toast
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Post by toast on Jun 22, 2019 22:01:12 GMT
The number I've supplied in the past for the AC account number is the reference number used for transfers into my IFISA cash account. To find this, click the Manage Funds button in the top-right corner and choose Deposit Funds -> IFISA -> Cash Account -> Reference. OK, I found it there. Thanks. Now I am trying to find a way to fill in Coventry BS's application form which doesn't accept Assetz's sort code and doesn't have space for the reference number either. I'll get there in the end!
I must say all this effort required to get funds out of a p2p platform is in itself one reason not to bother in the first place.
Your AC account doesn't have a sort code/account number like a current account would. On the Coventry form, put your AC Reference number into the "ISA number" box and leave the sort code and roll/reference boxes empty. It's a little awkward because Coventry doesn't have a distinct form for IFISA transfers and they make you use the cash transfer form.
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Post by glocal on Jun 25, 2019 13:55:20 GMT
To avoid confusion, Assetz just toled me that IFISA cash swept into QAA 'cannot be guaranteed to be transferred as market conditions can vary.' I see that for some posters that transfer from QAA worked but Assetz cannot guarantee liquidity.
It remains a mystery when a cash ISA provider should be instructed to transfer the full IFISA amount out of Assetz, when a GBBA sale can continue for years if at least one loan is non-tradable. Surely, there must be a cut-off point in the sale and Assetz would alert us when the particular sale is considered completed. That's how FC works anyway.
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Post by Ace on Jun 25, 2019 17:55:26 GMT
To avoid confusion, Assetz just toled me that IFISA cash swept into QAA 'cannot be guaranteed to be transferred as market conditions can vary.' I see that for some posters that transfer from QAA worked but Assetz cannot guarantee liquidity.
It remains a mystery when a cash ISA provider should be instructed to transfer the full IFISA amount out of Assetz, when a GBBA sale can continue for years if at least one loan is non-tradable. Surely, there must be a cut-off point in the sale and Assetz would alert us when the particular sale is considered completed. That's how FC works anyway.
The cut off date would only be an issue if you had elected to transfer the whole of an account. Otherwise you would need to specify an exact amount, which would fail if you had insufficient liquidated funds. When transferring the whole of an account, I believe, from memory, that the rules allow the transfer to take place in dribs and drabs, as recoveries come in. I also seem to remember that there is a one year cut off date in this scenario. I'm sure someone more enlightened will correct me if my memory is faulty.
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Post by glocal on Jun 25, 2019 19:09:33 GMT
I would rather instruct the cash ISA provider to transfer the 'whole amount', but I am not sure if this transfer fails or is paused for a long time while there are even a few untradeable loans stuck in the IFISA. If transferring the 'whole amount' (as specified on the ISA transfer forms) means the bulk of the IFISA funds are transferred and more instalments follow for up to a year, that's fine by me.
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sarahcount
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Post by sarahcount on Jun 26, 2019 20:26:19 GMT
As it happens I've recently applied to transfer an IFISA to a S&S ISA. The application form made me choose between the incoming funds being a cash ISA or a S&S ISA. I selected the cash ISA option because that seems to essentially be what I'm looking to transfer - the excess cash that I have on the platform not the loans I'm invested in. I'll report back on whether this has worked or if it gets rejected. Won't be particularly happy if it turns out that you can put money into IFISAs but not move them out. Although having said all that new tax years seem to come round quicker than I can find the available money to invest in new ISAs. Reporting back on this as promised the uninvested cash balance on my IFISA has finally been transferred to my S&S ISA. Apparently it took longer than it could have done due to the S&S ISA provider insisting on payment by cheque! For anyone eager for my hot stock tips - I've plumped for a low cost passive global index tracker to retain as a long term investment. I need to scale back my exposure to P2P as I was way too enthusiastic a few years ago. Still prepared to invest in any especially good loans that I come across but generally trying to re-balance to more sensible proportions.
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r1200gs
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Post by r1200gs on Jun 27, 2019 11:00:57 GMT
As it happens I've recently applied to transfer an IFISA to a S&S ISA. The application form made me choose between the incoming funds being a cash ISA or a S&S ISA. I selected the cash ISA option because that seems to essentially be what I'm looking to transfer - the excess cash that I have on the platform not the loans I'm invested in. I'll report back on whether this has worked or if it gets rejected. Won't be particularly happy if it turns out that you can put money into IFISAs but not move them out. Although having said all that new tax years seem to come round quicker than I can find the available money to invest in new ISAs. Reporting back on this as promised the uninvested cash balance on my IFISA has finally been transferred to my S&S ISA. Apparently it took longer than it could have done due to the S&S ISA provider insisting on payment by cheque!For anyone eager for my hot stock tips - I've plumped for a low cost passive global index tracker to retain as a long term investment. I need to scale back my exposure to P2P as I was way too enthusiastic a few years ago. Still prepared to invest in any especially good loans that I come across but generally trying to re-balance to more sensible proportions. That's nearly as ridiculous as the Post Office insisting on a £1 check to open a savings account with them. I had to order a cheque book, buy stamps, lick envelopes, find a post box and then they sent the whole lot back because my wife filled in the cheque incorrectly because she'd never written one before! Good timing on this thread and thanks all. I too am looking to reduce my exposure to P2P as I would appear to have probably lost all I ever made and probably a lot more with Lendy. Time for some capital protection and to move at least half my ISA from here to safer shores.
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sl75
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Post by sl75 on Jun 28, 2019 8:44:29 GMT
... filled in the cheque incorrectly because she'd never written one before! Making me feel very old... (even though it's now several years since I last wrote a cheque)
I'd pinpoint my financial "coming of age" as when a bank actually allowed me my own cheque book (at age 16), which made me feel properly in control of the areas of responsibility my parents had delegated to me to sort out for myself (e.g. when I finished a roll of film in my camera, I could send the envelope for processing with my own cheque rather than having to ask my parents to write one for me and paying them the cash for it as had been necessary for several years previously). I've still got the cheque-book stubs filed away somewhere - had a good reminisce when I last found them after moving house...
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delboy
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Post by delboy on Jul 1, 2019 17:09:05 GMT
I’m sorry if I’ve missed it somewhere in this thread, but could anyone explain what happens in terms of illiquid loans in an AC IFISA upon transfer? I’d actually prefer the “leftovers” to simply be moved to my standard account and lose the tax free status rather than having to keep an eye on it for years to come as it drip feeds. And given I intend to move to a cash ISA to then enable me to transfer that to S&S straight away, my new ISA won’t actually exist a couple of months after transfer, so what then?
And you’re absolutely right about AC’s total lack of any information whatsoever about transferring out. It has driven me mad trying to find answers - I’m quite close to simply moving all of my investments, including non-IFISA, out of the platform due to this lack of transparency.
On the mystery IFISA account number; I think I ended up producing a pdf transaction statement or similar which did include the ref number at the top.
What a bureaucracy!
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ashtondav
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Post by ashtondav on Jul 1, 2019 17:20:02 GMT
Any loans that can’t be sold are transferred to a non isa AC account in your name.
The only part of your AC IFISA that can be transferred to a new provider is the proceeds from loans that can be sold.
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delboy
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Post by delboy on Jul 26, 2019 21:32:44 GMT
I have now been waiting for over 1 month for my AC IFISA to transfer out. I sold everything that was liquid and now have over 20k sat in cash in the account. I have emailed them and been told that dealing with this will "require input from multiple departments within our business". My new provider has written to them twice.
Am I missing something? Surely the requirement is to simply send a cheque for 20k to my new ISA provider and move the remaining unsold investments into my standard account. I can't believe this isn't something they deal with on a regular basis - how many departments can possibly need to have an input into this routine process?
Anyone else had any problems? Can anyone give me an idea of how long AC usually drag their heels in dealing with an outbound IFISA transfer?
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baboonery
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Post by baboonery on Jul 27, 2019 12:32:42 GMT
I have now been waiting for over 1 month for my AC IFISA to transfer out. I sold everything that was liquid and now have over 20k sat in cash in the account. I have emailed them and been told that dealing with this will "require input from multiple departments within our business". My new provider has written to them twice. Am I missing something? Surely the requirement is to simply send a cheque for 20k to my new ISA provider and move the remaining unsold investments into my standard account. I can't believe this isn't something they deal with on a regular basis - how many departments can possibly need to have an input into this routine process? Anyone else had any problems? Can anyone give me an idea of how long AC usually drag their heels in dealing with an outbound IFISA transfer? I recently made a partial transfer out of my AC IFISA to another P2P platform without problems/delay. 9 July - Online form completed, printed, signed and posted to ‘new’ platform. 11 July - Notified that form received and they had contacted AC. 25 July - Confirmation that funds received and available for investment. Very happy with service provided by both platforms.
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ceejay
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Post by ceejay on Jul 27, 2019 20:00:32 GMT
I have now been waiting for over 1 month for my AC IFISA to transfer out. I sold everything that was liquid and now have over 20k sat in cash in the account. I have emailed them and been told that dealing with this will "require input from multiple departments within our business". My new provider has written to them twice. Am I missing something? Surely the requirement is to simply send a cheque for 20k to my new ISA provider and move the remaining unsold investments into my standard account. I can't believe this isn't something they deal with on a regular basis - how many departments can possibly need to have an input into this routine process? Anyone else had any problems? Can anyone give me an idea of how long AC usually drag their heels in dealing with an outbound IFISA transfer? Mine took a month and is the subject of an ongoing complaint. Part of the problem is that there are multiple groups involved, including the ISA Manager (outsourced) and AC's own accounts department who actually make the transfer. Their processes are overcomplex and their staff are wholly unequipped to deal with them: I suspect it is pot luck as to whether you catch them on a good day. Far and away the worst part of AC that I've come across so far - the experience has been enough to make me change my ISA strategy.
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