In case it is of interest to anyone out there, my 25 year L&G 'with profits' endowment policy has just matured at £26,509. The mortgage target was £34,500 and I have been paying £63.80 per month.
The shortfall of about £8000 works out at 23.2% less than target and of course far less than what was optimistically forecast when the policy was taken out. My formal attempts to regain anything when I first received red letters was unsuccessful because the policy was taken out just before we would have been eligible.
To make matters worse, L&G have sent the money to the recently closed/paid up mortgage account. HSBC, on the phone, led me to believe that they would pick up the payment and transfer it to our current account with them. This is not happening and the payment will bounce back and forth for a few more days. Let this be a lesson to anyone who is expecting a payment and has paid off the mortgage - update where the money is going to. How foolish am I!
The shortfall of about £8000 works out at 23.2% less than target and of course far less than what was optimistically forecast when the policy was taken out. My formal attempts to regain anything when I first received red letters was unsuccessful because the policy was taken out just before we would have been eligible.
To make matters worse, L&G have sent the money to the recently closed/paid up mortgage account. HSBC, on the phone, led me to believe that they would pick up the payment and transfer it to our current account with them. This is not happening and the payment will bounce back and forth for a few more days. Let this be a lesson to anyone who is expecting a payment and has paid off the mortgage - update where the money is going to. How foolish am I!