Legal & Gen Tracker isa How to surrender?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
7 replies 3K views
simonisimoni Forumite
25 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi I am looking to surrender my L & G Tracker Isas to use the money towards our house extension.

I phoned to ask what to do but got a bit confused by the lady, a fair guess the call centre was overseas.

She said i could send a letter requesting that it be surrendered and they would send me a cheque...

Or she said something about i could sell them over the phone, couldn't quite grasp what she was on about.

All I want to know really is which is the best way to get the most money out of the surrender

Can anyone help please?
adoo..ah dunner!!

Replies

  • dunstonhdunstonh Forumite
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    send them a letter saying you want full encashment and provide them with your bank details to make the payment quicker.

    If L&G are also the ISA provider, the letter goes to them. If they are not, then the letter goes to the ISA provider (Such as cofunds, fidelity or other fund supermarket).
    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.
  • simoni wrote:
    Hi I am looking to surrender my L & G Tracker Isas to use the money towards our house extension.

    I phoned to ask what to do but got a bit confused by the lady, a fair guess the call centre was overseas.

    She said i could send a letter requesting that it be surrendered and they would send me a cheque...

    Or she said something about i could sell them over the phone, couldn't quite grasp what she was on about.

    All I want to know really is which is the best way to get the most money out of the surrender

    Can anyone help please?

    I'm not too sure what you mean by getting 'the most money out of the surrender'. Depending on your timing your investments will be sold at lunchtime on the day they receive your request to sell or the day after - and you can't do anything about the fund price at that time. So the value of your investment will be set at the time of the sale/surrender.

    If you are registered with L&G for online access to your investments then you can make your sale online and the money will appear in your bank account within a few days - and the paperwork will be sent swiftly.

    I don't think their office is overseas but I agree that I have several times found them to be confused and/or confusing if you speak to a non-savvy member of the team. Pressure of work and a lot to learn I imagine.
  • dunstonhdunstonh Forumite
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    L&G service is quite appalling at the moment. Seem to have a glut of people who dont know what they are doing and take no ownership of the tasks assigned to them.
    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.
  • Paul_HerringPaul_Herring Forumite
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    If you're registered with online facilities with L&G (http://www.legalandgeneral.com/online-servicing/) , it's easy to do from the website. I withdrew some of my ISA 2 months back, and it was in my bank account within a week.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • eddaedda Forumite
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    If you do register online, read the Ts and Cs 1st - you are agreeing to move your personal data outside the EU.

    I decided not to register based on this info.
  • Paul_HerringPaul_Herring Forumite
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    edda wrote:
    If you do register online, read the Ts and Cs 1st - you are agreeing to move your personal data outside the EU.

    I decided not to register based on this info.
    Oh? Any particular reason ?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • eddaedda Forumite
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    Oh? Any particular reason ?

    Data held outside the EU is not subject to the Data Protection Act. So they can sell certain info about you to anyone around the world (e.g. the products you have invested in).

    For the same reason, I did not buy a Nationwide shares ISA a few years back - they could not guarantee that the data would not be passed on to marketing companies etc.

    I know they can't legally pass on your security info, but I am particularly careful about who knows I have certain types of financial products.
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