Company in administration - help

r1cbm

Hi there,

I just received a letter informing me that the company that we were using for our ISA's has gone into administration :eek:

Not being very knowlegable about how this works I thought I would post my situation and get a view as to what I can do?

We have been paying into 2 ISA's (shares) as an investment as we have an interest only mortgage and the idea being they would pay off the lump over the 25 yr period. I know nothing about these so went along with the reccomendation from out finance guy.

Anyway, I receive a letter this morning saying they are in administration.

Company is called NDF Administration

It says our investments are safe, and keep paying in as normal.

My questions are, is this true, if the company has gone bust then are our investments safe?
If so, then should I and can I look to move them to another more stabe company?

Cheers

RayWolfe

What shares, unit trusts, etc have you got in your fund? They are almost certainly safe, it's just the ISA administrator that has gone bust.

r1cbm

I'll have a look it's not something we have looked at for years..

So what will happen? Another company buy the assets and we move over to another company?

Morituri

I think your assets will be perfectly safe.

r1cbm

So do I continue paying them as per normal and see what happens?

turbobob

Is this link of any help? Has various info for investors http://www.ndfa.creditorhelpline.co.uk/

agsnu

http://www.fscs.org.uk/consumer/latest_news/2009/oct/NDF_Administration_Ltd_Defined_Returns_Ltd/might be of interest as well

SmileyG_2

You should not pay in any money to this company. Cancel any payment arrangements you have and wait for further corresponadance from the admistrators.

Hopefully, your investments will be ring fenced from the affairs of the company and the administrators will be able to recover you invesmtents, so don't be too alarmed, but you should not add to your investement.

Please note that I am not an investement advisor, just a cautious investor. If you have an IFA you should contact them immediately.

SmileyG

dunstonh

You should not pay in any money to this company. Cancel any payment arrangements you have and wait for further corresponadance from the admistrators.

That is extremely bad advice. Sorry.

Certain contractural guarantees could be lost by doing that and the OP may lose money that they would not have lost if they keep going. Not all contracts are NDFA are being hit with the administration issues and the advice should be specific to the type of policy that is in force.

Without knowing the details of the plan held there is no way for anyone here to say what should be done. The OP should go back to their adviser for advice on what to do. Two reasons, 1) they know the details about the plan and 2) the adviser carries the liability for the advice given both at time of sale and going forward.

Bikertov

turbobob wrote: »

Is this link of any help? Has various info for investors http://www.ndfa.creditorhelpline.co.uk/

There has been various press about this one recently, and this thread was going a few weeks ago ...
http://forums.moneysavingexpert.com/showthread.html?t=2010319

The Administrators are also running a helpline to call - 0844 770 2203.

Hope that helps ...

r1cbm

Thanks for the replies.

I have called them and spoken to my Finance guy. They said keep paying in as otherwise you will lose the insurances around the investment. The account is frozen at current value and any money paid in will be put into another account. Once things get sorted this will be added to the plan as normal. He said it's very early days and you will get more information in the next few weeks.

My finance guy agrees and said give it a month, see what information they send out and he will go through it with me and help out.

So. I've already paid this months as it went out on the 1st and I received the letter the same day. I'll keep watching to see what happens on that website and rethink later on.