ISA and Bond rollover to a new Fixed Term - rights?

[Clariman]

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

[stevensfo]

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

[Dod101]

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