I've been paying into a CIS endowment for 10yrs - another 10yrs left. OUCH.
I've been contributing £100 p/m. So that's £12K so far.
Asked for a surrender value and was quoted just under £13k. OUCH OUCH.
Went to the open market and have found a company who will buy it for £14.5K.
One company said they wouldn't touch it because it is making less then base rate. I've decided to sell it for £14.5K and put it towards the next house.
Anyone think this is a good move?
Does anyone know if this is taxable in anyway?
Really don't want to contribute to something that I know isn't going to get better. Going to also complain that the policy was missold. I was still living with my parents at the time and had no intention of moving out at the time. Why would I need life insurance and a stupid endownment. I was looking for something to put my savings in - a PEP would of been more appropiate at the time. Heard there was a good letter template on the which site.
I've been contributing £100 p/m. So that's £12K so far.
Asked for a surrender value and was quoted just under £13k. OUCH OUCH.
Went to the open market and have found a company who will buy it for £14.5K.
One company said they wouldn't touch it because it is making less then base rate. I've decided to sell it for £14.5K and put it towards the next house.
Anyone think this is a good move?
Does anyone know if this is taxable in anyway?
Really don't want to contribute to something that I know isn't going to get better. Going to also complain that the policy was missold. I was still living with my parents at the time and had no intention of moving out at the time. Why would I need life insurance and a stupid endownment. I was looking for something to put my savings in - a PEP would of been more appropiate at the time. Heard there was a good letter template on the which site.
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