rambler
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Post by rambler on Dec 14, 2017 16:28:49 GMT
I am in the strange postion of having a negative balance on my account at present. I think what happened was: - I marked one of my loans for renewal
- By mistake the money was returned to my account
- I reinvested the money
- The mistake was corrected and 'my' money put back into the renewing loan
I think I am now earning interest on FS's money 
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gurberly
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Post by gurberly on Dec 14, 2017 16:43:48 GMT
It happened to me today too.
Capital and interest returned on the Formby rollover loan.
I thought I must have left the rollover box was un-ticked and was mentally kicking myself to be more careful in future
I then spent the returned capital on another new loan.
About an 2 hours later, the “rollover” occurred on the Formby loan and I was £250 in the red.
Don't know why there was such a delay to the two parts of the transaction. Should have been instant.
Trouble is, it was in my ISA and that is fully funded for the year so I cannot add more funds.
I had a chat with the nice person on live chat, and hopefully the expected repayment of Ev***** B*** tomorrow will clear it
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7d7
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Post by 7d7 on Dec 14, 2017 16:53:20 GMT
It's basically FS procedure. Funds are normally returned to your account prior to being invested in the loan you chose to renew.
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bod
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Post by bod on Dec 14, 2017 18:28:36 GMT
Same happened to me. Have just added funds to clear this as worried that FS may arbitrarily take the outstanding balance from one of the loans awaiting activation
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gurberly
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Post by gurberly on Dec 14, 2017 18:58:56 GMT
It's basically FS procedure. Funds are normally returned to your account prior to being invested in the loan you chose to renew. Quite as you say, but there was a significant delay this time between funds being returned and then funds being taken for the renewed loan. I'm talking hours. And thinking about it, if I'm renewing the loan, those funds should really be locked down and unable to be reinvested.
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sapphire
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Post by sapphire on Dec 14, 2017 19:32:45 GMT
I do think FS should be a bit more robust about this procedure and as suggested by gurberly 'lock down' the funds in transit.
Allowing an IFISA to be overdrawn and in negative balance means that it is being overfunded (using FS's money) and possibly exceeding the annual investment limits set in law. So wouldn't this breach some HMRC rule against overfunding?
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rambler
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Post by rambler on Dec 14, 2017 20:40:26 GMT
Mine is an ISA also. I expect it to get resolved soon as new funds are on their way.
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blender
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Post by blender on Dec 14, 2017 22:57:19 GMT
The IFISA is not overfunded, it's just that some of the cash has been lent twice. Improves the return and not your problem.
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p2p2p
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Post by p2p2p on Dec 16, 2017 21:08:13 GMT
I find myself in this position, as I responded to the emails and choose new investments. Its clearly a flaw in FS procedures if they don't rollover immediately as part of the same atomic transaction, and I don't plan to hunt around for new funds to solve their problem, especially as I cannot with the ISA. I will wait for them to contact me, or future redemtions to sort the situation out.
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