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Egg messed up transfer to Icesave, compensation?
AbbieCadabra
Posts: 1,712 Forumite
one transfer from Northern Rock to Icesave went lovely & smoothly, completed in around 10 days or so.
the other transfer from Egg to Icesave - complete mix up by Egg :mad:
it took them a few weeks to close my isa & issue a cheque, which just happened to be in the wrong name :rolleyes: . Icesave returned it to them 12th June & they still haven't issued a replacement.
can i claim anything for the lost interest etc? (i have a feeling this is going to drag on & want to be prepared! :cool: )
MTIA
the other transfer from Egg to Icesave - complete mix up by Egg :mad:
it took them a few weeks to close my isa & issue a cheque, which just happened to be in the wrong name :rolleyes: . Icesave returned it to them 12th June & they still haven't issued a replacement.
can i claim anything for the lost interest etc? (i have a feeling this is going to drag on & want to be prepared! :cool: )
MTIA
0
Comments
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I've had some troubles recently with an ISA transfer.
I lost patience with the time being taken to rectify the issue, despite registering a formal complaint with one of the providers, and so rang the FOS for some guidance.
They took a few brief details and wrote to both institutions on my behalf (something I didn't expect because normally you have to go through the provider's 8-week complaints procedure first), telling them to get their act together, although they put it more politely than that. Simply...
"ISA transfer taking too long. Customer seeking redress"
The outcome was completion within 7 days, a backdating of interest, and a 3-figure 'goodwill' gesture from the guilty party.
At no time did I mention "compensation". I merely let the guilty party know I would be considering my position once it was sorted, and my decision would be strongly influenced by the content of their final response letter.0 -
very interesting! thank you VERY much for that.0
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not much progress on this, & another problem has cropped up!
no reply from egg about a replacement cheque or lost interest & icesave have just told me that a cheque received from smile (another previous isa) was wrong too & a replacement has been requested...
something SO simple & no-one can get it right!0 -
You should quote the ISA transfer rules if you get any problems...
"No limit
The ISA transfer rules state that the time limit for the transfer should occur on the instructions of the investor and it should not exceed 30 days.
However, the time limit of 30 days only starts from when the manager holding your original account receives the paperwork from the new provider. Customers wanting to switch normally approach the new provider who actually has no time limit to get in touch with the old one."
http://news.bbc.co.uk/1/hi/programmes/working_lunch/7367885.stm
This 30 day limit has been laid down by HMRC!!!0
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