toast
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Post by toast on Jul 11, 2018 15:23:06 GMT
I transferred a “current-year” IFISA from FS to Ablrate in 17-18. All available cash should transfer immediately. Anything tied up in selling / suspended / defaulted loans should follow on later, once encashed. That's a weird way of doing it. Say you had £100 tied up in FS, then changed your mind about Ablrate, did another current-year transfer from Alrate to AC and closed the Ablrate account. What are FS going to do with the £100 if they manage to release it? They can't send it to Ablrate because you have no account there and they've no idea that you later moved to AC. Maybe the £100 gets send from FS to Abl and then forwarded onto AC? Seems like a fragile process!
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Post by madmitch on Jul 11, 2018 19:29:28 GMT
With the current 'can kicking' being demonstrated by AC it would be wise for lenders to allow, say, maybe three years to completely clear a position in a black box account. I can't see how the ISA transfer system could hold up with all the ensuing millions and millions of inter-institutional minute transfers all trying to follow the route of the original investment.
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walktall7
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Post by walktall7 on Jul 13, 2018 20:08:03 GMT
The latest issue is that we have a 17/18 isa with AC and a current year 18/19 isa with AC. So I ask the simple question, what’s the current transfer value of the 17/18 isa (since AC won’t permit transferring the current year’s isa) and the live chat guy says use the balance report for the 5th April 2018 so I say what about the interest I earned this year on that ISA so he says use the tax report so I say but that will include the interest for the current year isa too and he says that’s difficult, he’ll have to ask the isa team but they are really busy so can he contact me later so I give the email and of course there is no email coming. Just like the previous two times. I get the feeling that a) the AC live chat guys lose points if they stay on live chat too long so say I’ll email you or I’ll email you by such and such a date just to get rid of you, and b) They hadn’t really thought the whole ISA thing through prior to offering it. I am more fortunate in that I only have a 17/18 ISA. I also wish to transfer my Isa so I am trying to sell loan parts a discount which at the beginning of the week could not be done.
I have two long chats with live chat this week. The one about being unable to list loan part at a discount took 45 mins and ended up being a phone call to speed things up so the ticket could be raised with full info about the problem I had to download screenshots x3 so IT could see the problem. This live chat person was very good and thanks to her. When there are new bugs the site and IT do need accurate info so they can correct it.
Today's live chat ended up on the phone again because of the complexities in explaining the process. Again 30 mins of time was taken and no rush. This person was also very good and thanks to him.
But when I was raising the issue of dashboard totals not being the same as balance totals that live chat was hopeless and between 10 may and June 19 no progress was made, late replies to updates etc. I then asked this issue to be dealt by someone else. this happened and the next live chat person was good.
So I have found three live chat people to be good and one absolutely hopeless who needs some training !!! It is very difficult when you have a genuine problem , I was trying to be polite, and it can be stressfull when you have more than £40,000 invested and you do not get replies and updates when promised.
I do agree that the ISA was not thought out fully but in some ways Assetz capital want us to keep our money on the site so they might not be bothered. But for me If I get a bad live chat person who does not deal with the genuine issue promptly it just encourages me to move my money as I lose my trust !!
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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 Jul 25, 2018 16:55:33 GMT
Just to follow up on this. I think we have now got a definitive answer on what can be transferred out when you have previous *and* current year ISAs. Basically you can request a “partial ISA transfer out” of your total balance less any new contributions in the current financial year. So for example, if you put in £5k before 5th April this year and £4K after 5th April and your current total on platform is £9.5k then, providing you have enough in the cash fund, you can transfer out £5.5k today. That means you would be transferring out interest earnt on current year subscriptions which means you would have current year money in 2 different IFISA (assuming a transfer to an IFISA) which isn't allowed. If AC can't identify the current year interest specifically then they would have to use the limits as per above.
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walktall7
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Post by walktall7 on Jul 25, 2018 20:16:47 GMT
I have now applied for my transfer of 17-18 IFSA. I have now sold all my MLA IFSA which took a week including selling some loans at discount. Therejust a bit of interest in that account.
I Have been selling the GBB2 account since 20th .There is still £500 to sell but there have been 8500 transactions as it sells a bit then exchanges a bit as it balances what loans you have. In the last 22hour I have managed to sell £300 of loans. There is interest due on these loans which will take one month but because there were some 170 loans the amount of interest is often less than £2.
So transferring out your IFSA is taking up a lot of computer resource.
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Post by madmitch on Jul 25, 2018 21:15:56 GMT
Maybe tomorrow part of your residual £500 will become suspended/defaulted, and then, like a lot of others, you will have absolutely no way to clear your position.
It's a lottery. I hope you get out in time.
Good luck.
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walktall7
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Post by walktall7 on Jul 26, 2018 10:38:59 GMT
I have now applied for my transfer of 17-18 IFSA. I have now sold all my MLA IFSA which took a week including selling some loans at discount. There just a bit of interest in that account.
I Have been selling the GBB2 account since 20th .There is still £500 to sell but there have been 8500 transactions as it sells a bit then exchanges a bit as it balances what loans you have. In the last 22hour I have managed to sell £300 of loans. There is interest due on these loans which will take one month but because there were some 170 loans the amount of interest is often less than £2.
So transferring out your IFSA is taking up a lot of computer resource.
I received an email this morning telling me "In order for the transfer to be processed, you will need to ensure that the full amount is sat in your IFISA Cash Account. As of this morning, you currently have a total of £xxxx sat in the IFISA Cash Account.
Funds on the Standard Accounts page can be moved across to the IFISA Cash Account if need be to make up this figure."
There is a problem in that the £xxxx figure is incorrect by about £120 and also the £xxxx figure does not include the current accued interest on my dashboard either which is due from loans in ifsa Mla and gbb2.
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ceejay
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Post by ceejay on Jul 26, 2018 11:19:20 GMT
...
Funds on the Standard Accounts page can be moved across to the IFISA Cash Account if need be to make up this figure."
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Really? In what way would that not be an additional subscription to the current year's ISA?
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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 Jul 26, 2018 11:45:39 GMT
...
Funds on the Standard Accounts page can be moved across to the IFISA Cash Account if need be to make up this figure."
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Really? In what way would that not be an additional subscription to the current year's ISA? If they have moved funds from IFISA to normal under flexibility rules. However the response needs to be alot clearer to avoid lenders making errors and over subscribing. Some of the statements that ssem to be eminating from AC customer services as reported here (important caveat as we might not have full picture/lost in translation) are making me wonder if they actually understand how these accounts are supposed to work, or at least are able to communicate that effectively to lenders.
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dandy
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Post by dandy on Jul 26, 2018 11:53:46 GMT
Really? In what way would that not be an additional subscription to the current year's ISA? If they have moved funds from IFISA to normal under flexibility rules. However the response needs to be alot clearer to avoid lenders making errors and over subscribing. Some of the statements that ssem to be eminating from AC customer services as reported here (important caveat as we might not have full picture/lost in translation) are making me wonder if they actually understand how these accounts are supposed to work, or at least are able to communicate that effectively to lenders. I think I saw somewhere that they use Goji for that but could be wrong
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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 Jul 26, 2018 14:27:27 GMT
Mrs paul123 put in for a full transfer, which we knew would fail, but it caused someone from the ISA team to phone us. This was a intentional because we’d made a few attempts to get a definitive answer without much success so the only option was to request a full transfer and hope that someone in the know would be able to provide a definitive answer. It doesn’t feel like a bulletproof answer but, like ilmoro hints, it’s probably the only possible answer given that the two ISAs are not kept separate and it’s an answer my significant other is happy with. Actually having reread my own earlier post that would seem to be correct. The lower limit is just current year new subscriptions (£4k in your example) which is subtracted from the total amount (£9.5k) to give previous year component £5.5k which is transferable. Seems to actually work in your favour as money that is conceivably income from this year gets treated as previous year.
Would be nice if they could explain how they got to the figure in relation to the rules so you could have confidence that its compliant.
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walktall7
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Post by walktall7 on Jul 27, 2018 8:10:18 GMT
Mrs paul123 put in for a full transfer, which we knew would fail, but it caused someone from the ISA team to phone us. This was a intentional because we’d made a few attempts to get a definitive answer without much success so the only option was to request a full transfer and hope that someone in the know would be able to provide a definitive answer. It doesn’t feel like a bulletproof answer but, like ilmoro hints, it’s probably the only possible answer given that the two ISAs are not kept separate and it’s an answer my significant other is happy with. Actually having reread my own earlier post that would seem to be correct. The lower limit is just current year new subscriptions (£4k in your example) which is subtracted from the total amount (£9.5k) to give previous year component £5.5k which is transferable. Seems to actually work in your favour as money that is conceivably income from this year gets treated as previous year.
Would be nice if they could explain how they got to the figure in relation to the rules so you could have confidence that its compliant.
In my case I only have a IFSA from 17-18. I have not introduced any money into my Assetz account since April 5 2018. Nor have I transferred any money from my standard account to my Ifsa acount since April 5 18.
So for me I know exactly what interest I have received in my IfSA account and how much current accrued interest is due on my IFSA account . 10 days ago it was £70, today it is £56.
The transfer figure the accounts dept have given customer services is not correct . It is very difficult / impossible that the account dept do not give the correct figure to customer services. I have no loans left in MLA IDSA, only money in cash and gbb2 Ifsa . I have the money avail in standard account to make up the shortfall of suspended loans aprox £50 and loans with a monitoring event aprox £230.
I think transferring the money in one go is possibly better than than transferring money due in dribs and drabs as it would create almost impossible jobs of keeping track of monies needing to be transferred even though I only have money have last years IFSA. For those with this years IFSA finding an accurate transfer figure must be almost impossible !!!
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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 Jul 27, 2018 8:53:06 GMT
Actually having reread my own earlier post that would seem to be correct. The lower limit is just current year new subscriptions (£4k in your example) which is subtracted from the total amount (£9.5k) to give previous year component £5.5k which is transferable. Seems to actually work in your favour as money that is conceivably income from this year gets treated as previous year.
Would be nice if they could explain how they got to the figure in relation to the rules so you could have confidence that its compliant.
In my case I only have a IFSA from 17-18. I have not introduced any money into my Assetz account since April 5 2018. Nor have I transferred any money from my standard account to my Ifsa acount since April 5 18.
So for me I know exactly what interest I have received in my IfSA account and how much current accrued interest is due on my IFSA account . 10 days ago it was £70, today it is £56.
The transfer figure the accounts dept have given customer services is not correct . It is very difficult / impossible that the account dept do not give the correct figure to customer services. I have no loans left in MLA IDSA, only money in cash and gbb2 Ifsa . I have the money avail in standard account to make up the shortfall of suspended loans aprox £50 and loans with a monitoring event aprox £230.
I think transferring the money in one go is possibly better than than transferring money due in dribs and drabs as it would create almost impossible jobs of keeping track of monies needing to be transferred even though I only have money have last years IFSA. For those with this years IFSA finding an accurate transfer figure must be almost impossible !!!
Why do you need a transfer figure? Im not sure what you are trying to do. If you are trying to close the ISA with a full transfer you cant as you have money locked in suspended loans so you can only transfer what is available when you complete the form. You cant transfer cash from standard to IFISA (bar replacing money withdrawn under flexibility) to cover cash in locked loans as that would be new subscriptions nor can the locked loans be transferred to the standard account as they cant be sold on the open market. ISTM you cant transfer the money in one go but will have to leave some behind. I assume GBBA is set to withdraw to cash. Accrued interest is irrelevant.
All this leaves aside AC failings or not.
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walktall7
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Post by walktall7 on Jul 27, 2018 11:02:18 GMT
In my case I only have a IFSA from 17-18. I have not introduced any money into my Assetz account since April 5 2018. Nor have I transferred any money from my standard account to my Ifsa acount since April 5 18.
So for me I know exactly what interest I have received in my IfSA account and how much current accrued interest is due on my IFSA account . 10 days ago it was £70, today it is £56.
The transfer figure the accounts dept have given customer services is not correct . It is very difficult / impossible that the account dept do not give the correct figure to customer services. I have no loans left in MLA IDSA, only money in cash and gbb2 Ifsa . I have the money avail in standard account to make up the shortfall of suspended loans aprox £50 and loans with a monitoring event aprox £230.
I think transferring the money in one go is possibly better than than transferring money due in dribs and drabs as it would create almost impossible jobs of keeping track of monies needing to be transferred even though I only have money have last years IFSA. For those with this years IFSA finding an accurate transfer figure must be almost impossible !!!
Why do you need a transfer figure? Im not sure what you are trying to do. If you are trying to close the ISA with a full transfer you cant as you have money locked in suspended loans so you can only transfer what is available when you complete the form. You cant transfer cash from standard to IFISA (bar replacing money withdrawn under flexibility) to cover cash in locked loans as that would be new subscriptions nor can the locked loans be transferred to the standard account as they cant be sold on the open market. ISTM you cant transfer the money in one go but will have to leave some behind. I assume GBBA is set to withdraw to cash. Accrued interest is irrelevant.
All this leaves aside AC failings or not.
Because it is an IFSA from last year you should be able to do a full or partial transfer. ie I could do a partial transfer now and leave some of last years isa money behind that is suspended loans and monitered loans behind and transfer that later.
But my interpretation on the email from Assetz is that they do not want these later transfers of money so they want to do a full transfer now as it would possibly stop them have to monitor what money needs to be transferred later as with the number of IFSa and sales of shrapnel etc it would be a very big job.
You cannot do a partial transfer of this years IFSA.
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walktall7
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Post by walktall7 on Aug 2, 2018 14:43:58 GMT
I have now applied for my transfer of 17-18 IFSA. I have now sold all my MLA IFSA which took a week including selling some loans at discount. There just a bit of interest in that account.
I Have been selling the GBB2 account since 20th .There is still £500 to sell but there have been 8500 transactions as it sells a bit then exchanges a bit as it balances what loans you have. In the last 22hour I have managed to sell £300 of loans. There is interest due on these loans which will take one month but because there were some 170 loans the amount of interest is often less than £2.
So transferring out your IFSA is taking up a lot of computer resource.
I received an email this morning telling me "In order for the transfer to be processed, you will need to ensure that the full amount is sat in your IFISA Cash Account. As of this morning, you currently have a total of £xxxx sat in the IFISA Cash Account.
Funds on the Standard Accounts page can be moved across to the IFISA Cash Account if need be to make up this figure."
There is a problem in that the £xxxx figure is incorrect by about £120 and also the £xxxx figure does not include the current accued interest on my dashboard either which is due from loans in ifsa Mla and gbb2.
Customer servises have now got back to me and now say I cannot transfer money from my standard accounts which is what I thought as did ilmoro so to transfer the Ifsa it all needs to be cash.
They still do not know why the figure of what was in my Ifsa account was wrong and are still looking.
They have not done many IFSA transfers yet and so customer services are still learning.
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