Virgin > Virgin ISA transfer

DavidAC

It could be the maturity date has to be no longer than six weeks from date of application AND within the funding time.

Issue 10 matures two nonths later han 9 so it might not be quite so bad with rates expected to have fallen a lot by then.

soulsaver

DavidAC said:

It could be the maturity date has to be no longer than six weeks from date of application AND within the funding time.

If you read my previous posts and/or followed the link in my earlier post, you'd maybe comprehend that it didn't.

Maybe write this one off to a learning experience and watch out for the next opportunity..    

DavidAC

I do not see that I did anything wrong, I was waiting for the 30 days from maturity for the funding window. There is no reason I should have known about the 6 weeks. I cannot be expected to read all the threads from that long before maturity.

I have read your posts and see they applied an early withdrawal penalty, so I do not think it is clear that it is 30 days + 6 weeks. Has the early closure penalty been corrected yet? Anyway, even with the penalty it will still be better than being transferred to 5.25% at maturity.

soulsaver

I didn't say you did anything 'wrong'.

The penalty is a VM error, as confirmed by them - they closed the account 6 weeks early, when the transfer request was 'at maturity'.

That's my last word on this as it occurs to me that I'm incapable of explaining it well enough for you to understand. Best wishes.

DavidAC

I do understand. The reason I ask is VM might (have incorrectly) closed your account 6 weeks early because they might have thought it would be outside of the transfer time limit at maturity. Good luck in getting VM to sort your transfer, which they probably will in time.

gele

My Virgin ISA issue 4 is due to mature on 20th Jan, I believe.  and I opened the issue 10 in advance ready to transfer it into. I haven't heard anything yet about maturity options but with only 1 week to go feel that I should have. Is anyone else in the same boat? I'm just wondering which is the best way to contact them to ensure its transferred on maturity and is kept within an ISA. Any advice welcome. Thanks

soulsaver

gele said:

My Virgin ISA issue 4 is due to mature on 20th Jan, I believe.  and I opened the issue 10 in advance ready to transfer it into. I haven't heard anything yet about maturity options but with only 1 week to go feel that I should have. Is anyone else in the same boat? I'm just wondering which is the best way to contact them to ensure its transferred on maturity and is kept within an ISA. Any advice welcome. Thanks

VM Exclusive 1 year Iss 4 matures 31/01/24 for everyone - IIRC you can set up now for a transfer at iss4 maturity in your iss 10. 

gele

Oh thank you. I don't know where i got the idea it was the 20th from. IIRC? Sorry for my ignorance Im not sure what you mean. Can you advise the best way of going about  setting  up this transfer.

soulsaver

gele said:

Oh thank you. I don't know where i got the idea it was the 20th from. IIRC? Sorry for my ignorance Im not sure what you mean. Can you advise the best way of going about  setting  up this transfer.

IIRC It's either a paper transfer or you can phone them.

badger09

gele said:

Oh thank you. I don't know where i got the idea it was the 20th from. IIRC? Sorry for my ignorance Im not sure what you mean. Can you advise the best way of going about  setting  up this transfer.

IIRC = If I remember correctly

27/12 I opened issue 10 online & there was option to xfer in one, but only one, other ISA so I xferred in a small recently matured VM FRISA & funds appeared 28 or 29/12.
At the same time I completed & posted xfer form to xfer my Exclusive iss 4 on maturity (30/1). 

Time will tell if that was the best option.