SteveT
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Post by SteveT on Feb 9, 2018 15:45:40 GMT
I transferred an FS IFISA over to Ablrate last Autumn. Once you’ve sold everything that you can, set the transfer in motion and all of the available cash will go across within a couple of weeks. AIUI, once other locked-in loans repay, or sums are recovered, subsequent cash transfers will be made automatically.
Happily I managed a clean exit as I’d deliberately been avoiding getting locked into anything.
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mikes1531
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Post by mikes1531 on Feb 12, 2018 15:06:11 GMT
I transferred an FS IFISA over to Ablrate last Autumn. Once you’ve sold everything that you can, set the transfer in motion and all of the available cash will go across within a couple of weeks. AIUI, once other locked-in loans repay, or sums are recovered, subsequent cash transfers will be made automatically. Happily I managed a clean exit as I’d deliberately been avoiding getting locked into anything. : AIUI, it will depend on whether you're transferring current-year money or prior-year money. If you're dealing with current-year money, ISTM that you need to have a complete exit because if you leave some current-year money in the FS IFISA you can't open another current-year IFISA because you're only allowed to have one of those. It wouldn't be a problem if the money was being transferred into a current-year S&S, or cash, ISA as long as you don't end up with more than one of either of those. It also shouldn't be a problem if you wait until after 5/Apr to make the transfer because the money in the FS IFISA will become prior-year money by then If it isn't obvious from 'AIUI' and 'ISTM' above, I'm no expert on such matters so whatever I say can't be assumed to be correct. If you need to know the correct answers -- and IMHO you do because you don't want to do something that isn't allowed within the ISA rules -- you'll need to get an opinion from someone properly qualified to give advice.
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Post by waryinvestor on Feb 16, 2018 13:47:07 GMT
I transferred an FS IFISA over to Ablrate last Autumn. Once you’ve sold everything that you can, set the transfer in motion and all of the available cash will go across within a couple of weeks. AIUI, once other locked-in loans repay, or sums are recovered, subsequent cash transfers will be made automatically. Happily I managed a clean exit as I’d deliberately been avoiding getting locked into anything. When you say "Once you’ve sold everything that you can", do you mean it can be as little as 1 or 2 investments out of say 40 in the IIFSA ? I think the new provider would accept whatever little from a part transfer of a previous year, but what happens after the initial transfer has gone through and the other investments start maturing (say 2 months down the line) ? Do you have to initiate a new transfer every time or does it happen automatically.
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SteveT
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Post by SteveT on Feb 16, 2018 15:24:50 GMT
I transferred an FS IFISA over to Ablrate last Autumn. Once you’ve sold everything that you can, set the transfer in motion and all of the available cash will go across within a couple of weeks. AIUI, once other locked-in loans repay, or sums are recovered, subsequent cash transfers will be made automatically. Happily I managed a clean exit as I’d deliberately been avoiding getting locked into anything. When you say "Once you’ve sold everything that you can", do you mean it can be as little as 1 or 2 investments out of say 40 in the IIFSA ? I think the new provider would accept whatever little from a part transfer of a previous year, but what happens after the initial transfer has gone through and the other investments start maturing (say 2 months down the line) ? Do you have to initiate a new transfer every time or does it happen automatically. FS told me it happens automatically, but I was able to transfer it all out in one go so never got to test it. I suggest you ask them directly.
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Post by waryinvestor on Feb 17, 2018 21:27:33 GMT
Thanks - I'll ask them.
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jcb208
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Post by jcb208 on Feb 24, 2018 9:42:45 GMT
waryinvestor did you find out what happens regarding any investment loans you cant sell straight away after the initial transfer out as I will be moving mine ,just to difficult to get decent loans on F/S unless you have access to a computer at go live times
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jcb208
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Post by jcb208 on Feb 26, 2018 17:17:36 GMT
Well the reply I got from customer services was "IFISA would not be able to be transferred out until all of the investments from that account have been either paid back or sold" so looks like you could be stuck with it for a very long time
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mikes1531
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Post by mikes1531 on Feb 26, 2018 19:07:20 GMT
... I will be moving mine ,just to difficult to get decent loans on F/S unless you have access to a computer at go live times : Have you considered purchasing parts on the SM? AIUI, the main drawback to SM purchases in general relates to the tax situation and AFAIK that doesn't apply if the purchase is into an ISA. I'm no expert, though, so don't take my word for it. Do your own research, and ask for advice if you need it.
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Post by waryinvestor on Mar 30, 2018 9:22:53 GMT
Well the reply I got from customer services was "IFISA would not be able to be transferred out until all of the investments from that account have been either paid back or sold" so looks like you could be stuck with it for a very long time Sorry for the late response, I've been away. I think what you mentioned above is for current Tax Year's ISA, as you can't transfer a part of it if it is the current Tax Year's. But for previous years, one can do a part transfer, so shouldn't be a problem from the source side. It's the target side (where one is transferring to) that has to accept drip feeding into the new ISA. I've asked another provider, and would let everyone know if they allow it.
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victors
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Post by victors on Apr 30, 2018 8:37:35 GMT
Got to praise FS for their efficiency. I signed the form to transfer my FS ISA to Abl on Monday and the transfer has gone through today.
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victors
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Post by victors on Apr 30, 2018 10:54:16 GMT
Sold all I could. Only left those that were past their sell by date - which I can transfer if they are ever repaid.
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victors
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Post by victors on May 1, 2018 10:45:22 GMT
I asked to transfer the cash element of my FS ISA. With the remainder, I will wait until they are repaid, or given up on and then transfer.
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Post by waryinvestor on Aug 22, 2018 10:43:21 GMT
I have been through this nightmare of transferring past year's IIFSA. FS would rely on a request being submitted each time a transfer is needed (of the amount sitting in the cash account only). If one wants to sell their investments on the Secondary Market, they can sell and convert it into cash. But the problem is that I have not been able to find any P2P Platform who would accept a Standing transfer instruction (say once every month to transfer whatever has matured and accumulated that month, since the last transfer). So, in effect, you have to send the Filled in Form by post to the new provider everytime you have accumulated some balance in your cash account and the new provider would have to send it to your existing one.
The new providers that I tried have either misplaced them and found it after more than a month's delay or said that they have gone missing in the post ! So, you start the process all over again. I did managet to transfer out 3 chunks to 2 different providers before I gave up !
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stev
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Post by stev on Aug 22, 2018 17:03:57 GMT
I have transferred IFISA funds from FS to MT twice now. It went through in a few days each time. I didn't have to sign anything and put it in the post as FS accepted an electronic transfer of the form. They also sent the funds by electronic transfer. On the other hand when I made a transfer from a Nationwide cash ISA to MT, it took much longer as they required a hard copy of the form and sent the funds by cheque.
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Post by waryinvestor on Aug 29, 2018 16:50:11 GMT
Hi Stev,
Did you fill out an online form on Moneything's website and MT then forwarded that to FS electronically and FS accepted that ? I thought that a wet signature was always needed for any ISA Transfer ?
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