General ISA Info

Thorrrr

Hi
I need advice on what i can do in relation to my present ISA and any new ones to take out.

I have a Virgin Traker ISA which i have had since 1997 it was a PEP but was converted into a ISA paying in £100 a month.

On 22 APril 2003 i stopped paying my £100    month due to the monies being needed for other essential items.

Can i start my £100 again and if so does this stop me from taking out any more ISA's? My present one is a Maxi ISA so i am not sure but am i limited to just a maxi ISA? if so should i split it?

I used to have 10 year money spinners with the PMAS but the return like all investments has been crap. So i was thinking instead of 10 year money spinner to do a 10 year ISA!

Is this a good idea? and if so what is the best one at the moment?

If i can only have the 1 maxi ISA what is the next priduct with a good return?

Cheers Dale

dunstonh

Can i start my £100 again and if so does this stop me from taking out any more ISA's?

If the company is still open for new business, then you can start it up again. If it is a maxi, you cannot do another isa this tax year. If it is a mini, then you can.

My present one is a Maxi ISA so i am not sure but am i limited to just a maxi ISA? if so should i split it?

The fact the present one is maxi does not prevent the new one being a mini. £100pm should never have been a maxi in the first place unless you intend to go over £3000 per tax year by adding in lump sums.

So i was thinking instead of 10 year money spinner to do a 10 year ISA!

No such thing as a 10 year ISA. ISAs only have a guaranteed life of about 5 years now (approx). ISAs are open ended so its pay as you go.

Is this a good idea? and if so what is the best one at the moment?

First answer would be that answering that would be in breach of the FSA guidelines as it would be considered a recommendation. Second answer would be, let me tell you in 10 years what was best. Third answer would be: with thousands of funds out there all of different risk, what is good for one person isnt good for another and you should be putting it all in one fund anyway.

If i can only have the 1 maxi ISA what is the next priduct with a good return?

answer as above.

Thorrrr

Sorry my £100 month was on top of a £6000 lump sum deposit into a PEP then a top up of a £100 a month.

But i rang Virgin they said if i start putting money into my maxi i cannot do any other type of ISA mini or maxi.

I asked if i could start a mini next year with my maxi running she said no.

If i have a maxi i cannot have any other type????

dunstonh

Sorry my £100 month was on top of a £6000 lump sum deposit into a PEP then a top up of a £100 a month.

But i rang Virgin they said if i start putting money into my maxi i cannot do any other type of ISA mini or maxi.

I asked if i could start a mini next year with my maxi running she said no.

If i have a maxi i cannot have any other type????

They have either misheard you or misinterpreted what has been said. You can have a maxi one tax year and a mini the next. you cant mix and match in the same tax year. Or it could be that Virgins admin is so poor that they cant do it.

Also, pep contributions were not linked to ISAs. So the 6000 into the PEP has no impact on the ISA regime so it should still have been mini (although thats irrelevant now anyway).

I would suggest another provider anyway. Virgin are not exactly ideal. Look at fidelity as the provider and choose 2 of the funds from their fund supermarket. This way you can switch funds, redirect and have a choice far better than virgin. Plus as you are doing it without advice, you get some of the charges rebated.

Thorrrr

Thats great so can you explain in more detail what is my best option:-

My last payment to my Virgin Maxi Tracker was on 22 April 2003.

My PEP is worth £9500
My ISA is worth £4500

I was looking at changing to Legal and General because there management charges are less. Then i was told about companies that rebate some costs if you transfer, but when in did an enquiry with Canvandish thy would not refund becaude i was with Virgin.

I would like to trasfer to a better fund and start paying about £200 a month again. Shuld i have different funds or just 1 fund.

Can you advise what are the best performing funds and my best route to give me a good spread.


What company do i use so i get some rebate, and will i loose out by transffering?

Chhers Dale

isasmurf

But i rang Virgin they said if i start putting money into my maxi i cannot do any other type of ISA mini or maxi.

I asked if i could start a mini next year with my maxi running she said no.

I think there's probably a bit of misunderstanding here.

If you start putting money into your Maxi again this year you cannot have a Mini ISA.  If you continue putting money into your Maxi ISA next year, you cannot invest in a Mini ISA next year.  If you STOP putting money into your Maxi ISA before April next year, you can continue to hold that ISA (which will simply become a Stocks & Shares ISA), and then start to invest in a Mini ISA. In short, you cannot put money into both a Mini and Maxi ISA in the same tax year.

If you've made no deposits into your ISA this year, then it is simply just a Stocks & Shares ISA, no Mini or Maxi distinction.  You could ask Virgin if you could start putting money into that account, but as a Mini ISA.

You mention possibly transferring it.  You could transfer it into a Mini Stocks & Shares ISA with somebody else if you so wish, as the Mini/Maxi distinction only applies to the money put in during the current tax year.

As DD says you should really only have a Maxi ISA if you intend to invest more than £3k into Stocks & Shares.  Otherwise go down the Mini route which then leaves your options open to start a Mini Cash ISA later in the year with somebody else if you so choose.