Yabbz

Hi

Landing in Canada next month after getting my visa. We were wondering have any of you guys sold your endowment policies (in UK) instead of surrendering them. If so who did you sell them to and what % increase did you get for them.

We have to sell them as we can't afford to keep them on out there.

Yabbz

REPOST:

Hi

Landing in Canada next month after getting my visa. We were wondering have any of you guys sold your endowment policies (in UK) instead of surrendering them. If so who did you sell them to and what % increase did you get for them.

We have to sell them as we can't afford to keep them on out there.

smitp11

Most of the endowment set-up cost are paid up front by the customer, I think it's around 7 years before you start to see some profit. I intend to keep mine and wait for the end of term bonus. This is why companies will buy them off you, they want that bonus...!

tom thumb

sold mine this year.tried to sell to one of the private companies,who were worse than useless.They didn`t even reply to my letters.When i got back to them they all said the offer i got to surrender it back was the best i would get.I paid in for 15 years,was supposed to net me at least £40000 after 25 years,sure and will probably buy you a car and holiday to boot.I tried to complain but they fob you off and make things difficult and anyway i could do with £14000 to get straight.I paid in about £13000.So now i started all over again with a repayment mortgage.

squarepants

Hello there,

I sold mine to standard Life at the time, and was offered what was a reasonable rate at the time, I believe they are still one of the best, along with Norwich Union. You have to watch out for most of these private companies, as someone said there, they don't reply to your mail and you don't get hold of them on the phone.

Here are some articles on this matter:

http://news.bbc.co.uk/1/hi/business/3038462.stm

http://news.bbc.co.uk/1/hi/business/3765123.stm

Yabbz

Thanks for your replies,

we are being told that they can not better our surrender values and we best stick with our endowments companies. So much for being able to get up to 30% more for them.

They have robot like people answering your queries on the phone and yes I am still waiting for the mail they promised me ....

Now to enquire some more...and then get back to our policy companies..

Legal & general & Standard Life, I bet it takes forever to receive the funds. :scared:

Alison33

I have endowment with Standard Life which matures in about 10 years (25yr term). Is supposed to pay out £42000. I have received forecasts that say due to low interest rates mine at best will pay out about £30000 and worst case £15000. Hoping that they demutualise in 2005 and maybe we'll get additional payment for this. We have just started our application so time at present is not of the essence. We will be thinking of selling ours - not worth continuing with it (unless one of us dies!!). A few years ago we did have a separate small endowment (were talked into it - only got as a savings thing), this was sold on an auction site but can't remember site. Companies/persons in general can buy or sell. Didn't make a huge amount although it had only been running for about 5 yrs (of ten yr plan). I'll see what I can find out.

Yabbz

Was speaking to Standard Life call center ,the sell off will be in the next 18 months and all customers shall have windfall payments.

Too late for us though we are bailing out...need the moneyundefined

jazzyc

we had a small endownment policy which my wife took out before i met her in 1995.
in 2002 we had first letter saying it wasnt going to meet targets and we should increase payments which we did.then six months later we had another letter saying the same thing again despite our increase so we cashed it in having paid in about £7000 we got about £3000 for it.Then a friend gave us a copy of a solicators letter about being missold the policy and compensation etc which we filled in the blanks with our details and were awarded about £4000 this year no argument.My finacial adiviser has told me the goverment made these companies set aside millions for compensation for these claims as there are so many.
hope this may help anyone who feels that they are in a simular postion.

smitp11

Any chance of posting the solictors letter without any private information of course ? Maybe would could all try...

Patrick.

jazzyc

it was legally well written and someone had paid for it once but it had passed about by email i will try and see if we still have copy will let you all know

smitp11

There's a letter generator here:

http://www.endowmentaction.co.uk/ind...nt_letter.html