Old ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 714 views
AgutkaAgutka Forumite
2.4K Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I had an EuroSupertacker ISA with Legal & General, opened in 1999, matured in august 2005. Gave them £3,000, after 6 years valuation came in at £2,000. Nice. However, being short on cash at the moment I am going to cash it in.

My question is: do they owe me any interest on the two grand since it was valued three months ago, or because it was not re-invested, does the amount stay the same?

Thanks
:wall:

Replies

  • carnetcarnet Forumite
    501 Posts
    Unfortunately you invested at the top of the market in 1999 and, since then, 3 out of the last 6 years have been a Bear market.

    With regard to interest being payable have you looked at the T&C's ?
  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    With hindsight, you would have been better placed to put £1000 into 3 different areas. You also chose a medium/high risk sector for all your money. Accepting the potential for loss comes with picking an investment that is 100% into that area.

    The supertracker product matured 5th August 2005, although another reference point says the maturity value would be paid 30th August unless you rolled it over into another plan. Maturities were estimated at 87% of capital investment (why the information was not updated showing final amount I don't know!)

    Normally they would pay the maturity out, unless rolled over and you would have got the money a long time back. However, as this was not a standard GEB but rather a tracker with an expiry date, they may have just left it there following the markets. That may not be a bad thing is the european sector has been doing quite well this year. Indeed, the last 12 months have been the best 12 month period in the last 20 years and a 6 year period from Aug 99 to Sept 05 would have put you in surplus.

    Only way to know for sure is contact them.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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