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ISA application time frames
Gareth999
Posts: 1 Newbie
Just a quick question,
I applied on line for an ISA with a company (not known for its investment products) on the 10th of May. I received an email with conformation of the application, stating that the details and agreement would be dispatched (within 5 days) in the post to sign.
I phoned today (24 May) as I have not yet received any paperwork. I was told on the phone that the paperwork had been sent, and that I must have misplaced it. During the discussion I was told that they could no longer honour the rate I initially applied for as I had not returned the forms by 21 May. I was also told that the original rate was withdrawn and a new lower rate implemented on the 11th.
After some wrangling on the phone I was told that an exception would be made on this occasion only and the original rate would be honoured.
Am I correct in understanding that as the application is started, and a contract has been entered into, I am entitled to 28 days to make my decision and return the forms?
Are ISA's like other financial products (e.g. loans and credit) and have a 14 day cooling off period once the agreement is signed and returned?
Sorry for the long winded post.
Cheers
Gareth
I applied on line for an ISA with a company (not known for its investment products) on the 10th of May. I received an email with conformation of the application, stating that the details and agreement would be dispatched (within 5 days) in the post to sign.
I phoned today (24 May) as I have not yet received any paperwork. I was told on the phone that the paperwork had been sent, and that I must have misplaced it. During the discussion I was told that they could no longer honour the rate I initially applied for as I had not returned the forms by 21 May. I was also told that the original rate was withdrawn and a new lower rate implemented on the 11th.
After some wrangling on the phone I was told that an exception would be made on this occasion only and the original rate would be honoured.
Am I correct in understanding that as the application is started, and a contract has been entered into, I am entitled to 28 days to make my decision and return the forms?
Are ISA's like other financial products (e.g. loans and credit) and have a 14 day cooling off period once the agreement is signed and returned?
Sorry for the long winded post.
Cheers
Gareth
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