R
raccat
Guest
I started a managed savings account with Royal Skandia several years back while working as an expat in Hungary. This was taken out as a 25 year plan with regular contributions of €400 per month. From 2001 to 2005 I made these contributions paying in total approx €16,000 to the account.
Upon return to Ireland and a major change in financial circumstances I ceased paying the contributions in 2005. At the time I asked what I would receive if I surrendered the policy and was quoted approx €8,000 due to the early encashment. Due to the severe penalties I decided to let the account sit.
I am now in a situation where I need to clear expensive debts and cant leave the money lying any longer. I rang Royal Skandia again today and the current value of the account is €24,000. With current penalties I would get €13,000 if I cashed in the account now. Although this is much improved on the earlier €8,000 I am still paying €11,000 in penalties.
Finally to the question. Is it possible for me to sell on this account to possibly get better value than the €13K. If so who do I contact or approach or how do I go about it.
Any advise would be much appreciated.
Upon return to Ireland and a major change in financial circumstances I ceased paying the contributions in 2005. At the time I asked what I would receive if I surrendered the policy and was quoted approx €8,000 due to the early encashment. Due to the severe penalties I decided to let the account sit.
I am now in a situation where I need to clear expensive debts and cant leave the money lying any longer. I rang Royal Skandia again today and the current value of the account is €24,000. With current penalties I would get €13,000 if I cashed in the account now. Although this is much improved on the earlier €8,000 I am still paying €11,000 in penalties.
Finally to the question. Is it possible for me to sell on this account to possibly get better value than the €13K. If so who do I contact or approach or how do I go about it.
Any advise would be much appreciated.