share issue - should we pay to get inherited shares?

Kez100

With someone with as much angst as you on the end of this I don't blame them wanting insurance to cover them if they paid out to the wrong person. Personally, I'd give you nothing if you couldn't be bothered to to pay an indemnity to cover against a future problem.

Alos, why should a remote business be bothered in your wellbeing? All they are trying to do is right a wrong, which due to delays has caused fees to be incurred.

vicallen2004

I don 't think you are being unreasonable at all. It really is a sad situation and it wouldn't be so bad if the small estates indemnity fee was less. They obviously have to cover cost but £69 is a lot of money! As I said earlier, we come across this alot and £69 is my view is unjustified. Plus they have you over a barrel because you do have to pay to get the shares. If you had Probate if would work out cheaper but the whole point of you not appying for Probate is that there wasn't a massive amount in the estate in the first place.

I hope it works out ok and may be it may be worth asking the registrars about any outstanding dividends, Please let me know if there is anything else I can help with.

Good luck!

kazzah

vicallen2004 wrote: »

I don 't think you are being unreasonable at all. It really is a sad situation and it wouldn't be so bad if the small estates indemnity fee was less. They obviously have to cover cost but £69 is a lot of money! As I said earlier, we come across this alot and £69 is my view is unjustified. Plus they have you over a barrel because you do have to pay to get the shares. If you had Probate if would work out cheaper but the whole point of you not appying for Probate is that there wasn't a massive amount in the estate in the first place.

I hope it works out ok and may be it may be worth asking the registrars about any outstanding dividends, Please let me know if there is anything else I can help with.

Good luck!

Many thanks for your kind comments - at least I know I am not alone in thinking the costs are high - I shall let you know how I get on regarding the dividends- I hadn't considered that there might be further funds due to us.

whatatwit

Hi, I received the share issue from Bradford and Bingley, I think it was about 250 shares.
Since then I have opted to re-invest my dividend and get more shares.....as it happens, my dividend/re-investment certs have arrived this morning.

The current share price is £1.67 (so I presume this is the trading value, not yet checked with the FTSE)
As the amount you are set to inherit is in excess of 250 x £1.67, then it may be that the dividends have been added to the account already, or, that the shares issued were immediately sold and a cash sum was set aside to be claimed later, on which interest has been added.

I hope you do get it sorted and whilst the 'charge' is high, without computershare, you would never have known about it.

kazzah

Kez100 wrote: »

With someone with as much angst as you on the end of this I don't blame them wanting insurance to cover them if they paid out to the wrong person. Personally, I'd give you nothing if you couldn't be bothered to to pay an indemnity to cover against a future problem.

Alos, why should a remote business be bothered in your wellbeing? All they are trying to do is right a wrong, which due to delays has caused fees to be incurred.

What fees have been incurred due to the delay?
The B&B have had the BENEFIT of my husband's rightful inheritance for SIX years - they have not paid any interest or dividends on the shares to date - would YOU go six years without having interest paid on your savings?

Plus the indemnity is completely unnecessary - there is not , nor can there be ANY OTHER BENEFICIARY other than my husband - so they can't possibly pay out to the wrong person
I would be very interested in knowing exactly HOW MUCH their indemnity insurance actually costs - I expect it doesn't work out to £69 per customer.

and as for why a business should be interested in my well being - as you rightly say- they are trying to right a wrong - a wrong done to my husband- so why shoule WE pay THEM for their incompetance in not dealing with the share issue at the time of the death and issuing the funds out then - had the B&B acted in a mopre professional manner when we closed my MIL's accounts down, and informed us of the share issue there and then- we wouldn't ahve to pay anything.

kazzah

whatatwit wrote: »

Hi, I received the share issue from Bradford and Bingley, I think it was about 250 shares.
Since then I have opted to re-invest my dividend and get more shares.....as it happens, my dividend/re-investment certs have arrived this morning.

The current share price is £1.67 (so I presume this is the trading value, not yet checked with the FTSE)
As the amount you are set to inherit is in excess of 250 x £1.67, then it may be that the dividends have been added to the account already, or, that the shares issued were immediately sold and a cash sum was set aside to be claimed later, on which interest has been added.

I hope you do get it sorted and whilst the 'charge' is high, without computershare, you would never have known about it.

That is very true - but I would have appreciated the information about the fees payable being included in the first set of correspondence - then I wouldn't feel so aggrieved that they "suddenly" appeared after we had sent off all the relevent information to them.

I shall double check the interest situation with them- thanks for the advice

jonesMUFCforever

kazzah wrote: »

What fees have been incurred due to the delay?
The B&B have had the BENEFIT of my husband's rightful inheritance for SIX years - they have not paid any interest or dividends on the shares to date - would YOU go six years without having interest paid on your savings?

Plus the indemnity is completely unnecessary - there is not , nor can there be ANY OTHER BENEFICIARY other than my husband - so they can't possibly pay out to the wrong person
I would be very interested in knowing exactly HOW MUCH their indemnity insurance actually costs - I expect it doesn't work out to £69 per customer.

and as for why a business should be interested in my well being - as you rightly say- they are trying to right a wrong - a wrong done to my husband- so why shoule WE pay THEM for their incompetance in not dealing with the share issue at the time of the death and issuing the funds out then - had the B&B acted in a mopre professional manner when we closed my MIL's accounts down, and informed us of the share issue there and then- we wouldn't ahve to pay anything.

Sorry but if your husband had completed the necessary forms when B&B went public you would not have to do this now. The share certificate would have been issued at the time.
It could well be that after all this time any unclaimed shares would have been sold off for cash which is what you might be offered now.
Computershare acts as registrar for B&B and has a legal duty to make sure that the right person gets the cash now. To do this it has a set procedure and a set of charges.
Nothing will change this at all - so please do us a favour as you starting to get boring - either fill them in and pay or forget about the whole thing.
To answer your question about indemnity insurance cost - I had to pay £35, 2 years ago when a share certificate I was selling got lost in the post and £28 admin charge for a replacement certificate.
Not a lot different given inflation to what you are being asked now.

kazzah

jonesMUFCforever wrote: »

Sorry but if your husband had completed the necessary forms when B&B went public you would not have to do this now. The share certificate would have been issued at the time.
It could well be that after all this time any unclaimed shares would have been sold off for cash which is what you might be offered now.
Computershare acts as registrar for B&B and has a legal duty to make sure that the right person gets the cash now. To do this it has a set procedure and a set of charges.
Nothing will change this at all - so please do us a favour as you starting to get boring - either fill them in and pay or forget about the whole thing.
To answer your question about indemnity insurance cost - I had to pay £35, 2 years ago when a share certificate I was selling got lost in the post and £28 admin charge for a replacement certificate.
Not a lot different given inflation to what you are being asked now.

well sorry for boring you - BUT if you had READ my original post correctly
you would KNOW that at the time the B&B issued the shares they and the account they were issued for, belonged to an 84 year old paritally sighted very private lady - his mother- who did NOT show hime any of the share issue paperwork she had received and probably didn't even understand it - so he [EMAIL="COULDN'@T"]COULDN'T[/EMAIL] have completed the paperwork for the share issue - after she died and we found the paperwork there was a CLEAR and RIGID cut off date to apply for the shares which had been about 2 years earlier - so as far as he was concerned his Mum had missed out on an opportunity to gain a bit extra money for herself and we thought no more about it.

so I am sorry we are boring you - I won't make the mistake of posting here for advice or to share my concerns again - you clearly like to have the last word in everything- so feel free to lambast me some more - and as for your experience of losing YOUR share certificate in the post - how silly were you? if you had paid for Royal Mail special delivery- you could have reclaimed the costs of the lost items from Royal Mail and been none the worse off - so it transpires you are not the money making or saving expert you think you are
goodbye

jonesMUFCforever

None of your irational ranting is the fault of B&B is it?
My last word - you are an idiot if you can't see that my borrowing or begging £69 off someone that you will be £731 better off.

Goodnight from me!

kazzah

jonesMUFCforever wrote: »

None of your irational ranting is the fault of B&B is it?
My last word - you are an idiot if you can't see that my borrowing or begging £69 off someone that you will be £731 better off.

Goodnight from me!

you are a VERY intolerant person - I assume that you are the font of all knowledge and have never needed help or support or information from anyone
I STRONGLY suspect you work for a bank or shareholding company so whatever I post will appear to be irrational and ranting to you.
if YOU can't see that us having £834 is BETTER than having £731 when you are unemployed, then it is YOU who clearly has the cognitive processing deficiencies, not me.
I am neither stupid nor an idiot - I have noticed a theme within your postings however, when you cannot MAKE the other person see your way of thinking you resort to insults - I feel that says more about you than it does about the people whose posts you are answering.