benaj
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Post by benaj on Aug 2, 2019 13:51:59 GMT
The transfer out process is stress free. ISA money was transferred to another provider within one week after new ISA provider initiated the instruction.
Transfer out request activated: 22nd July
Transfer out: 25th July
Transfer in: 29th July
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Ukmikk
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Post by Ukmikk on Aug 6, 2019 11:07:31 GMT
Hi benaj, Did you have to initiate a withdrawal request before your ISA transfer, or did you just submit the transfer request and then as a result FO sell down all investments and transfer the cash? I'm not sure if I do a withdraw investments request up front whether the money gets transferred to my bank account immediately, which would mean I couldn't then do an ISA transfer. Many thanks. |
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benaj
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Post by benaj on Aug 6, 2019 11:15:29 GMT
I sold out all my ISA investments first on the 7th July before the transfer request. I sold one investment a time and repeated until all investments were sold. They were released instantly. However, these ISA investments did not have many loans at the time due to cash drag and the "age" of my ISA investments.
The new ISA provider took a long time to respond my transfer request.
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Ukmikk
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Post by Ukmikk on Aug 6, 2019 11:29:35 GMT
Thanks benaj. So did you sell each loan manually, in which case how do you prevent the cash automatically reinvesting? Where does the balance sit? Or did you complete a withdrawal request for each investment? In which case doesn't the cash get withdrawn to bank account? Sorry for more questions, but looking at the site it's not clear. |
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benaj
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Post by benaj on Aug 6, 2019 11:37:15 GMT
The withdraw feature did the work for me for selling loans within investment, and I withdrew one by one.
After all investment sold, they were sitting as unassigned deposit and won’t be invested.
I did not withdraw money from ISA account myself as I wanted to transfer entire ISA balance to another provider
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benaj
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Post by benaj on Aug 6, 2019 11:38:34 GMT
so, FO sent the fund directly to my new ISA provider.
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Ukmikk
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Post by Ukmikk on Aug 6, 2019 11:54:10 GMT
Ok I get it  Many thanks for your reply benaj |
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Post by Ace on Oct 8, 2019 15:02:26 GMT
WARNING: If you want to sell an existing IFISA investment in FO to transfer the ISA funds elsewhere YOU MUST TICK THE REINVEST BOX. Otherwise the funds will (eventually) be returned to your bank account rather than your holding account. I learnt the hard way.
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Post by sayyestocress on Oct 8, 2019 16:03:30 GMT
WARNING: If you want to sell an existing IFISA investment in FO to transfer the ISA funds elsewhere YOU MUST TICK THE REINVEST BOX. Otherwise the funds will (eventually) be returned to your bank account rather than your holding account. I learnt the hard way. Thanks for the warning, the withdraw feature of their site has never been the clearest. Thankfully, I believe it's a flexible ISA so you should be able to put it back into the platform and subsequently transfer to the destination ISA to preserve the tax fee status without losing a chunk of your allowance.
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