Due to lack of attention to household finances I have let a Fixed Term Bond and a Fixed Term ISA rollover to another 12 months and 24 months respectively, guaranteeing that I will lose real capital value. This is entirely my fault but do I have any rights to escape them given that I did not ACTIVELY choose to extend any commitment?
Looking for a DAK style answer, rather than a discussion on what else I could do with the money etc.
Thanks
Clariman
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ISA and Bond rollover to a new Fixed Term - rights?
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Re: ISA and Bond rollover to a new Fixed Term - rights?
Clariman wrote:Due to lack of attention to household finances I have let a Fixed Term Bond and a Fixed Term ISA rollover to another 12 months and 24 months respectively, guaranteeing that I will lose real capital value. This is entirely my fault but do I have any rights to escape them given that I did not ACTIVELY choose to extend any commitment?
Looking for a DAK style answer, rather than a discussion on what else I could do with the money etc.
Thanks
Clariman
It's the first time I've heard of a fixed term bond/ISA having rollover set as default. With Nationwide, Monzo and AJBell, the money was returned to the current account and I then had to decide what to do with it.
I'll be interested in the replies. Somehow, 'Fixed term' with 'rollover as default' seems a bit weird.
Steve
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Re: ISA and Bond rollover to a new Fixed Term - rights?
stevensfo wrote:Clariman wrote:Due to lack of attention to household finances I have let a Fixed Term Bond and a Fixed Term ISA rollover to another 12 months and 24 months respectively, guaranteeing that I will lose real capital value. This is entirely my fault but do I have any rights to escape them given that I did not ACTIVELY choose to extend any commitment?
Looking for a DAK style answer, rather than a discussion on what else I could do with the money etc.
Thanks
Clariman
It's the first time I've heard of a fixed term bond/ISA having rollover set as default. With Nationwide, Monzo and AJBell, the money was returned to the current account and I then had to decide what to do with it.
I'll be interested in the replies. Somehow, 'Fixed term' with 'rollover as default' seems a bit weird.
Steve
Well it happens with my National Savings Index Linked Bonds. If I do nothing the capital and interest roll over for the same term again. In fact that is usually what I do, nothing, and just let them roll over.
To answer Clariman though, I suggest that he takes a look at the Terms and Conditions of the products and see what they say. If there is no cancellation clause (even with a penalty?) then all he could do would be to appeal to the issuer and see if they will help him.
Dod
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