I have recently been awarded compensation about £3700 on one of my endowment policys but the catch is that i have to change my current part repayment/ part interest only discounted and fixed over 7 years, to a repayment mortgage to qualify for the money.
A. Why can't i just pay the money into the existing policy
B. if i accept this compensation, Will this mean that the endowment policy will cease to run?
C. they have also offered to let the policy run to term which is 2013 and give me a much smaller sum of £450. Should i accept this offer instead and let the policy run and take a chance?
D. If i do accept and change to the repayment option this will put my monthly outgoing of payments up another £200 pounds
Is ther anyone out there who has a solution
Thanks!