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How can i close a position on my ISA share account where the shares are suspended due to the Company's Insolvency / Admin?


Simch747

Question

I have a small ISA account that has been quite dormant for a couple of years, two open positions, one with suspended shares due to Company Admin / Insolvency a couple of years back and one still trading. 

I'm incurring quarterly charges of £24 and now the tradeable shares are being sold off each quarter to cover the fees, which itself incurs more fees. So my cash balance is now virtually nil and i am unable to close the account. 

I have spoken to customer services several times over the last couple of years but no one knows how i can resolve this. Last few days I have tried to escalate it but still no answers as to what to do to close off the positions.

Surely i cannot be the first person that wants to close off their positions and not be able to as some Company went pop and so the market was suspended.    Not sure if it makes any difference, but these are small sums, the original pruchase of shares for the place that went pop was only about £500.

Any help greatly appreciated.

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9 hours ago, Simch747 said:

I have a small ISA account that has been quite dormant for a couple of years, two open positions, one with suspended shares due to Company Admin / Insolvency a couple of years back and one still trading. 

I'm incurring quarterly charges of £24 and now the tradeable shares are being sold off each quarter to cover the fees, which itself incurs more fees. So my cash balance is now virtually nil and i am unable to close the account. 

I have spoken to customer services several times over the last couple of years but no one knows how i can resolve this. Last few days I have tried to escalate it but still no answers as to what to do to close off the positions.

Surely i cannot be the first person that wants to close off their positions and not be able to as some Company went pop and so the market was suspended.    Not sure if it makes any difference, but these are small sums, the original pruchase of shares for the place that went pop was only about £500.

Any help greatly appreciated.

Hi @Simch747,

In your scenario if your shares have been declared worthless, you can call our dealing desk (0800 409 6789 or +44 20 7896 0079)  to close that position at the value of 0.

Once closed, you might still occur custody fee of GBP 24 if you are trading less than 3 times a quarter or hold open positions.

All the best - Arvin


 

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On 04/08/2021 at 00:30, ArvinIG said:

Hi @Simch747,

In your scenario if your shares have been declared worthless, you can call our dealing desk (0800 409 6789 or +44 20 7896 0079)  to close that position at the value of 0.

Once closed, you might still occur custody fee of GBP 24 if you are trading less than 3 times a quarter or hold open positions.

All the best - Arvin


 

sadly, i have been trying to do this for 2 years and have called the numbers you quoted and emailed many times just this week alone, but no one ever calls back and no one can close the position!

 They have escalated to a "senior" who  then requested info from a "manager" but no response. 

Its an impossible positon as a customer to be in, but surely this has happened before and there must be a way to deal with it.  . 

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On 06/08/2021 at 21:16, Simch747 said:

sadly, i have been trying to do this for 2 years and have called the numbers you quoted and emailed many times just this week alone, but no one ever calls back and no one can close the position!

 They have escalated to a "senior" who  then requested info from a "manager" but no response. 

Its an impossible positon as a customer to be in, but surely this has happened before and there must be a way to deal with it.  . 

So i had a response from CS by phone about closing the one tradeable open position and then the one with the suspended market could stay open but they would waive custody fees until a decision on what is happening with it, but this was subject to a manager agreeing, and was told await an email to confirm.... I got no email so I called IG CS this morning again, closed all my open positions so just have the one for the suspended market ones now, and now told I cannot close the account and the fees cannot be put on hold and will continue. However, i cannot add any funds to my account to pay them for some reason! 

It's an impossible position for a customer it seems. very frustrating and i have to say, seems a little unfair.  

Any ideas? 

 

 

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On 09/08/2021 at 19:40, Simch747 said:

So i had a response from CS by phone about closing the one tradeable open position and then the one with the suspended market could stay open but they would waive custody fees until a decision on what is happening with it, but this was subject to a manager agreeing, and was told await an email to confirm.... I got no email so I called IG CS this morning again, closed all my open positions so just have the one for the suspended market ones now, and now told I cannot close the account and the fees cannot be put on hold and will continue. However, i cannot add any funds to my account to pay them for some reason! 

It's an impossible position for a customer it seems. very frustrating and i have to say, seems a little unfair.  

Any ideas? 

 

 

Hi @Simch747,

If that is your only positions open on your account IG, now that you closed the others. IG will be able to waive the custody fee at the end of the coming quarter.

Reach out to helpdesk.uk@ig.com for updates on your stock and to waive the fee at the end of the quarter. 

If you are having difficulties making a deposit please call the number above, we will be able to assist you making a deposit over the phone.

All the best - Arvin

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