UC How do I kick start a review of my savings

_Jem_

Altior said:

_Jem_ said:

Altior said:

_Jem_ said:

Altior said:

It is plausible at least that this was originally a JISA. If the OP's address was not updated, they may not have received the letter to convert the JISA/ISA into their own name. Maybe it was opened with a pretty modest amount of money originally, and over time, people just forgot about it. 

Presumably the OP would have needed to provide ID to access this account anyway, once they discovered it existed. 

OP, has a JISA been mentioned in dispatches at all? It's an ISA specifically for U18s that is then converted into an ISA upon adulthood. But not automatically. Crucially, opened up by adults, legitimately, acting on the child's behalf. 

Once I found out about the ISA, I looked to see if there was a app, there was the only thing I needed was my NI number and DOB.

Looking in the app it has a transactions section and the only transaction was on the date that it was opened over 30 years ago, a good amount was put in not too little not too much. I'm only £3,000 over in the ISA.

That adds to the confusion to be honest, as ISAs for adults only started in 1999.

How old were you when it was opened?

I would have expected it to have grown significantly over that timeframe. Unless it is being chewed up by fees.

Long gone are the days where you can ordinarily access an account like that you've never used before, by simply disclosing your DOB and NIN, as those are pretty easy variables to get hold of. This is a rather unusual scenario. 

'baby bonds' (CTFs) were introduced by the Blair government in 2005, so only 20 years ago. JISA's weren't launched until 2011.

It's actually saying start date 1998 so actually that makes it 27 years.

I was a bit shocked on how easy it was to get into the account with just DOB & NI number, It did ask for the account number, but still it doesn't sound to secure.

Are you certain it's an ISA? Babies don't get issued NINs, people only get issued them when reaching age 15/16. 

(or if ancient like me, you got sent a physical card!)

It's saying it's a ISA perhaps it was a PEP account before and changed to a ISA.

I still have my NI card it's a bit old now been run over so it's taped together lol

_Jem_

Absolutely useless in my journal, I have been told I have reported it and the reason why so carry on as normal, seems they won't start a review of my accounts to see if I have been overpaid. I even phoned up UC and asked them to start it, I got told to report it in my journal and she put the phone down on me.

Muttleythefrog

_Jem_ said:

Absolutely useless in my journal, I have been told I have reported it and the reason why so carry on as normal, seems they won't start a review of my accounts to see if I have been overpaid. I even phoned up UC and asked them to start it, I got told to report it in my journal and she put the phone down on me.

I'd try leaving message in relation to a payment. Ask for a decision maker to look at your case as you've had an ISA account that you were unaware of/forgot about that has had thousands of pounds in it throughout your claim for UC and recalculation of monthly awards will need to be looked at with a strong potential for repayment of overpayments which you intend to make. Indicate you intend to determine the value of the ISA  (for which standard bank style statements are not available) at end assessment periods and calculate capital for each such period.

If you leave a message like that and they still do not show interest then I would make sure you take copy of your journal (in case it ever disappears - I was caught out by mine disappearing without warning after I separated) to show you have informed them of issue, your willingness to get suitable data and make good overpayments, and it is their choice not to process it if over time they do not.

_Jem_

Muttleythefrog said:

_Jem_ said:

Absolutely useless in my journal, I have been told I have reported it and the reason why so carry on as normal, seems they won't start a review of my accounts to see if I have been overpaid. I even phoned up UC and asked them to start it, I got told to report it in my journal and she put the phone down on me.

I'd try leaving message in relation to a payment. Ask for a decision maker to look at your case as you've had an ISA account that you were unaware of/forgot about that has had thousands of pounds in it throughout your claim for UC and recalculation of monthly awards will need to be looked at with a strong potential for repayment of overpayments which you intend to make. Indicate you intend to determine the value of the ISA  (for which standard bank style statements are not available) at end assessment periods and calculate capital for each such period.

If you leave a message like that and they still do not show interest then I would make sure you take copy of your journal (in case it ever disappears - I was caught out by mine disappeared without warning after I separated) to show you have informed them of issue, your willingness to get suitable data and make good overpayments, and it is their choice not to process it if over time they do not.

Thanks I have pretty much said this in my journal, So I will take a screenshot of what I wrote, I will be fair and give them to January, if I haven't heard anything I will transfer the whole lot to my bank as it will take about a month to transfer it.

sammyjammy

On the account it was probably opened as a TESSA which was the precursor to the ISA.

_Jem_

sammyjammy said:

On the account it was probably opened as a TESSA which was the precursor to the ISA.

I do remember the word PEP being thrown around my family's home, not heard of TESSA before.

Some Google research for the weekend lol

kaMelo

Prior to ISA's there were TESSA's (tax exempt special savings accounts) and PEP's (personal equity plans)

When ISA's launched there were different types, mini ISA (now called a cash ISA) replaced the TESSA and maxi ISA (now called stocks and shares ISA) replaced the PEP. I'm sure there was another type of ISA but I can't recall that off the top of my head.

As you mentioned earlier there has only ever been one purchase in your ISA, if you know what fund(s) you hold it is possible to work out it's value over time. Given how much many funds have risen over the last year or two it may not be that long ago when you breached the £6,000 threshold.

Grumpy_chap

kaMelo said:

Prior to ISA's there were TESSA's (tax exempt special savings accounts) and PEP's (personal equity plans)

When ISA's launched there were different types, mini ISA (now called a cash ISA) replaced the TESSA and maxi ISA (now called stocks and shares ISA) replaced the PEP. I'm sure there was another type of ISA but I can't recall that off the top of my head.

TESSA-only ISA = funds transferred from a TESSA
mini-ISA = stocks OR cash (not both)
maxi-ISA = stocks AND cash

born_again

_Jem_ said:

Absolutely useless in my journal, I have been told I have reported it and the reason why so carry on as normal, seems they won't start a review of my accounts to see if I have been overpaid. I even phoned up UC and asked them to start it, I got told to report it in my journal and she put the phone down on me.

Are you just adding this as a journal message or  via report a change & Money Savings & investments.

As you have access to account. You should also be able to get annual statements which are a requirement. Even if you have to contact them via phone or other means. I would be doing that so you have them ready should DWP require them.

Altior

kaMelo said:

Prior to ISA's there were TESSA's (tax exempt special savings accounts) and PEP's (personal equity plans)

When ISA's launched there were different types, mini ISA (now called a cash ISA) replaced the TESSA and maxi ISA (now called stocks and shares ISA) replaced the PEP. I'm sure there was another type of ISA but I can't recall that off the top of my head.

As you mentioned earlier there has only ever been one purchase in your ISA, if you know what fund(s) you hold it is possible to work out it's value over time. Given how much many funds have risen over the last year or two it may not be that long ago when you breached the £6,000 threshold.

Certainly seems wholly unlikely that there was effectively a pre-internet account like a PEP that you could access decades later by simply entering your NIN and date of birth into a 2025 app! The other poser is that it would now be worth an awful lot more than £6K, as you allude to! I don't think PEPs could be opened for children (but then nor could early ISAs).

It would be useful to know what the original investment was, what was it put into, and the age of the OP at account opening.