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Hi

I have decided to sell two endowments to free up some money, they each have 6 yrs to run and are not going to cover our mortage as we intended. We have changed the mortgage to repayment. Does anyone know the best way to sell endowments? Have looked on the internet but there are so many companies and I want to get the best rate possible.

Aren't these included in your IVA? And if not, are you going to be giving the Supervisor the money as a windfall?

Hi

No, you have been discussing my case with Tina from your office. We did have an IVA, long story. You and Tina recommended a DMP so we are going ahead with this once our details have been passed on. We want to surrender the endowments to give us a start

twinkletoes

Go on Google and enter traded endowments, you can take your pick from these but personally I would contact a couple of them and get a feel of what you may get back. Tony

Thanks twinkletoes - I do remember your case now. Soemtimes it is difficult to match forum names to real people!

How much do you feel the endowments would be worth?

I have just phoned the companies I have the Endowments with to get a surrender value, one which is Prudential has a surrender value of £13 175 and the other which is with AXA is £4818. Our mortgage is part endowment £30 000 so I also phoned our mortgage company which is Northern Rock and they said I could change this to repayment like the rest of the mortgage. We only have 6 years left and presently pay £340 a month but if we changed to all repayment this would take us up to £725 a month. However if we extended the mortgage to 10 years the repayments would be £427. Although this is more, we will have freed up £70 which we would have been paying into our endowments. Although I think I would now have to get life insurance wouldn't I?

Do you think I would be best speaking to Vincent Bond about all this as I know Tina is passing on my details to them

I would be very careful about surrendering endowment policies for two reasons. First of all, they could pay out substantially more on maturity and rather than surrendering the policies you could sell them. Ask the companies for estimated maturity valuations which you will need to decide if they are worth keeping and also an investor will want to know before he buys them.

Second of all, endowments provide life cover and if your circumstances have changed since the policies were taken out you may find the cost of replacement cover to be prohibitive if available at all. Depression causes premiums to soar and I have found that a number of our clients have sought help from their doctors for the stress caused by the debt problems. If this applies to you be careful and ensure you have new life cover before you sell the policies.

If you have a financial advisor it may be worth seeking their advice before you do anything final.

How much do you actually owe to creditors Twinkletoes? I would actually like to speak to you about your current circumstances personally, so I will give you a call if that is OK?

Yes that would be great I'd really appreciate that. I think Tina has my numbers still.Or the forum has my E mail and we could arrange a mutually convenient time to speak

I've found the details and I will ring you later on if that is OK.

Yes That's fine. Thanks.

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