ribs
Probably not James Marshall
Posts: 148 
Likes: 151
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Post by ribs on Feb 25, 2017 10:30:08 GMT
So, I have some spare change this month, and I decide to throw some towards P2P. Honestly, it's been a while since I logged into Lending Works. The website is... different from the old design. Not sure if it's better or worse, just different. Although I honestly don't really remember the old design, so whatever. I missed out on the first ISA run. Whatever; I'm small fish and my investments don't trigger tax yet anyway. But I see the option to sign up for a ISA... Let's give this a go. Well, look at that, everything is filled in for me, all my details already on the form. Nice. So I punch in my NI number, have a look through the T&Cs (yes, I actually did that), ticked the boxes. Clicked. Waited, waited, page loads after around 20 seconds, it's done. That's it? It's DONE?! Well  . So how do I get money into this thing? Oh right, that standing order I have set up, better change that. So I only have to change the reference number? Oh right, that's easy. Go back to lending works, change the setting to auto lend. That's it. That's  it. This is the perfect experience for a lazy bum like me. I am very much a passive investor, and I don't like dicking around with these kind of things. Thank you lending works and thank you to your developers that obviously put in a lot of effort into making the process as smooth as possible. It was a brilliant experience. The ONLY things I would say (but these are all minor): Some kind of "We're working on it!" prompt after I hit submit. The wait wasn't long, but I was tempted to press stop and try again, which might have caused an issue. Was I supposed to get another email saying the ISA was open again? Not sure I got that. Very possible that I missed it though. The option of copying my settings from my classic account and a little note of "change your standing order to THIS if you want to use your ISA from now on" would've been nice. You are not listed here: innovativefinanceisa.org.uk/isa-accounts/ |
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Post by Matthew on Feb 27, 2017 23:39:20 GMT
So, I have some spare change this month, and I decide to throw some towards P2P. Honestly, it's been a while since I logged into Lending Works. The website is... different from the old design. Not sure if it's better or worse, just different. Although I honestly don't really remember the old design, so whatever. I missed out on the first ISA run. Whatever; I'm small fish and my investments don't trigger tax yet anyway. But I see the option to sign up for a ISA... Let's give this a go. Well, look at that, everything is filled in for me, all my details already on the form. Nice. So I punch in my NI number, have a look through the T&Cs (yes, I actually did that), ticked the boxes. Clicked. Waited, waited, page loads after around 20 seconds, it's done. That's it? It's DONE?! Well . So how do I get money into this thing? Oh right, that standing order I have set up, better change that. So I only have to change the reference number? Oh right, that's easy. Go back to lending works, change the setting to auto lend. That's it. That's #####CENSORED##### it. This is the perfect experience for a lazy bum like me. I am very much a passive investor, and I don't like dicking around with these kind of things. Thank you lending works and thank you to your developers that obviously put in a lot of effort into making the process as smooth as possible. It was a brilliant experience. The ONLY things I would say (but these are all minor): Some kind of "We're working on it!" prompt after I hit submit. The wait wasn't long, but I was tempted to press stop and try again, which might have caused an issue. Was I supposed to get another email saying the ISA was open again? Not sure I got that. Very possible that I missed it though. The option of copying my settings from my classic account and a little note of "change your standing order to THIS if you want to use your ISA from now on" would've been nice. You are not listed here: innovativefinanceisa.org.uk/isa-accounts/Thanks very much for taking the time to provide feedback ribs, it really is appreciated. In terms of the points you raised: - The page load time above seems very slow so it's something we're going to look into (a ticket for this had already been raised internally) - We're implementing a global 'page loading' type screen for any such occurrences to reduce any confusion around whether anything is happening or not - We emailed everyone on the ISA mailing list when it re-opened, and included a note in the lender email - apologies if you didn't receive (it's still open for now btw) - Noted re: the copying settings between accounts - I've passed this suggestion to Product and they'll look to see if we can incorporate in the next round of updates - Re: the IFISA website, they were in touch recently actually - I'll catch up internally but assume we'll be added shortly
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Post by geofft on Mar 3, 2017 10:02:04 GMT
My first post on this site, so hopefully I'm doing things right, if not I'm sure someone will tell me....  Anyway, this is probably a daft novice enquiry, but here goes - like the OP I've just dipped my toe in the water with the LW IFISA and found the startup process reasonably painless so far. I'm slightly confused as to what is happening to my cash though, I've transferred a small amount in and set Lending settings to autolend but I'm still getting the red banner message in my ISA wallet telling me the money is not earning interest. There's also seems to be no sign of the money being allocated into any sort of queue, it's almost like the cash isn't being acted on at all. Is this normal? Maybe the cash is actually in the queue but a little more reassurance of this on the website would be welcome. Any comments? |
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Post by Matthew on Mar 3, 2017 10:18:48 GMT
My first post on this site, so hopefully I'm doing things right, if not I'm sure someone will tell me.... Anyway, this is probably a daft novice enquiry, but here goes - like the OP I've just dipped my toe in the water with the LW IFISA and found the startup process reasonably painless so far. I'm slightly confused as to what is happening to my cash though, I've transferred a small amount in and set Lending settings to autolend but I'm still getting the red banner message in my ISA wallet telling me the money is not earning interest. There's also seems to be no sign of the money being allocated into any sort of queue, it's almost like the cash isn't being acted on at all. Is this normal? Maybe the cash is actually in the queue but a little more reassurance of this on the website would be welcome. Any comments? Welcome geofftYour enquiry is not daft - this is a common question and one that our Product team is literally working on as we speak. Most people (logically) assume that once they've set up their lending settings to automatically lend their money that these settings apply to the money already in their Wallet... Not so, at least not yet. So you'll need to make a manual offer this time and all future repayments and new money added will be automatically lent. Apologies for the confusion, all I can say is we are currently working on improving this.
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Post by geofft on Mar 3, 2017 10:39:03 GMT
Thanks for the speedy reply Matthew, also just had a phonecall from one of your staff giving this information, so no complaints so far re customer service!
Geoff.
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zendog
Member of DD Central
Posts: 137
Likes: 83
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Post by zendog on Mar 12, 2017 12:06:39 GMT
This morning I transferred some money from my bank to my LW IFISA - I think that Lending Works must be really happy that I have done this as they have sent me 17 22 emails so far to confirm my deposit! Might want to check the automated email settings Matthew ! |
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Post by Matthew on Mar 12, 2017 14:49:20 GMT
This morning I transferred some money from my bank to my LW IFISA - I think that Lending Works must be really happy that I have done this as they have sent me 17 22 emails so far to confirm my deposit! Might want to check the automated email settings Matthew ! Crikey. Well at least no one can accuse us of not keeping lenders informed of what's happening to their money... Apologies for that - we'll get that sorted first thing.
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zendog
Member of DD Central
Posts: 137
Likes: 83
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Post by zendog on Mar 12, 2017 15:32:03 GMT
Thanks Matthew - it's up to 32 now - I wonder if my account has been credited with 32 times the amount I deposited - I can only dream!!  |
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moist
Member of DD Central
Posts: 240
Likes: 250
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Post by moist on Jun 3, 2017 6:23:50 GMT
am I missing something...is there a form on the LW website to transfer in old ISAs?
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Post by carol167 on Jun 3, 2017 8:04:32 GMT
am I missing something...is there a form on the LW website to transfer in old ISAs? There is.... Once you are logged in and at the ISA dashboard, select "Transfer ISA" from the menu on the left, then there's a "Download Form" option in the "Transfer in" section. I read in their FAQ though that you can only transfer in whole balances and only from CASH ISAs. Pity, I was hoping to split my lump sum maturing from a fixed term cash ISA in August so I could push 10k LW way. I might have to rethink that. :-(
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Post by dan1 on Jun 3, 2017 8:13:33 GMT
am I missing something...is there a form on the LW website to transfer in old ISAs? There is.... Once you are logged in and at the ISA dashboard, select "Transfer ISA" from the menu on the left, then there's a "Download Form" option in the "Transfer in" section. I read in their FAQ though that you can only transfer in whole balances and only from CASH ISAs. Pity, I was hoping to split my lump sum maturing from a fixed term cash ISA in August so I could push 10k LW way. I might have to rethink that. :-( You could always do a partial transfer from your maturing Cash ISA to a new Cash ISA before transferring in full to LW. Somewhat of a messy, time consuming workaround. Hopefully LW will lift this restriction in time.
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nairda
Member of DD Central
Posts: 112
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Post by nairda on Jun 3, 2017 10:02:27 GMT
The form has a tick box that allows you to make a partial transfer from an existing cash ISA, other than a current year ISA.
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Post by carol167 on Jun 3, 2017 10:35:17 GMT
Thanks guys!! for the positive news.
I shall investigate further come August when it matures. It would be great to split it between several P2P platforms and S&S.
My other large Cash ISA is on a fixed term to run another year and a half (was a 5 year one) yet but that's ok because I wouldn't want to not have any Cash ISA provision purely for balance and resilience etc etc..otherwise I would say that Cash ISAs are a waste of time currently.
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pom
Member of DD Central
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Likes: 1,244
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Post by pom on Jun 3, 2017 11:30:09 GMT
am I missing something...is there a form on the LW website to transfer in old ISAs? There is.... Once you are logged in and at the ISA dashboard, select "Transfer ISA" from the menu on the left, then there's a "Download Form" option in the "Transfer in" section. I read in their FAQ though that you can only transfer in whole balances and only from CASH ISAs. Pity, I was hoping to split my lump sum maturing from a fixed term cash ISA in August so I could push 10k LW way. I might have to rethink that. :-( I've just successfully done a partial transfer (in spite of my bank writing to me telling me they'd agreed to transfer twice what I'd asked for, which caused a bit of a panic until I confirmed they had done the right amount!!)
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Post by Matthew on Jun 5, 2017 13:42:28 GMT
am I missing something...is there a form on the LW website to transfer in old ISAs? There is.... Once you are logged in and at the ISA dashboard, select "Transfer ISA" from the menu on the left, then there's a "Download Form" option in the "Transfer in" section. I read in their FAQ though that you can only transfer in whole balances and only from CASH ISAs. Pity, I was hoping to split my lump sum maturing from a fixed term cash ISA in August so I could push 10k LW way. I might have to rethink that. :-( Hi carol167Just to clarify the restrictions you've mentioned (which are based on the ISA regulations): 1. When transferring current year subscriptions to another ISA provider, you can only transfer them in full, including any income earned on those subscriptions. For example, if you invested £5,000 in the current tax year, you could not do a partial transfer of current year subscriptions of, say, £2,500 to another ISA provider in the same tax year. You would have to transfer the full £5,000 plus any income. However, you can do partial transfers in relation to funds you saved or invested in previous tax years; 2. You can only transfer funds to an IFISA from another ISA provider when they are currently being held as cash i.e. if you're transferring funds from a stocks & shares ISA, you must have first liquidated any investments (we cannot accept transferred investments "in specie"). Hope this helps.
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