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Advice please. iii has just dumped £400 backdated charges on an ISA we asked to be closed
Peterbythesea
Posts: 1 Newbie
We just got a bill for backdated charges on an ISA my wife thought she had closed 40 months ago.
She closed this on the phone at the time when they were chasing up payment as she had not realised there was a monthly charge on the account. It was the monthly charge that made her request the account to be closed as she had no intention of investing in anything as was cash poor at that time.
The charge then was £80 but they did not close the ISA at that time as she requested. The shares held in that ISA were in a company that had gone bust zero value and that was the only reason she had opened the ISA in the first place.
She has not logged on or done anything with the account in the last 40 months there as she thought the matter was closed.
She is really worried now. What is the best she can do?
Thank you
She closed this on the phone at the time when they were chasing up payment as she had not realised there was a monthly charge on the account. It was the monthly charge that made her request the account to be closed as she had no intention of investing in anything as was cash poor at that time.
The charge then was £80 but they did not close the ISA at that time as she requested. The shares held in that ISA were in a company that had gone bust zero value and that was the only reason she had opened the ISA in the first place.
She has not logged on or done anything with the account in the last 40 months there as she thought the matter was closed.
She is really worried now. What is the best she can do?
Thank you
0
Comments
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Are you saying you have had no communication from ii for the last 4 years? That seems somewhat unusual. Did she check or get any confirmation of the closure? It also seems unusual that they would close an account that contained shares even if they were zero value.Remember the saying: if it looks too good to be true it almost certainly is.0
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My guess is that you can't close an account if there are oustanding charges associated with the account. As you say that they were chasing you for unpaid charges at the time, it is likely that the account couldn't be closed until those charges were paid.
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The charge then was £80 but they did not close the ISA at that time as she requested. The shares held in that ISA were in a company that had gone bust zero value and that was the only reason she had opened the ISA in the first place.Was that asset still showing as a value for that period? If an investment is suspended but still reporting a value during wind down, you cannot close the ISA and they can still charge.
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.0 -
How is the £400 made up? Big jump from £80.0
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£9.99 per month for 40 months.0
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