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So angry with Hargreaves and Lansdowne

(5 Posts)
Amma2010 Thu 02-Jul-15 12:30:38

Hi,

I am just angry with their customer service as well as their charges. Has anyone else had an y problems or is it just me?
I opened an ISA for my son 11 months ago with the idea of investing money in stocks but due to some problem s fathom e I couldn't get down to investing the £550 on anything. I called their helpdesk and was told not to worry the money would be accruing some interest.
About 3 months ago I called them again to find out what they charge to transfer the money to a different provider and was told as the money is not invested there wouldn't be a fee. I transferred the money and today I received a letter from the other investor indicating they had received £495. So I called Hargreaves helpdesk and was told according to their terms and agreement it states that there's a closure fee of £30 and a transfer fee of £25. He suggested I should look it up and when I mentioned the previous calls to the helpdesk I was told as I don't have the names of the people I spoke to there's nothing that can be done. Also when I mentioned the interest his reply was ' well if there was any interest it would be minimal' which I understand but I am angry that I was given wrong information by the helpdesk i.e.. transfer fees and interest. Also charging £30 for closing an account where the money wasn't invested seems quite exorbitant to me.
Believe it's my fault for not reading the terms and conditions carefully before opening an account with them. Lesson learnt.

tricot39 Thu 02-Jul-15 22:00:15

Sorry to Hear about your frustrations. Yes these sorts of accounts pay low interest rates on cash and Hargreaves Lansdowne is one of the more expensive brokers. On the other hand it is not too late to change your mind in the 30 day cooling off period and going back to HL which would get a refund of the exit charge. What fund did you want that HL couldn't offer?

Amma2010 Fri 03-Jul-15 21:26:08

I was trying to figure out where to invest the money but found it a bit confusing and th u s couldn't invest in any stocks or shares.

tricot39 Tue 07-Jul-15 19:29:49

Have a look at the monevator blog for low cost all world trackers. Park the money there and top up when you can. Good luck

80sMum Sun 12-Jul-15 17:59:28

I have never had a problem with HL. Have been investing through them for 12 years and have been very satisfied with the service that they provide and the website is very user friendly and easy.
They are expensive though. However, all their fees and charges can be viewed on the website.

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