ISA PROBLEM

Hi littleoldlady,



Thank you for your message and sorry to hear about your frustrations.



As you know it takes a maximum of 30 days to transfer in ISA funds from other providers. Therefore, it is necessary to initiate the transfer prior to pledging to ensure funds are available as soon as they are needed. We understand the frustration of cash drag but this is largely due to the unpredictable timings of the transferring institution. Hopefully, our 8% per annum, first charge secured returns make up for this short, one-off period of non-utilisation of funds, as they are highly competitive across IFISA providers. We are working daily on bringing down our (semi-)controllable cash drag between pledge and loan start through ever more efficient processes - there is always a drag in property and we call it semi-controllable as the processes to finalise legals and put the first charge in place do involve multiple third parties.



In terms of our internal platform processes, where a lender has pledged to a project and has funds available in their account, we will automatically transfer the funds to the project wallet by the specified deadline (for both direct and IFISA accounts). If you have pledged to a project, but money has not yet been called, this will still show in your ‘funds available’, as this money has not yet been transferred into the project wallet. Hence in this case why your ‘funds available’ shows as £500.28 as opposed to 28p. This loan status will show as ‘loan not yet started’. We will then send you a message once funds have been automatically transferred letting you know the actual loan start date and in turn the date from which you start earning interest.



We understand the above may appear confusing so we are adding a ‘pending pledges’ view to the platform soon, to show the funds in transition which are technically still in your account but have been pledged to a specific project.



With regards to the other loan in your portfolio which is showing as ‘not yet started’ but the funds aren't showing in your account, this is because this loan is very close to starting and funds have been drawn in readiness, but it has not started yet. This is a matter of transition towards loan start. The loan start date is updated with the actual start date as soon as it starts - we are very close to finalising all legal and security matters on this loan and as mentioned above, there are always a number of parties involved so actual start date can differ a little from expected start date.



It may also be useful to note that all transfers into your lender wallet, and out to the project wallet once a loan commences, can be seen in the Transaction History at the bottom of your IFISA Portfolio which is an easy way to track available funds.



We very much appreciate your feedback and apologies for the confusion caused, we work continuously to make our platform as user-friendly as possible and make changes inline with feedback so this is incredibly useful.



If you have any more questions please get in touch.


Sarah
Lender Relations Manager

Hi Ilmoro, 

Our IFISA is flexible, meaning you can withdraw funds from your ISA and replace them in the same tax year, without the replacement of funds being labeled as a new ISA subscription.

Hope this is helpful, 

Sarah
Lender Relations Manager