Endowment Shortfall
JULY 16TH, 2005
| Credit Cards (introductory rate & period) |
Typical APR | Options |
| Virgin Credit Card 0% balance transfers, 13 months ( 2.9% balance transfer fee ) 0% purchases, 3 months |
15.9% (variable) |
 |
| Post Office Credit Card 0% balance transfers, 8 months ( 2.5% balance transfer fee ) 0% purchases, 3 months |
14.9% (variable) |
|
| Personal Loans | Typical APR | Options |
| Moneyback Bank Personal Loan | 5.7% | |
| Northern Rock Personal Loan | 5.8% | |
The FSA (Financial Services Authority) has warned that over 2 million people are potentially facing a shortfall in their endowment mortgage.
However there is good news! The ABI ( Association of British Insurers ), have documented the average shortfall had fallen since 2002 due to almost 70% of those facing the shortfall had sought financial advice or applied for some form of compensation.
That still leaves 30% without any advice for shortfall on their endowment! That is roughly a figure of 700,000.
This is after many people subscribed to the endowment policies in the 1980's when they were thought to guarantee paying off their mortgages. Few have met that promise.
Compensation claims for mis-selling are now gaining momentum as they have risen over the past 3 years.
