Virgin Money delay in distribution/dividend payment

dsquared22

Is anyone else experiencing a delay with Virgin Money Stocks and Shares ISA paying the twice yearly dividend/distribution payment. There was one due on 15th May which I haven't received. Is anyone aware of any delays/problems with this since the new investment platform started in the New Year? And if so when/how they might be resolved. Thanks.

bertiebalooga

I haven't received my distribution payment from 15th May either. Customer Services are being very vague about what's happening but seem to think it will be 5 to 7 working days late. I've raised a complaint but no response as yet. 

dsquared22

bertiebalooga said:

I haven't received my distribution payment from 15th May either. Customer Services are being very vague about what's happening but seem to think it will be 5 to 7 working days late. I've raised a complaint but no response as yet. 

Thank you. Yes I phoned this morning and was told it would be up to ten working days late due to a technical fault. I asked whether it would be a regular pattern to pay a few days after the date and was told hopefully not but no promises etc. I found Customer services very helpful.

Kokoraki

I called them yesterday (20th May) and was told it could be the 29th May before the dividend is distributed.  The person I spoke to could not (or would not) elaborate on the reason for this.  I raised a formal complaint through the complaints process because I rely on this income now I'm retired.  I pointed out that it was the equivalent of your employer randomly failing to pay your monthly salary without any warning.

Flying_Magpie

Hi all, I’m in the same boat. I got a more definitive answer on web chat yesterday (Tues 21st May). I was told funds would be in my account on Wed 29th May i.e. a 2 week delay. I have also submitted a complaint on Fri 17th May for which I await a response. Although I’ve always received dividends on time, I do feel VM on this occasion could have passed on their apologies, communicated the issue, provided a timescale for resolution etc to customers to provide some reassurance. Fingers crossed the funds arrive in the next week or so.

dsquared22

Flying_Magpie said:

Hi all, I’m in the same boat. I got a more definitive answer on web chat yesterday (Tues 21st May). I was told funds would be in my account on Wed 29th May i.e. a 2 week delay. I have also submitted a complaint on Fri 17th May for which I await a response. Although I’ve always received dividends on time, I do feel VM on this occasion could have passed on their apologies, communicated the issue, provided a timescale for resolution etc to customers to provide some reassurance. Fingers crossed the funds arrive in the next week or so.

Yes I've since been told the 29th. I agree they should have communicated in an email or on their website so we weren't left guessing especially for those who depend on the income.

Sutch

I spoke to Will at VM on 20th May. His attitude was quite dismissive and told me "not to worry" as nobody had received their dividends. I told him that was hardly reassuring and reminded him that VM had managed to charge my monthly a/c fee on time.
I expressed concern that their attitude appeared to be that distribution was optional.
However, contrary to comments above he forecast payment on 25th. Not impressed

Flying_Magpie

Let me know if and when you receive any response for those of you who have raised a complaint - I’ve heard nothing, but did check back with VM earlier and they are sticking with payment being made 29th May

dsquared22

One positive of the delay is that unit prices have gone down since the election was announced so we might get more units for the money... 

Kokoraki

My dividend is now shown in the VM portal  - a full 10 days late.

dsquared22

Yes mine's in there too in cash form. I guess units will be bought on Tuesday.