Selling endowment.

[warpig3]

I have an endowment policy I am considering surrending/selling (15 years of 25 year end paid). Could anyone recommend a reputable company to whom I could sell it on? Also any advice would be appreciated.

many thanks
warpig

[beryllium]

Hi warpig :)

It may not be resellable... I think you may have to make some serious phone calls, but be very very careful.

I'll give you this link. They may be able to help.

http://www.endowment.net/

My only question for you is 'are you making the right decision?' :) and that is from my heart to you ok. B. xxx

[warpig3]

Thank you for the link beryllium, I will have a look through it. I have been trawling the net all morning to get as much info as I can and then hopefully make a 'rational' decision. I wouldn't normally think of selling it but due to a temporary cash-flow problem I forsee in a few months I may have no choice.

Can I ask have you sold one yourself or considered it and changed your mind?

I have another option of possibly selling it to my parents (haven't asked them yet!) which I would rather do - rather them get the benefit than some unknown company. On the plus side it is not attached to any property mortgage although if it was it would most probably be worthless anyway.

I just dont know what to do for the best, I could pull in the purse strings really tight (and I mean really tight - ouch) but even then I am not sure that would be enough for the time being but I am expecting a baby in Feb and just want to consider all my options now while I am in a semi-sane state of mind rather than panic and take the wrong but easier option later.

Many thanks
warpig x

[beryllium]

aaah... well. Since it's not property linked, I would get it valued. That will not hurt.

Nope to the owning one myself so I can only give a bit of friendly support to you.

On the pulling in the old purse strings front... as long as you can feed yourselves firstly... being you have a precious cargo... and paying for the roof to stay over your head???...

I'd probably stick with the programme hon.

Are you ahead in any way on your mortgage to take a break? or do you have the option to just pay the interest for a while? Is paying the endowment policy an expence you don't really need?

May I ask why you took it in the first place? please.

oh... and darling... stay calm and smile. I'm sending you a big smile and I'm glad to read you're considering all options.

p.s Are you writing all your options down? pros and cons?

so you can peruse later......
:D xxx

[warpig3]

Well to be honest this is all of my own making really.

Firstly, the endowment was taken out on a property I used to own but after I sold the property I just kept it on as it was so little.

The real crux is that I have put my flat up for sale (I don't live there at the moment) and owing to the current housing market it is slow to sell. If I could get it sold then there would be no problem at all but even if I agreed a price today with a purchaser it would take around 3 months to complete thus cutting things very fine. To make matters more complicated I am on a career break from work and so not earning myself.

Mrwarpig covers the mortgage and the bills for this house (so all will be fine in that respect) but the flat has all but munched it way through my savings. We could definitely pull the purse strings in but I doubt if it would be enough to cover the mortgage on the flat. In essence I appear to be property rich but pound poor. I have, however, learned a very valuable lesson. If everything had worked out as I had envisaged then all would be fine and dandy but I forgot the fact that this is life and not a story book, d'oh!

I have completed an appraisal with a company for a valuation on the endowment so it will be interesting to see what they come back with, if anything.

Thank you for all you support and advice and I will continue to keep all fingers and toes crossed (and possibly legs too, jeepers, are babies expensive or what!)

warpig xx

[beryllium]

lol :D @ life being a story book.... if only!!!

Was your flat not rentable? ie: cover t'mortgage? and give a little extra?.... if not, then it's the waiting game. Which is what you're doing already.

Fingers crossed for the appraisal for yous all hon :)

B. xxx

[warpig3]

Thanks B, I put the flat on the market in May and with everything being so boyant did not think there would be a problem getting a buyer. I have had it sale agreed twice, the first buyer pulled out because he was made redundant and the second was an investor who was playing games. He offered me a fair price which I accepted then three days befor completion reduced it by 15K, cheeky sod. So basically that has been 5 months wasted on two potential sales. If I had know it would take this long I would have rented it, it wouldn't have covered the mortgage and rates fully but the difference would have been easily made up.

C'est la vie!

I will let you know what the endowment company come back with, should be interesting.

warpig xx

[warpig3]

Hi B, just to say that I heard back from the endowment company and they wouldn't buy it because they couldn't better the price offered by the original company. Something to do with it being a 'managed with profits' endowment, apparently any profits made are added into the policy annually thus giving it a higher value (or something like that). I rang another independent advisor and was given the same info so I guess that is that. Well at least I know I am getting the best price if I do decide to sell which is something.

Thank you for all your help.
warpig xx