spiral
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Post by spiral on Sept 29, 2014 8:07:05 GMT
Anyone know how long after an ISA is transferred that monies paid into an old ISA will move to the new ISA rather than being kept by the original ISA manager?
The obvious reason for asking this would relate to ex dividend shares which may follow on a couple of months later but in my case I had an IT that was wound up in 2011 but is still expecting to have funds for disbursal.
I am still with my ISA manager but have been wanting to move the ISA for a couple of years now due to high costs but not knowing the answer to my question and always expecting "the payout must be coming soon" have kept me with the status quo.
I'm in absolutely no doubt now that my extra fees have far outweighed any return I am likely to get but would like to make the transfer anyway and would be interested if anyone knows the answer and/or has had experience of this.
Thanks.
Spiral
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Post by davee39 on Sept 29, 2014 10:16:48 GMT
There is no definitive answer.
While I understand cash ISA's are supposed to move faster, fund transfers as a whole have been reported to take up to several months (following rule/fee changes earlier this year). ISA's also have added bureaucracy.
Have you asked your current provider for an estimated time (and be prepared for them to lie)?
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spiral
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Post by spiral on Sept 29, 2014 11:08:34 GMT
Have you asked your current provider for an estimated time (and be prepared for them to lie)? No is the simple answer (I don't want them to know my plans preferably). If I had moved at the time I originally looked to move, 2 years would have passed with still no sign of the payout. I'm not sure what would've happened to the funds after this time but my guess is they wouldn't find their way to my new provider. I have tried to get an answer on when the payout is expected and even how much it's likely to be but that seems to be like asking how long's a piece of string hence my question in terms of if anyone knows the legal obligation on the original provider if such a long period of time elapses.
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Post by GSV3MIaC on Sept 29, 2014 15:14:36 GMT
Ask your NEW ISA manager (proposed) instead .. they have a much more vested interest in making it come out right for you. If the answer is Hargreaves Lansdowne, then they are pretty good at picking up the phone and giving sensible answers - they might even write it down for you. They will also KNOW when an IT makes a distribution, so they can tell you even if the original provider doesn't. T'was my belief that the distribution should go to/via your new manager, assuming the 'ghost' shares of the defunct IT are moved/known about, but I could have imagined that.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 29, 2014 16:05:14 GMT
I'm actually in the process of doing this at the moment through Hargreaves Lansdown,and they have estimated a period of around 5 weeks.I'm 2 weeks in,and will update on progress if helpful.
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spiral
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Post by spiral on Sept 30, 2014 8:19:02 GMT
I'm actually in the process of doing this at the moment through Hargreaves Lansdown,and they have estimated a period of around 5 weeks.I'm 2 weeks in,and will update on progress if helpful. Hi Jonno Thanks for the offer but I'm assuming yours is a straight forward transfer. The issue with mine is that a payment is expected to be made at some time in the future. I don't know whether that is in 5 weeks, 5 months or 5 years as the winding up is not complete. That is unless you too have something similar and HL are taking on the transferred ownership of a now wound up company which is really I suppose what my question should have been. The company is now wound up, there are no shares, I just exist (via my ISA provider) as a name on some register as the shareholder when the company was wound up. Nothing to that effect is visible on any of my ISA statements so (how) can that be transferred?
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 30, 2014 8:27:48 GMT
I'm actually in the process of doing this at the moment through Hargreaves Lansdown,and they have estimated a period of around 5 weeks.I'm 2 weeks in,and will update on progress if helpful. Hi Jonno Thanks for the offer but I'm assuming yours is a straight forward transfer. The issue with mine is that a payment is expected to be made at some time in the future. I don't know whether that is in 5 weeks, 5 months or 5 years as the winding up is not complete. That is unless you too have something similar and HL are taking on the transferred ownership of a now wound up company which is really I suppose what my question should have been. The company is now wound up, there are no shares, I just exist (via my ISA provider) as a name on some register as the shareholder when the company was wound up. Nothing to that effect is visible on any of my ISA statements so (how) can that be transferred? Ah,sorry,misunderstood your complexity.Mine is (hopefully) a straightforward transfer from three fund managers into my HL Vantage Account.It still may be worthwhile talking to HL as they are generally very helpful.Good luck.
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Post by GSV3MIaC on Oct 3, 2014 20:38:42 GMT
I repeat my suggestion .. Don't ask us, ask HL (or whoever). This is not going to be unique.. Any large provider should have seen it and have some idea how to handle it. Even a name on an historical register can be amended.
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