Possible lost investment...

raqsbanat

I wonder if someone could advise me on a situation re old investments. I had numerous investments with Scottish Widows which I closed down about 5 yrs ago due to poor performance. I seemed to have lost about £13,000 which apparently was due to the risk involved. However, i've continued to be payed interest from S.W into a current account. When I contacted them to search for the investment, I was told they were all closed and nothing remained. So where is this interest coming from? I'm concerned that if I persue it, someone will realise I've been receiving interest wrongly and will want their money back yet if my money is in limbo, I'd like it back......Not sure how to handle this and would appreciate your input...what would you do? Thanks

zxspeccy

I would say contact Scottish Widows about this and ask what the interest relates to, it is unlikely to relate to any closed investments as the interest should be calculated on live balances/funds.

However if the money doesn’t relate to you (let’s say it is somebody else interest that is being paid into your account by mistake) then the bank might retain the right to claim the funds back from you.

What is the narrative of this interest on your statement? Does it contain other account or reference details?

raqsbanat

Thanks for your response. I contacted SW initially about 3 yrs ago who advised me that all accounts were closed. The only info on my bank statement pertaining to the interest is "Scottish Widows BGC" The amount fluctuates according to interest rates which makes me wonder if this is my missing £13k that I had naively/ignorantly accepted as gone.

Daniel_Elkington

how much is the interest payment and how frequent is it?

raqsbanat

monthly, roughly £50

gadgetmind

raqsbanat wrote: »

monthly, roughly £50

50*12*20=12000, so that looks like >5% interest on £12k, or less interest on a larger amount.

xylophone

Presumably you advised SW that they were paying you £50.00 a month? If so, they must be able to trace the source.

How much were you receiving before you sold "all" your investments?
What were the funds in question?

Daniel_Elkington

When you say investments do you mean collectives I.e. unit trust or oeic?

If so it seems like you may be invested in some kind of scot wid income fund.

There are Only 2 funds which are income class and have a yield of 5%.

Distribution dates are the 15th of each month for both, so if you get the interest around then it could be this.

They are both mostly fixed interest and the payment would be classed as interest and not dividends as 65% of the underlying instrument.

If this'll rings true, try calling this number and seeing if they can help 0131 655 6000, it is the scot wid unit trust managers thingy.

This is the table of all the scot wid income based funds

trustnet.com/Investments/Perf.aspx?ctr=QS&univ=U&Pf_Manager=SCOW&Pf_IncAcc=I

The yield column relates to historic yield.

This could all be completely off the mark though!

raqsbanat

oeic sounds familiar. I did inform SW of the deposits each month but they weren't much help. Just said that all accounts were closed and didnt seem to have an option to go elsewhere. Going back through the statments, all interest deposits are on or around 15th of the month.....I'll make use of the contact number and let you know how I got on. Thank you very much for your advice, everyone :-)