IPF roadshow sets off again

[Laughton]

You are doing better than me. No accrued or fee yet from HL.

Nor me. Maybe they do it alphabetically, in reverse??

[foolishowl]

Laughton and others with iDealing.

I think you need to email them or phone and push

Best wishes

[Laughton]

This just received from HL (which I'm trying to get my head around):-

I'm afraid as the exchange was completed on 21 November 2030 before the Record Date of 14 December 2023 you would not be entitled to the coupon payment.

[kempiejon]

This just received from HL (which I'm trying to get my head around):-

I'm afraid as the exchange was completed on 21 November 2030 before the Record Date of 14 December 2023 you would not be entitled to the coupon payment.

Hmm the corporate action we accepted clearly states

If you exchange, you’ll get 1 unit of the new notes for each unit accepted for exchange.
An exchange fee of £1.50 will be paid to noteholders for every £100 of notes exchanged in addition to any accrued unpaid interest for the existing notes.

Still barren in my HL account and no reply to my Monday message asking for the timeframe for payments.

[Laughton]

I can only think they are confused because I held the same number of IPF2 and IPF3 at the time of the exchange.

I have received the IPF3 coupon.

I've messaged them again in the hope they can straighten this out but would be good to hear as soon as anyone here who exchanged receives their IPF2 accrued and the exchange fee via HL.

[hiriskpaul]

I can only think they are confused because I held the same number of IPF2 and IPF3 at the time of the exchange.

I have received the IPF3 coupon.

I've messaged them again in the hope they can straighten this out but would be good to hear as soon as anyone here who exchanged receives their IPF2 accrued and the exchange fee via HL.

Yes, they are confused! It is true you don't get the full coupon, but you should get accrued up until the exchange date. ie, most of the coupon.

[hiriskpaul]

I have also asked HL for an explanation on the delayed payments of accrued and fee.

[formoverfunction]

I've also sent them a message today, HL that is, about outstanding Dividends that already have been credited where I hold the stock at Interactive Investors. In this case it's a fairly large amount of money and it was with me on the expected day at Interactive, but I am waiting for it to be credited by Hargreaves.

I know it will turn up sooner or later, but it does make me wonder what the fees are for!

Maybe I could just forward the gas bill to Hargreaves and ask them to pay it from the proceeds.

[Laughton]

Are you feeling lucky?
Run the risk of getting cut off for them not paying on time.

[formoverfunction]

That's an idea, Daily Mail headline "Hargreaves Lansdown put's Investor in the cold"...or have they used that one already?

[Laughton]

Further response from HL after my questioning whether they had been confused by re my holding of both IPF2 and IPF3 at the time of the exchange:

This is getting silly - or am I being stupid??

My previous response was in relation to IPF2. I'm afraid as the exchange was completed on 21 November 2030 before the Record Date of 14 December 2023 you would not be entitled to the coupon payment.

We are still waiting for the exchange fee to made available before we will be able credit your accoun

[Laughton]

Just telephoned HL, first person passed me on to Bond team (so at least he appreciated this was a bond) and so "Record" date doesn't really matter in this instance.

Member of Bond Team eventually picked up the call (long wait). Bit at sea, wouldn't answer the "when did HL actually receive the money from IPF. Said it was all pretty complicated as they had to reconcile monies received and who was due what, he was going to investigate further and promised to call me back by close of business today.

[Laughton]

HL called me back.

They confirmed that they have not received the exchange fee nor the accrued from IPF for those exchanging their IPF2 to IPF3 and are chasing.

I've now sent a message to IPF via their website asking for clarification.

[kempiejon]

I'm with HL and no reply to my Tuesday message and obviously no fee nor accrued interest. CBA to phone, I trust it will sort and I'm not desperate to get the balance at work so will just wait and see.

[Redhill]

I've received a reply (inserted below) from HL to my complaints about IPF2, initially about non-receipt of capital and interest on redemption and then asking them why the capital had been received in my account but not the income.

The final interest payment for International Personal Finance plc 7.75% MTN 14/12/23 GBP100 has now been paid into your income account of your HL Stocks and Shares ISA and this has subsequently been moved into your capital account.

We did receive these payments separately from the issuer and we reconciled the payment as soon as possible.

However, I do apologise for the delay in receiving this payment.

[kempiejon]

I got this message from HL today.

Thank you for your enquiry and please accept our apologies for the delayed response.

We can confirm that we are still chasing the exchange fee from the company.

With regards to the interest payment, we are currently querying this with another team.

[kempiejon]

A further update from HL re my holding

I can confirm that the exchange fee payment has now been received and credited to shareholders' accounts. You will receive confirmation pf this via secure message shortly.

Regarding the interest payment, I have passed your query to an alternative team to look into further.

I see the fee is credited now dated today. Still no interest so I have asked the question when should I expect it as the settlement of the new notes was on the 12th. So early in the new year I now hope.

[hiriskpaul]

A further update from HL re my holding

I can confirm that the exchange fee payment has now been received and credited to shareholders' accounts. You will receive confirmation pf this via secure message shortly.

Regarding the interest payment, I have passed your query to an alternative team to look into further.

I see the fee is credited now dated today. Still no interest so I have asked the question when should I expect it as the settlement of the new notes was on the 12th. So early in the new year I now hope.

Yes, I have the fee now (settlement date 12/12) but as yet no interest.

[Laughton]

Ditto. Every little helps.

But it probably means starting my new year spreadsheet will be a mess as I assume they will probably eventually claim that the interest was credited in 2023.

[kempiejon]

I have my interest now, settled 13/12/23. Not had a satisfactory reply for when I should expect it only that they were looking into it and had passed it to another department. Oh well.