Investment isa

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On listening to a local radio this morning an advertisement gave out a number to call for people who have lost money taking out investment isas. I opened one with Royal London in 1997. At the time the salesman said it would outperform by far the bank interest rate at the time. But within 18 months i got a letter to say that thy were scrapping it and i could either a. leave it until the new tax year when it would have made a small amount or b. take it asap and lose a similar amount. Because i was buying a new car at the time i took it out and took the hit. But this got me thinking today would it be worth looking into especially as the message said you wont need the original paperwork. Ive also had a 15 and 25 year endownments with RL and both didnt come near to what the salesman had forecast at the time. However , i do have the paperwork for those but only some of the scribblings of the salesman on what they were likely to bring back.

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  • jimjames
    jimjames Posts: 17,625 Forumite
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    I think you may have misheard. ISAs did not exist until 1999 so whatever you had in 1997 was not one.

    Investment performance is not something that is eligible for claims, if you sold out after 1.5 years then it is likely you could lose money, if you'd kept it till now you would probably be sitting on a very tidy profit.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • P933alilli
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    Thanks! I must have overestimated how far back it was as i definitely had a cash isa already. Maybe it was, in fact , late 1999 or early 2000's. And the letter i had specifically said they were'nt taking any more contributions, not just that they werent continuuing the product, because it wasnt working out as they expected.
  • jimjames
    jimjames Posts: 17,625 Forumite
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    If you check the letter again now (I assume you don't have it) I suspect there would have been an option to transfer to another provider too. An ISA provider can stop their service but they can't force you to cash out of the ISA wrapper.
    Remember the saying: if it looks too good to be true it almost certainly is.
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