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Post by misotu on Jun 16, 2017 8:08:40 GMT
I asked and you can't, you have to move funds to holding and then into the ISA. A bit annoying. As annoying as that might be, given there is a set limit each tax year on what can be put into ISA's, I can perfectly understand why they force people to effectively make ISA deposits themselves, rather than have some people forget, go over their allowance, and then blame Zopa. I understand the point, but given the time they've had to ponder the problem, I think it is still pretty disappointing. They have a countdown on the ISA allowance remaining prominently displayed in the ISA screen. Wouldn't have thought it would be too hard to stop repayments transferring into the ISA once that counter reaches zero? Surely they have to have a way of preventing people from adding more than £20,000 of new money to the ISA anyway, don't they? I ended up over-paying into one of my ISAs by just a few pounds one year and the exact amount of the overpayment was returned to the originating account within 24 hours by the building society concerned. I don't mind the manual effort so much, but am fed up about losing the "repayments" classification on the funds. My repayments have been lending out at a very nice speed recently, while Mr Misotu's new funds seem to languish for about 10 days or more.
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aju
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Post by aju on Jun 16, 2017 8:18:48 GMT
If there are enough people in the ISA's then it won;t take them long to make this automatic as they probably only have limited resource to do this manually.
Trouble is they are probably in headless chicken mode - sorry Agile I think was the name a few years back before I retired gracefully from the brave new world of chaos development (Bad re-invention of the wheel a lot of the time) - and have just thrown it together based on existing system. At some point it will be too difficult to control and someone will re-invent it usually when its gets to be more useful to users.
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Greenwood2
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Post by Greenwood2 on Jun 16, 2017 8:41:40 GMT
They are not doing it manually we have to, ie, divert funds to holding account, move to ISA account and assign to ISA product. Rather than just change the receiving account for repayments to the ISA product. Not a big deal but a bit of a pain, and I would have thought easily avoidable.
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mark123
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Post by mark123 on Jun 16, 2017 8:55:03 GMT
They are not doing it manually we have to, ie, divert funds to holding account, move to ISA account and assign to ISA product. Rather than just change the receiving account for repayments to the ISA product. Not a big deal but a bit of a pain, and I would have thought easily avoidable. Zopa FAQ page: So, it looks like it is an ISA rule, not a Zopa decision. M.
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aju
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Post by aju on Jun 16, 2017 8:57:36 GMT
Isn't it the case that holding money is lent as new money then and subsequently much slower. As I said in another thread I'm keeping current safeguard money in safeguard for the the moment. I may leave it there until I get a better feel for core default rates. I need to check the all time for the default rate in classic to see the percentages as in core they wil be the same but at my expense.
My reasoning at he moment is that is I have money that needs a good rate to try and cover the inflation tax issues and zopa gives me that more than safer locations. I'm already fully covered in current accounts but sadly many of them are now not covering inflation rates.
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Post by misotu on Jun 16, 2017 9:03:59 GMT
They are not doing it manually we have to, ie, divert funds to holding account, move to ISA account and assign to ISA product. Rather than just change the receiving account for repayments to the ISA product. Not a big deal but a bit of a pain, and I would have thought easily avoidable. Zopa FAQ page: So, it looks like it is an ISA rule, not a Zopa decision. M. No, this is two different things. We understand that you can't just shift existing loans into an ISA wrapper. We are talking about transferring non-ISA repayments into an ISA, which is utterly compliant with HMRC rules.
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aju
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Post by aju on Jun 16, 2017 9:39:47 GMT
So I set autolend on and invested into a given ISA last night and this morning the money had been received and lent out to the Core ISA - I set this as the initial autolend. Once the product had received all the holding money I reset autolend onto Lend to Plus ISA and then sent another £1990 into zopa from my bank. It arrived into the holding account within 2 hours - much faster than last nights which took 4+ hours. Thing is when I tested this last week my £10 was lend out almost as soon as it arrived but this time it seemed to be stuck in the holding account. I pushed it into my other ISA product and it went ok manually.
I'm sure that autolend would have got it there eventually and its done on a auto cycle, does anyone know how soon it moves from holding to lent. Zopa has seemed very slow over the last couple of months so i guess there are times when the system will be stacking up tasks etc. To be honest the lendout is going to be much slower than any of this so its not really material but the last thing I want to be doing is having to show horn this stuff in manually if I can rely on its systems to be working properly.
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mark123
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Post by mark123 on Jun 16, 2017 11:05:32 GMT
I think that maybe you can transfer non-ISA repayments into your ISA automatically. My investing holding account settings has these three options:
Move to Product | Move to ISA | Withdraw from Zopa
Regards, Mark
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Greenwood2
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Post by Greenwood2 on Jun 16, 2017 11:43:31 GMT
'Move to ISA' manually moves your current holding account funds to your ISA holding account, not sure if this would eventually transfer automatically into your designated ISA product (I've done it manually so far). You need to turn re-investing off to get your repayments paid into your holding account then whenever you remember move it manually (as above) to your ISA.
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jo
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Post by jo on Jun 16, 2017 12:51:55 GMT
Game for a laugh as I am, here goes: If one adds 'ISA Core' then adds 'ISA Plus' does one end up with two separate accounts or one account in which product mix is subsequently interchangeable? It's probably the most obvious thing ever but I seem to have developed snow-blindness on it with the more I read.
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aju
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Post by aju on Jun 16, 2017 12:55:42 GMT
I can confirm that having the autolend to a given product, in my case Core_ISA will automatically lend to the the product at some point during the day. It has worked today for me on the item that I sent funds to last night near midnight and it actually arrived around 4am this morning and when I had woken up it was already lent to the product. I checked this in statements page for June to see the funding time (When the funds clear/reach the holding account)
The thing I was trying to establish was is it being done on a 1hr trigger or on a daily trigger. The only reason I asked was that it had seemed to be instant when I tested last week when it was set on the ord account to send to plus. The second funding that I nudged and then asked on here had only been waiting about 50 mins and rather than wait for the autolend - it may only be once a day an I had missed it perhaps - I just gave it a push.
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ashe
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Post by ashe on Jun 16, 2017 16:46:34 GMT
As annoying as that might be, given there is a set limit each tax year on what can be put into ISA's, I can perfectly understand why they force people to effectively make ISA deposits themselves, rather than have some people forget, go over their allowance, and then blame Zopa. I understand the point, but given the time they've had to ponder the problem, I think it is still pretty disappointing. They have a countdown on the ISA allowance remaining prominently displayed in the ISA screen. Wouldn't have thought it would be too hard to stop repayments transferring into the ISA once that counter reaches zero? Surely they have to have a way of preventing people from adding more than £20,000 of new money to the ISA anyway, don't they? I ended up over-paying into one of my ISAs by just a few pounds one year and the exact amount of the overpayment was returned to the originating account within 24 hours by the building society concerned. I don't mind the manual effort so much, but am fed up about losing the "repayments" classification on the funds. My repayments have been lending out at a very nice speed recently, while Mr Misotu's new funds seem to languish for about 10 days or more. I was thinking more in relation to Zopa not knowing what other ISA's somebody has contributed to during the tax year, and the amount left available being something other than £20,000. I don't think anyone could reasonably disagree that Zopa should prevent more than £20,000 per tax year being deposited, but I can see a slight danger in someone forgetting to turn off auto-invest repayments into an ISA if they only had part of the allowance to use. Not Zopa's fault if so, but I can see why they might want to make people specifically deposit rather than an automated system taking someone over their allowance. That said, from the previous post, may not be the case anyway.
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aju
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Post by aju on Jun 16, 2017 18:07:07 GMT
Game for a laugh as I am, here goes: If one adds 'ISA Core' then adds 'ISA Plus' does one end up with two separate accounts or one account in which product mix is subsequently interchangeable? It's probably the most obvious thing ever but I seem to have developed snow-blindness on it with the more I read. As far as I can tell the ISA part is identical to the non ISA part - you have one ISA account and you can have Core and Plus elements to it if you wish. The products are independent except for the Holding account and returned route you set - I usually have return to same product as it makes it easier to do maths later but you can mix them across from the holding account as you wish. The caveat is that you don;t have classic and access here. So you can have new money go to CoreISA and PlusISA returned funds and interest also go to CoreISA if you wish. Or you can have new money go to PlusISA and have returned funds go back to PlusISA, CoreISA can also return back to itself if thats what you want. There is a complete separation of the normal account and the ISA account but you can move money from holding to where you want existing or new ISA. The one to watch out for is that of inadvertently returning money from the ISA product to holding, if you do that the money returned is not ISA money until its relent - however as in normal ISA's you can take money out from the ISA - there is a fee I think - and return it later if you wish. Returned and interest money does not have a fee though. I've probably answered more questions than intended and possibly confused the issue. One of the other things I decided to do this time round is not just fund the ISA but also add a sum to existing classic as it still has safeguard for all loans up to december - I can't remember exact date at the moment. I did this for my OH as she does not pay any tax at the moment and will get protection through SG until the money is all returned.
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jo
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Post by jo on Jun 16, 2017 20:25:25 GMT
Game for a laugh as I am, here goes: If one adds 'ISA Core' then adds 'ISA Plus' does one end up with two separate accounts or one account in which product mix is subsequently interchangeable? It's probably the most obvious thing ever but I seem to have developed snow-blindness on it with the more I read. As far as I can tell the ISA part is identical to the non ISA part - you have one ISA account and you can have Core and Plus elements to it if you wish. The products are independent except for the Holding account and returned route you set - I usually have return to same product as it makes it easier to do maths later but you can mix them across from the holding account as you wish. The caveat is that you don;t have classic and access here. So you can have new money go to CoreISA and PlusISA returned funds and interest also go to CoreISA if you wish. Or you can have new money go to PlusISA and have returned funds go back to PlusISA, CoreISA can also return back to itself if thats what you want. There is a complete separation of the normal account and the ISA account but you can move money from holding to where you want existing or new ISA. The one to watch out for is that of inadvertently returning money from the ISA product to holding, if you do that the money returned is not ISA money until its relent - however as in normal ISA's you can take money out from the ISA - there is a fee I think - and return it later if you wish. Returned and interest money does not have a fee though. I've probably answered more questions than intended and possibly confused the issue. One of the other things I decided to do this time round is not just fund the ISA but also add a sum to existing classic as it still has safeguard for all loans up to december - I can't remember exact date at the moment. I did this for my OH as she does not pay any tax at the moment and will get protection through SG until the money is all returned. Thank you for explanation.
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easylender
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Post by easylender on Jun 17, 2017 12:43:26 GMT
IIRC one is not allowed to subscribe to more than one ISA in the same tax year, so this situation will not arise.
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