how to help paying off debt

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Q. Im very confused about my offer. I took out a £30K mortgage in 1994 covered by SL endowment. SL say in their offer letter "If you had used a repayment mortgage rather than an interest only mortgage and your endowment plan, you would be £3,031.62 better off. The workings out say:- 1) The cash-in value of your plan (as of 11/08/03)was £8,912.70 (thats the date we surrendered in and changed to a repayment with Abbey). 2) the amount your loan would have repaid if on a repayment basis was £13,429.18. 3) This shows a loss of £3,031.62. However, the offer page says "If you had taken a repayment mortgage, it would have reduced by £13,429.18 Your plan's cash-in value is lower than the amount your debt would have reduced by so there is a financial loss to date. Further down the terms page it says "I can offer you £13,429.18 in full and final settlement of your complaint." Are they offering me £13,429?? It seems a little high especially as i cashed in the £8912.70 last August. Am I reading this correctly??

A. _I wonder if it's something to do with compensating you for the extra interest you would have been paying on the (non decreasing) mortgage linked to the endowment, compared with the decreasing interest on the repayment mortgage. Search the uk.finance archive for other endowment mortgage compensation offers

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