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Need help writing letter to get out of Tracker Bond

  • 22-04-2009 12:39pm
    #1
    RebelGirrrl
    Closed Accounts Posts: 170 ✭✭


    I had invested a Tracker Bond invested a few years ago that mature in December. Normally they don't allow you to get out of it early but if you wrote to them saying that due to financial hardship & given the economic situation they said they may consider it. I feel silly even asking this but can anyone help me on how best to word it? I really need to get my hands on this money so any help would be greatly appreciated. :confused: Thank You


Comments

  • #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Hi RebelGirrrl,

    Most tracker bonds contain some form of guarantee that at worst you'll get your money back, or at least a specified percentage of it if you hold the bond to its maturity date.

    Depending on what the bond is tracking, the actual value of it now may well be far below what you invested, given recent market conditions. But if you hold on another eight months until December, the guaranteed minimum amount may apply.

    So even if they do let you access money now, I'd imagine that no guarantes will apply and you'll get some reduced amount at the discretion of the provider.

    I'd be inclined to check with the provider (a) what amount would you receive now if they allow you to break out and (b) what's the guaranteed minimum payment in December.

    If there's a huge gap between the two figures, it might be cheaper for you to borrow against this policy, to be repaid from the proceeds in December.


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