Leaving HL without transfer charges

gadgetmind

My new platform today said -

"We have been notified that they [HL] are experiencing significant delays due to volume meaning transfer could take up to 12 weeks. Furthermore those transfer where exit fees have not been paid will be blocked."

rpc

8.5 weeks on and everything has arrived from HL on my new platform except the cash.

Two funds still showing on HL, I assume they are waiting for confirmation from Vanguard before removing those and sending the cash over.

masonic

gadgetmind wrote: »

My new platform today said -

"We have been notified that they [HL] are experiencing significant delays due to volume meaning transfer could take up to 12 weeks. Furthermore those transfer where exit fees have not been paid will be blocked."

I wonder what they mean by that last sentence. Obviously a number of us have successfully transferred without paying exit fees. Perhaps they mean that some people have just ignored the request for payment and their transfers are not being processed by HL.

grey_gym_sock

1 statistic we will never see is what proportion of transfers are being charged exit fees because no (formal) request was made to have them waived.

bossymoo

gadgetmind wrote: »

My new platform today said -

"We have been notified that they [HL] are experiencing significant delays due to volume meaning transfer could take up to 12 weeks. Furthermore those transfer where exit fees have not been paid will be blocked."

Pfft.
Hopefully not where they have agreed to waive the exit fees!

gadgetmind

masonic wrote: »

Perhaps they mean that some people have just ignored the request for payment and their transfers are not being processed by HL.

I guess, but given how much business HL are clearly losing, they must be trying to balance not being sued/penalised versus hanging onto income as long as they can.

gterr

You may recall from previous posts that my husband and I are having some problems with our transfers of Fund and Share and ISA accounts from HL to iii and CSD respectively.


Secure messages sent a week ago to HL to chase the cash that has disappeared from accounts, or that is stuck at HL, have gone unanswered. Today I attempted to send a message from the front page of the HL site, in the hope that this may land on another desk and actually be dealt with. That page crashed at the sending stage!


I have therefore resorted to telephone. I was on hold about 5 minutes - which is unusual for HL - but then did actually get to speak to someone helpful, who could see the problem. He is going to give an extra boot to the cash that's stuck in the old HL accounts. When it comes to the cash that's disappeared from my husband's ISA, he claimed that a cheque had been sent to CSD in mid March. (This seems unlikely, given that the funds hadn't transferred by then, but whatever.) He could see that the cheque had not been cashed by CSD (not surprising if they didn't get it) so he's arranging for a new cheque to be sent. I live more in hope than expectation.


But the upshot of all this would seem to be that sending a secure message may be ineffective at the moment, and a phone call to the helpdesk may be the only way to elicit progress.

Doctor_Who

gterr wrote: »

But the upshot of all this would seem to be that sending a secure message may be ineffective at the moment, and a phone call to the helpdesk may be the only way to elicit progress.

Interesting, but my recent experience was completely the opposite! I sent a secure message to HL about my SIPP transfer to II and within two days had a call from HL saying they had tried 4 times to contact II about the re-registration of the funds in my SIPP and could I contact II to push them on this!! Not sure whether this just BS, but for the first time ever HL replied to my secure message with a phone call.

hyposmurf

From my previous post, H&L are also a bit snowed under by the volume of transfers going on.

https://forums.moneysavingexpert.com/discussion/4959116

naedanger

I have just received an email from my new provider to say that the cheque in respect of my ISA account has now arrived. So the transfer of both my accounts is finally completed.

It has taken just under 13 weeks and a lot of chasing from me and my new provider. Also both my accounts were straightforward.