Scottish Friendly ISA - Money Disappeared!!!

BeatrixKiddo

Hi, 

I'm really anxious about this, so I'm hoping someone can please give me some advice. I recently took voluntary redundancy from a position I had been in for a while and received a settlement. I used the money to pay off my credit card and a few other things, and transferred approximately half to my ISA with Scottish Friendly, to cover my mortgage and bills etc in lieu of the next two months' salary (Sept & Oct). I'm not great with money, so I wanted it out of the way safe, so I did not spend it (please don't judge me! I am much better than I used to be!). I do this regularly with small amounts and it has always been fine.

I am approaching the date when my mortgage and majority of bills go out, so I went to transfer some of the money back into my current account in plenty of time to clear, only to see that it is missing. Thank goodness, I have a receipt in the form of a letter for the payment from Scottish Friendly, as well as a copy of my bank statement, to evidence the amount that has gone out to Scottish Friendly. I am trying to sort this out whilst visiting family in the USA and the date my payments go out is rapidly approaching. I am trying to not let this ruin my trip, but I am so stressed that I won't have the money back in time and my mortgage and bills won't get paid. Scottish Friendly are investigating, but I am so worried how long it is going to take and if I will get my money back! If anyone can please advise me, I would be so grateful. Thank you. 

eskbanker

BeatrixKiddo said:

Thank goodness, I have a receipt in the form of a letter for the payment from Scottish Friendly

If they acknowledged receipt in writing then that is a very useful piece of evidence, so you'll get your money back at some point, even though nobody on here can tell you how long it'll take.

Is it possible that the deposit may ultimately have been rejected for some reason perhaps (sent from account other than usual nominated one, or breach of ISA contribution limits, etc)?

If inaccessibility of the funds is ultimately shown to be their fault, then there's an argument that they should pick up the tab for any late payment charges, etc, arising from that.

Brie

Send a message to anyone that you were expecting to pay to tell them there is a problem.  They are more accepting if warned in advance.  If necessary cancel direct debits.  You can always get them set up once this is sorted out.

flaneurs_lobster

All of the above, plus could you contact your bank and explain the situation and ask for a short-term overdraft facility. The cost of this should be met by whoever is at fault for your money not being where it should be.

BeatrixKiddo

Thank you very much for your replies @eskbanker, @Brie and @flaneurs_lobster, it is much appreciated. I haven't done anything differently to usual, with the exception that this is a larger amount than I usually transfer. That's a good point regarding them picking up fees etc. My bank (First Direct) are brilliant and have given me advice regarding reversing the transaction, but unfortunately I am unable to call them to sort it out until I land back in the UK. Unfortunately my overdraft won't cover my mortgage, let alone my bills as well, and they can't guarantee they will honour any direct debits etc. over my overdraft. Fortunately, I have a family member I may be able to borrow some money from until this nightmare is sorted. Still very anxious and upset over it all, but thank goodness I have evidence of the transaction. 

flaneurs_lobster

You might want to reconsider calling your bank from the USA. If it's the cost that's bothering you then get your hosts to check what it would be on their landline tariff (if they have one), it's unlikely to be more than $1/minute. It's probably similar on your (or their) mobile but you'd need to check (or tell us your network and plan and we might be able to check).