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Post by newlender on Nov 23, 2017 17:47:00 GMT
 I didn't get the e-mail............................Ah, my ISA is fully funded already  . I paid fees on some Classic and Plus loans in order to do that but the interest so far is way more than the fees paid and it's tax free, of course. My first loan is dated June 19th.
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Post by misotu on Nov 24, 2017 0:05:26 GMT
I didn't get the email either, but like you I'm already at the limit so I assume that's why. But Mr M did, so I've whipped his queued funds out and signed him up to transfer "as much as possible". His existing non-ISA Classic loans will take him to within a few hundred of his full allowance. Sign-up was quick and easy. Let's hope the sale process is quick and easy too! Not hopeful about that though. My £4000 of Access loans put up for sale on the 16th haven't returned a penny yet |
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Post by wyndstryke on Nov 24, 2017 8:59:19 GMT
.... Sign-up was quick and easy. Let's hope the sale process is quick and easy too! Presumably it'll all happen from the 3rd January to the 10th or thereabouts.
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Post by misotu on Nov 24, 2017 9:56:58 GMT
... I'm only asking because Mr M's Classic funds are about £1000 more than his available remaining allowance. So taking out around £1000 would sort that. ... Presumably (like the current sell-into-ISA system) we'll be able to specify the amount of money to transfer, so there's no need to reduce the Classic balance yet.
--- Edit: Looking at your post again, I think I may have misunderstood it. If you are referring to the holding account of the ISA account, I'm not sure ... I would recommend you ask Zopa before withdrawing from it. While flexible ISAs can in theory let you withdraw and then re-invest without affecting your allowance, few companies have actually implemented this. So check first.
Thanks for the reply wyndstryke - I did check before taking out Mr M's funds and Zopa's FAQ on this is good, actually:
"The Zopa IFISA is flexible, which means that if you withdraw funds from your ISA, you can replace those funds into the same ISA, within the same tax year. You can only replace funds up to the amount that you withdraw." I can confirm that it worked exactly as it should - the ISA remaining allowance was correctly adjusted to take account of the withdrawal.
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Post by wyndstryke on Nov 24, 2017 16:17:50 GMT
... I can confirm that it worked exactly as it should - the ISA remaining allowance was correctly adjusted to take account of the withdrawal. Great stuff, good to know :-)
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aju
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Post by aju on Nov 25, 2017 10:41:55 GMT
Ok it's great that Zopa seems to be progressing things although not sure what this latest email is addressing as I didn't get it. I'm assuming this is not regarding the offer of classic into isa core and maintaining sg cover but simply the fee free offer as I'm not expecting an email as I never signed up to fee free transfer.
Before I badger Zopa to confirm has anyone else checked this already - I reread the blog announcements of 10th but it didn't suggest an email to sign up was imminent. I filled 3/4 ofisa so far with new funds and am waiting to move classic sg over when is available.
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Post by fuzzyiceberg on Nov 25, 2017 14:20:26 GMT
No, the Email was about a fee free sale from access and/or classic to the ISA maintaining SG coverage on the loans purchased in the ISA. Usual RR caveats that they can't sell loans in 'processing' or with failed payments. The plan is clearly to sign up as many people as possible to maximise the pool of loans to be moved which gives them the greatest chance of replicating portfolios* reasonably closely.
* Hopefully on all of market, rate and duration, but Z have said nothing about this to my knowledge.
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Post by newlender on Nov 25, 2017 16:47:33 GMT
The transfer-in facility will be a big draw, I think, as many investors have cash ISAs paying 0.05% or less and are desperate for an uplift. I do hope that Zopa act responsibly and put in checks and balances to stop people transferring large amounts. I'm up to the limit in my Zopa ISA but might consider sticking in another £5K (Core, not Z+) but that will be quite enough. The Cash ISA rate on one of my accounts is 0.01% up to £24,999 so I reckon anything is better than that! (Yes, I have transferred most of the money elsewhere, before you ask).
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aju
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Post by aju on Nov 25, 2017 17:06:43 GMT
No, the Email was about a fee free sale from access and/or classic to the ISA maintaining SG coverage on the loans purchased in the ISA. Usual RR caveats that they can't sell loans in 'processing' or with failed payments. The plan is clearly to sign up as many people as possible to maximise the pool of loans to be moved which gives them the greatest chance of replicating portfolios* reasonably closely. * Hopefully on all of market, rate and duration, but Z have said nothing about this to my knowledge. Thanks fuzzyiceberg , Hopefully I'll get a new brain for Christmas if I have read you completely wrongly. It's the bit where the email says "Tick We buy back similar loans with Safeguard coverage from them within an ISA" that I guess you are eluding to and I guess since I did not get the email my only real way of getting on this program may be to speak direct to Zopa. So the question now, for anyone who received this email ( wyndstryke , misotu - well Mr Misotu ), did you get a special link in the email to use to sign up to this. I personally have been getting roughly 25% SG coverage so far but I'd definitely be up for moving my existing Classic to the ISA and keep the SG coverage. Mrs Aju doesn't pay tax but I do and anyway I can move taxable money over that is then no longer taxable helps enormously. (sadly I can't afford the lawyers to put it offshore at the moment  )
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aju
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Post by aju on Nov 25, 2017 17:13:43 GMT
The transfer-in facility will be a big draw, I think, as many investors have cash ISAs paying 0.05% or less and are desperate for an uplift. I do hope that Zopa act responsibly and put in checks and balances to stop people transferring large amounts. I'm up to the limit in my Zopa ISA but might consider sticking in another £5K (Core, not Z+) but that will be quite enough. The Cash ISA rate on one of my accounts is 0.01% up to £24,999 so I reckon anything is better than that! (Yes, I have transferred most of the money elsewhere, before you ask). Sadly I moved mine into 18month 1.4% in april, good at the time when it looked like zopa was never going to get the ISA off the ground and definitely not getting the transfer working. Mrs Aju could move hers in though after the 12 months is up and not affect the allowance. I'll check the penalties on them both to see if the amount on Zopa outbids the existing ones anyway. Zopa has to get it working first though and then actually deliver it!. Nuff said
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aju
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Post by aju on Nov 26, 2017 0:49:39 GMT
Ok so now I've got an interesting option on my investment side now - the old message about 1st december and classic closing is gone and now I have a link and the following message as a replacement.
There is a "sign up" button that then takes you to a long 1st screen of info. In here are a number paragraphs describing some things you need to consider.
Down in item 4, the last item on the page before the sign up button, it clearly says
I clicked a few stages to see what else it said but as its possibly not going to give me any access to SG covered loans I backed out before I committed. For me Zopa has not exactly made this very clear.
I'm not sure this is the same thing that the emails some people have received but this one seems to definitely suggest that the recovered money from Access and Classic will not be recreated with SG cover.
Edit: Okay so I tried to go as far as I could - some of the info is decidedly confusing. There is a final checks before committing but to be honest I'm still not convinced its selling C&A and then if I direct the sales to ISA core its gaining SG.
The statement on the final confirm page states
"Your repayments will be used to buy new loans which will not have Safeguard coverage."
If they mean after you have lent then I get it as all repayments even to ISA core are not protected theoretically. But my confusion lies in that earlier they say we will sell your loans and buy new loans.
If you ask me its also a mess as trying to print the pages in Chrome is impossible. Bits seem to be missing etc. Its a real shame they do not seem to have run this through people who have never seen it before rather than let the designers of the screens check it perhaps. (I'm a tester of old and would have rejected a large part of this as confusing as a minimum.)
I hope I am wrong as I would dearly love to be getting SG cover on money I can easily push from classic to ISA core without too much difficulty.
Anyone else got any views on this one.
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Post by newlender on Nov 26, 2017 9:20:08 GMT
Do they mean that if you turn re-investment on when your funds have transferred, any new loans bought with your re-invested repayments won't have SG? Really, they're simply reminding people about the demise of SG.
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aju
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Post by aju on Nov 26, 2017 10:08:16 GMT
Do they mean that if you turn re-investment on when your funds have transferred, any new loans bought with your re-invested repayments won't have SG? Really, they're simply reminding people about the demise of SG. I think that is the case but I'm not sure and I think it seemed clearer in the email some people received- as shown earlier- as a contractual thing I will probably need to get clarification anyway. I'm certain that Zopa does not want çonfusion in an important decision as this. My issue is that I would not wish to pass large sums of covered sg investment over to uncovered investment for a few %age points. Most people would not know that classic has quite a lot of defaults that are masked by the sg cover. It means any defaults not covered will hit investments down the line in an unknown way At an individual level. In my case the isa reduced my tax take but for Mrs aju that is not the case so the cover is more important.
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aju
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Post by aju on Nov 26, 2017 11:39:11 GMT
Okay i've got the email from zopa inviting me and following it through from the email rather than the invest summary page it does seem to go to the same place and is in fact is the same item as the email notification. Unless I missed some text though the only place it clearly states that this is with SG cover is in the email where it says. In the first page there is little that states the SG will transfer. There is a "Questions you might have" that may be could be the one I missed I did read that yesterday but I construed that to mean the ones I had already received without this process I have 25% of my ISAcore this way. Its the new loans bit that I did not like as prior to this stage it says my loans will be sold and new ones created in the ISA. I'm a bit happier now that in the email there is a clear indication of the intent. I will add that there is definitely a tracker in the link which is probably just for their records of where people come from. The cynic in me, however, might have said though that it's another way to record who has read what!. But that's probably just safe old me who has had fingers burnt in the past - Insurance companies are bar stewards for burying things that come back to bite. Mrs Aju is always moaning how long it takes me to read these dreaded docs, but it has saved me in the past. I still think the the pages one has to run through are not that easy to print - early ones seemed to work in Opera (not chrome) but then failed in the later screens - this is not acceptable as they could change anytime and there is no other contractual stuff I can find as yet. For me its a real mess still but I'm going to give it a go anyway now. |
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Post by wyndstryke on Nov 27, 2017 8:46:03 GMT
There was a link, but I avoided following it and went in via the normal login. The trouble with following email links is that you can never be 100% sure where it leads to. There are plenty of counterfeit login screens out there ...
(PS sorry I mangled the /quote stuff when I was trying to edit it down).
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I didn't get the e-mail............................Ah, my ISA is fully funded already 
. I paid fees on some Classic and Plus loans in order to do that but the interest so far is way more than the fees paid and it's tax free, of course. My first loan is dated June 19th.
)