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ISA novice needs advice
dprovan
Posts: 347 Forumite
Hi I have a mini ISA with St James Place
it is a UK and general progressive fund. Having just moved house I could be doing with the money approx £4600 rather than borrowing this amount. I pay in £60 a month to it so its ran for a few years.
I phoned them today and asked if it was linked to stock market, I wanted to know if now was bad time to sell what with media reports of market dipping. hey couldn't tell me said Id have to talk with individual I took it with.
My wife and I plan to use this money to pay for the usual stuff involved in new house, and start again with long term savings for kids etc, am I mad to sell this having got a few years down the line or does it not matter. I noticed that in 6 months before last it only grew about £500 and in last 8 months it grew about £900.
I would appreciate any views as I am really not sure what I am doing
it is a UK and general progressive fund. Having just moved house I could be doing with the money approx £4600 rather than borrowing this amount. I pay in £60 a month to it so its ran for a few years.
I phoned them today and asked if it was linked to stock market, I wanted to know if now was bad time to sell what with media reports of market dipping. hey couldn't tell me said Id have to talk with individual I took it with.
My wife and I plan to use this money to pay for the usual stuff involved in new house, and start again with long term savings for kids etc, am I mad to sell this having got a few years down the line or does it not matter. I noticed that in 6 months before last it only grew about £500 and in last 8 months it grew about £900.
I would appreciate any views as I am really not sure what I am doing
0
Comments
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im wondering if my post makes sense, over 40 reads and no comments!!0
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The market has dipped so it's probably not the best time to sell. A lot may depend on how badly you need the money compared to how well it is actually doing.
How long have you been paying in £60 a month?0 -
I have had it approx 5 years. So it is definately linked to shares?
Are ISAs like endowments etc that you get better returns the longer you keep it? I guess that is my query, am I better getting the money I need from elsewhere and not loose what I have worked towards ie higher returns for investment.0 -
It's definitely linked to the stockmarket.
It's usually advised to have investments in for a long term - usually 5/10 years at least as it balances out the ups and downs.
However how well has the fund done? I found one or two things that might help.
http://uk.biz.yahoo.com/01082006/389/funds-dog-house.html
Citywire has it at 97/335 funds.
http://www.citywire.co.uk/Funds/Home.aspx?AnalysisCode=9abcd&RankModelID=9
These are only pointers.
Hopefully someone more knowledgeable will be able to tell you whether it's worth keeping or not.0
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