I'm grieving and I made a mistake, now my £8k inheritance is lost
Mum left me a small inheritance of £8,370 which was sent to my NatWest account. I planned to transfer it to an account that my husband holds with Lloyds so that he could buy a new boiler for our house. We are both pensioners and the money from my mum's estate is a lifeline to us.
I made the transfer through my NatWest banking app, but I wasn't thinking clearly when I sent it instead to my Lloyds credit card, which had expired years ago. I know there's no excuse for this error but my mum's death was a dreadful experience. I am also still unwell and undergoing a series of investigations, which I hope goes some way to explain why I wasn't thinking clearly when I sent this payment.
I immediately realised that the money had gone to the wrong account and felt sick to my stomach. I was in tears and spoke to NatWest to see if it could retrieve the money from Lloyds.
Dealing with various Lloyds call centres has also been an absolute nightmare. I have been promised return calls that never materialise. I have been on hold for hours at a time while the operators vary from being pleasant to rude and impatient. I admit I've become frustrated and tearful at times but I have always explained the background of my situation.
I made the mistake 12 days ago and the funds have now disappeared into the ether. No one will tell me where the money is or when I will get it back.
I just want the money returned to my NatWest account. The stress of this situation is having a serious affect on my already poor health. I am terrified I won't see this money again, which is sorely needed.Name and address supplied
I was so sorry to hear of the devastating series of events that had turned your life upside down and can totally understand why you were not thinking clearly when you made this payment.
Usually when money is sent to an expired account, the payment is retrieved and returned to the source. But your case was slightly different because there was an outstanding debt linked to your old credit card account.
You told me this amounted to £60 but you had long forgotten about it. The problem was that this debt had been outstanding for so long that Lloyds had passed the account's history to a debt collection agency. This made it harder for Lloyds to track down the account. Plus, as the account was no longer active it was difficult for it to match your details to the information it had in its system.
Thankfully when I stepped in Lloyds found the payment, and a few days later the money was back in your NatWest account. You have now also repaid the £60 debt.
I felt that Lloyds should have helped you sooner, instead of leaving you in the lurch and giving you conflicting information at a time of extreme distress. It explained that because of the different teams involved in locating and returning the money, the information you were given depended on which team you were talking to. Those teams were not linked up, which is also why you didn't get the return calls you were promised.
Lloyds said: 'We're here to help customers during difficult moments and we're sincerely sorry the support we gave our customer was not at the level she rightly expected. We've returned her money and made a payment in recognition that our service wasn't good enough on this occasion.'
It gave you £250 compensation and has told you about several charities that may be able to give you some extra support.
You said: 'It's clear that this was resolved as a result of your intervention so I can't thank you enough.'
• Read more money advice and tips on investing from our experts
I work for a small business that sells memorabilia and over the past five years we have used a company called Bionic to manage our gas and electricity deals. When our contract is coming up for renewal, Bionic sends us quotes from suppliers and arranges the switch on our behalf.
We had an email from Bionic last September telling us that our contract with British Gas was ending in May. We decided we would shop around and get our own quotes to see if we could get a better deal.
I contacted Bionic online in September to say that we no longer needed its services. The agent said we should wait until the company had sent the next quote before opting out.
When we got the quotes later that month, I got back in touch using its webchat service to confirm that we didn't want to go ahead with the renewal. I made it clear that we no longer wanted Bionic to act on our behalf and, based on this conversation, I assumed that our contract with the company had been terminated.
A few months later I contacted British Gas to check when our energy deal ended, but was told that Bionic had already signed us up for another three-year deal with the company.
We were not sent any information about this new deal and had given Bionic sufficient notice to terminate our contract, so we can't understand how this happened. I complained to Bionic but it said it had no record of the second webchat conversation in September where I had confirmed that we wanted to opt out.
We have gone back and forth with Bionic to try and get it to cancel this contract that we never agreed to, but to no avail.Natalie, Lancashire
• Compare exchange rates with our currency converter
Bionic told me that it had sent you an email to confirm the new contract, but this was news to you and you said you never got the email.
I was surprised that Bionic had signed you up to a three-year contract without you agreeing to it, but it explained that its digital renewal service is designed so that, unless a customer gets in touch to opt out, it assumes that they are happy with the quote and automatically signs them up.
One Bionic email contained a quote and gave you three days to opt out. Once that deadline was reached, you were then locked into a contract and couldn't cancel. Three days seems like a very small window of time to opt out, which I imagine could catch out some people if they missed an email, yet Bionic said that suppliers can hold prices only for a short time.
I also thought it was odd that Bionic finalised your contract eight months before your contract expired. It told me that it buys in bulk up to 12 months in advance and that, because of this, its customers get discounts on deals and are shielded from the price movements in the energy market.
But regardless of this, you said you had made it clear that you wanted to cancel before the contract was finalised, so why didn't Bionic act on that?
It showed me a transcript of the conversation on September 17 where you said you would like to cancel, but were urged to wait until the latest quotes had come through before confirming that you wanted to opt out.
You said there was a subsequent webchat on September 26 where you had confirmed that you wished to cancel, but Bionic claimed it had no record of it. It also said that it has never lost a webchat and told me that it has 'complete and accurate records of all interactions'.
• Online antique buyer lost my 91-year-old mum's treasures
I could not work out why your version of events was different to Bionic's, but after I stepped in, it agreed to cancel your contract.
Bionic said: 'Customers can choose to opt out of our digital renewal service at any time prior to finalisation of a replacement contract. As a gesture of goodwill and a demonstration of our commitment to ensuring customer satisfaction, we are prepared to arrange the cancellation of the replacement contract.'
You have now arranged a contract directly with a supplier and said: 'This is the outcome that we wanted, but it is still very frustrating that we had to go through this ordeal in the first place. I believe this would not be resolved without your input, so thank you.'
• £868,409 — the amount Your Money Matters has saved readers so far this year
If you have a money problem you would like Katherine Denham to investigate email yourmoneymatters@thetimes.co.uk. Please include a phone number
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
an hour ago
- The Independent
Flow of fresh homes to rent ‘shrinks at fastest rate since 2020'
The flow of fresh rental properties coming to market has fallen at its fastest rate in five years, according to surveyors. A net balance of 31% of professionals saw new instructions from landlords falling rather than rising, which was the weakest reading since April 2020, the Royal Institution of Surveyors (Rics) said. Alongside the 'firmly negative trend' in landlords making their property available for rent, tenant demand held steady in the three months to July, the report added. With the lack of fresh rental home supply in the pipeline, rental prices are anticipated to continue to rise over the next three months by a net balance of 25% of survey participants, the report said. Looking at the sales market, new home buyer inquiries fell back in July, the report said. A net balance of 6% of property professionals reported new buyer inquiries falling rather than rising in July, indicating a softening in demand compared with the previous month. In June, a net balance of 4% of professionals had seen a rise in fresh inquiries from buyers. The report said that results across different areas appear to be increasingly variable, with relatively weaker demand trends reported in East Anglia, the South East and the South West of England. Sales fell in July, with a net balance of 16% of professionals seeing falls, deteriorating further from a balance of 4% who noted falling sales in June. Looking ahead, those surveyed expect to see little change in sales over the next few months, with a more positive outlook for 12 months ahead. A net balance of 8% of professionals expect to see a pick-up in sales in the year ahead. A net balance of 9% of survey participants saw an increase in the flow of new property listings coming onto the market in July. The latest survey also pointed to a small downward direction in house prices, with a balance of 13% of professionals seeing prices fall. This compared with a balance of 7% seeing price falls in both May and June. Going against the broader trend, prices continue to rise typically in Northern Ireland and Scotland, while professionals based in the North West of England are also seeing prices move higher, the report said. At the other end of the spectrum, prices are reportedly falling at a more significant rate than the national average across East Anglia, Rics added. Rics chief economist, Simon Rubinsohn, said: 'The somewhat flatter tone to the feedback to the July Rics residential survey highlights ongoing challenges facing the housing market. Although interest rates were lowered at the latest Bank of England meeting, the split vote has raised doubts about both the timing and extent of further reductions. 'Meanwhile, uncertainty about the potential contents of the Chancellor's autumn budget is also raising some concerns. Against this backdrop, respondents continue to report that the market remains particularly price sensitive at the present time.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'The green shoots of recovery that agents were hopefully nurturing in June have dried up in July, with demand falling, fewer agreed sales, and a slight drop in house prices. The market always falls quiet during the summer holidays, but this is even more of a deathly hush than usual.' She added: 'We're firmly in a buyers' market right now, so there is a real chance to bag a bargain. For anyone who had been tempted to dip into their emergency savings to boost their budget, this is a chance to regroup.' Ms Coles said: 'With tenant demand remaining steady, yet again it means more people chasing fewer homes, and the era of runaway rents isn't over yet. 'The HL (Hargreaves Lansdown) savings and resilience barometer shows this is incredibly tough on everyone – so the average renting household has just £62 left at the end of the month. However, it's particularly horrible for renters living on their own – who end the month with a paltry £24. There's every sign that an awful lot of them have been pushed as far as it's possible for them to go. 'When money is so tight, it's incredibly difficult to cover your costs, let alone put anything aside for a property deposit. However, if you can't build anything at all, there's a risk you'll be locked into a cycle of ever-increasing rents. 'It means it's worth considering all your options. This can include anything from making major compromises on where you live to moving back home for a period. There are also options that don't require any of these sacrifices, such as asking family for help, or giving your deposit a boost from the Government through a Lifetime Isa.' Tom Bill, head of UK residential research at Knight Frank, said: 'The housing market is hitting a series of hurdles this year. April's stamp duty cliff edge was the first and now buyers and sellers are increasingly unsettled by a re-run of last year's game of 'guess the autumn tax rise'. 'We had an interest rate cut this month, but it was priced in and the wider economic mood remains fragile. Supply still notably outstrips demand, which is also keeping a lid on prices.' On Wednesday, financial information website Moneyfacts said that the average two-year fixed-rate mortgage on the market had dipped below 5% for the first time since before former prime minister Liz Truss's so-called mini-budget in September 2022. Moneyfacts said the average two-year fixed homeowner mortgage rate on Wednesday was 4.99%. This was down from 5.00% the previous working day. Jeremy Leaf, a north London estate agent, said: 'Agreed sales are mostly holding, supported by falling mortgage rates and a stable employment environment.' On the lettings sector, Mr Leaf said: 'We noticed that demand has dropped over the past month or so, especially for two-bed flats in older buildings, with more interest in modern, lower maintenance properties.'
The Independent
an hour ago
- The Independent
Starmer ‘set to revive Northern Powerhouse Rail plan' to boost UK infrastructure
The Northern Powerhouse Rail will reportedly be revived this winter, as part of Labour's commitment to improving transport connections to the north and to boost UK infrastructure. Sir Keir Starmer is set to make the announcement before the Labour conference in a speech with chancellor Rachel Reeves. Transport secretary Heidi Alexander is also set to make the rail project a central topic of her conference speech, which is due to take place on 28 September. A government source told The Guardian that the announcement was likely to take place before then but that the timing was not yet confirmed. It comes after a series of recent U-turns that have frustrated Labour voters and backbench MPs, as speculation continues that the Treasury will announce tax rises to plug a £40bn spending hole. Since being elected last July, political and industry leaders in the north of England have been pushing for Starmer to revive the Manchester section of HS2 and to commence building for Northern Powerhouse Rail. With plans set for the railway to connect Liverpool to Hull, it is seen as a crucial development for the UK as it would also provide connections Leeds, Bradford and Sheffield. Current infrastructure in the north is frequently criticised, with train routes falling into disrepair coupled with poor bus and road connections. Former prime minister Rishi Sunak decided not to extend the HS2 railway between the West Midlands and Manchester in 2023, after the project exceeded its budget and became mired in delays. The previous Conservative government's Integrated Rail Plan sparked outrage among northern leaders in November 2021, when it said that a new line would only be built on one section, and the rest of the route would get enhancements to existing lines. In July, Ms Reeves said: 'In the coming weeks I will set out this Government's plan to take forward our ambitions for Northern Powerhouse Rail.' The Chancellor has also announced £3.5 billion more funding to support the TransPennine Route Upgrade, a project to improve the railway between York and Manchester. She said the Government would provide £2.5 billion of additional funding to enable the 'continued delivery' of East West Rail, a new line between Oxford and Cambridge. In her spending review she also said railways in Wales would get £445 million investment over 10 years.
The Independent
an hour ago
- The Independent
Less available places to rent could see prices rise ‘by at least 25%', report says
The lack of fresh rental home supply in the UK could see prices rise over the next three months by 25 per cent, a new report has said. It comes as the flow of fresh rental properties coming to market has fallen at its fastest rate in five years, according to surveyors. Thirty-one per cent of surveyors saw new instructions from landlords falling rather than rising, which was the weakest reading since April 2020, the Royal Institution of Surveyors (Rics) said. With less rental properties in the pipeline, prices are anticipated to continue to rise over the next three months by a net balance of 25 per cent, the report said. Despite the 'firmly negative trend' in landlords making their property available for rent, tenant demand held steady in the three months to July, the report added. Looking at the sales market, new home buyer inquiries fell back in July, the report said. A net balance of 6 per cent of property professionals reported new buyer inquiries falling rather than rising in July, indicating a softening in demand compared with the previous month. In June, a net balance of 4 per cent of professionals had seen a rise in fresh inquiries from buyers. The report said that results across different areas appear to be increasingly variable, with relatively weaker demand trends reported in East Anglia, the South East and the South West of England. Sales fell in July, with a net balance of 16 per cent of professionals seeing falls, deteriorating further from a balance of 4 per cent who noted falling sales in June. Looking ahead, those surveyed expect to see little change in sales over the next few months, with a more positive outlook for 12 months ahead. A net balance of 8 per cent of professionals expect to see a pick-up in sales in the year ahead. A net balance of 9 per cent of survey participants saw an increase in the flow of new property listings coming onto the market in July. The latest survey also pointed to a small downward direction in house prices, with a balance of 13 per cent of professionals seeing prices fall. This compared with a balance of 7 per cent seeing price falls in both May and June. Going against the broader trend, prices continue to rise typically in Northern Ireland and Scotland, while professionals based in the North West of England are also seeing prices move higher, the report said. At the other end of the spectrum, prices are reportedly falling at a more significant rate than the national average across East Anglia, Rics added. Rics chief economist, Simon Rubinsohn, said: 'The somewhat flatter tone to the feedback to the July Rics residential survey highlights ongoing challenges facing the housing market. Although interest rates were lowered at the latest Bank of England meeting, the split vote has raised doubts about both the timing and extent of further reductions. 'Meanwhile, uncertainty about the potential contents of the Chancellor's autumn budget is also raising some concerns. Against this backdrop, respondents continue to report that the market remains particularly price sensitive at the present time.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'The green shoots of recovery that agents were hopefully nurturing in June have dried up in July, with demand falling, fewer agreed sales, and a slight drop in house prices. The market always falls quiet during the summer holidays, but this is even more of a deathly hush than usual.' She added: 'We're firmly in a buyers' market right now, so there is a real chance to bag a bargain. For anyone who had been tempted to dip into their emergency savings to boost their budget, this is a chance to regroup.' Ms Coles said: 'With tenant demand remaining steady, yet again it means more people chasing fewer homes, and the era of runaway rents isn't over yet. 'The HL (Hargreaves Lansdown) savings and resilience barometer shows this is incredibly tough on everyone – so the average renting household has just £62 left at the end of the month. However, it's particularly horrible for renters living on their own – who end the month with a paltry £24. There's every sign that an awful lot of them have been pushed as far as it's possible for them to go. 'When money is so tight, it's incredibly difficult to cover your costs, let alone put anything aside for a property deposit. However, if you can't build anything at all, there's a risk you'll be locked into a cycle of ever-increasing rents. 'It means it's worth considering all your options. This can include anything from making major compromises on where you live to moving back home for a period. There are also options that don't require any of these sacrifices, such as asking family for help, or giving your deposit a boost from the Government through a Lifetime Isa.' Tom Bill, head of UK residential research at Knight Frank, said: 'The housing market is hitting a series of hurdles this year. April's stamp duty cliff edge was the first and now buyers and sellers are increasingly unsettled by a re-run of last year's game of 'guess the autumn tax rise'. 'We had an interest rate cut this month, but it was priced in and the wider economic mood remains fragile. Supply still notably outstrips demand, which is also keeping a lid on prices.' On Wednesday, financial information website Moneyfacts said that the average two-year fixed-rate mortgage on the market had dipped below 5 per cent for the first time since before former prime minister Liz Truss's so-called mini-budget in September 2022. Moneyfacts said the average two-year fixed homeowner mortgage rate on Wednesday was 4.99 per cent. This was down from 5.00 per cent the previous working day. Jeremy Leaf, a north London estate agent, said: 'Agreed sales are mostly holding, supported by falling mortgage rates and a stable employment environment.' On the lettings sector, Mr Leaf said: 'We noticed that demand has dropped over the past month or so, especially for two-bed flats in older buildings, with more interest in modern, lower maintenance properties.'
