1.Incur interest charge possibly at about 7% p.a.
2. Broker contacts you saying pay up or face legal action.
3. Put to debt collector and incur more charges.
4. Give you notice that they will cancel the trade (sell the shares) which may incur loss or profit and more fees.
Brokers are not allowed to cancel bargain without giving you prior warning.
So am I - because I can't understand why, if you wanted to put existing shares into an ISA, you needed to sell them and then buy them back. Did you get some proper financial advice about this, or have you stupidly tried to do something yourself without understanding what you are doing. Basically, you have just lost more money than those shares would make in an ISA over several years. Next time ask your ISA provider to handle it for you.
Hello everyone
I have decided to bed the majority of my shares into an ISA
My shares were sold and about 3000 pounds was made avaliable in my fund and share account
However i used a good 2000 pounds of the amount avaliable to buy more shares
I realised however there was a three day settlement period and the shares being rebought on my ISA are being settled the next day and I do not have all of the required funds due to my silly mistake.
What is likely to happen now, are there any penalties due to me not having the required funds at the settlement date? I am very confused right now
