endowments

paulyoung666 · 28-01-2004, 07:32

apologies if this has been covered in another thread , i did a search but couldnt find it , i recieved a letter from legal and general this morn saying that i will most likely be entitled to compo for a missold endowment policy , i was just wondering if anyone else on here had recieved any compo and what sort of figures were involved , the last time my policy would barely go halfway towards paying my mortgage off

, tia ----- paul

Neil · 28-01-2004, 07:34

I was just saying the only the other day what a great bloke you are Paul.

paulyoung666 · 28-01-2004, 07:37

Quote:

Originally Posted by Neil

I was just saying the only the other day what a great bloke you are Paul.

you wish

, it would be nice to think i would get some spare money out of it to play about with but i fear it would have to go towards paying the house off

Bifta · 28-01-2004, 07:57

Damn, so this thread isn't about certain "enlargement" spam emails ....

Julian · 28-01-2004, 08:04

When did you take it out Paul?

There was a legal case last year that resulted in the announcement that some policyholders would share in a ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£165m compensation package.

See Here

paulyoung666 · 28-01-2004, 08:14

Quote:

Originally Posted by Julian

When did you take it out Paul?

There was a legal case last year that resulted in the announcement that some policyholders would share in a ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£165m compensation package.

See Here

cheers mate , it was taken out about 12 years ago

paulyoung666 · 21-02-2004, 08:42

just got the letter this morning , ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£6600 , abot ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£3000 of that is compo , the rest is the final surrender value of the policy , good or bad ??????????? , seems reasonable to me

Ramrod · 21-02-2004, 08:55

Quote:

Originally Posted by paulyoung666

just got the letter this morning , ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£6600 , abot ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£3000 of that is compo , the rest is the final surrender value of the policy , good or bad ??????????? , seems reasonable to me

If the total pays off the mortgage then it's good, if not, it's bad

paulyoung666 · 21-02-2004, 08:58

Quote:

Originally Posted by Ramrod

If the total pays off the mortgage then it's good, if not, it's bad

unfortunately it wont pay off the mortgage , but i suppose i got summat out of them

Julian · 21-02-2004, 09:09

A lot of it depends on how much you have paid in Paul.

Is this an optional thing then, or is it to close the plan?

paulyoung666 · 21-02-2004, 09:11

take the money and shut the endowment , or take the risk and keep it going , as it was only projected to get half way towards paying the house off , i fear it would be stupid to keep it going , unless anyone has a crystal ball of course

lemarsh · 21-02-2004, 09:13

Endowment miss-selling started hitting the headlines whent he stock-market 'crashed', leaving a number of people without enough in their policy to clear the mortgage.

Personally, with the rising markets (which look set to continue - but that is a personal opinion, not a recommendation) more policies are likely to be enought to pay off the mortgages. The 'Pensions Black-Hole' that hit the headlines last year has already been halved, and could be cleared by this time next year.

Therefore, I would take the money sooner than later, for 2 reasons:
1) The amount they put into the policy would be at a lower level, and therefore more opportunity to grow
2) With the defecit being lower, the amount of compensation would be lower.

These are personal opinions, and are not recommendations (that should keep the FSA happy!).

paulyoung666 · 21-02-2004, 09:15

yeah it seems the likely option , i just hope it is the right one , i will have to ring my bank on monday and see what they recommend as regards a new mortgage

Julian · 21-02-2004, 09:28

Quote:

Originally Posted by paulyoung666

yeah it seems the likely option , i just hope it is the right one , i will have to ring my bank on monday and see what they recommend as regards a new mortgage

From what you have said Paul that sounds like the best idea M8.

I got the money from my endowments and paid off part of the mortgage, then remortgaged on a repayment scheme. No more dodgy plans to rely on and you see the debt decreasing monthly.

paulyoung666 · 21-02-2004, 09:33

Quote:

Originally Posted by Julian

From what you have said Paul that sounds like the best idea M8.

I got the money from my endowments and paid off part of the mortgage, then remortgaged on a repayment scheme. No more dodgy plans to rely on and you see the debt decreasing monthly.

looks like a good idea