Can you freeze an ISA

mollyisthedog

We have a Scottish widows stocks and shares ISA. It is losing money at the moment. However, that is not the main reason we would like to freeze if that is possible.
Money is very tight at the moment and we are looking at what we can cut back on (temporarily).
So, can you freeze an ISA? And are there any associated costs with doing this eg. when you re-start it ?
Thanks

Lokolo

Theres nothing stopping you from stopping any contributions, but depending on the investment there maybe charges if you want to withdraw your investments to cash and such.

mollyisthedog

Anybody any ideas if there are start-up charges when you commence making payments again ?

opinions4u

mollyisthedog wrote: »

So, can you freeze an ISA?

Yes. But the individual plan from the individual provider may have conditions that restrict this.

And are there any associated costs with doing this eg. when you re-start it ?

Again, depends upon the individual provider.

I'd pick up the phone and ask them directly.

tanith

Stopping paying money into the ISA isn't going to freeze it at its present value, if that is what you mean, even if you pay no more into it whatever is in there at present will still fluctuate with the markets, if thats isn't what you meant then just ignore me...:rotfl:

mollyisthedog

Sorry, yes I understand that it will not freeze at current value (although that would at least stop it from losing even more value <shock>...)

I just meant to ask what were the potential consequences of taking a payment holiday as it were

Until the building trade picks up, which is just around the corner, yeah ??? Maybe not.

RayWolfe

The UK Stock market has just risen by 21% in the last three months, it's best performance ever. I hope you don't want it frozen! When was your last valuation?

mollyisthedog

More than three months ago !

Does that mean after the last couple of years of losing money, it is going to strart going up again ?

Lokolo

mollyisthedog wrote: »

More than three months ago !

Does that mean after the last couple of years of losing money, it is going to strart going up again ?

Yes.

Can you not get online access to it to view details upto date?

mollyisthedog

good idea lok

Paul_Herring

mollyisthedog wrote: »

Does that mean after the last couple of years of losing money, it is going to strart going up again ?

If it's one of these, click the More.. link to see what's been happening recently with the price (I'm assuming it's a fund.)