Transfer H.L. s+s Isa over to Natwest...Considerations.

Dandytf

eskbanker said:

Dandytf said:
p.s. Why am I not convinced NW could Invoke 'sweeping'  Powers until I reduce OD, particularly if times get tougher for u.k.

If you're concerned that NatWest could use your investments to offset your overdraft, then the obvious question is why would you choose to use the same institution for both?

Transfer was not to/from personal account, though I have read of nw 'sweeping' rights-don't recall which part of their website and not sure what they officially call it.
I'm happy to accept the Risk anyway.

thanks appreciated.

eskbanker

Dandytf said:

Transfer was not to/from personal account

No idea what that means - an ISA is inherently a personal account?

Dandytf said:
I have read of nw 'sweeping' rights-don't recall which part of their website and not sure what they officially call it.

I suspect you're referring to set-off rights, but these are generic rather than NatWest-specific:

https://www.moneysavingexpert.com/banking/setting-off/
https://www.stepchange.org/debt-info/debt-collection/right-of-offset.aspx

jimjames

Dandytf said:

Qyburn said:

If the problem on HL was choice of funds, why didn't you just change them (or it)? Rather than switching to a restricted platform that only offers expensive funds.

I've chosen to 'Simplify' my Investments and thus can Avoid checking Individual Funds far too often.

Dandytf said:

HL Isa was sold I think .89% down.
Separate Sipp via HL was sold almost 6% down, this was mainly due to my attempts at 2 ETF'S.
Energy was last <25% as was RNO -<25/26%
 -edited-
 NWI Isa-+2.01% -only for recent opening fun, whilst checking Sipp t/fer status-not arrived yet.

 Maybe you've not realised the inconsistency of posting regular updates on performance

Dandytf

jimjames said:

Dandytf said:

Qyburn said:

If the problem on HL was choice of funds, why didn't you just change them (or it)? Rather than switching to a restricted platform that only offers expensive funds.

I've chosen to 'Simplify' my Investments and thus can Avoid checking Individual Funds far too often.

Dandytf said:

HL Isa was sold I think .89% down.
Separate Sipp via HL was sold almost 6% down, this was mainly due to my attempts at 2 ETF'S.
Energy was last <25% as was RNO -<25/26%
 -edited-
 NWI Isa-+2.01% -only for recent opening fun, whilst checking Sipp t/fer status-not arrived yet.

 Maybe you've not realised the inconsistency of posting regular updates on performance

Only as HL nice website was driving me mad due to my overuse.
NWI I find takes less effort and I want to join the 'I don't need to check Performance often' crowd.

thanks

Dandytf

eskbanker said:

Dandytf said:

Transfer was not to/from personal account

No idea what that means - an ISA is inherently a personal account?

Dandytf said:
I have read of nw 'sweeping' rights-don't recall which part of their website and not sure what they officially call it.

I suspect you're referring to set-off rights, but these are generic rather than NatWest-specific:

https://www.moneysavingexpert.com/banking/setting-off/
https://www.stepchange.org/debt-info/debt-collection/right-of-offset.aspx

Thanks maybe I should have used 'Current Account' to differentiate from 'Investment' account.

Sell of rights sounds about right, coincedently it was whilst browsing NW OD when I read what I call 'sweeping' rights reserved meaning that in theory NW could potentially enter and move funds from investments to current account, I'm not convinced if Account types matter if and when they invoke such rights, should they choose to do so.

thanks  

Qyburn

Dandytf said:
p.s. Why am I not convinced NW could Invoke 'sweeping'  Powers until I reduce OD, particularly if times get tougher for u.k.

I don't think there's the remotest chance thst Nat West could grab funds from one account to settle an overdraft in another. Well maybe a very remote chancem but it would have to start with the OD being in default, then they'd have to either find terms and conditions allowing that seizure, or get a court order. 

masonic

If you're being chased for a debt that you are trying to avoid paying, the last thing you should do is provide the lender with evidence that you have the means to pay it (for example by waving investments under their noses). Knowing this will make it more likely they will take legal action against you.

Dandytf

Qyburn said:

Dandytf said:
p.s. Why am I not convinced NW could Invoke 'sweeping'  Powers until I reduce OD, particularly if times get tougher for u.k.

I don't think there's the remotest chance thst Nat West could grab funds from one account to settle an overdraft in another. Well maybe a very remote chancem but it would have to start with the OD being in default, then they'd have to either find terms and conditions allowing that seizure, or get a court order. 

I've No Idea t.b.h. My concern is prob from when they used to Auto Swipe from Savings.

thanks

Dandytf

masonic said:

If you're being chased for a debt that you are trying to avoid paying, the last thing you should do is provide the lender with evidence that you have the means to pay it (for example by waving investments under their noses). Knowing this will make it more likely they will take legal action against you.

I'm starting by reducing Isa|+Sipp cont's
I'm going to continue as is, this is going to mean using some Isa in a few months time.

Qyburn

Dandytf said:

I've No Idea t.b.h. My concern is prob from when they used to Auto Swipe from Savings.

Never heard of that "auto swipe". Are you sure it wasn't "sweep"? I've seen arrangements where a surplus from a current account is "swept" into a deposit account, then swept the other way if the current a/c drops below a preset threshold. But that was an arrangement specifically set up, not foisted on the account holder.

To cut to the chase, setting aside that running an overdraft unnecessarily is money down the drain, is the overdraft pre-agreed and within limits? Or is it in default and they're starting enforcement actions?