cashing in/selling an endowment

[gordonhall]

Has anybody any experience of selling their endowment? Ours, as many, has a huge shortfall and has been a waste of time. We don't really want to use it as a savings plan (as the bank suggested) and so I was thinking of cashing it or selling it and using the money to part may off the mortgage.

If anyone has sold theirs, how much more did they get than just cashing it in?

If anyone has other useful info, please let me know it!

G.

[BotB]

This article might help.

http://www.fool.co.uk/personalfinanc...9/cp990225.htm

[Nightmare4banks]

Hi all!

Gordonhall my friend have you lodged a complaint about misselling of the endowment policy? if no you should try to get your money back.


Also,do as BotB suggested but you still have time - not much I understand to try and claim back your losses or get compensation.

I have also posted previously regarding miselling endowments - so read these posts as well.

If you need any further help just ask because I succeeded in getting my money back/compensation a few years ago - bloody (edit)

Keep us posted.

All the best!

[MODERATED: Libelous comments removed]

[gordonhall]

Don't know if this is a daft question, but can a make a claim for mis-selling an endowment, even once it has been cashed in?

I'd actually contacted a couple of places regarding selling the policies, but both of them claimed not to be interested in the HSBC one as it was "unit liunked" whatever that means...

[vix2000]

As far as I know you can claim if you have cashed in the policies.

I did try to sell mine first, and a company advertised them within the financial community, but there was no interest. To be honest, if they're worthless to us they're not going to be much good to anyone else either.

[EdInvestor]

Originally Posted by gordonhall

Don't know if this is a daft question, but can a make a claim for mis-selling an endowment, even once it has been cashed in?

You can. For grounds to complain, check the Which site, www.endowmentaction.co.uk

I'd actually contacted a couple of places regarding selling the policies, but both of them claimed not to be interested in the HSBC one as it was "unit linked" whatever that means...

You can't sell unit-linked endowments, only those invested in "With-profits funds".

To ask for a quote for the latter, check this site, where you can get quotes from several traders at once:

www.tepexchange.co.uk

[gordonhall]

thanks everyone. We have two endowments. One, which my wife got through the halifax (now with Phoenix) has had £50 per month put into it for the last 15 years (£9K by my reckoning). We had a surrender come through today - less than 6K!!!

I find it mind blowing that in 15 years, they have managed to screw me out of £3K and not make a single penny of profit. These are highly paid fund managers. There ought to be legal action that I can take for the sheer incompetance of them. I know people are making claims because they were mis-sold them, but I mean actually suing these companies for being bloody useless.

I know with some endowments, time is passing quickly and action must be taken.

[johnmccallum]

even if you have cashed in an endowment you still have the right to complain regarding the advice given some companies have put a time limit on this of upto 3 years check with the insurance company they will let you know,regarding selling the policy you cant sell a unit linked policy.