Cashing in an Endowment

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Cashing in an Endowment

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monkey1973

Joined: 17 Jan 2005
Posts: 683
Location: Bonnie scotland

Posted: Fri Aug 05, 05 1:32 pm Post subject: Cashing in an Endowment
Has anybody done this and if so do you have any experience of these companies that buy it from you thus getting you some extra cash?

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Fri Aug 05, 05 1:42 pm Post subject:

Get some financial advice - cashing in is probably the worse longterm choice, but if you are deparate for cash now it may be your only choice.

If you haven't already try complaining. The Which website used to have the grounds on which you could complain and even proforma letter to send. We went down this route and got several grand for mis-selling. We're maintaining the endowments as long term savings as we have the luxury of not relying on them for the mortgage.

monkey1973

Joined: 17 Jan 2005
Posts: 683
Location: Bonnie scotland

Posted: Fri Aug 05, 05 1:45 pm Post subject:

I've checked through my paperwork before and I have no real case for miss-selling. I don't really need the cash either as our mortgage is paid off and I was originally intending to leave as long-term savings but I beleive that the endowment is probably subject to quite excessive charges and I think I would feel better if I had what is there in my pocket and delete another monthly direct debit.
Just thinking about it mind.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Fri Aug 05, 05 1:52 pm Post subject:

I'd say stick with it - a lot of the charges are frontloaded on these things and the savings ramp up towards the end of the 'product' life. If you can live with the outlay enjoy the lumpsum, eve if less than promised, when it arrives.

Unfortunatley our endowments mature roughly when our little girl will be thinking about Uni (hopefully) so I doubt we're going to splurge on ourselves but at least that'll be covered. no doubt she'll want to do a 7 years vets course.

Of course she may become a junkie and run away when she's 15, so I'll buy a sports car instead.

monkey1973

Joined: 17 Jan 2005
Posts: 683
Location: Bonnie scotland

Posted: Fri Aug 05, 05 2:03 pm Post subject:

Behemoth wrote:

Of course she may become a junkie and run away when she's 15, so I'll buy a sports car instead.

See, your blues must be going already....your looking at your glass as if it's half full again

twoscoops

Joined: 28 Oct 2004
Posts: 1924
Location: Warwickshire

Posted: Fri Aug 05, 05 2:05 pm Post subject:
I cashed mine two years ago and stuck it in the premium bonds. I was only five years in and as there were many better ways of investing I decided to take a bath on the charges and just do it. I wanted control of my money, simple as that.

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Fri Aug 05, 05 3:07 pm Post subject:

monkey1973 wrote:

I've checked through my paperwork before and I have no real case for miss-selling.

Many of the cases where people have won don't realy have much of a leg to stand on either. It would be worth exploring this route and sending in a claim if you can, you never know.

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28238
Location: escaped from Swindon

Posted: Fri Aug 05, 05 4:20 pm Post subject:

Twoscoops wrote:

I cashed mine two years ago and stuck it in the premium bonds. I was only five years in and as there were many better ways of investing I decided to take a bath on the charges and just do it. I wanted control of my money, simple as that.

Can appreciate that logic, having been thouroughly crapped on with an ethical life pension

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