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Post by glocal on Feb 1, 2019 22:29:09 GMT
Suppose you have £10k in a FISA from previus years with FC. You withdraw £8k but the rest of the loans can't be sold at that point. Then you have the option to put the £8k back in before the end of the tax year, but you'd rather move as much of that old FISA (£10k) to Assetz. How do you do it? Do you put the £8k back (and invest or keep it in the holding account) and then move the whole FISA? Or is there an easier way? My concern is that when selling loans there are always some that won't sell and I am not sure how small amounts can be moved across as they become available as parts of an old FISA.
Thanks in advance.
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blender
Member of DD Central
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Post by blender on Feb 1, 2019 23:13:01 GMT
You could read about it here support.fundingcircle.com/hc/en-us/articles/115005572506-Can-I-transfer-my-ISA-to-another-provider- When they sell and transfer your ISA, they put the residual parts into a classic account. So there is only one transfer, not for the full amount, and you will lose the remaining part from your IFISA.
If you have taken your £8k out, then only put it back into FC if you want to maximise your ISA total. If you are expecting to have sufficient space in your next year's allowance (£20k) to cover both the £8k and any new money you have to put in during the year, then it would be better, imo, to put the £8k in a suitable Assetz account (check the cash-back promotion) and to transfer it to an Assetz IFISA opened after 6 April.
Yes, I am also planning to open an Assetz Isa in 2019/20 and am moving cash from FC.
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Post by Badly Drawn Stickman on Feb 1, 2019 23:21:02 GMT
You could read about it here support.fundingcircle.com/hc/en-us/articles/115005572506-Can-I-transfer-my-ISA-to-another-provider- When they sell and transfer your ISA, they put the residual parts into a classic account. So there is only one transfer, not for the full amount, and you will lose the remaining part from your IFISA.
If you have taken your £8k out, then only put it back into FC if you want to maximise your ISA total. If you are expecting to have sufficient space in your next year's allowance (£20k) to cover both the £8k and any new money you have to put in during the year, then it would be better, imo, to put the £8k in a suitable Assetz account (check the cash-back promotion) and to transfer it to an Assetz IFISA opened after 6 April.
Yes, I am also planning to open an Assetz Isa in 2019/20 and am moving cash from FC. Ah, the old classic out of the frying pan and into the fire technique.
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Post by Ace on Feb 1, 2019 23:24:15 GMT
From an IFISA rules point of view there's no problem transferring part an old IFISA to a new provider.
AC say that they allow transfers in from as low as £1. So from their point of view you can move the £8k now and the rest later (do so by filling out the forms at AC to avoid losing the ISA status).
Unfortunately, although I've done this between many other providers, I've never tried transferring out of FC (yet). So, probably best to check with FC that they are happy to do a part transfer out. Someone will probably be along here soon to give you the benefit of their experience. Folk around here seem to be pretty helpful on genuine questions like this.
It's best to check that 3rd point first. I once tried a partial transfer between S&S providers and the original party didn't allow a partial transfer so decided to transfer the whole 6 figure sum in my account when I had only requested a small 5 figure transfer.
EDIT: crossed with the above two posts.
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Post by glocal on Feb 1, 2019 23:38:03 GMT
Unless I missed something, I can pause investing for the FC IFISA, move £8k back into the FC IFISA holding account, sell as much of the invested IFISA loans, and keep all cash in the holding account. Then initiate a transfer to an Assetz FISA, and unsold FC IFISA loans will be automatically transferred to my existing FC Classic losing the IFISA wrapper. Does that make sense?
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Post by Badly Drawn Stickman on Feb 1, 2019 23:41:33 GMT
Unless I missed something, I can pause investing for the FC IFISA, move £8k back into the FC IFISA holding account, sell as much of the invested IFISA loans, and keep all cash in the holding account. Then initiate a transfer to an Assetz FISA, and unsold FC IFISA loans will be automatically transferred to my existing FC Classic losing the IFISA wrapper. Does that make sense?
Yes, that would protect your ISA limit. And obviously no need to move the 8K back until the last minute.
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blender
Member of DD Central
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Post by blender on Feb 1, 2019 23:59:17 GMT
I was assuming that you did not currently have an Assetz Isa to use, and that it would be next FY before you could start a new Isa (as is my case). Yes you can do what you say, but check the current Assetz promotion which expires on 14 Feb. I do not think that FC will sell your loans and transfer your funds before then. If you do not already have an Assetz account, then look at the Third Way promotion www.4thway.co.uk/candid-opinion/p2p-lending-cashback/
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Post by glocal on Feb 2, 2019 0:11:17 GMT
Many thanks everyone for your help! Appreciated.
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