Isa

cartweels

I took out an ISA (stocks and shares) in the tax year 2002/2003 on the advice of a Financial Adviser to cover any shortfall we may have experienced with an endowment mortgage. Fortunately, we did not need this and have continued to subscribe over the past 6 years. In the last 12 months I have lost £500+ and am seriously considering my options.
Can anyone advise me on the best way to cash this in and if there will be any penalties or am I able to transfer it to another provider.
Any advice and help would be much appreciated.

Desperate_Housewife_2-2

Hi cartweels and welcome to the forums, I was just passing by this board and read your post so thought I'd answer. I am not an expert but i would suggest the following:

- Look into selling your endowment and going for a repayment mortgage, making sure that you replace the life assurance you would lose form getting rid of the endowment.

- think about the market, will it pick up long term so you can recoup your losses, stocks and shares are a log term investment.

- If you are worried, freeze your payments and switch to a cash isa with a good rate of interest.

Hope this gives you something to think about, I'm no expert but hopefully someone will come along soon who is!

debbie42

cartweels wrote: »

Can anyone advise me on the best way to cash this in and if there will be any penalties or am I able to transfer it to another provider.

A S&S ISA is just a tax wrapper, so it would depend on the particular product. What exactly are you investing in?

dunstonh

In the last 12 months I have lost £500+ and am seriously considering my options.

Investments can go down as well as up and for late 2007/early 2008 the markets dropped. There has been some recovery in the last month but ups and downs are normal and to be expected.

am I able to transfer it to another provider.

Transferring it to another provider wont make any difference if you invest in the same places..