Plum problems

friolento

I can't see anything in the Plum ISA terms that prohibits dual citizens. In common with the majority of providers, they do exclude US citizens, due to the IRS reporting requirements. If you are a US citizen, an ISA wouldn't make a lot of sense as you wouldn't benefit from the tax exemption.

I am also not sure how Plum could have set up a Direct Debit to pull money from your current account without  you agreeing to it.If they did this, you should raise a formal complaint with them

EDIT: I have done a bit more digging: if you did open an ISA with Plum, you have accepted the ISA T&Cs which state that Plum will set up a Direct Debit. I am afraid, therefore you don't have grounds for a complaint

flaneurs_lobster

friolento said:

EDIT: I have done a bit more digging: if you did open an ISA with Plum, you have accepted the ISA T&Cs which state that Plum will set up a Direct Debit. I am afraid, therefore you don't have grounds for a complaint

It's hard to be sure (Plum publish one big document containing sections for general T&Cs plus individual products etc) but I think Plum will set up DD when a GIA/Stock ISA is set up, not a cash ISA. Also my experience when opening a Cash ISA - no DD created on linked account.

akcr

Response to friolento 

Yes, it was because I am a US citizen as well as British. There are quite a few providers that will not allow a US person an ISA but I don't think it's a majority. Cash ISA does make sense for me - tax paid on all savings is included in the calculation for foreign tax credit and is more than the US tax, so I do not pay US tax on the ISA interest. 

You are correct that I must have accepted terms and conditions but was stopped from opening the ISA so I thought nothing had been opened. I am not saying that I have grounds for a complaint necessarily, but I don't think Plum is a good recommendation from MSE without specifying the other things you have to agree to.

Poquito

@akcr surely though it is your responsibility to determine if an account is right for you so you have to do some research. Why should/would MSE go further than they do. They’ve told you it exists, it’s up to you to determine if it’s right for you. Putting emphasis that MSE needs to break it down even more for you sounds a bit like not taking accountability for your actions (or lack thereof)

dantep

Poquito said:

@akcr surely though it is your responsibility to determine if an account is right for you so you have to do some research. Why should/would MSE go further than they do. They’ve told you it exists, it’s up to you to determine if it’s right for you. Putting emphasis that MSE needs to break it down even more for you sounds a bit like not taking accountability for your actions (or lack thereof)

I too took the recommendation at face value, and I'm not blaming MSE at all for that - I should have done my research. But there's nothing in my experience up until now to make me think I needed to. Maybe it was naive of me to think that a cash ISA was pretty much a cash ISA, but now I know how annoying they can be I'll at least check on the forums before I open another one.

Goliathslayer

Completely agree...my experience has been so bad and I thought it was just me and even, there seem to people here on MSE justifying plums bad outcomes.

I decided to leave the app but nervous about getting my cash ISA returned as when you try to issue a transfer from another provider, plum is not on the list.

Spoke with plum and they say to put down you NI and Serviceable Limited as the provider not plum????

Something don't sit well with me I must confess.

masonic

Goliathslayer said:

Completely agree...my experience has been so bad and I thought it was just me and even, there seem to people here on MSE justifying plums bad outcomes.

It's more an explanation, so that in future you might be able to avoid the actions that lead to outcomes you don't like and avoid products with features you don't like.

Goliathslayer said:

Spoke with plum and they say to put down you NI and Serviceable Limited as the provider not plum????

The footer of their website states that: "Plum and Plum Money is the trading name of Saveable Limited"