NDFA clients get the go-ahead to cash in Homemaker plans
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Opal has assured NDFA investors in the Homemaker mortgage plan they can now encash their investment after lengthy delays following NDFA’s administration in October.
One investor who contacted Money Marketing, Simon Pawley, has been waiting for his plan to be surrendered since September.
In a letter to investors, Opal client services manager Graham Rennie says requests to surrender plans are now being processed.
The letter states: “Investments are sold on the 7th, 14th, 21st and 28th of each month (or the nearest working day thereafter).
“Your investment will, therefore, be sold on the first available date after receipt of your instructions. On receipt of the proceeds, which take approximately six to10 working days from the sale date, the cheque will be dispatched to you.”
Mr Pawley says he wrote to NDFA before it went into administration requesting to cash in the investment.
He received no reply to his enquiry and in October he received a letter notifying him that NDFA had gone into administration.
He says: “The information given to investors by Grant Thornton during the delays was not at all good. We did not know where our money was, what happened to it or when we could get it back.”
A Grant Thornton spokesman says: “Currently, the information we have from Opal is that they will catch up with the backlog this week and that the money due will be with investors by the end of next week.”
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