Should I take endowment compensation?
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sonny
Apprentice
Joined: 02 Jun 2007
Posts: 6
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 Posted: 01/12/08 - 07:15 Post subject: |
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| Good day! I have a problem regarding my endowment policy. I ended up with the miss-sold endowment policy and now I'm unable to sell my endowment policy in order to cover up my mortgage. Is there any way to use this endowment policy to repay my mortgage? One of my friends has told me something about endowment compensation. What is this? How does it work? He tried to explain me but he didn't make it. Could you please try to explain? |
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issy
Apprentice
Joined: 30 Jun 2007
Posts: 5
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| Posted: 02/11/08 - 04:57 Post subject: |
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| An endowment is really a "with profits investment". It puts your money into some big fund with a mix of shares and pays out in the form of bonuses and other payments. This usually doesn't work for all people very well. Millions of people end up with shortfall or miss-sold endowment. When your endowment is miss-sold this means that you weren't told it may under perform or you were incorrectly advised. You should be told that your endowment may not grow big enough to pay off your mortgage. You should complain about the way it was sold to you. You are able to make a compensation of your endowment policy. You must do that six years from buying your policy or three years from the date you realized that it might have been miss-sold. You could do that with some of the companies which are willing to fight your battle for you, but you should know that they will want to take certain amount of your payment. It is not cheap, but at least you will get something from your endowment. |
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