Not exactly business related...

[Brian McIntosh]

...but, since buying my first flat many years ago I have been paying a small premium every month towards an endowment policy. I got a letter from the insurance company yesterday about a projected shortfall so I decided to give them a call. Turns out that, if I cash the policy in, I'll get back less than I paid. I can live with that as endowments only start to make money in the final few years but, the bit that got me was the guy I spoke to tried to get me to keep paying the premiums even though the letter I got through yesterday quite clearly stated that if I keep paying the same premium the amount I get at the end would be approximately £2000 less than I pay in!! Do banks really think that the public are that stupid and are they really that desperate for money? Anyway, I cashed it in and took the loss. No point in throwing good money after bad.

 

[Scottish Business Owner]

Hi Brian,

Unfortunately this story is all to true just now. Banks need cash and they seem to be determined to hang on to it. I cashed in a policy recently as well and the amount of paperwork etc was just a joke. It kind of felt like they were doing all they could to stop me cancelling. Luckily I sent everything they needed by recorded delivery so when they said things didn't arrive and I was able to provide proof of delivery they weren't too chuffed

 

[Brian McIntosh]

I've not done the paperwork bit yet but that's something to look forward to. Thanks for the tip about the registered post. I'll keep that in mind when I send everything back.