints letters to everywhere - but not holdong my breath.

Tiggs - some companies - N.Union included, are now saying that the final bonus is discretionary on with profits policies.

they are basically having a laugh at the consumer expense - and getting backed up by government bodies ie FSA who dictates policy to Financial Ombudsman (FOS) - it all comes back to the top brass keeping the government sweet - so they make big profits even in poor stockmarket times.

in 10years time we'll be suing FSA and FOS for not representing the consumer - and a new investigating body will be set up.

ahhhhhhhhhhhhhhhhhhh !!!!!!!!!!!!!!!!

PiNkEyE69

Yes, I am suitably endowed thank you.

opps...wrong forum

Tiggs

"Tiggs - some companies - N.Union included, are now saying that the final bonus is discretionary on with profits policies."

final bonus has always been an unkown, only the regular bonus is guaranteed once given. (mva aside)

AnDy_PaNdY

We got ripped off too and I'm not a happy bunny to be honest.
We're saving like mad to pay the mortgage off but it's gonna be a lean couple of years ahead.
Once paid off we're selling up and buying a couple of properties in Spain, one to live in and one to rent out. Lifes too short not to.

Timbo33

DAC,

Terminal (Final) bonuses have always been 'discretionary'. The terminal Bonus represents the 'real' investment portion of the endowment. The reversionary (annual) bonuses simply represent the returns achieved from largely secure investments like Gilts as they have to be guaranteed after they are granted. The 'surplus' is invested into equities (i.e. shares etc.) and the return cannot be guaranteed so the life company needs a way out if the **** really hits the fan.

For that reason, the FSA does not take them into account in it's regulations regarding illustrations/projections at maturity. The fact that life companies have rarely, if ever, failed to pay them is somewhat overlooked by the FSA, Consumers Association, Daily Mail etc.

Norwich Union are IMO one of the better endowment providers and if you're 13 years into a 25 year plan I'd think twice about surrendering or selling it and rebasing your mortgage on a repayment basis - it's probably going to cost you more in the long term.

Talk to a reputable Independent Financial Adviser before you do anything.

Tiggs

rubbish, they are product of the devil, daily mail rules!

DAC

Timbo - thanks for advice.

I am 14-1/2 years into it and they have offerd me a third of the amount it is meant to repay.

I cannot afford to cash it in - I will have to stick it out and hope investments improve.

who knows - 10 years is a long time off - it will either improve, or other mechanisms will be in place to resolve these type of disputes.

but with pension crisis's and endowments and most other long term savings plans sufferring - doesnt give me much faith in financial institutions.
how can the younger generation ever plan for the future - when the rug gets pulled from under your feet all the time.

Chrisgr31

The problems with endowments pensions etc are caused by the current value of th stock market. Chances are that over time it will come back, and the real problem is for those whose policies are due to mature now.

Personally I'd keep any endowment especially if it has a decent time to run. 10 or more years is plenty time for the stock market to recover.

Nick n Jewels

Guess my parents were lucky a few years back to have seen theirs through and get the lump sum promised at the end.........

As for pensions.......well Im spending my money now coz by the time I reach pension age it aint gonna be worth anything and I'll sell all I have and bugger off somewhere else in the world!!

My money and Financial advisors just don't work in the same sentence Im afraid!!

J