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£90.00 to redate cheque!


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Not sure where to post this. Not totally a Lloyds matter, so please move to a more appropriate forum.

 

 

On the takeover of a Company's shares I held, I was sent a cheque drawn on Lloyds Bank.

 

This was shortly after I had gone abroad on an extended trip that got prolonged by a compulsory lockdown total travel ban and cancellation of all international flights for several more months as part of their Covid restrictions.

 

By the time I eventually got home the cheque was a few days beyond its 6 month period. As printed on the cheque, I returned it (still attached by perforations to the covering letter) to the Share Registrars for "verification".

 

The Share Registrars have written saying they will not return the cheque to me unless I first pay them £90.00 "to cover some of the administration costs". 

 

This seems outrageous and sheer profiteering from Covid restrictions.

 

I would pay (say) £10.00 to reasonably cover the cost of ink for initialling a date correction on the cheque and posting it back to me in a window envelope with the same, original name/address block showing.

 

I had no contractual relationship with the Registrars and no previous contact with them. I was purely a passive shareholder of the Company instructing them to pay me. In the meantime my cash remains in a bank account at Lloyds in the Registrar's name, not mine nor the original Company's new owner.

 

Is this charge and situation legitimate?

 

How do I best contest (and/or report) this charge and still get my money which the Registrars now insist on holding in their own bank as they have ever since being instructed to pay me many months ago?

 

 

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As you say, it sounds totally unreasonable.

You say that you had no contract – but clearly there was some kind of contract even if it was not written. Please could you explain exactly what the payment was for and also the value of the shares to which it relates.

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The payment was for shares I bought and held in a publicly listed (London stock exchange) Company that was taken over following an accepted 'cash only' bid. My cheque is around £10k.

 

The shares were bought through an online stockbrokers about 13 years ago. The Share Certificate, earlier Annual Reports, etc may have been mailed to me by the previous Registrars but I had no previous contact with any the Registrars. 

 

My only contact with the Registrar was recently. First my short explanatory letter when sending back the cheque for "verification". Then, after some delay, their letter back demanding £90.00 up front to provide a replacement cheque and that they are keeping the cheque for cancellation. 

 

That is hardly "verification". 

 

 

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My suggestion is to take action which will reduce the problem to its minimum.

This means that you pay the £90, get your cheque in cash it in. After that we will help you take action to recover the £90 or most of it.

I think you could quite reasonably send them the £90 including a letter that you do not agree that this is a reasonable sum to pay and that you note that they wanted for administrative expenses and you would like a detailed breakdown of those administrative expenses.

 

When you get a response then we can see what action to take.

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