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Post by peertopier on Jun 11, 2020 15:21:02 GMT
I'm moving funds from Zopa into a self select investment ISA with Charles Stanley direct. After 28 working days there was no sign of the transfer so I contacted Charles Stanley. They've told me that Zopa are aware of the request but are currently taking longer than normal to process the transfers. Has anyone else experienced this? Any idea on how much of a delay there is?
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Post by Deleted on Jun 11, 2020 15:23:19 GMT
Do you have funds in the holding account or is it all lent out? If the latter, the loans will take a while to sell - see other thread.
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Post by peertopier on Jun 11, 2020 15:25:12 GMT
The funds have been in the holding account since the day I sent the transfer request to Charles Stanley.
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aju
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Post by aju on Jun 11, 2020 18:13:03 GMT
The funds have been in the holding account since the day I sent the transfer request to Charles Stanley. I'd get on to them and see what the problem is as for me if it was in holding it should have been passed on by now i'd have thought.
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Post by peertopier on Jun 12, 2020 16:34:31 GMT
Charles Stanley have confirmed that Zopa are aware of the transfer request and said it is taking longer than normal due to the volume of requests. I'm not too pleased that the money had sat doing nothing for over a month now, but what can I do?
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aju
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Post by aju on Jun 12, 2020 17:26:32 GMT
Charles Stanley have confirmed that Zopa are aware of the transfer request and said it is taking longer than normal due to the volume of requests. I'm not too pleased that the money had sat doing nothing for over a month now, but what can I do? Formal complaint perhaps and pass to regs although to be fair it's odd times. Zopa should not take as long for most people who have money in holding. Many people will be making the decision to move funds out but in fact have to sell them - this may be along process as selling funds has a long queue if our experience is anything to go by. In my case I'm not too bothered with ISA rather i'd like to get funds out and at least earning some interest rather than leave it languishing in holding at this time so rather than wait for money in holding to transfer to another ISA I'm just removing funds back to a safer place every few days and getting interest in the next best thing. For us we are hoping to come back in when/if things improve. The worry is that P2P and even for Zopa is somewhat unchartered waters with the economy and the recent general projections do not make things look great either. The worst thing is the defaults - we have quite a few now - will their owners keep their jobs or will they fall. The aviation industry is not looking good at the moment, companys are making staff redundant despite the furlough scheme there are heavy waters ahead. Whilst I don't know how much you are working on here in our case we will be moving our funds to Mrs Aju anyway who does not pay tax as yet and its better to get interest now not when the rates tip further downwards. The only positive for you I guess is that whilst your fund is in holding at least its covered by fscs assuming its low enough of course. I think that's right still. Edit: Zopa and Ratesetter have fscs protection for holding funds, according to this excellent site, what you must be aware of though is the rules on cover limits (currently £85,000 for single accounts). If you already have funds in the relevant banks for p2p sites with holding funds this must be considered as a whole. (According to the link I provided the Zopa bank was Royal Bank of Scotland)
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Post by overthehill on Jun 14, 2020 14:30:10 GMT
Within 1 month seems to be the allowed government guidelines. Some companies will be raking in ISA transfers while sitting on transfer outs. Ones with more integrity will do it in a matter of days. I had to wait a full month for Hargreaves Lansdown with their resources to do a transfer out. IMO it's not credible blaming covid-19 when certain types of work can be done just as easily at home as it can in an office. If financial companies struggle to adapt to increased working from home then there is not much hope for other industries who will be transitioning away from large central offices, many won't and many will and fail.
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Post by peertopier on Jun 17, 2020 12:44:15 GMT
I've got my answer. I requested to transfer the money that was in my holding account but also had a loan sale in progress. They wouldn't process the transfer until the loan sale was complete. That doesn't make much sense to me since I already had sufficient funds for the transfer, but it's too late now.
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johni
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Post by johni on Jun 17, 2020 17:58:35 GMT
I've got my answer. I requested to transfer the money that was in my holding account but also had a loan sale in progress. They wouldn't process the transfer until the loan sale was complete. That doesn't make much sense to me since I already had sufficient funds for the transfer, but it's too late now. Zopa maybe need reminding whose money this is. I would ask for compensation for the time you have spent chasing this. Also transfers should be actioned in 14 days.
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