ISA investor

ed89

Hi, how can I cancel my HBOS ISA investor?

I have put about £230 into it so far but it keeps hovering around £195/£198. I'd rather just stick it in with the rest of my savings to be honest.

Is this a) wise b) possible?

Thanks:money:

opinions4u

a) Depends which way the market goes. It is an investment that goes down and up and hopefully does well in the long term. Did you know it is intended as a long term savings plan? Why bottle it so early?

b) Yes - dig out your paperwork and ring them. I'm sure you'll have a cheque within a week.

earlgrey_3

ed89 wrote: »

Hi, how can I cancel my HBOS ISA investor?

I have put about £230 into it so far but it keeps hovering around £195/£198. I'd rather just stick it in with the rest of my savings to be honest.

Is this a) wise b) possible?

Thanks:money:

That's a bargain. You've learnt something about stocks and shares ISAs and it's only cost you £32.

With a few exceptions, to benefit from a stocks and shares ISA you need to be likely to pay higher rate tax or returning above the £9600 pa CGT limit (for which you'd probably need investments of 100k-200k plus). Otherwise there will be no tax advantage.

If you can afford to lose some of your original investment then keep it, if it bothers you then give them a call.

ed89

Yes, I knew it is meant as a long term investment, but my money is my money. If I want to gamble it on stocks/shares I'll go to the bookies!

I'd rather put my small £20 a month into another savings account - or under the mattress!

I was more or less pushed into it by the bank. They invited me to a meeting when I was only 18 (last year) and from the start confused me with jargon and almost forced me to sign. I stupidly signed thinking they wanted what was best for me....doh!

opinions4u

ed89 wrote: »

Yes, I knew it is meant as a long term investment, but my money is my money. Probably not the best decision to sign the form then - we live and learn.

If I want to gamble it on stocks/shares I'll go to the bookies!
I wouldn't. Bookies don't do stocks and shares in the shop. When you bet, the 'book' is rigged to ensure the bookie has a profit margin. With stocks and shares you are investing in genuine asset value. There was one day very recently where the FTSE100 gained over 9% in a day. That's one hell of a return if you got lucky with it.

I'd rather put my small £20 a month into another savings account - or under the mattress! Which is a reasonable choice. I think the Barclays Regular Saver account at 7.75% AER would be an excellent option.

I was more or less pushed into it by the bank. They invited me to a meeting when I was only 18 (last year) and from the start confused me with jargon and almost forced me to sign. I stupidly signed thinking they wanted what was best for me....doh! I would write to them explaining that you felt forced in to the sale. You may have been seeing a salesperson who is fleecing large amounts out of other investors and placing their money in to inappropriate products. They need to be able to investigate. Explain why you feel the decision to invest was inappropriate and ask them to reimburse losses plus any interest.

It looks to me like your money is in a "Cautious Managed Fund" with a 1.5% annual management charge.

http://www.halifax.co.uk/investments/ISA-Investor-stakeholder-option.asp

It may be that this was indeed 'best advice' from the products on offer. But you should still flag up your concerns about feeling coerced in to buying the product.

http://www.halifax.co.uk/contactus/howtocomplain.asp

earlgrey_3

From posts to this board it's clear that S&S ISAs are being used as a marketing tool even when the person is very unlikely to see any tax advantage. Would be better for them to have another name to avoid the confusion with Cash ISAs that do benefit all tax payers.

I don't know what the product they sold you is, and you could be kicking yourself in a year or two if it soared, but my view would be that small stockmarket investments aren't a good choice for most 18 year olds who don't already have substantial savings. Get saving instead for that house in a few years time when prices have fallen. Good luck with whichever way you decide to go.