Endowment

[kirkgas]

we were in a similar position about 25 yrs ago, we bought our council house as young couple and took mortgage and endowments to cover them (we were also told the mortgage would be paid and we would get about 1 yrs equivilent salary in cash as a nest egg) at the time they showed figures of what someone would get that yr after 25yrs if you know what i mean, this equalled 1yr salary so we were told we would get the same, so my mortgage should be paid and £30k in the bank, it aint happening, we cashed them in yrs ago and changed to a repayment, got about £28k back (i think) which went to reduce the mortgage and we are ok now but i still hate the barsteward who pumped me, how do they sleep at night?

 

[Nige F]

They sleep @ night by reciting the mantra " Thank you dear Maggie for your Free Market Economy " .

 

[RigidRaider]

I have one maturing next year and I got the first of many red letters about six years ago so I know it's not on target. On the other hand it's still going to pay out roughly double what I've paid into it and there will be terminal bonuses too, so it will make a sizeable dent in my mortgage. Thanks to low interest rates we are overpaying on our mortgage now and have paid off quite a decent chunk of it.

So I'm fairly philosophical about it.

 

[LooPrEvil]

I have one maturing next year and I got the first of many red letters about six years ago so I know it's not on target. On the other hand it's still going to pay out roughly double what I've paid into it and there will be terminal bonuses too, so it will make a sizeable dent in my mortgage. Thanks to low interest rates we are overpaying on our mortgage now and have paid off quite a decent chunk of it.

So I'm fairly philosophical about it.

But its wrong that the customer has to take the remedial action. You like others would have been advised that you could not wrong with an endowment. I bet you were never informed that there was a possibility that there would be insufficent funds to pay off the mortgage, let alone provide a bonus payment!

Lou.

 

[transam]

like some on here I took out a pension scheme some 25 odd years ago , adviser fella from the company came along with all glossy brochures , & graphs , facts & figures , will pay out between 40 & 50 squid a month may be ???

fella we worked for did his 21 years in the army , he clears £1100 a month after tax !!

 

[Nige F]

21 years of risking his life - he deserves every penny As to endownments - some clown sold us one in 1980 - I in his face when he made the £ predictions . It was the only type we could get then. Ducked and dived ever since , so I`m alright now

 

[Bahco]

I have spoken to the Financial Ombudsman link to site and have registered my complaint with them. They are sending me some bumf to fill in and will then take the matter up with the endowment provider.

Apparently you cannot complain about the performance of the fund but you can complain about HOW it was sold to you and what you were assured of receiving upon maturity. 25 yrs is a long time but I remember who and what was said!

Keep you posted .

 

[empip]

Here be your RPI inflation data from 1949.
http://www.statistics.gov.uk/downloads/theme_economy/RP04.pdf

BOE rate since 1694 (see tabbed sheet)!! Only until March 2009 ????
http://www.bankofengland.co.uk/Statistics/rates/baserate.xls

There never was money for nothing - nor chicks for free - without a cost !! As we are all about to find out - yet again !

-0-

 

[Richard C]

Your right that you can only complain about being miss-sold & I had to pursue the insurance company first which was a total waste of time because the broker had long since disappeared & god knows what happened to the bulllshitting salesman that sold me the policy. I then put in a claim to the FSA but was completely blanked by the ombudsman & told there was nothing he could do because my policy was taken out (July 1986) before the FSA came into being so tough! When did you take your policy out? I would be very interested to know how you get on.

 

[Richard C]

There never was money for nothing - nor chicks for free

Time to shift them refrigerators

 

[ursamajor]

Whatever happened to the Notting Hillbillies

 

[Nige F]

25 yrs is a long time but I remember who and what was said!

but do you remember what you did last week - First sign of senility , long term memory goes last

 

[Nige F]

we gotta move these color tv`s . WTF are you on about

The whole banking economy of little britain is built on Money for nothing AKA hedge funds

 

[Richard C]

“We got to install microwave ovens
Custom kitchen deliveries
We got to move these refrigerators
We got to move these colour T.V.'s”

 

[namsag]

There was a really simple question people should have asked when taking out mortgage endowment policies........Is my mortgage gauranteed being cleared at the end?

The answer was NO but people chose to believe projected figures that sounded to good to be true from people whose job was commision driven.

Should people get compensation because they didnt read the small print and were driven by greed?

No they should not!