Bit of financial advice please...

[OldBlueLady]

In a position where I need to liquidate some investments, now, position is that foolishly, over the years, I put all my trust in my erstwhile husband and he handled all the investments apart from occasionally and begrudgingly listening when I requested particular shares (yes did very well out of Brands Hatch Leisure, and my Marks and Spencers are doing ok too!).

Suffice to say with divorce now well in progress, my two ISAs and my premium bonds are the whole sum of "our" investments, although only in my name. Now, what I'd like to do is close one of the ISAs which holds entirely Lloyds TSB (yes, I know, book price of close on £18k!) and also to rid myself of the other lot of Lloyds in my other ISA leaving me just the M&S. I'm at a loss though, should the people managing the ISAs have the share certificates or is he hiding them somewhere I can't find them? Can I just close the ISAs and hold the M&S as shares independently?

I'd prefer to use the shares rather than the premium bonds - he also has those hidden somewhere and has actually moved them from the place they used to be. Can I cash premium bonds in without the certificates if I need to though?

Any sensible help would be appreciated, I am, after all, just a stupid woman. :obl:

 

[Interpol Shrimper]

My financial tip would be to lend me 5 grand at an interest rate of 0.00001% over say 5 years ;)

Thanks in advance...

 

[Smiffy]

Sounds like one for the resident FSA, Mr Dave the Shrimper....

 

[number11]

Sounds like one for the resident FSA, Mr Dave the Shrimper....

After reading the teacher thread I thought RobM was teaching DtS everything he knew.....

OBL, whilst your Solicitor cannot give you financial advice, in terms of piecing together your own personal assets needed to complete your Form E, I would have thought they would be able to advise you on some of this?

 

[Mad Cyril]

Buy low.
Sell high.
Lunch is for wimps.

 

[OldBlueLady]

After reading the teacher thread I thought RobM was teaching DtS everything he knew.....

OBL, whilst your Solicitor cannot give you financial advice, in terms of piecing together your own personal assets needed to complete your Form E, I would have thought they would be able to advise you on some of this?

Yep, you'd have thought so, but unfortunately having received his form E Tuesday, my solicitor is not available for an appointment to discuss things until next Wednesday. Having read the totally fictitious monthly estimates he has concocted that make him require £3,700 odd per month, I have my son's 18th, my daughter's 16th and her prom to deal with this month as well as legal fees and I just want to have some funds to be able to give my kids what they deserve for once.

My financial tip would be to lend me 5 grand at an interest rate of 0.00001% over say 5 years ;)

Thanks in advance...

You are having a giraffe Rich aren't you?!!!

 

[BrettieAngell]

You are having a giraffe Rich aren't you?!!!

I think he's being deadly serious!

 

[OldBlueLady]

I think he's being deadly serious!

It's me needs the bloody money not t'other way round!!! :doh:

 

[The Flying Scotsman]

Am i missing something here - doesn't the bloke normally get shafted in a divorce?

 

[please delete my account]

Am i missing something here - doesn't the bloke normally get shafted in a divorce?

Exactly. Not only does she have to fork out about 4 grand, she also gets lumbered with the bloody kids. What a p***er.

OBL, I'd get yourself a different lawyer. The one you've currently got sounds like a ****.

Kind Regards

 

[OldBlueLady]

Am i missing something here - doesn't the bloke normally get shafted in a divorce?

What, you mean almost a year in, the one that's still living here cos he can't afford to live elsewhere and has managed to get through all his investments and savings and land up with debt of around £50k and still expects me to run him to and from the station?

 

[Interpol Shrimper]

Yep, you'd have thought so, but unfortunately having received his form E Tuesday, my solicitor is not available for an appointment to discuss things until next Wednesday. Having read the totally fictitious monthly estimates he has concocted that make him require £3,700 odd per month, I have my son's 18th, my daughter's 16th and her prom to deal with this month as well as legal fees and I just want to have some funds to be able to give my kids what they deserve for once.



You are having a giraffe Rich aren't you?!!!

Oh go on please...
Seriously, I take it this £3.7k pcm is the "fiction" you referred to earlier in the week elsewhere?

 

[canveyshrimper]

What, you mean almost a year in, the one that's still living here cos he can't afford to live elsewhere and has managed to get through all his investments and savings and land up with debt of around £50k and still expects me to run him to and from the station?

The 21 bus goes past your house, well almost.

 

[Interpol Shrimper]

...still expects me to run him to and from the station?

 

[Pubey]

I'm glad you posted that, I was about to!

 

[BrettieAngell]

seriously tell him to do one!!

 

[DTS]

Kay,

I will try and give you a sensible answer but if your not sure then PM Rob M for details. He works in an Oil company so knows all about ISA etc...

The ISA itself is not really a product in itself its more of whats know in the trade as a wrapper or shetler.

If I am reading it correctly then the LTSB and the M&S shares are both within the same ISA and you want to know if you can cash in the LTSB ones but not the M&S? If I read that right then yes you can as the ISA is just a shelter to protect the shares from tax (Except the 10% notional tax credit which no-one can reclaim).

The share certificate would depend upon who the provider is and what there policy is but I would suspect they have kept it of you have given them discretion to use your ISA allowance?

Do you need to cash in the LTSB shares now? I am sure you do but I am sure you know the banking sector is not fantastic at the moment so might be better to hold on if you can?

re -the premium bonds. You would normally need the certificate but I am sure that if you call the NS&I helpline and explain the situation they will have some contingency plan.

Hope I read this right but if not let me know

DtS

 

[OldBlueLady]

Thanks Dave, there are two ISAs, both with Lloyds, one is made up of solely Lloyds TSB shares, the other holds a mix of those and M&S. I'd prefer to just have the M&S shares as a holding independently as I don't think I can justify paying monthly fees for the ISA management. I never did have any interest in banking shares but he continued buying them anyway so I'd really just like to get rid.

And yes everybody, I know about the "mug" thing, but just try living in a house where you're trying to be reasonable for everybody's sake, including your kids. Once he decided he wasn't going to move out, what seriously could I do? It's prevented my son from getting EMA, it prevents me from claiming Child Tax Credits and help with stuff like buying new glasses (which I need, having erm....lost a pair recently). I know I've done everything I could to be reasonable here and to be honest, I have to continue doing so to get my op done privately. Once it's done then that's a different matter!

 

[DTS]

Thanks Dave, there are two ISAs, both with Lloyds, one is made up of solely Lloyds TSB shares, the other holds a mix of those and M&S. I'd prefer to just have the M&S shares as a holding independently as I don't think I can justify paying monthly fees for the ISA management. I never did have any interest in banking shares but he continued buying them anyway so I'd really just like to get rid.

And yes everybody, I know about the "mug" thing, but just try living in a house where you're trying to be reasonable for everybody's sake, including your kids. Once he decided he wasn't going to move out, what seriously could I do? It's prevented my son from getting EMA, it prevents me from claiming Child Tax Credits and help with stuff like buying new glasses (which I need, having erm....lost a pair recently). I know I've done everything I could to be reasonable here and to be honest, I have to continue doing so to get my op done privately. Once it's done then that's a different matter!

The ISA itself should not cost you anything as all it is is a shelter so its not costing anything to run - its solely there to give you a better return.

I suspect if your paying high fees for the Investment ISA that its a managed ISA maybe (Eg you have a fund manager looking after it for you) or its a discretionary ISA (Where you give them discretion to use your allowance each year).

Once your partner has got as you have said you will need to look into tax credits etc as I am guessing you will be well under the threshold for support.

 

[Blonde Shrimper]

You have my sympathy. Been there and done it. I know you can get premium bonds back as had the same problem. Just had to fill in a form.

And the guy doesn't always end up worse off!