Thats good to hear, all the best.

I still had 7 years to go when I converted - and anyway Nationwide were understanding and at the time - the present credit crunch was still unknown

I will be mortgage free in less than a year - that is all that I care about at the moment !!

Glad to hear that, i'm surprised that you could change to repayment with little time to do so. Maybe things might look rosier for us in the long run. However, it still costs the consumer while the banks still make their millions. I still think there is a level of unfairness about it all even when compensation is due. Oh well, i suppose its what makes the world go round.

Hi,

My mortgage was converted to "repayment" about 4 years ago and with the surrender value from both endowments - will leave £7000 outstanding - which is peanuts and will be repaid in full within 7 months

As for life insurance - yes a worry - will cost around £75 per month for £100000 worth of cover (level w/critical illness over 25 years) - the same as I was paying for my endowments for £40,000 worth of cover over the last 25 years - makes you think doesn't it ??

Incidentally - I received the details of how to surrender my endowments yesterday - the surrender value had increased by £100 on them both, compared to 3 weeks ago - when I received the original offer !!!!

Like you we took our first one in 1984 and we have left it too late to complain, however it matures in 2010 with a shortfall of £2,000 we are keeping our fingers crossed that Norwich Union will commit to the 'promise' which i know is only a small amount towards it and in addition any final bonus which is only calculated on the day of maturity. I wonder if you kept the first if that would be a wiser move? The second one may be worth getting rid of if it runs longer. From what i've learned anything with profits involved in stocks n shares will take up to 10 years to recover. (source - BBC business news)
We also have a claim for the second one in 1994 and should hear something within 2 weeks. Not that hopeful.

I agree, it does stick in your throat, we have a build up endowment with optional early maturity without loss of terminal bonus. How good does that sound! Very appealing but as it turned out there is no option unless we take £11,000 for the target figure of £37,000. Some build up with profits eh? NOT

What what was your intention? Pay off from Endowments and remortgage remainder on repayment? Its the life cover that worries me unless you can get figures less than what you pay now.

Yes - I have spoken to an independant financial adviser who tells me that the chances of any terminal bonus are ziltch and for me just to pay (combined) £70 per month into their coffers is just not a good idea - my policies were taken out in 1987 (£30k) and 1991 (£10k) - I cannot get any interest at all from the TEP market - so have decided to get rid of bad rubbish - The fact that both policies were "with profits" - sticks in my throat - considering surrender values of under £18k combined has been offered - I did receive £6k compensation from Barclays 3 years ago !!!

Interesting? Have you tried selling them? Whats the history? Just interested to know because i have 2 endowments also. Were you advised to surrender? Has the surrender value been calculated with a terminal bonus? Have a look on moneymadeclear website. You might need to speak to an adviser or someone at moneysupermarket ie someone impartial with no beneficial prospect. (know what i mean)

I have been trying to surrender my two endowments for almost two weeks

I received surrender values through the post some 3 weeks ago and ever since then have been asking Phoenix the procedure to "cash them in" - they appear either deaf or stupid (I think the latter) - sending me more (identical) valuations but all that I need is the address to send them to - In the meantime - I worry about a statement on the valuation forms "The valuation is not a guaranteed value......The valuation will be recalculated in the event of a claim" which means what ? they will reduce the money paid even further ? Hence I want to get shot of this appalling investment......