tonyr
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Post by tonyr on Aug 18, 2018 13:40:35 GMT
Actually, the third online support person actually said that once a holding is below 1p it won’t be possible to sell it. They promised an email by 5pm today to let me know what can be done. I guess one solution would be to buy 1p, attempt to sell, buy 1p, attempt to sell, etc, etc until it all sells. (FX: shoots self in head). Wouldn’t normally be a problem but AC may use the “stuck” holdings to argue that the current year ISA cannot be transferred out. Did you get an email giving anything useful? I've sorted my <£0.01 loans by buying £1 and selling £2. I didn't try 1p as IIRC there is a minimum £1 hard wired in somewhere.
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IFISAcava
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Post by IFISAcava on Aug 18, 2018 14:31:28 GMT
Actually, the third online support person actually said that once a holding is below 1p it won’t be possible to sell it. They promised an email by 5pm today to let me know what can be done. I guess one solution would be to buy 1p, attempt to sell, buy 1p, attempt to sell, etc, etc until it all sells. (FX: shoots self in head). Wouldn’t normally be a problem but AC may use the “stuck” holdings to argue that the current year ISA cannot be transferred out. Did you get an email giving anything useful? I've sorted my <£0.01 loans by buying £1 and selling £2. I didn't try 1p as IIRC there is a minimum £1 hard wired in somewhere. why not just consider <0.01 as approximating to 0 (it is usually a tiny, worthless fraction pretty close to zero even when summed) and just ignore it, freeing up time to get on with something more useful? or is it a case of "count the <0.01s and the pennies will look after themselves"?
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trouble
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Post by trouble on Aug 18, 2018 18:27:06 GMT
I've got a ruck of these type of loans, total pain in the ass having them sat there
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mary
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Post by mary on Aug 18, 2018 19:05:33 GMT
why not just consider <0.01 as approximating to 0 (it is usually a tiny, worthless fraction pretty close to zero even when summed) and just ignore it, freeing up time to get on with something more useful? or is it a case of "count the <0.01s and the pennies will look after themselves"? I sold out of one account, but obviously could not entirely due to to many of these sub-1p loans. After about a year it got to 1p, and I transferred it into my other account, but there are still some sub-1p’s hanging around, so guess I’ll never actually manage to exit that account, I estimate that it’ll takes 10’s of years to get back to 1p again! This is a real pain in the a**, I would happily donate to charity!
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Post by madmitch on Aug 18, 2018 19:42:44 GMT
The transfer of ISAs should not rely on individuals having to appeal to AC's sense of fair play. Rather, there should be a defined policy(covering ALL situations) clearly presented in the T&Cs. For instance, AC could transfer all, or part of, an ISA back to one's standard account. This would include the 100% requirement for a current year ISA. One would then be free to withdraw whatever cash was immediately available.
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IFISAcava
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Post by IFISAcava on Aug 18, 2018 19:49:05 GMT
I had over two pages of them on the MLIA and now they are all at zero except one! (It’s really sad how happy that makes me). There’s still about 30 of them - Just waiting now for the accrued interest to get paid for them to have them properly gone. The <0.01 in the GBBA2 I can’t do much about yet but I’m hoping I can appeal to AC’s sense of fair play and still be allowed to transfer 99.9% of the current year ISA off the platform without having to wait eight months (until next 5th April). Also an issue is how slow AC are to transfer paperwork. I had £5k which left my AC ISA 1 MONTH AGO, but because the paperwork isn't sorted out I can't invest it in the new platform, even though they confirm having had the cash for a month. Unnecessary cash drag and hassle, and v poor on AC's part. It's almost like they are deliberately slow to act as a disincentive to transfers out - unlike their transfers in which (quelle surprise) are much more efficient.
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tonyr
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Post by tonyr on Aug 21, 2018 18:29:25 GMT
Did you get an email giving anything useful? I've sorted my <£0.01 loans by buying £1 and selling £2. I didn't try 1p as IIRC there is a minimum £1 hard wired in somewhere. why not just consider <0.01 as approximating to 0 (it is usually a tiny, worthless fraction pretty close to zero even when summed) and just ignore it, freeing up time to get on with something more useful? or is it a case of "count the <0.01s and the pennies will look after themselves"? I use the various sort options a lot, so stuff that displays is not ignorable as it turns up in the middle of stuff I care about.
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trouble
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Post by trouble on Aug 22, 2018 10:01:56 GMT
why not just consider <0.01 as approximating to 0 (it is usually a tiny, worthless fraction pretty close to zero even when summed) and just ignore it, freeing up time to get on with something more useful? or is it a case of "count the <0.01s and the pennies will look after themselves"? I use the various sort options a lot, so stuff that displays is not ignorable as it turns up in the middle of stuff I care about. Thanks Tony. I've shifted almost all my tiddlers using that method, bit of a pain but now they don't interfere with the ones i want to look at.
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Post by Ace on Aug 22, 2018 13:34:17 GMT
Actually, the third online support person actually said that once a holding is below 1p it won’t be possible to sell it. They promised an email by 5pm today to let me know what can be done. I guess one solution would be to buy 1p, attempt to sell, buy 1p, attempt to sell, etc, etc until it all sells. (FX: shoots self in head). Wouldn’t normally be a problem but AC may use the “stuck” holdings to argue that the current year ISA cannot be transferred out. Did you get an email giving anything useful? I've sorted my <£0.01 loans by buying £1 and selling £2. I didn't try 1p as IIRC there is a minimum £1 hard wired in somewhere.I've just managed to offload a tiddler (<£0.01) in the MLA by buying £0.01 and selling £0.02. So it looks like there is no hardwired £1 minimum. chris, again, can you confirm whether this is strictly necessary, or whether the system would have eventually managed to sell the last <£0.01 in a loan please? And, if not, whether this issue is on AC's bug list? I fully appreciate that you will have more pressing issues to deal with, but it would be good to get an official response. Like others, I would be more than happy to donate these tiddlers to charity in order to tidy up my list of loans if this was easier to implement.
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walktall7
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Post by walktall7 on Aug 22, 2018 14:35:07 GMT
Did you get an email giving anything useful? I've sorted my <£0.01 loans by buying £1 and selling £2. I didn't try 1p as IIRC there is a minimum £1 hard wired in somewhere.I've just managed to offload a tiddler (<£0.01) in the MLA by buying £0.01 and selling £0.02. So it looks like there is no hardwired £1 minimum. chris , again, can you confirm whether this is strictly necessary, or whether the system would have eventually managed to sell the last <£0.01 in a loan please? And, if not, whether this issue is on AC's bug list? I fully appreciate that you will have more pressing issues to deal with, but it would be good to get an official response. Like others, I would be more than happy to donate these tiddlers to charity in order to tidy up my list of loans if this was easier to implement. I have shifted 13 of these by buying an extra 10p of the loan and then selling 11p of the loan. when the 10.01 is sold you are then left with sell instruction of 1p which you then delete. Then when the interest payment comes around you get rid of that small amount as well . I did the selling with a discount to speed the process up
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IFISAcava
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Post by IFISAcava on Aug 22, 2018 15:08:24 GMT
Did you get an email giving anything useful? I've sorted my <£0.01 loans by buying £1 and selling £2. I didn't try 1p as IIRC there is a minimum £1 hard wired in somewhere.I've just managed to offload a tiddler (<£0.01) in the MLA by buying £0.01 and selling £0.02. So it looks like there is no hardwired £1 minimum. chris, again, can you confirm whether this is strictly necessary, or whether the system would have eventually managed to sell the last <£0.01 in a loan please? And, if not, whether this issue is on AC's bug list? I fully appreciate that you will have more pressing issues to deal with, but it would be good to get an official response. Like others, I would be more than happy to donate these tiddlers to charity in order to tidy up my list of loans if this was easier to implement. These fractions will onky add up to pennies and would cost more to donate to charity than to ignore.
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sl75
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Post by sl75 on Aug 23, 2018 7:09:46 GMT
My summary:
Sub 1p loans : a natural consequence of having the minimum investment unit less than a penny.
Sub 0.000001p loans: suggestive of bugs and/or design flaws in AC's systems, but with so many transactions per day will sometimes happen by chance alone.
Sub 0.000000000000001p loans : beyond reasonable doubt this can only be the result of bugs and/or design flaws in AC's systems.
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sydb
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Post by sydb on Jan 31, 2019 10:25:22 GMT
Is there a solution to this yet? Isn't the real problem here than no one can close their account or legally separate themselves from loans once invested in, until those loans repay (which they may not, having defaulted and then take an indeterminate amount of time to sort out)?
What is the procedure for closing one's account when £<0.01 is left in?
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Post by investor01010101 on Feb 1, 2019 15:14:55 GMT
Many of us have commented on micro-loans that clutter our loanbook that will never pay interest, and cannot be sold. (http://p2pindependentforum.com/post/274447) Could Assetz consider pooling all these loans (on an opt-in basis) from lenders into a charitable pot? I think I can safety say no one will miss these sub 1p loans, but pooled together (especially if you can claim tax credits too), this could end up contributing to a life changing sum for a charity or other good cause. I'd love to be able to donate my sub 1< parts to this, and never see them in my loanbook again. Am I out of turn suggesting this on an opt-in basis and if there is a consensus for such a move, would Assetz consider implementing it? I think they should sweep them all into one account and share it out amongst the directors of AC for such a wonderful job they are doing.........................
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ceejay
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Post by ceejay on Sept 1, 2019 7:22:03 GMT
Reviving this old thread in hope of an answer ... does anyone know if it is actually possible, ever, to close an AC account?
Leave aside for the moment the question of zombie loans and assume that all that remains is cash. Can I ever move the last few femtopence from my ISA account into my nonISA account so that it can be properly closed?
And can I ever close the nonISA account, given the practical impossibility that my balance will ever be an exact number of pennies?
You might say - who cares? But I do - if these accounts remain open then they create opportunities for future fraud/identity theft/other nefarious activities, plus they create work for my future executors. Surely there has to be a way to kill these zombies?
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