dc848
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Post by dc848 on Jun 19, 2018 19:32:46 GMT
Never actually done it, but I thought the process was that the new provider summons the funds from the current provider - isnt that why the new provider needs your current AC account details?
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dc848
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Post by dc848 on Jun 19, 2018 19:37:33 GMT
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dc848
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Post by dc848 on Jun 19, 2018 19:54:42 GMT
My other ISA provider has asked for the account number Im transferring from. I emailed AC and they said: Your IFISA doesn’t have a specific account number but your standard account has an L number which is (#####)
Your funds have to be in your standard Cash Account to transfer to another Provider and not your IFISA Cash Account.So theyre saying I have to sell out of my IFISA in order to transfer it away!? They are wrong !!!
That link (if you read it), tells you to fill in a transfer form, and your new provider does the work for you. I reckon if in doubt, give the new people both account numbers, and let them sort it between themselves.
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Post by chris on Jun 19, 2018 21:13:13 GMT
I'll raise it in the morning as I'm not 100% familiar with the process, but suspect the advice you've been given was wrong. To make a normal cash withdrawal you would need the funds to be in your normal account's cash account, so perhaps that's why there's some confusion. However an ISA transfer out should come from the cash account within the ISA wrapper. Your ISA account does have a reference code but I'm not sure it's displayed. Equally it's trivial to look up from the normal L*** reference code.
I'm 99.9% sure you shouldn't withdraw the funds from the ISA to your normal account as they'd then sit outside the systems of our ISA service provider, as I say I'll check in the morning though.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 19, 2018 21:33:57 GMT
Sounds like AC are getting confused between a transfer & a withdrawal of funds under the flexible ISA rules. If you want to transfer out you need to initiate the transfer from you new provider (which is what you have done). Im pretty sure that your account number will be the reference starting with ISA.... displayed on the deposit page which is different from the standard reference (all the IFISA funds have different references to the standard funds)
chris sounds like the staff need another training day staff party as the last one doesnt seem to have had the desired affect 
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Post by chris on Jun 20, 2018 10:14:37 GMT
I've checked in with the rest of the team and it looks like there was confusion around the question being asked of them.
I can categorically state that for ISA transfers out of AC you should ensure you have sufficient funds in your ISA cash account for the transfer, i.e. your funds cannot be invested beyond being swept into the QAA but must still lie within the ISA wrapper, and that the transfer should then be initiated with your new ISA provider quoting the appropriate reference number for your ISA account.
Should you require more detail / guidance, the customer services team be fully versed in this process and able to help so please contact them directly.
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walktall7
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Post by walktall7 on Jun 20, 2018 12:13:26 GMT
Thanks Chris.
But my ISA will contain some suspended loans. How do we cash those in to put them into the cash account . Do we leave that money behind in Assetz ISA or ?
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SteveT
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Post by SteveT on Jun 20, 2018 12:54:02 GMT
Thanks Chris.
But my ISA will contain some suspended loans. How do we cash those in to put them into the cash account . Do we leave that money behind in Assetz ISA or ?
When I transferred an IFISA from FundingSecure to Ablrate, I was advised that any cash subsequently released from overdue / suspended / selling loans (after the initial cash transfer went across) would automatically follow later as supplementary transfer(s). However, I managed to get all of it freed up just in time so never discovered whether this worked in practice.
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ashtondav
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Post by ashtondav on Jun 20, 2018 16:20:11 GMT
With F.C. you lose the isa wrap for bad or defaulted loans. The good loans are sold and proceeds transferred to the new provider. The bad ones go to your non isa FC account. At least I think so.
Anyway it is defiinitely worth checking. It’s decent of FS to manage the transfer of other loans cos it must be a load of admin.
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ceejay
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Post by ceejay on Jun 20, 2018 17:19:21 GMT
Thanks Chris.
But my ISA will contain some suspended loans. How do we cash those in to put them into the cash account . Do we leave that money behind in Assetz ISA or ?
Which raises an interesting question about ISA transfers generally, and in particular the transfer of "current year" subscriptions, which HMRC says has to be all or nothing. For many P2P ISAs this could be quite problematic, surely?
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SteveT
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Post by SteveT on Jun 20, 2018 17:24:09 GMT
Thanks Chris.
But my ISA will contain some suspended loans. How do we cash those in to put them into the cash account . Do we leave that money behind in Assetz ISA or ?
Which raises an interesting question about ISA transfers generally, and in particular the transfer of "current year" subscriptions, which HMRC says has to be all or nothing. For many P2P ISAs this could be quite problematic, surely? Not really. AIUI, you still request to transfer your whole IFISA, but only what's already en-cashed can transfer quickly whilst the remainder may take weeks / months / years to go across.
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ceejay
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Post by ceejay on Jun 20, 2018 17:32:54 GMT
Which raises an interesting question about ISA transfers generally, and in particular the transfer of "current year" subscriptions, which HMRC says has to be all or nothing. For many P2P ISAs this could be quite problematic, surely? Not really. AIUI, you still request to transfer your whole IFISA, but only what's already en-cashed can transfer quickly whilst the remainder may take weeks / months / years to go across. Fascinating, but scary, especially if you are an ISA administrator who has to pay out dribbles of money for years. All of a sudden I can begin to understand ABL's £100 transfer-out fee!
And then just imagine if, during this time, you transfer your ISA a couple more times. I have visions of tiny lumps of money wandering like lost children from one ISA provider to another trying to find their forever home...
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Steerpike
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Post by Steerpike on Jun 20, 2018 17:34:58 GMT
Which raises an interesting question about ISA transfers generally, and in particular the transfer of "current year" subscriptions, which HMRC says has to be all or nothing. For many P2P ISAs this could be quite problematic, surely? Not really. AIUI, you still request to transfer your whole IFISA, but only what's already en-cashed can transfer quickly whilst the remainder may take weeks / months / years to go across. Meanwhile the destination ISA has itself been transferred elsewhere and closed down. I'd like to see a definitive statement from AC (and others) on this subject. Edit: Crossed with Ceejay
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Post by chris on Jun 20, 2018 18:26:40 GMT
I'd like to see a definitive statement from AC (and others) on this subject. Without wanting to come across all huffy on such a fine evening, have you asked customer services for one?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 20, 2018 18:53:00 GMT
Which raises an interesting question about ISA transfers generally, and in particular the transfer of "current year" subscriptions, which HMRC says has to be all or nothing. For many P2P ISAs this could be quite problematic, surely? Not really. AIUI, you still request to transfer your whole IFISA, but only what's already en-cashed can transfer quickly whilst the remainder may take weeks / months / years to go across. That would mean you would effectively have two IFISA containing current year money which isnt allowed under the rules. Unfortunately the full detailed guidance notes arent accessible anymore to reference for such scenarios and the abridged versions are fairly unhelpful.
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