ISA advice needed please

hamer

Hi there,
I wonder can someone offer me some sound advice for, other than understanding how simple interest is calculated, I have'nt the foggiest idea of how ISA's etc work.

As we are now aproaching the end of this financial year and the begining of the next, it is now two years since, following the advice of Lloyds TSB, my wife and I took out an ISA and an OIEC each with Scottish Widows ie.

2no. Scottish Widows Momentum Income Portfolio Shareclass A Accumulation Maxi Isa's, total cost £14,000.00 and

2no. Scottish Widows Momentum Income Portfolio Shareclass A Accumulation
Lump Sum OIEC's, total cost £14,000.00.

The current value is £1350.16 and £13485.57 respectively, representing a running loss to date inclusive of set up charges of £1,014.27.

I met the financial advisor at Lloyds TSB last week and voiced my concerns and was advised not to take any knee jerk action owing to the present climate, but to ride it out and review the situation again in three months time as Isa Investments are meant to be taken out over a term not less than five years.

Now, in a simplistic view, if the cash was still sitting in my current or savings account it would have made a couple of percent interest or, if it was sat under the bed in a shoe box, it would still be worth £28,000.00.

So, I am open to suggestions as to what is the best action to take, do I ride it out or what.

If I was to cash them in, is there an admin/surrender charge.

Your advise is welcome

Thanks,

jem16

The main problem has been getting your financial advice from a bank. They are tied to a limited range of products, they cannot portfolio plan and they are usually more expensive.

Your best bet would be to have the investment looked at by an IFA who will be able to properly review the investment and if necessary switch the funds.