Terminating an endowment

Its clear you are unsure what to do, and no decent adviser (IFA) can tell you without knowing more. Suggest you try IFAP

and search for a fee based IFA near you. It might cost you 200-300 only you can decide if it is worth it, but based on a 22.5k policy you the fee is only 1-2%.

I am writing this as an experienced and highly qualified IFA, who never sold endowments as they represented bad value for money. I am impartial as are a lot of other IFAs.

I have a small mortgage (swapped to a repayment about 3 years ago) that is not reliant on an endowment scheme I got when I first took out a (re) mortgage 15 year ago.

I haven't looked into mis-selling "compensation" as yet, as I needed the mortgage situation resolving quickly following the breakdown of a relationship - I don't recall being offered a repayment option at the time. I don't know whether the lack of a repayment alternative (I stayed with my existing mortgage lender) might count as mis-selling.

The payments are only small, around 28 a month, but the projected payout at the end of 25 years is, to be blunt, as bad as the reports in the press - in that it would appear i'd be lucky to get 12k back on a

22.5k policy.

The endowment statement isn't clear about figures, and "promises" 7k at the end of the period with 3k in bonuses, without saying whether thats the position as it stands now with monies already paid, or if I pay into the scheme for another 10 years.

I don't really know what options are available by way of terminating the policy, or whether its possible to leave it as-is without making further payments (is this known as "paid up" ?)

Does anyone have any experience of surrender values through Prudential ?

Thanks

Ignore this troll - an IFA will rip and bleed you and give you any advice to line his/her pocket.

Irma

If you would like to provide details of your policy on our website

I will see if it has any extra value over and above surrender value, which may give you another option of selling it.

I have a small mortgage (swapped to a repayment about 3 years ago) that is not reliant on an endowment scheme I got when I first took out a (re) mortgage 15 year ago.

I haven't looked into mis-selling "compensation" as yet, as I needed the mortgage situation resolving quickly following the breakdown of a relationship - I don't recall being offered a repayment option at the time. I don't know whether the lack of a repayment alternative (I stayed with my existing mortgage lender) might count as mis-selling.

The payments are only small, around 28 a month, but the projected payout at the end of 25 years is, to be blunt, as bad as the reports in the press - in that it would appear i'd be lucky to get 12k back on a

22.5k policy.

The endowment statement isn't clear about figures, and "promises" 7k at the end of the period with 3k in bonuses, without saying whether thats the position as it stands now with monies already paid, or if I pay into the scheme for another 10 years.

I don't really know what options are available by way of terminating the policy, or whether its possible to leave it as-is without making further payments (is this known as "paid up" ?)

Does anyone have any experience of surrender values through Prudential ?

Thanks

I've just had a look at that URL. Crikey, there is no way I would consider entering all my details, plus the policy details into an unknown web page. It doesn't even appear to have the "secure" padlock set!

MM