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Post by SophieThing on Sept 26, 2019 12:21:41 GMT
I've been really pleased to see MT focusing on the troublesome loans and defaults on their books, at the expense of bringing new offerings to the table. It's very admirable compared to other platforms which kick cans month after month while continually writing new loans! However the downside is I'm now left with a sizeable chunk uninvested in my IFISA which I'm not prepared to invest on the secondary market where I'm exposed to my max on anything of interest. Given this situation I feel particularly miffed that I'll be charged for any ISA transfer I make off the platform MoneyThing . This seems harsh under the circumstance where nothing new has been or is being offered! MT transfer out fee is currently £50, one of the largest I've seen. Hi Jester, I do appreciate new loans are thin on the ground and understand your reasoning. Happy to waive fee this time. The transfer fees are to help us cover our admin fees, as the processes are entirely manual. Really what we are trying to discourage is lenders making multiple small transfers out. If you are planning on making lots of small withdrawals, one option is to make use of the flexible ISA. You can withdraw amounts from your MT ISA and provided you replace them before the end fo the tex year, then they will remain in the tax wrapper. So you could for example, withdraw little bits of interest, use the cash, replace it into your MT ISA and then make one larger transfer out. That would help us with managing support load and save fees. Kind regards Sophie
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keystone
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Post by keystone on Sept 26, 2019 12:34:35 GMT
The transfer fees are to help us cover our admin fees, as the processes are entirely manual. Really what we are trying to discourage is lenders making multiple small transfers out. If you are planning on making lots of small withdrawals, one option is to make use of the flexible ISA. You can withdraw amounts from your MT ISA and provided you replace them before the end fo the tex year, then they will remain in the tax wrapper. So you could for example, withdraw little bits of interest, use the cash, replace it into your MT ISA and then make one larger transfer out. That would help us with managing support load and save fees. Kind regards Sophie Does this apply only to the current years subscription to the flexible ISA or can you do this each year you hold it even if you don't contribute a new subscription?
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Post by SophieThing on Sept 26, 2019 12:50:30 GMT
The transfer fees are to help us cover our admin fees, as the processes are entirely manual. Really what we are trying to discourage is lenders making multiple small transfers out. If you are planning on making lots of small withdrawals, one option is to make use of the flexible ISA. You can withdraw amounts from your MT ISA and provided you replace them before the end fo the tex year, then they will remain in the tax wrapper. So you could for example, withdraw little bits of interest, use the cash, replace it into your MT ISA and then make one larger transfer out. That would help us with managing support load and save fees. Kind regards Sophie Does this apply only to the current years subscription to the flexible ISA or can you do this each year you hold it even if you don't contribute a new subscription? Hi Keystone, It applies to current and previous year subscriptions- see section 11 of ISA T&C's on our website for full details of treatment of withdrawals/replacements. Kind regards Sophie
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jester
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Post by jester on Sept 30, 2019 10:18:06 GMT
I've been really pleased to see MT focusing on the troublesome loans and defaults on their books, at the expense of bringing new offerings to the table. It's very admirable compared to other platforms which kick cans month after month while continually writing new loans! However the downside is I'm now left with a sizeable chunk uninvested in my IFISA which I'm not prepared to invest on the secondary market where I'm exposed to my max on anything of interest. Given this situation I feel particularly miffed that I'll be charged for any ISA transfer I make off the platform MoneyThing . This seems harsh under the circumstance where nothing new has been or is being offered! MT transfer out fee is currently £50, one of the largest I've seen. Hi Jester, I do appreciate new loans are thin on the ground and understand your reasoning. Happy to waive fee this time. The transfer fees are to help us cover our admin fees, as the processes are entirely manual. Really what we are trying to discourage is lenders making multiple small transfers out. If you are planning on making lots of small withdrawals, one option is to make use of the flexible ISA. You can withdraw amounts from your MT ISA and provided you replace them before the end fo the tex year, then they will remain in the tax wrapper. So you could for example, withdraw little bits of interest, use the cash, replace it into your MT ISA and then make one larger transfer out. That would help us with managing support load and save fees. Kind regards Sophie Thanks for the personal reply SophieThing , the offer is appreciated and I entirely understand the reasoning for the fee itself. On this occasion I'll take your advice and make use of the flexible ISA with standard withdrawals, if some attractive loans are put forward I'll deposit again. Otherwise I'll replace everything before tax year end and carry out one ISA transfer off the platform, reminding you of the waived fee
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IFISAcava
Member of DD Central
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Post by IFISAcava on Sept 30, 2019 15:39:06 GMT
Hi Jester, I do appreciate new loans are thin on the ground and understand your reasoning. Happy to waive fee this time. The transfer fees are to help us cover our admin fees, as the processes are entirely manual. Really what we are trying to discourage is lenders making multiple small transfers out. If you are planning on making lots of small withdrawals, one option is to make use of the flexible ISA. You can withdraw amounts from your MT ISA and provided you replace them before the end fo the tex year, then they will remain in the tax wrapper. So you could for example, withdraw little bits of interest, use the cash, replace it into your MT ISA and then make one larger transfer out. That would help us with managing support load and save fees. Kind regards Sophie Thanks for the personal reply SophieThing , the offer is appreciated and I entirely understand the reasoning for the fee itself. On this occasion I'll take your advice and make use of the flexible ISA with standard withdrawals, if some attractive loans are put forward I'll deposit again. Otherwise I'll replace everything before tax year end and carry out one ISA transfer off the platform, reminding you of the waived fee Best keep an eye on it is my advice I was offered a waived fee too when the lack of new loans began - but £50 was still taken off when I transferred my ISA out several months later!
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Post by nickything on Oct 1, 2019 12:43:36 GMT
Thanks for the personal reply SophieThing , the offer is appreciated and I entirely understand the reasoning for the fee itself. On this occasion I'll take your advice and make use of the flexible ISA with standard withdrawals, if some attractive loans are put forward I'll deposit again. Otherwise I'll replace everything before tax year end and carry out one ISA transfer off the platform, reminding you of the waived fee Best keep an eye on it is my advice I was offered a waived fee too when the lack of new loans began - but £50 was still taken off when I transferred my ISA out several months later! Thank you for your comment. If you would like to get in touch, we can chase this up IFISAcava. Regards, NickyThing.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Oct 4, 2019 10:07:26 GMT
Best keep an eye on it is my advice I was offered a waived fee too when the lack of new loans began - but £50 was still taken off when I transferred my ISA out several months later! Thank you for your comment. If you would like to get in touch, we can chase this up IFISAcava. Regards, NickyThing. Thanks for the response and offer nickythingIt feels a bit grubby chasing £50 after the event, I don't want to get into arguments over minor amounts and I am sure MT must have a reason they didn't apply the previously offered waiver, so I'll leave it. The main reason for the post was just to let others know that it might not be automatically applied so they should check in advance if they are expecting it. All the best
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