Hypno's recession busting debt diary.....

dmv_2

Keeping Motivated...sorry to ask you questions but what are the conditions of the L&G ISA and life insurance?Are there regular payments etc?I had a look on quidco but im scared to click through the link before im 100% sure I can do it there and then in case it stops it tracking the next time I click through. Thank you in advance for any help you could give me. Alternatively feel free to tell me to shove off!

hypno06

dmv, I have snuck on at work so don't have time to do a proper reply but if no one has replied re L&G isa by lunchtime, I will do so then!

Welcome!!

dmv_2

Oh thanks so much! I shall now try to be a contributor and not a lurker!

hypno06

Ok, still quickly because I am supposed to be working......

with the Legal & General Isa, you have to sign up to make a payment of £50 a month into your ISA. However, once the cashback has been paid, you can close your ISA and withdraw whatever you have paid, but L&G are slow to pay so you could be 3 months before you can close your account and get your money back, meaning you have to have paid between £100 and £200 in before you can take it back. Also, because of the movements in the stockmarket, the amount you pay in will go up and down in value every day, so you may get back slightly more or slightly less than you put in.

But of course, if you get £110 cashback, the market has to do far far worse (if at all that is possible!) than it has done so far this year before you lose all your money! It is still a risk, though, and you should be aware of this before you commit to it. You should get back most of what you pay in, plus the cashback.

With the life insurance though, you pay out, say, £7 a month in premiums but don't get any of that back. It will only pay out in the case of your death. So, if you don't need life insurance, it may not be worth you getting - essentially the cashback only equates to getting your money back on your first year's premiums. you don't get anything "free" out of it.

Hope that helps, sorry it is rushed!!

taka

I've been away for a few days so I've only just read you've hit your £20k Challenge!! Well done! Your card is rapidly vanishing too (bet it WILL be gone before Halloween after all :rotfl: )

dmv_2

I think I will do the ISA then but not the life insurance. Thanks for taking the time to write that especially as you are at work!

lucielle

Hi Hypno, thanks for the above info. Think I will have a chat with OH and see if we can do something.
L

tadd318

Hi Hypno have been a lutker on your thread for a long time, Well done on meeting your challenge early you are an inspiration to everyone.

Can I just ask which ISA is the best one to do ? I have had a look and can't make much sense of it!!

thanks

hypno06

tadd318 wrote: »

Hi Hypno have been a lutker on your thread for a long time, Well done on meeting your challenge early you are an inspiration to everyone.

Can I just ask which ISA is the best one to do ? I have had a look and can't make much sense of it!!

thanks

Hi tadd, and welcome to the madness!

I can't advise on which is the best one to do - because of my job, I would be in BIG trouble if I did so! So sadly, you have to read through and decide which you would like to do based on how risky you want things to be and whether you want to invest in the UK, worldwide, or fixed interest stocks. Obviously with stockmarkets across the world going mad at the moment you need to read carefully before jumping in. Generally speaking, lower risk = fixed interest or cash, higher risk = shares.

Hope that helps (although I appreciate that it probably doesn't!).

tadd318

Thanks for your reply, sorry don't want you to get into trouble!

It's a bit of a mine field !!!

Thanks again