put 10k into an Irish Life Fund through the PTSB. Can I change my mind?

J

jesster

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I got my SSIA on May 1. I decided to put 10k into an Irish Life Fund through the PTSB. It was due to start on June 1st. I signed up on April 28th.

As yet they still havent taken my money from my account. Ive called in to PTSB and told them but they didnt take it out then I called the investment guy i talked to and he said he'd sort it out but still nothing.

Anyway, I've seen something else thats just come up that I wouldnt mind putting the money into. Are you allowed to changed my mind? I read the paperwork i signed and it says I can change my mind 30 days after signing but that date has passed. What can they do if I just take the money out of my current account?
 
Re: Can I change my mind?

jesster said:
Ive called in to PTSB and told them but they didnt take it out then I called the investment guy i talked to and he said he'd sort it out but still nothing.
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Who is the "investment guy" and who does he work for?

Maybe the drawing down of the money is just delayed due to normal bank processing time (although a couple of weeks seems excessive).
Are you allowed to changed my mind? I read the paperwork i signed and it says I can change my mind 30 days after signing but that date has passed. What can they do if I just take the money out of my current account?
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Since the cooling off period has elapsed I suspect that you cannot cancel now other than under the normal cancellation terms & conditions of the policy (e.g. which might involve penalties).
 
Re: Can I change my mind?

sorry the investment advisor works for my branch of PTSB. They had one of those SSIA investment meetings and I went and decided I wanted to re-invest my SSIA.

Alas... I joined AAM after the event and now I see that I should have done better with my money. :eek:

The money is sitting in my current account and its coming close to end of month.. I feel like I could dip into it. Thats the type of person I am.

Ill get back onto the PTSB and get them to sort it right now.
 
Re: Can I change my mind?

If you want to do something else with your investment - I would cancel the original one straight away and see what they have to say - if the funds are not in the account they cannot take them out can they;)
 
Rang again. He is off on hols and no one covering.

Maybe they will take notice when I take out money.
 
Be careful - if there are no funds in the account and they draw the money down anyway (as already agreed to by you!) then you could end up with an overdraft or bounced payment situation which will most likely leave you liable for charges. You would be better off making sure that you have cancelled the investment (if that's even possible at this stage) before doing anything.
 
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