tcuk
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Post by tcuk on Jan 31, 2021 18:02:46 GMT
I've decided I want to move my ISA investment in Zopa elsewhere. Since the estimated "market adjustment" to sell my loans is about 5%, I'm happy to do so by gradually drawing it down via switching all repayments to go to holding.
However, am I then right in thinking that the only way to get it over to another provider is via filling out that providers isa transfer form, putting whatever the amount in my holding account is, and then waiting for Zopa to send the money over?
It'd be nice if Zopa could be instructed to just send all repayments to my new provider (maybe once a month or whatever) as otherwise manually doing this every month will be a bit of a pain.. I'm guessing not though..
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tcuk
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Post by tcuk on Jan 31, 2021 18:11:25 GMT
Never mind.
The provider I want to transfer to (Vanguard) doesn't accept transfers from innovative finance ISAs.
So my only option is withdrawing it to my bank account and it counting against my current ISA allowance.. I don't have a huge investment, so it's not a huge deal, but its still a bit of a pain.
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Post by Ace on Jan 31, 2021 18:36:54 GMT
You could transfer to a cash ISA then transfer on to Vanguard.
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IFISAcava
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Post by IFISAcava on Jan 31, 2021 18:59:24 GMT
Never mind. The provider I want to transfer to (Vanguard) doesn't accept transfers from innovative finance ISAs. So my only option is withdrawing it to my bank account and it counting against my current ISA allowance.. I don't have a huge investment, so it's not a huge deal, but its still a bit of a pain. Actually it does I have transferred ISAs from Proplend, Loanpad and Unbolted to Vanguard; however, all were fully in cash before transfer which doesn't sound like it applies to you.
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tcuk
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Post by tcuk on Feb 1, 2021 9:36:16 GMT
Thanks both.
In reality I think the biggest hassle here is really just the manual intervention required to regularly transfer the money in zopa holding to Vanguard via my bank account. I only have 13k total in the Zopa ISA, which unless I get some big early repayments the amount being released each year won't go that far against the 20k ISA allowance each year anyway.
It's not the worst inconvenience though, just another calendar reminder of an admin job to do once a month or so
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criston
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Post by criston on Feb 18, 2021 15:02:01 GMT
Since the updated website, it took 5 working days to acknowledge my IFISA transfer, at which point it locked me out of both accounts including non IFISA, by suspending my account altogether. This suspension has now lasted 4 working days & it appears I will not have access until they decide to complete the process. This is crazy & needs sorting, but I cannot get anywhere with them at present.
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qwakuk
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Post by qwakuk on Feb 18, 2021 15:48:09 GMT
Since the updated website, it took 5 working days to acknowledge my IFISA transfer, at which point it locked me out of both accounts including non IFISA, by suspending my account altogether. This suspension has now lasted 4 working days & it appears I will not have access until they decide to complete the process. This is crazy & needs sorting, but I cannot get anywhere with them at present. In the same boat, annoyingly locked out of the Standard account also
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qwakuk
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Post by qwakuk on Feb 20, 2021 14:37:22 GMT
tcuk Mine is still showing as suspended, has yours been released yet ?
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criston
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Post by criston on Feb 20, 2021 14:47:06 GMT
The suspended accounts are released when you get the email confirming the funds have been sent to the new IFISA manager.
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criston
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Post by criston on Aug 17, 2021 11:39:59 GMT
Being unable to get new funds into your IFISA account (only by transferring from standard account), means any substantial withdrawal made during this tax year cannot yet be repatriated, for the purpose of transferring out to another ISA manager.
I have questioned Zopa, why funds cannot be directed to your holding account instead of investment account, especially if we were nearing the end of the tax year, when the tax status would be lost forever.
This should be simple, but is like bashing your head against a brick wall..
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criston
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Post by criston on Aug 18, 2021 16:28:46 GMT
Being unable to get new funds into your IFISA account (only by transferring from standard account), means any substantial withdrawal made during this tax year cannot yet be repatriated, for the purpose of transferring out to another ISA manager. I have questioned Zopa, why funds cannot be directed to your holding account instead of investment account, especially if we were nearing the end of the tax year, when the tax status would be lost forever. This should be simple, but is like bashing your head against a brick wall.. Zopa now inform me it will be possible to repatriate IFISA funds direct to holding account in a few weeks.
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aju
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Post by aju on Aug 18, 2021 22:30:13 GMT
Being unable to get new funds into your IFISA account (only by transferring from standard account), means any substantial withdrawal made during this tax year cannot yet be repatriated, for the purpose of transferring out to another ISA manager. I have questioned Zopa, why funds cannot be directed to your holding account instead of investment account, especially if we were nearing the end of the tax year, when the tax status would be lost forever. This should be simple, but is like bashing your head against a brick wall.. Zopa now inform me it will be possible to repatriate IFISA funds direct to holding account in a few weeks. I would put in a formal complaint and ask why they are holding on to your money. Inform them you have set the 8 weeks trigger and you will then go to FCA. I'm not sure if the FCA will be able to do anything but it's not acceptable that your funds are stuck in limbo and potentially losing money if they were able to be moved, assuming that's what is happening of course. Worth a punt in my view after all i'm not sure they can arbitrarily hang on to your funds, thats my view anyway happy to be wrong.
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criston
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Post by criston on Aug 19, 2021 6:25:37 GMT
Zopa now inform me it will be possible to repatriate IFISA funds direct to holding account in a few weeks. I would put in a formal complaint and ask why they are holding on to your money. Inform them you have set the 8 weeks trigger and you will then go to FCA. I'm not sure if the FCA will be able to do anything but it's not acceptable that your funds are stuck in limbo and potentially losing money if they were able to be moved, assuming that's what is happening of course. Worth a punt in my view after all i'm not sure they can arbitrarily hang on to your funds, thats my view anyway happy to be wrong. It's repatriating withdrawn funds for the purpose of transferring to an alternative IFISA manager, to which I refer.
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aju
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Post by aju on Aug 19, 2021 6:46:20 GMT
I would put in a formal complaint and ask why they are holding on to your money. Inform them you have set the 8 weeks trigger and you will then go to FCA. I'm not sure if the FCA will be able to do anything but it's not acceptable that your funds are stuck in limbo and potentially losing money if they were able to be moved, assuming that's what is happening of course. Worth a punt in my view after all i'm not sure they can arbitrarily hang on to your funds, thats my view anyway happy to be wrong. It's repatriating withdrawn funds for the purpose of transferring to an alternative IFISA manager, to which I refer. Oh i see now, not sure if zopa can do that as it means its no longer a flexible isa (this was thread view a little while ago i think) anyway good luck
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Greenwood2
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Post by Greenwood2 on Dec 13, 2021 12:35:45 GMT
My bank doesn't do online transfers from Zopa, is that usually the case? I've sent for the snail mail method, just wondering if it would be easier to open an ISA somewhere else so that I can do it online.
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