Questions Of Cash: 'Nationwide held on to my ISA for six months'
Saturday 27 March 2010
Q. A couple of years ago you helped with a large debt from O2 Ireland. As a result of your help, O2 Ireland stopped making demands for an old disputed mobile phone bill. But now my mother in County Cork has received a demand from debt collectors for €1,180.34 (£1,060), addressed to me. MR, London.
A. The result was not completely satisfactory last time: we were unable to obtain confirmation that the disputed debt had been written off. That debt re-emerged in February, when your mother received a new demand from debt collectors, the Irish Debt Bureau. Happily, we can report a better outcome this time.
We contacted the Irish Debt Bureau, which immediately ceased its attempts to collect the debt. After investigating the matter further, the company has arranged with O2 Ireland to completely write off the debt.
A spokesman for the Irish Debt Bureau said: "Having fully reviewed the case, we are satisfied that all procedures carried out to recover this debt were appropriate. Having discussed this case with our client, however, and taking into account both [the reader's] concerns about possible mis-selling of the original contract by a third party, and the fact that the phone was subsequently stolen, I am happy to confirm that our client has agreed to make a goodwill gesture in this case and write off the debt in its entirety. The debt will be removed from our records and no further action will be taken with respect to this debt."
Q. I opened an ISA with Nationwide in 1999. By April last year this had accumulated to £6,961.25 in an instant access account and £26,433.52 in a fixed one-year bond, maturing that month. On 21 May 2009, Nationwide advised me that since I had given no other instruction, the funds in my one-year bond had been transferred to an instant access ISA: I assumed this was the existing instant access account. The return was only 0.5 per cent, so I decided to transfer the balance to M&S Financial Services.
On 12 June, M&S confirmed it had written to Nationwide to implement the transfer. On 19 June, Nationwide wrote to say it had transferred £6,965.02 to M&S. I phoned Nationwide to ask why the rest of the ISA funds had not been transferred and was told these were held in an internet instant access account, and I must complete another transfer form to withdraw these. I promptly completed and returned another form.
On 29 September, M&S wrote to confirm it had contacted the Portman Building Society to transfer my funds. M&S wrote again on 13 November to say it had not heard from Nationwide, which had "not replied to any of our chase letters". It turned out the bulk of the funds had gone into an account with a different account number, so I had to complete another transfer form.
On 2 December, I again heard from M&S saying it had forwarded details to Nationwide. M&S eventually received £26,625.48 from Nationwide six months after my first transfer request. The delay cost me £180 in lost interest. SG, Aylesford, Kent.
A. Nationwide argues that much of the delay was caused by your quoting the wrong account number on the paperwork supplied to you by M&S Financial Services. Nationwide says it provided the correct account information when it opened your new instant access ISA. It also says that this documentation made clear that the proceeds of the bond were being transferred to a new ISA, not into the existing ISA.
The forms it received from M&S Financial, requesting transfers, quoted the account number for the closed ISA. But Nationwide says: "We accept that this could have been resolved sooner." It is paying you the sum of £258.86 – its more generous calculation of your lost interest. It will pay another £50 "in compensation for the inconvenience caused in resolving this issue".
Q. A year ago I successfully applied for a Shell Citi credit card, attracted by a generous discount offer related to buying Shell petrol. I have paid the bill in full every month and not incurred any interest. I wasn't asked what credit limit I would like but the credit limit was set at £16,000. Now I have received a letter saying my limit has been reduced to £4,650 – quite a bit below the amount I have spent in several months. RH, Shrewsbury.
A. Citi says it conducted a review of all its card accounts in January and yours was one that had its limit reduced as a result. Citi says: "Decreasing credit limits on credit cards accounts is a routine activity and common across the credit-card industry. The decision to reduce a credit limit is based on a number of factors, including customer behaviour, how the account has been run, as well as information we receive from other lenders and the credit reference agencies.
"In [the reader's] case, the decision was taken based on our internal data and took into consideration how [the reader] had used his account in the past months. [The reader's] recent average balance on his account was around £3,300, and his credit limit was £16,000. Before decreasing [the reader's] limit we ensured there would be adequate headroom between his existing balance and his new credit limit." The Citi Shell card and rewards scheme is no longer available.
Questions of Cash cannot give individual advice. But if you have a financial dilemma, we'll do our best to help. Please email us at: questionsofcash@ independent.co.uk
Will your credit card rewards be scrapped following new EU rules on charges?
Crowd-to-let: How crowdfunding sites can give investors a slice of the property market for £500
Simon Read: 'Seven Families campaign offers an escape from financial and emotional distress'
General Election 2015: How you vote next week could affect your finances
Motorists will need a code to hire a car abroad
- 2 How the language you speak changes your view of the world
- 3 Russell Brand backs Ed Miliband: 'You gotta vote Labour'
- 4 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
In defence of liberal democracy
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
Day In a Page
This detached four-bedroom home in Middleyard is arranged over two floors, with features that include a wood-burning stove and bespoke oak staircase.
In a row of eight detached Georgian residences, this five-bedroom home offers views of The Sound, Mount Edgcumbe and Cornwall from its impressive veranda and full-length balcony.
If you love cooking for friends this two-bedroom flat - complete with views of the iconic Battersea Power Station and an open-plan kitchen/dining area - will go down a treat.
Located above Grasmere village, this five-bedroom home is arranged over three floors and offers countryside views across Grasmere Lake towards Silver Howe.
Surrounded by the Western fells, this five-bedroom Georgian home retains many original features including panel-plastered ceilings, sash windows and fireplaces.
This six-bedroom home is set amongst three acres of grounds. Currently a large family home, Clift Hill has potential to make a B&B, subject to change of use permissions.
A former period coach house, Glebe Farm Stable is now a three-bedroom cottage with a double car barn, office, kennels and an outbuilding that's currently used as a gym.
Set sail for this four-bedroom farmhouse in Cowes. With five acres of land and an indoor pool, this home oozes character. There is even potential to let a one-bedroom annexe.
Surrounded by woodland, this five-bedroom manor house has plenty of outdoor storage space in the form of three converted loose boxes, two smaller outhouses and a woodstore.
This four-bedroom detached home comes with a double carport, useful workshop, garden and two walkways that offer views of the adjacent countryside.
With space for an equestrian business, a greenhouse for growing your own veg, a wine store and a gym; this five-bedroom home has all the ingredients for a country retreat.
This four-bedroom home has exposed brick chimneys and a vaulted ceiling in a breakfast room that's ideal for summer entertaining - the doors open to the patio and garden.
The decked roof terrace of this two-bedroom flat is perfect for summer drinks while large windows and ample storage space make for a light and spacious interior.
Surrounded by approximately 15 acres of grounds, this six-bedroom grade II-listed home has been extensively refurbished yet retains many period features.
This four-bedroom home comes with a two-bedroom cottage and commercial office, with planning to extend, in a stunning courtyard setting.
In a pretty Norfolk village, this four-bedroom family home is surrounded by landscaped gardens, with even a self-contained annex for guests.
A few miles from the seaside at Perranporth, this four-bedroom farmhouse sits amongst nine acres of idyllic grounds - including a lake and two barns used as holiday lets.
This five-bedroom home is arranged over three floors of a converted Victorian hospital, offering spectacular views of the Pentland Hills - only three miles from the city centre.
This four-bedroom detached home comes with grounds that span to approximately 2.5 acres, as well as two large patio areas and a double garage.
This four-bedroom cottage is a Grade II-listed town house, well-located for the thriving market town of Nailsworth.
A four-bedroom apartment on the ground floor of a stunning period property in North Yorkshire, with two kitchens and a large south-west facing garden.
This high-spec two-bedroom home is part of a smart collection of new flats at Beaufort Park and has a large decked balcony that's perfect for summer drinks.
Capitalise on the fabulous views of Trevone Bay by taking two homes and creating one spacious boutique B&B. Just a cliff-top walk from Padstow.
Overlooking a golf course, this six-bedroom Edwardian detached home spans four storeys and retains many period features including the original, operational servants' bells...
On the edge of the city, this six-bedroom home comes with an outdoor swimming pool and a large garage block that has annexe potential.
In a Grade II-listed manor just outside of Bath, this three-bedroom home is arranged on two floors with a skylight in a vaulted roof line.
Open the living room's bi-fold wooden doors to reveal a retro-style kitchen, and a conservatory leading to a paved garden at this three-bedroom home.
A Grade II-listed, four-bedroom home, in a charming Somerset village, with a two-storey studio that could be converted into a holiday cottage
A modern four-bedroom Victorian home, within walking distance to the high street
A luxury apartment in the Gothic mansion of Wyfold Court in Kingwood, offers six bedrooms spread over three floors and a turret
This school conversion, near Stockwell Tube, oozes New York loft style. The one-bedroom flat features double height ceilings and exposed brick work
This six-bedroom Georgian home is on three floors with open fireplaces, a two-oven Aga, an annexe, and cottage gardens with outbuildings and a car barn
High Crest House covers an impressive 9384sq ft, with almost three acres of grounds including a tennis court and summer house enclosed by electric gates
A six-bedroom farmhouse with separate accommodation in converted stables. Situated in the village of Church Aston, within walking distance to the market town
A two-bedroom flat with under-heated walnut floors and bespoke built-in storage. The Tube and Clapham Common are a short stroll away
A refurbished seven-bedroom townhouse with staff quarters, cinema room, superb gym, steam room and plunge pool
A minimnalist four-bedroom home designed to the highest spec, featuring glass walls and a kitchen space lit by a glass roof
Hibernate during winter and make your living during the summer at this busy guesthouse with panoramic sea views, in the village of Lynton
A four-bedroom penthouse next to the Tate with direct views of St Paul's from two floors of luxurious living space
A four-bedroom detached home surrounded by spacious gardens and woodland, close to New Pudsey
An 18th-century, three-bedroom home near Langstone Harbour built from ships beams with vaulted ceilings and wood burning stoves
A five-bedroom semi-detached home with a mix of period and modern features in a popular and convenient location
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park