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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Our endowment which matures in 2015 has a short fall from paying

Resolved Question:

Our endowment which matures in 2015 has a short fall from paying the mortgage. When it matures would we be better to sell it or redeem it as it is?
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask if you presently have an IFA (independent financial advisor) please?

Customer: Thank you for your response Joshua. I am not planning to do anything about my situation this year so therefore am not interested in having any regular advice at the moment. I just need a 'yes' or 'no' answer to my question at this time.
Joshua :

thank you.

Joshua :

The reason I asked the above question is precisely as you suggest, but it is important that you do not commit to any sale of your policy without detailed financial advice on the matter which cannot be provided here as this advice is regulated by the financial conduct authority. however, in general terms...





Generally, surrendering a policy is unlikely to result in as good price as may be offered if you sell policy on that are an absolute rules in this respect. Selling a policy can be a good option if you are in need of, or consider that you can do better with immediate capital rather than awaiting for a policy maturity date.



Customer: I have not received any reply yet. I am not understanding what I am supposed to do here.
Joshua :

however, will generally receive a lower price for the policy on selling the same thing you would do on the charity for the simple reason that the company which buys an endowment policy will wish to make a profit when the policy comes to mature and therefore will typically offer a lower price than its real value in order to realise a profit

Joshua :

May I clarify you are able to read the above before I continue?

Customer: I have not received any reply from you yet. Is there something I am not doing correctly? You have clearly taken £33 from me so what happens next?
Joshua :

Oh dear there appears to be a fault with the chat window. If you cannot read this I will convert it to a question and answer format instead.

Customer: Yes I have read the above now. It may been my signal or something. :-((
Joshua :

Thats good. Sorry for any technical issues. I will repost my posts you could not read. Please let me know if the window goes "quiet" again...

Joshua :

The reason I asked whether you have an IFA is precisely as you suggest - it is important that you do not commit to any sale of your policy without detailed financial advice on the matter which cannot be provided here as this advice is regulated by the financial conduct authority. however, in general terms...

Joshua :

Generally, surrendering a policy is unlikely to result in as good price as may be offered if you sell policy on that are an absolute rules in this respect. Selling a policy can be a good option if you are in need of, or consider that you can do better with immediate capital rather than awaiting for a policy maturity date.


Joshua :

However, you will typically receive a lower price for the policy on selling the same than you would do on the maturity for the simple reason that the company which buys an endowment policy will wish to make a profit when the policy comes to mature and therefore will typically offer a lower price than its real value in order to realise a profit


Joshua :

accordingly, typically if your policy is relatively close to maturity, unless you are either in need of immediate capital or consider that there is an investment opportunity which has become available to you which is likely to enable you to make such capital generate substantially higher income so as to offset any reduced price you achieve in selling the policy, typically, a higher value would be achieved in awaiting maturity of the policy, particularly as the maturity date approaches ever sooner

Joshua :

there are various online comparison sites you can use to obtain an approximate valuation of your policy should you decide to sell it which can be useful in order to compare the difference between a typical price you might be able to achieve in selling the policy as compared to the forecast maturity value of the policy should you wish to investigate potentially selling the policy further. e.g.
http://www.money.co.uk/selling-endowments.htm

Joshua :

as above, care should be taken before making any decisions in this respect but sites such as the above can be useful for some initial background comparison research

Joshua :

Is there anything above I can clarify for you?

Customer: Nothing needed to be clarified Joshua. I wasn't expecting such detailed advice. I had no knowledge what so ever concerning endowments before contacting you. It's been really helpful and enlightening. I will use the contact site you have given me when I have decided what course I will take.
Joshua :

I am glad the above was useful. My apologies again for the temporary glitch. If I can assist any further as the situation develops please do no hesitate to let me know.

Customer: I am 66 now and have other legal matters, concerning my will, that I need to sort so to speak so I will certainly consider taking a monthly session with you at a later date.
Customer: Many thanks for your help today.
Customer: with my best wishes
Joshua :

Please do. You can ask for me if you wish via my profile on the following link

Joshua :

http://www.justanswer.com/law/expert-joshua/

Customer: Alexandra
Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with though please reply back to me though.

Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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