Greenwood2
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Post by Greenwood2 on Dec 31, 2017 8:38:02 GMT
Sorry I thought you were suggesting in the previous comments that the incoming ISA (from an external ISA - Not zopa) was not possible to be moved in and out to the ISA holding Area. If you are saying that one can move money from ISA product back to ISA holding without losing the ISA status then I agree. My problem is that I want to move 5 figure number from a previous years allocation into the Zopa ISA but since I do not want to have Zopa lending to borrowers at >£10 a pop ( rather than £50+ loans ) then if the incoming ISA is moved to say Plus as a default for new money then I can withdraw it back to the ISA holding and then lend it out to product at <£2000 at a time to achieve it. It will mess up relend for the time it takes to lend it out at the levels I want. I was kinda hoping this will work but your suggestion it won't based on a Zopa response is confusing me - my problem not yours - since they definitely seem to have the 2 products set up in isolation. I guess we will see... That's what I would like to do too. Withdrawing to holding is fine, but how will you then lend it out at £2000 a time? I thought all the funds in holding would move to the product as soon as you press 'Move to product'? I don't see any option to move part of the funds in holding to a product, am I missing something?
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aju
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Post by aju on Dec 31, 2017 11:42:07 GMT
Well in the past and very recently I tried it on Invest and I was allowed to poke any amount as far as I could tell in that instance I just poked the full amount as I just turned off relend to see what happened. I think it works the same on ISA aside as well.
I'll give it a go in ISA and see what happens.
....
Ok its a bit convoluted but it does work - I decided to remove uninvested (queued) money from both Core and Plus products. It returned to holding as £110.23 (£73.42 and £36.81 respectively). At this point for me New money is set to Core. I turned reinvest off as well.
I selected "move to product" (Core at present) and it states I have £110.23 and it will lend to ISA Core. I decided to just set the move to product values to those I had removed earlier so I lent £73.82 to core and it appeared as expected in the new money queue. I then changed new money to Plus and did the same thing for £36.81. I went back and changed new money to ISA Core as before and then made sure relending is back on. Obviously in this particular test move I have lost the queue position for this money and whilst I am trying to get loans of £10 out my lending rates will reduce.
When I did this £<1999 trick for new ISA lend a few months ago I was bringing money in from my bank with the relevant lending offer on. I had a few hiccoughs in that I got cocky and started relending £1000 when the queue was down below £999 but sadly relend money came in as well and I got 100 odd £20 loans before I noticed this mistake. Using the method above will obviously not have this issue as relend will be turned off. It means my lending rates will be slightly slower as all lend will go through the new queue - I think.
Hope this helps, I think it will be okay. Again time will tell ;-)
Must just double check all my settings are correct again until the time comes.
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Post by wyndstryke on Feb 3, 2018 0:47:12 GMT
Yes, it definitely works. Thank you for enquiring and experimenting.
My ISA-to-ISA transfer has hit my account - turned up in the 'new money' ISA Core queue without warning this evening (Core is my default for new money). It wasn't there this morning. So pulled it into holding, and fed 1.9k back in order to get the £10 loan size. I had already turned off reinvestment some days ago when the cheque was sent, and it'll stay turned off until both transfers are fully lent.
The original email said they'd let me know when it got approved, but other than the email from my original provider saying that they'd sent the cheque across I hadn't heard anything from Zopa itself. No big deal for me because I'd already been told from the other side so I was expecting it.
I'm relieved - I was worried that the ISA-to-ISA transfer would hit while I was in the middle of the 10 day blackout for the non-ISA-to-ISA transfer and I'd end up with huge chunks.
I'm also surprised that the ISA-to-ISA transfers are happening at a similar time to the non-ISA-to-ISA transfers (i.e., Mrs Aju's transfer). There's going to be a huge amount of money sloshing around trying to get matched, although presumably the nonISA ones will be done offline against a closed pool.
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aju
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Post by aju on May 2, 2018 17:42:48 GMT
So my external ISA transfer in arrived today, still waiting for email notification of its arrival. Managed to catch it before anything was lent out.
So I lent it out as follows.
ZPlus : £1990
ZCore: £1980
Slightly odd numbers (Usually you can lend up to 1999 before it will lend at £20 chunks) but I had some money sitting in the queue's and didn't want to take the chance of lending in £20 or more chunks. I have relending off across the ISA side and I'm monitoring the new money going in.
The actual process was a bit odd. I received first email after I returned the form for my existing ISA. They said it would be passed on to the old ISA - in this case Newcastle BSoc. On the form I requested that the existing ISA not be transferred until April 23rd as I didn't want to break any rule at NB and lose interest.
I got a letter from NB on 24thy to say that had sent the proceeds to my new ISA manager on 23rd, the closing date. Zopa sent me another similar email to the first on 24/4 to say they had received my form! and were sending it to my ISA donor. Bit weird but perhaps they only have a single email proforma. The email said it could take up to 10 Business days.
As I said above its arrived into my default Zopa Core sometime today 2/5 and luckily I caught it and moved it out immediately so that I can better control diversification (Get max £10 loans). I'm going to attempt to get a 10% lend into Plus and the rest will go into Core.
On another interesting point Plus has already lent nearly £80 after about 3 hours before moving to the matching queue. I'm guessing there isn't much appetite on the Plus side then ;-). core may be slower but I'm a patient person ;-)
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Post by newlender on May 2, 2018 18:06:22 GMT
Well, I made what I thought was a monumental mistake when I topped up my Zopa IFISA and accidentally ended up with a number of £40 loans . Now they are paying a very juicy interest payment each month totally tax free. No defaults/collections yet either. Now, can I guess what the next poster is going to say?  |
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Greenwood2
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Post by Greenwood2 on May 2, 2018 20:22:30 GMT
Well, I made what I thought was a monumental mistake when I topped up my Zopa IFISA and accidentally ended up with a number of £40 loans . Now they are paying a very juicy interest payment each month totally tax free. No defaults/collections yet either. Now, can I guess what the next poster is going to say? Probably, but my IFISA is doing OK a few defaults, but so far within expectations.
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