Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Martin_1962 on 06 September 2008, 22:26:32
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Is it possible to to take say £500 out without cancelling a policy?
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Not that I know of but an IFA will be able to confirm
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Is it possible to to take say £500 out without cancelling a policy?
Yep but would probably prove more expensive in the long term.
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Had one 5 years ago and the answer was no. You can't touch them or you cash the whole lot in. Only one or the other.
5 years ago, lots of people were converting to repayment mortgages due to probable shortfalls. That noise has gone away now - possibly because there is not a 'critical mass' of people relying on an endowment to repay the mortgage. I struggle to beleive that the current economic conditions have fixed the basic problem.
An endowment, especially with profits, is still probably a reasonable savings vehicle if not tied to a mortgage.
As above, seek professional advice, even if it is with your bank.
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Had one 5 years ago and the answer was no. You can't touch them or you cash the whole lot in. Only one or the other.
5 years ago, lots of people were converting to repayment mortgages due to probable shortfalls. That noise has gone away now - possibly because there is not a 'critical mass' of people relying on an endowment to repay the mortgage. I struggle to beleive that the current economic conditions have fixed the basic problem.
An endowment, especially with profits, is still probably a reasonable savings vehicle if not tied to a mortgage.
As above, seek professional advice, even if it is with your bank.
My ex Father-in-Law was constantly going on at me about ours... What he failed to realise was that the whole performance issue had already reared it's ugly head by the time we took it out so it was on track to perform!
Still... Not got that hassle any more ::) ::)
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Sounds like I'll have to cash the lot in then and extend the repayment term - I need around £1000 in the next week and I have no credit facilities.
Not going to pay off anyway, 10 years left and well below what it should pay.
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Sounds like I'll have to cash the lot in then and extend the repayment term - I need around £1000 in the next week and I have no credit facilities.
Not going to pay off anyway, 10 years left and well below what it should pay.
Took me a LOT longer than that to cash mine. 6 weeks IIRC.
You have my sympathy regarding credit facilities. I think Experian have a special secure server for me and my ilk. Very recent and very not good. :( :(
You could continue with the gaffer tape for a few weeks? Unlikely it will get you nicked as long as your driving is otherwise spot on.
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Roughly worked out the following.
Cash it in and lump sum all but 1000 off the mortgage.
Then pay the same amount to A&L per month
This will clear the mortgage, rather than a £5000 shortfall
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If you're going to cash it in then look at selling it... Plenty of companies about who buy them at more than the cash in value
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Martin, it is probably a condition of your mortgage that you have an endowment policy to cover the repayment of the mortgage when it reaches full term.
Don't forget that your endowment also provides life insurance in case you die before the mortgage is paid off. As said by others, seek financial advice before you go selling your endowment. You will not get full value for it and will lose out in the long run.
Martin
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Also check the conditions of the policicy if cashing.
If needs must, remortgage and do as you say by using the lump sum. Maybe a win win situation. cancels one mortgage, realease funds, remotgage the short fall.
Or consider a loan from your building society over a minimum period.
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Provided you have sufficient equity in your house, you could approach the insurance company and ask for a further loan. I did this twice. I also eventually sold the house and retained the policy. It matured last year, and after paying off the two loans, I was left with a reasonable sum which will eventually go towards paying off my current mortgage.
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Oh my credit history is rubbish - had two defaults last year courtesy of RBS - even though I had paid >:(
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CAB have given me some good advice recently and I would reccommend them.
http://www.citizensadvice.org.uk/index/getadvice.htm
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Oh my credit history is rubbish - had two defaults last year courtesy of RBS - even though I had paid >:(
There is supposedly a facility to get wrong information removed. If the info was provided by RBS, request they check it, and mention that you may have to write to the FSA about this, also defamation of character.
I hate the way things are going, you seem to always have to threaten to report organisations to get anything done. BG have screwed up recently with me, I wrote to their complaints dept (Special Delivery), but they ignored it. How do you get any sense from these clowns ?.
Ken
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Quite a saving doing this and A&L and SL are all OK
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Sometimes policies are actually made up of eg 10 smaller policies for exactly this purpose - to allow them to be handled separately down the line.
But as many have said you need proper advice as there maybe significant implications that are not immediately obvious.