trium
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Post by trium on Apr 7, 2018 7:54:22 GMT
This is just stupid. I had a spare £400 on the last day of the tax year. I didn't want to put any more into Plus so I added ISA Core, however they are requiring £1000 minimum to ensure that I am adequately diversified. I find that patronizing - after more than 6 years with Zopa I don't think I need my hand holding. I have 321 Classic loans, 588 non-ISA Plus and 931 ISA Plus. I think I am quite adequately diversified as it is and I am not going to be strong-armed into investing more than I want to. I've now had to move the money into Plus, against my wishes, otherwise I would have had to withdraw it and lose the ISA shelter. I wish I'd put it in my Stocks and Shares ISA now  |
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aju
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Post by aju on Apr 7, 2018 9:59:31 GMT
That's interesting surely you already have >£1000 in the ISA side to negate that need, it does sound a bit of a sledgehammer approach. Thing is though the whole of Zopa seems a bit thrown together these days as an afterthought from a development point of view that is.
Have you perhaps thought about turning on the "Relend to ISA" from Investment side option. I've just done that on my Invest side as I am a tax payer and it makes sense. I realise it will use up your 2018/19 ISA with the money that is coming in from the ISA side but it is an option you could do. I turned mine over last night and will see what happens, according to my weeklies I should not get too close to the trigger for £20 loans. You can manage the lend direction as you require.
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benaj
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Post by benaj on Apr 7, 2018 11:30:50 GMT
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trium
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Post by trium on Apr 8, 2018 7:17:25 GMT
That's interesting surely you already have >£1000 in the ISA side to negate that need, it does sound a bit of a sledgehammer approach. Thing is though the whole of Zopa seems a bit thrown together these days as an afterthought from a development point of view that is. Have you perhaps thought about turning on the "Relend to ISA" from Investment side option. I've just done that on my Invest side as I am a tax payer and it makes sense. I realise it will use up your 2018/19 ISA with the money that is coming in from the ISA side but it is an option you could do. I turned mine over last night and will see what happens, according to my weeklies I should not get too close to the trigger for £20 loans. You can manage the lend direction as you require. I don't worry about the taxable side as I am well below my £1000 personal savings allowance. Besides, that doesn't really help with my problem, which is being trapped in Plus because of an unreasonable condition (in the circumstances) being attached to the Core product, and having that landed on me on the very last day of the tax year. I cannot now provide the £1000 without making a contribution to this year's ISA which automatically makes Zopa my provider for 2018/19. That decision has not yet been taken as I am looking at other providers. So the options seem to be: 1. stump up the £1000 and accept Zopa as my provider for another year; 2. recycle ISA Plus repayments into Core and wait patiently (unremunerated) for the proceeds to accumulate to £1000; 3. sell some ISA Plus loans and use the money to fund Core; or 4. continue to invest exclusively in Plus. Maybe 5. mail Zopa and ask them to waive the requirement.
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aju
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Post by aju on Apr 8, 2018 9:35:17 GMT
That's interesting surely you already have >£1000 in the ISA side to negate that need, it does sound a bit of a sledgehammer approach. Thing is though the whole of Zopa seems a bit thrown together these days as an afterthought from a development point of view that is. Have you perhaps thought about turning on the "Relend to ISA" from Investment side option. I've just done that on my Invest side as I am a tax payer and it makes sense. I realise it will use up your 2018/19 ISA with the money that is coming in from the ISA side but it is an option you could do. I turned mine over last night and will see what happens, according to my weeklies I should not get too close to the trigger for £20 loans. You can manage the lend direction as you require. I don't worry about the taxable side as I am well below my £1000 personal savings allowance. Besides, that doesn't really help with my problem, which is being trapped in Plus because of an unreasonable condition (in the circumstances) being attached to the Core product, and having that landed on me on the very last day of the tax year. I cannot now provide the £1000 without making a contribution to this year's ISA which automatically makes Zopa my provider for 2018/19. That decision has not yet been taken as I am looking at other providers. So the options seem to be: 1. stump up the £1000 and accept Zopa as my provider for another year; 2. recycle ISA Plus repayments into Core and wait patiently (unremunerated) for the proceeds to accumulate to £1000; 3. sell some ISA Plus loans and use the money to fund Core; or 4. continue to invest exclusively in Plus. Maybe 5. mail Zopa and ask them to waive the requirement. It's not an ideal situation. One option that may be possible, especially since you say you don't have a Tax Issue as yet. You could move the £400 back across to Invest side and set up a Core product in the Invest side. You have lost the Tax free wrapper on that side but since Core is essentially Classic without SG (Not strictly true as 25% of my Cores are in fact SG covered as sales of Classic can be accessed by Core) I don't think they have a limit on Classic to Core movement of £1000. I don't remember that anyway.
(edit: Just checked my Core lending stats for December and I can see that the £1000 lending limit was definitely waived for new Core lending.)A phone call to Zopa might be the best option to see what they can offer you.
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Greenwood2
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Post by Greenwood2 on Apr 8, 2018 9:59:15 GMT
May be there is a minimum required in the existing account to trigger a waiver on the second account? £2000+ might seem logical.
I don't remember needing £1000 to open the second account (in fact pretty much sure not), but I did have a few thousand already in the first account.
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