number of payments of endowment

Hi I have an endowment that started on 13/04/1988 and ends on 13/04/2010. Do I make 240 or 241 payments? i.e is my last payment on 13/03/2010 or

13/4/2010?

And does my mortgage end on that date or when the building society gets its money?

J
Reply to
Jenny
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"Jenny" wrote

When did you make the first payment? If it was on 13/04/1988, then your last payment is probably

13/03/2010 (22 years) -- but check your paperwork from the endowment company (eg policy schedule) to be sure.
Reply to
Tim

Should read 264 or 265

To be honest I cannot remember when the first payment was made. I do remember they took three months direct debit at once at the start of the policy which left me overdrawn but in these days I was not charged anything.

I just got a statement today and noticed that the finish day and month was the same as the start day and month which would make 265 (NOT 240 and 241 but but 264 and 265)payments for a 22 year policy.

I have some more endowments and I checked them as well. They all have a start date and finish date on the same same day of the month. I thought that if something started on the 13th of of April then say 20 years later it would end on the 12th of April or is a way for the company to get another months payment out of you?

J
Reply to
Jenny

If it matures on 13/4/2010 your last payment would generally be be a month before that. So 13/3/2010.

Depends on the company and whether it is signed over to the mortgage company or not, but you would generally have a cheque sent to you before 13/4/2010.

Your mortgage company will continue to charge interest until you have paid the loan off.

Neb

Reply to
Nebulous

Why not ask the endowment provider?

Rob Graham

Reply to
Rob graham

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