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Post by peertopier on Nov 8, 2017 23:13:35 GMT
I've got some money in the obsolete Zopa accounts (Access and Classic). They're being retired on 1st Dec 2017. I received emails a few months ago saying that they were going to waive the fees on sales. I've not heard any more of it since.
I've turned reinvesting off so the funds are slowly winding down. What's going to happen on 1st Dec?
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aju
Member of DD Central
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Post by aju on Nov 9, 2017 0:02:44 GMT
Probably not a lot, I'm only guessing though. It depends on how much you are lending but when relend is turned off you may be surprised at the recovery rate. Of course it depends how quick you want the money out.
Just curious as to why you have turned relend off on Classic, I'm still relending on Classic as it still has SG cover.When it stops i'll make a decision whether to recover it or to top up my zopa ISA to max allowance for this year and then i may pass over to Mrs Aju as she does not pay tax.
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Post by newlender on Nov 9, 2017 15:04:54 GMT
I needed to fund my ISA and so sold quite a lot of Classic loans (also some Z+). I paid the fees of course. I suspect that a lot of people have done the same as the tax relief is well worth having and should negate the cost of the fees over quite a short time frame. I did get quite a lot fee-free from Access too. ISA now fully funded and the interest is rolling in.
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Post by wyndstryke on Nov 9, 2017 19:31:20 GMT
... I received emails a few months ago saying that they were going to waive the fees on sales. I've not heard any more of it since. ... I saw something on their blog about it about 6 weeks ago ... 'significantly quicker but still more work to do' is the summary. While they are stopping new investments from the 1st Dec, they're still going to be running those products. So I don't think 1st Dec is necessarily a significant date as far as waiving the fees is concerned. --- Edit: From today's Zopa Update email as something to be implemented before the end of the year:-
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Post by peertopier on Nov 11, 2017 1:11:45 GMT
I turned auto bid off so I could move the funds to the ISA as they became free. I'm almost there now.
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Post by misotu on Nov 14, 2017 9:38:17 GMT
Latest update is hereFee-free sale with contined Safeguard coverage but unfortunately still no firm date. |
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Post by wyndstryke on Nov 14, 2017 14:50:10 GMT
Latest update is hereFee-free sale with contined Safeguard coverage but unfortunately still no firm date. Hope the 'final checks' don't take too long ... The email was hinting at 'before the end of the year'.
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zlb
Member of DD Central
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Post by zlb on Nov 18, 2017 13:15:38 GMT
yes.. this never happened in the timescale Z implied.
It would be interesting to hear what is causing the slow down of transferring existing ISAs - the other element of this which is due, but with no logic as to why. Perhaps that would worry people, if they disclosed it. I prefer a bit more information like train companies are starting to give.
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Post by wyndstryke on Nov 19, 2017 19:27:32 GMT
It would be interesting to hear what is causing the slow down of transferring existing ISAs - the other element of this which is due, but with no logic as to why. ... Pretty sure simply because they want the internal sales to happen first, before the external money arrives.
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Post by newlender on Nov 20, 2017 4:11:17 GMT
If I'm typical, I paid a mixture of cash plus sales from Investing to fully fund the ISA and then made some more withdrawals from Investing to replenish my cash funds. I like to have the equivalent of a year's income in cash (at least) and P2P exposure at a reasonable level. I suspect that many investors are chopping and changing like me to get the maximum into the ISA - why pay tax on Investing when it's tax-free in the ISA? I paid fees to do this and Zopa have realised that people will do that, as the tax-free interest negates the effect of fees very quickly. I expect that they will eventually introduce the fee-free sales at about the same time that they accept new investors.
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Post by misotu on Nov 20, 2017 9:45:30 GMT
I expect that they will eventually introduce the fee-free sales at about the same time that they accept new investors. I sincerely hope not, unless it coincides with a serious systems upgrade! Zopa's systems aren't coping right now - to introduce two factors simultaneously that will seriously boost the numbers of transactions would be madness, surely? I'm hoping that the fee-free sale will come first, and soon. It was promised months ago, after all. Presumably, with an IFISA, it would be ok to remove some funds from the holding account in order to increase the allowance available for the fee-free sales transfer? I'm only asking because Mr M's Classic funds are about £1000 more than his available remaining allowance. So taking out around £1000 would sort that. But I'd need to do it now-ish, so it would really be trusting Zopa to get this delivered in a timely manner.
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Post by portlandbill on Nov 22, 2017 9:06:12 GMT
I received this from Zopa yesterday when I inquired about moving funds from non-ISA account to a new ISA account:-
"The rebate window will allow investors to transfer their Non-ISA investment product, to an ISA product on our platform, without incurring the 1% selling fee for doing so. The official date for this window has not yet been determined, but you will receive further information in regards to this via email. If you do wish to take advantage of this window, please do await for a confirmation email."
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Post by wyndstryke on Nov 23, 2017 11:36:09 GMT
... I'm only asking because Mr M's Classic funds are about £1000 more than his available remaining allowance. So taking out around £1000 would sort that. ... Presumably (like the current sell-into-ISA system) we'll be able to specify the amount of money to transfer, so there's no need to reduce the Classic balance yet.
--- Edit: Looking at your post again, I think I may have misunderstood it. If you are referring to the holding account of the ISA account, I'm not sure ... I would recommend you ask Zopa before withdrawing from it. While flexible ISAs can in theory let you withdraw and then re-invest without affecting your allowance, few companies have actually implemented this. So check first.
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easylender
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Post by easylender on Nov 23, 2017 16:57:43 GMT
Got an e-mail from Zopa stating that free transfer to ISAs is coming, and to sign up for it now. However when I tried to sign up it would not allow me to select Plus as the destination. I'm using the latest IE on W7. Anyone else have this problem?
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Post by wyndstryke on Nov 23, 2017 17:33:10 GMT
I've had the same email, and queued up just enough money to keep me under the ISA limit. ( <-- This is important, if you have ISAs elsewhere you need to pick the second option to limit the amount you transfer). In terms of the earlier question about transferring partial sums, yes you can do this, but you don't seem to be able to specify Access or Classic. So I don't know which of the two they will take the money from first.
Queued it for Core with no trouble, I did not try Plus, was using firefox on Win10. Zopa's email:
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