Iii

[Deleted User]

Hi,

well I've had three done so far, first two were close enough, though third one new units allocated 90% out.

Looks like they've put the decimal point in the wrong place, only makes a difference of £5000+.

I've sent a secure message, though don't expect a reply soon.

juliamarsh

[Deleted User] wrote:

Hi,

well I've had three done so far, first two were close enough, though third one new units allocated 90% out.

Looks like they've put the decimal point in the wrong place, only makes a difference of £5000+.

I've sent a secure message, though don't expect a reply soon.

Told everyone it was a good idea to check what they had done.....a cautionary tale......although I think you might just have noticed that one!! :rotfl:

juliamarsh

As a result of several complaints during the first few months of being with Interactive Investor I was awarded as compensation a fair amount of commission credit in dribs and drabs - £30 here, £40 there, etc etc. Needless to say as a result of my experiences I have thought better of putting any new money with them so I have only been using it slowly. Unfortunately at the beginning of every new charging period it gets wiped off and I have to contact them to get it reinstated, since the inadequacies of their system preclude it being left on there. Sometimes this procedure is relatively quick and painless but more often than not it is the usual battle. Over the course of a week I have communicated with them several times about it, having to explain everything yet again to someone else who doesn't have a clue about it even though there are supposed to be notes on the system authorising it. Today they have excelled themselves.....the balance of my commission credit is £110 and this is the message I received:-

'Our Management Team would like to offer you a compromise. We can see that you have not used the Commission Credit we have awarded you and we would like to offer you a cash amount of 50 GBP as we believe this may be more beneficial to you. We appreciate that it must be frustrating having to call and request that we reapply the commission credit every quarter and since we only wish to make life as easy and as convenient for you, we believe the cash offer is fair.'

Needless to say I took issue with their definition of 'compromise' and disagreed with their contention that the cash offer was fair - I told them that on the contrary I considered it an insult! I wonder what sort of maths they were taught at school if they can seriously suggest taking away £110 and giving back £50......or maybe they take me for a fool! I told them what was most annoying was when I asked for it to be reinstated and it was not done promptly and efficiently, meaning I had to waste time and energy continually chasing it up. In addition, my fund rebates for June - August were calculated on the correct number of units for July but a lower number than I actually held for June and August; I have still not received any explanation for this or had it corrected. Fortunately they are correct this quarter, all except one fund. And the few conversions to clean class that they have actually completed have resulted in spectacularly silly book costs and P/L figures - one holding which is actually worth just under £5300 is showing a book cost of over £293,500 and a resultant 'loss' of over £288,000!!! More of their questionable maths?!?!?! I despair....again!!!!!!:mad:

masonic

It seems to me that a fair compromise would be £50 cash and a waiver of the remainder of this years' platform fee.

juliamarsh

masonic wrote: »

It seems to me that a fair compromise would be £50 cash and a waiver of the remainder of this years' platform fee.

It would be.....except that my new 'year' starts in just over 2 weeks which means either I would still be short changed or they would have to waive a portion of the fee for next year which I doubt they would agree to. I told them they could either give me £110 in cash or reinstate my £110 commission credit without further delay!

masonic

juliamarsh wrote: »

It would be.....except that my new 'year' starts in just over 2 weeks which means either I would still be short changed or they would have to waive a portion of the fee for next year which I doubt they would agree to. I told them they could either give me £110 in cash or reinstate my £110 commission credit without further delay!

I've just been charged for Jan-Mar 2016. I thought all customers were charged on the same dates, so you would have 3 remaining payments to make in 2016 - in April, July and October - totalling £60?

grey_gym_sock

masonic wrote: »

It seems to me that a fair compromise would be £50 cash and a waiver of the remainder of this years' platform fee.

i'd ask for £50 cash and a free transfer out.

juliamarsh

No Masonic I elected to stay on the old charging structure. I pay £144 once a year to cover everything including the SIPP. I didn't intend to trade much so I didn't think I would need the £20/quarter commission credits especially as I had a balance on my account already that I thought would last me a good few years!! Now I understand why you made that suggestion.

Grey gym sock they would never agree to a free transfer out....I have zillions of holdings!!

grey_gym_sock

juliamarsh wrote: »

Grey gym sock they would never agree to a free transfer out....I have zillions of holdings!!

are you planning to leave at any stage?

if not, why not, given all the problems you keep reporting?

if yes, then start to work out how. that could include asking for a free, or at least cheaper, exit. or using some your trade credits to consolidate down to fewer holdings before leaving.

juliamarsh

grey_gym_sock wrote: »

are you planning to leave at any stage?

if not, why not, given all the problems you keep reporting?

if yes, then start to work out how. that could include asking for a free, or at least cheaper, exit. or using some your trade credits to consolidate down to fewer holdings before leaving.

I would love to leave....if I could just wave a magic wand and it would all just happen instantaneously! If I could turn the clock back and know what I know now I would never in a million years have moved to them. However I have 58 holdings in total across my 3 accounts, the exit charges would be so costly even if I used those commission credits, never mind the excruciating pain of the mess up they would undoubtedly make of the transfer out and all the stress that would entail. In time I will consolidate down but I was hoping to do it more when I start to need to revert to cash as I get older - I don't really want to sell my holdings at the moment. I keep hoping that eventually the mess ups will get fewer - in a few months fund rebates will be finished anyway, the dividend payments have been a little more timely lately, and maybe they will agree to just give me the full amount of my commission credits in cash and put an end to all the hassle with that. Ever the optimist....or the fool!!!!