scottish widows isa worries

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 4.4K views
rickyromrickyrom Forumite
9 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
hi everyone,
I would first like to thank you all for the advice about offset mortgages.
I have very real worries about my Scottish widows ISA. (Global and UK growth)
I was paying £200 per month into the fund but stopped that 2 months ago. I know put that money into my savings account and use it to offset.
Last year my ISA fund was worth £40.000 and today it is worth £21.000. I know this will sound like a fortune to some people but it is every penny I have for retirement.
I would appreciate any advice as to what to do with the ISA.
what do you think will happen to my share prices in the very near future? should I just leave it where it is? I would love to take it out and use against my offset but cannot afford to lose nearly £20.000.
Who is to blame, surely it has been mismanaged.
I thankyou all in advance.
Richard

Replies

  • dunstonhdunstonh Forumite
    106.7K Posts
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    I would appreciate any advice as to what to do with the ISA.
    Nothing on this website regarding regulated financial services product is advice. Just comment and discussion only.
    what do you think will happen to my share prices in the very near future?
    They will either go up or they will go down.
    should I just leave it where it is?
    Depends on your risk profile and timescale.
    Who is to blame, surely it has been mismanaged.
    Why do you think that? You are invested in two medium/high risk funds where 50% loss potential has always existed. Indeed just 7 years ago they suffered a comparable drop to what has happened so far. The funds have performed in line with their sectors. If you invest 100% into the stockmarket then that is what you should expect.

    I am going to assume you bought from LloydsTSB as its highly unlikely an IFA would put you in those two funds. In which case, LloydsTSB's sales process is that you pick the funds after they identify your risk profile. Your choice is poor quality investing but not a mis-sale as the choice of funds is with you. Plus most tied agents cannot portfolio plan as its not within their remit.

    What did you do in 2000-2002 when the markets dropped by a similar amount (albeit over a longer period)? What is different for you this time round?
    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.
  • I sat through it and kept putting my £200 p/m into the fund. my life has changed some what and i could do with getting my hands on the money but im 50% down.
    I guess thats what you get with shares.
    hindsight is a great thing, so is a crystal ball.
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