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Member Bond not issued- lost interest help!?
kazzah
Posts: 460 Forumite
Hi
I THINK I am in the correct place to ask this question, but if I am not, please forgive me.
background to my question is this;
I invested a small -ish amount of money (5K) in a member bond with a fixed rate interest rate for 2 years in 1999
upon maturity, the BS contacted me with details of a further investment bond for a similar fixed rate, which I accepted and posted off the required forms and re-invested my bit of spare cash.
This format continued until 2006 when for some obscure reason I chose to deal with the re-investment through my local branch rather than the postal service.
so since 2006 I have been quite happy that my bond was collecting 5.4% and growing slowly but safely.I must admit leading a busy lif with 2 disabled kids, I completely put the bond out of my mind.
On Saturday I received a statement for the bond, which showed just £240 intrest for the year on my bond - I knew this wasn't enough and went to my file to check on the last years statement - which I couldn't find.
I contacted the BS to be told to call back on Monday - which i did today to discover that the member of staff who I gave the matured bond and the application for the new bond to, had not actioned the bond and my money has been sitting in a low interest account ( something like 0.02%) for nearly THREE YEARS - so instead of it now being worth £9215,12 it's worth only £7,881.79
Now I KNOW I should have realised that I had never received the bond paperwork through, nor any statements, but I am human and simply put the bond out of my mind as I had done previously and so I did not check up until I received this 1st statement this weekend.
I KNOW they did not write to me advising that they were going to put the money into a low interest account, or I would have moved it immediately into my postal account which pays much higher interest, but other than that i have NO proof that I handed the bond to the member of staff ( I could kick myself for being so silly)
Does anyone know if I would have ANY chance of getting the BS to pay some of the interest I have missed out on back?
I am so annoyed by this, both with myself and the BS- I handed over my application in good faith and their employee has let me down badly - but I also cannot understand why I have had NO communication from them regarding this dormant bond for almost 3 years
Has anyone any experience of this sort of thing they could share with me?
Kaz
I THINK I am in the correct place to ask this question, but if I am not, please forgive me.
background to my question is this;
I invested a small -ish amount of money (5K) in a member bond with a fixed rate interest rate for 2 years in 1999
upon maturity, the BS contacted me with details of a further investment bond for a similar fixed rate, which I accepted and posted off the required forms and re-invested my bit of spare cash.
This format continued until 2006 when for some obscure reason I chose to deal with the re-investment through my local branch rather than the postal service.
so since 2006 I have been quite happy that my bond was collecting 5.4% and growing slowly but safely.I must admit leading a busy lif with 2 disabled kids, I completely put the bond out of my mind.
On Saturday I received a statement for the bond, which showed just £240 intrest for the year on my bond - I knew this wasn't enough and went to my file to check on the last years statement - which I couldn't find.
I contacted the BS to be told to call back on Monday - which i did today to discover that the member of staff who I gave the matured bond and the application for the new bond to, had not actioned the bond and my money has been sitting in a low interest account ( something like 0.02%) for nearly THREE YEARS - so instead of it now being worth £9215,12 it's worth only £7,881.79
Now I KNOW I should have realised that I had never received the bond paperwork through, nor any statements, but I am human and simply put the bond out of my mind as I had done previously and so I did not check up until I received this 1st statement this weekend.
I KNOW they did not write to me advising that they were going to put the money into a low interest account, or I would have moved it immediately into my postal account which pays much higher interest, but other than that i have NO proof that I handed the bond to the member of staff ( I could kick myself for being so silly)
Does anyone know if I would have ANY chance of getting the BS to pay some of the interest I have missed out on back?
I am so annoyed by this, both with myself and the BS- I handed over my application in good faith and their employee has let me down badly - but I also cannot understand why I have had NO communication from them regarding this dormant bond for almost 3 years
Has anyone any experience of this sort of thing they could share with me?
Kaz
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