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Post by Deleted on Jul 19, 2017 8:01:21 GMT
Thank you, ilmoro. Sending an email to lenders shortly. Ironic as I found transfers in and out of your ISA very fast, but my transfer into Goji direct took over a month. Hi littleoldlady. I have read the thread regarding delays with transfers. If there are any issues going forward, please do let me know directly.
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mikeh
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Post by mikeh on Jul 19, 2017 8:03:19 GMT
Thanks ilmoro I have sent them an email. I hadn't spotted that it is flexible, which gives some comfort, but on reflection I have not been invested here very long and I think the real reason I am uncomfortable about wacking in a large amount straight away is that I am still building confidence in the platform. In studying the information on the website again, I can't find anything about whether or not transfers out are supported, so I have asked them that also. With reference to my cash ISA, it is flexible and only has £1 in it except for on April 5th, so I am not too fussed about only benefitting from sub 1% interest there. It is only an instrument to preserve the tax free status of what will ultimately be coming to p2p (replacing non-ISA money). Looking forward to trying out MT. AIUI You have an unconditional right to transfer out any ISA at any time.
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n
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Post by n on Jul 19, 2017 9:04:11 GMT
Thanks ilmoro I have sent them an email. I hadn't spotted that it is flexible, which gives some comfort, but on reflection I have not been invested here very long and I think the real reason I am uncomfortable about wacking in a large amount straight away is that I am still building confidence in the platform. In studying the information on the website again, I can't find anything about whether or not transfers out are supported, so I have asked them that also. With reference to my cash ISA, it is flexible and only has £1 in it except for on April 5th, so I am not too fussed about only benefitting from sub 1% interest there. It is only an instrument to preserve the tax free status of what will ultimately be coming to p2p (replacing non-ISA money). Looking forward to trying out MT. AIUI You have an unconditional right to transfer out any ISA at any time. Thanks mikeh - I didn't know that. LLI replied to my email and pointed me to the IFISA Terms & Conditions which does explicitly state transfers out are allowed - I had previously missed it. Also the paper transfer request is required each time because of the need for a wet signature.
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bababill
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Post by bababill on Aug 13, 2017 21:20:15 GMT
n Are you saying that each time I want to take cash out of a LandlordInvest IFISA I will need to send a wet signature?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 13, 2017 22:41:14 GMT
n Are you saying that each time I want to take cash out of a LandlordInvest IFISA I will need to send a wet signature? No, the post is a little confusing as it is referring to a question asked in an earlier post regarding whether a transfer form is required for each transfer into the LLI IFISA if the details are the same - the answer being yes as it needs to be signed. As the IFISA is flexible you can withdraw cash back to your bank account as required though you will need to upload a bank statement for the external account to verify it when you make the first withdrawal. Thereafter withdrawals are made to the verified account without further paperwork. Obviously if you were transferring out you would have to complete the transfer form for the receiving provider.
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stevio
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Post by stevio on Aug 14, 2017 4:42:44 GMT
n Are you saying that each time I want to take cash out of a LandlordInvest IFISA I will need to send a wet signature? No, the post is a little confusing as it is referring to a question asked in an earlier post regarding whether a transfer form is required for each transfer into the LLI IFISA if the details are the same - the answer being yes as it needs to be signed. As the IFISA is flexible you can withdraw cash back to your bank account as required though you will need to upload a bank statement for the external account to verify it when you make the first withdrawal. Thereafter withdrawals are made to the verified account without further paperwork. Obviously if you were transferring out you would have to complete the transfer form for the receiving provider. Say I wanted to transfer in or out both this year's contributions in full PLUS some of last year's, would I need two forms for two transactions or could it all be done on same form and transaction?
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littleoldlady
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Post by littleoldlady on Aug 14, 2017 7:06:44 GMT
No, the post is a little confusing as it is referring to a question asked in an earlier post regarding whether a transfer form is required for each transfer into the LLI IFISA if the details are the same - the answer being yes as it needs to be signed. As the IFISA is flexible you can withdraw cash back to your bank account as required though you will need to upload a bank statement for the external account to verify it when you make the first withdrawal. Thereafter withdrawals are made to the verified account without further paperwork. Obviously if you were transferring out you would have to complete the transfer form for the receiving provider. Say I wanted to transfer in or out both this year's contributions in full PLUS some of last year's, would I need two forms for two transactions or could it all be done on same form and transaction? Careful using the word 'transfer'. There is a big difference between transferring money to a different ISA and moving cash out of your ISA into your bank. As said above transfers (to a different ISA) require a form (sent to the new provider) but movements (sent to your bank) can be done online. To address your specific question, assuming you mean transfer to another ISA, are both amounts going to the same (new) ISA or different ones? If the latter then obviously 2 forms, if the former then I would check with the new provider or you could always do 2 forms which would work even if one form would have done.
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n
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Post by n on Nov 21, 2017 10:38:26 GMT
Since opening my IFISA I have managed to get a piece of all the loans I want there, and sold the amounts I had in my Standard account and reduced the balance to £0. There is no more interest to come.
The cashback on Portland Crescent means that my Standard account now holds a tiny balance, so small that it would be daft to have them transfer to my Bank.
Does anybody know if there is a way to move that into the IFISA account (like on Abl) so that it can add to the accumulation of interest payments until there is a large enough balance to sensibly withdraw? (I already have a 'Replaceable amount'.)
I only ask because I want to save the platform unnecessary bank charges.
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Post by Deleted on Nov 21, 2017 11:21:36 GMT
Since opening my IFISA I have managed to get a piece of all the loans I want there, and sold the amounts I had in my Standard account and reduced the balance to £0. There is no more interest to come. The cashback on Portland Crescent means that my Standard account now holds a tiny balance, so small that it would be daft to have them transfer to my Bank. Does anybody know if there is a way to move that into the IFISA account (like on Abl) so that it can add to the accumulation of interest payments until there is a large enough balance to sensibly withdraw? (I already have a 'Replaceable amount'.) I only ask because I want to save the platform unnecessary bank charges. Hi n, We do not incur any bank charges for transfers (Faster Payments). Regards, Filip
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n
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Yet another Nick
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Post by n on Nov 21, 2017 11:46:14 GMT
Since opening my IFISA I have managed to get a piece of all the loans I want there, and sold the amounts I had in my Standard account and reduced the balance to £0. There is no more interest to come. The cashback on Portland Crescent means that my Standard account now holds a tiny balance, so small that it would be daft to have them transfer to my Bank. Does anybody know if there is a way to move that into the IFISA account (like on Abl) so that it can add to the accumulation of interest payments until there is a large enough balance to sensibly withdraw? (I already have a 'Replaceable amount'.) I only ask because I want to save the platform unnecessary bank charges. Hi n, We do not incur any bank charges for transfers (Faster Payments). Regards, Filip Hi Filip Thank you for letting me know. I will feel less guilty now when I put you to the time and effort of transferring my shrapnel. Regards Nick
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Post by gramsky on Jun 18, 2019 10:31:03 GMT
I have had existing standard accounts with Assetz Capital, Funding Circle, Relendex, Lendy (doh) and Landlordinvest for several years now. In the last years I have opened IFISAs with Assetz Capital and Relendex. I had no problem getting my money invested in Assetz Capital, but was unsure of Relendex because of the limited number of loans available. I got around this by topping up my standard Relendex account with the required loans then creating and funding an ISA account and buying my own loans from my standard account. I am now looking for a new IFISA to invest in this year and am considering Landlordinvest, but I have the same doubts with this as I had previously with Relendex. In a Landlordinvest ISA would it be possible to buy my own loans from my standard account under the same login, or if not would it be possible if I was to create the ISA under a different login to the standard account?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 18, 2019 10:51:36 GMT
I have had existing standard accounts with Assetz Capital, Funding Circle, Relendex, Lendy (doh) and Landlordinvest for several years now. In the last years I have opened IFISAs with Assetz Capital and Relendex. I had no problem getting my money invested in Assetz Capital, but was unsure of Relendex because of the limited number of loans available. I got around this by topping up my standard Relendex account with the required loans then creating and funding an ISA account and buying my own loans from my standard account. I am now looking for a new IFISA to invest in this year and am considering Landlordinvest, but I have the same doubts with this as I had previously with Relendex. In a Landlordinvest ISA would it be possible to buy my own loans from my standard account under the same login, or if not would it be possible if I was to create the ISA under a different login to the standard account? No, LLI specifically blocks the purchasing of own loan parts between standard & IFISA accounts. Also the speed with which most loans are purchased on SM would probably make it difficult.
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Post by Deleted on Sept 10, 2019 16:35:06 GMT
Hi all,
Following feedback and discussions with lenders, we have decided that the ISA transfer out fee will not be implemented at this time as and announced earlier today.
We will confirm the same via email tomorrow.
I apologise for any inconvenience caused.
Regards,
Filip
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Post by bobbobbobbob on Sept 13, 2019 11:19:01 GMT
Great News.
I am sure my other fellow investors have passed some feedback on this but thought I would add my thoughts.
Availability of new loans and flexibility for ISAs are a must. If I have a 10k loan completing and there are no other new loans available it is difficult to utilise on the 2nd market as nothing is large enough or last more than about a minute before being snapped up.
Cash drag is already present when committed to a new loan whilst being processed by legals, have the additional concerns of fees for ISA tfr out would merely reduce options available and be less attractive.
Something I can commend LLI on is when depositing and withdrawing funds the process in my opinion is usually a matter of hours and excellent compared to someone like Ratesetter (who are awfully slow at returning funds and when trying to re-sell loans - I have to complain every time to get anything done). LLI should also be commended on the ISA transfer as these also are relatively fast; I doubt we will ever have ISA tfr same day with any provider but LLI seem to be very swift and without the need to chase.
If LLI are considering implementing this in the future, as they feel they have no choice financially, it would be appreciated if the lead time would a significant period, say 3-6 months. In addition this should only be locked to new money invested and previous years before implementation is ring fenced are not tied - this way everything is upfront, out in the open and honest i.e. if I do a transfer in I know full well this money would then be charged for a tfr out.
Thanks
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Post by Deleted on Sept 13, 2019 13:05:28 GMT
Great News. I am sure my other fellow investors have passed some feedback on this but thought I would add my thoughts. Availability of new loans and flexibility for ISAs are a must. If I have a 10k loan completing and there are no other new loans available it is difficult to utilise on the 2nd market as nothing is large enough or last more than about a minute before being snapped up. Cash drag is already present when committed to a new loan whilst being processed by legals, have the additional concerns of fees for ISA tfr out would merely reduce options available and be less attractive. Something I can commend LLI on is when depositing and withdrawing funds the process in my opinion is usually a matter of hours and excellent compared to someone like Ratesetter (who are awfully slow at returning funds and when trying to re-sell loans - I have to complain every time to get anything done). LLI should also be commended on the ISA transfer as these also are relatively fast; I doubt we will ever have ISA tfr same day with any provider but LLI seem to be very swift and without the need to chase. If LLI are considering implementing this in the future, as they feel they have no choice financially, it would be appreciated if the lead time would a significant period, say 3-6 months. In addition this should only be locked to new money invested and previous years before implementation is ring fenced are not tied - this way everything is upfront, out in the open and honest i.e. if I do a transfer in I know full well this money would then be charged for a tfr out. Thanks Hi bobbobbobbob, Thank you very much for the feedback, it is much appreciated. The reason behind the ISA transfer fee was operational and not financial. However, admittedly not very well thought through and we will add much more consideration if any such fee will be introduced in the future, with appropriate advanced notification. Thank you once again for your feedback, it helps to us to improve our service to you and other investors. Regards, Filip
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