Investment Plans surrendered without consent

[ciarano]

I Invested in funds back a few years ago went to query status as should have matured by now only to find out that

" Investment Plans have been surrendered with effect of XXX date in 2XXX"

3 years after investing in to a 6 year term cheque was issued to a Bank

1. This was without my consent and have have requested an investigation as to who what when and why AND as to how this can happen without my consent is this legal?

2.Also is it legal to use investment funds as security?

 

[Brendan Burgess]

Hi Ciarán

I presume that this was cashed to pay off a loan of yours? (So I have moved the thread to a more appropriate forum). You will have to give a lot more information.

Normally, this would not be possible. For example, if I have an Irish Life product, they could not cash it and pay the proceeds to pay off my Bank of Ireland loan.

If that is what happened, then they should reinstate the policy.

If the plan was with Irish Life and you gave it as security for an AIB loan, then it's probably legitimate. But they would have only done it as a last resort.

But as I say, you will have to give a lot more details.

Brendan

 

[Jim2007]

Well with so little to go on...

- It depends on the product and the terms, put it certainly is not unusual and fairly common over recent times for providers to execute such an option. But you'd need to give us more information on exactly what kind of product you are talking about.

- If the cheque was deposited in your bank, then yes it is possible but again you'd need to look at the bank's terms and conditions.

 

[ciarano]

Thanks Brendan and Jim for the info i will get more but Brendan your not far off the mark wasnt sure if allowed to mention banks etc.