Greenwood2
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Post by Greenwood2 on Dec 9, 2021 9:45:05 GMT
It is and has always been a flexible ISA (and is still described in the "Investor Principles" as such under 13. Innovative Finance ISA -> Withdrawals). That means you can put money in and out and not lose your allowance as long as you and Zopa both follow HMRC's detailed rules: www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isa
My £30k had already been withdrawn before they stopped accepting new funds in June, so my "remaining ISA allowance for 2021/22" was stated as £50000. If they'd not let me replace them then that would have a change to my detriment without the requisite 30 days notice, but I did not need to get into that argument, I just asked straight away if they would agree to accept the top-up before April and they said yes. I have now done that, so now I have "remaining ISA allowance for 2021/22 is £20000" because my net subscription is nil.
I also asked if I could replace further sums I might yet choose to withdraw, and the answer was no. But (my words not theirs) that is not because the ISA is not flexible as per HMRC definition - it is because Zopa have already told me (in June) that they have made a commercial decision not to accept more funds, and if I chose to withdraw anyway in say September, knowing full well that it was a one-way street, that is my problem not theirs. I did not care to test that.
Separately, this from the principles: "Please note, you cannot withdraw and fund previous financial years of your ISA" is also a clumsy Zopa-imposed implementation of their "no more funding" decision, not actually a requirement of the flexibility rules themselves. And indeed that term was not there before the change in July - here are the old principles web.archive.org/web/20210628020049/https://www.zopa.com/investor-principles ... and a good job too, as my £30k was all previous years' subscriptions withdrawn under the "Principles" in place at that time. There is also surely some room for argument about being allowed to use non-ISA funds to fill a hole in the ISA without any net increase in "funds on the platform", but I did not try.
I very much hope that armed with some of the above, you and anyone else similarly affected can work out whether your particular obstacle is Zopa's terms or the flexible ISA rules, and obtain a successful outcome.
Oops. Yes it is flexible. I was misremembering, it is Funding Secure that is not flexible So if we withdrew funds earlier in the year we should be able to replace them?
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Post by c64 on Dec 9, 2021 16:12:23 GMT
Oops. Yes it is flexible. I was misremembering, it is Funding Secure that is not flexible So if we withdrew funds earlier in the year we should be able to replace them? If your situation is exactly the same as mine: yes. If it is subtly different but you can't find a specific prohibition among the rules in force at your time "earlier in the year", probably still yes with an argument.
Maybe I should mention the other bonus of flexibility which is that if anyone has withdrawn *current* year subscriptions - so that the stated "remaining ISA allowance for 2021/22" on the account page is less than £20000 - that can be paid directly into a Cash or S&S ISA with no further ado, as long as you don't subscribe to more than one of each type in the same tax year. I've used that capability elsewhere but not here.
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trium
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Post by trium on Dec 9, 2021 19:45:04 GMT
There is no doubt that HMRC rules permit replacement of withdrawn funds. The problem is that the functionality to do so has been removed from the platform, without notice. Not a chance that they will admit any wrongdoing, but there we are
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Post by mfaxford on Dec 10, 2021 19:57:32 GMT
So I just withdrew some funds from my account and got the email saying they'll transfer them slowly, the email contained this gem: I wonder what feedback to send...
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mikeb
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Post by mikeb on Dec 12, 2021 14:31:13 GMT
My money is on Assetzcapital being the next one. Bring it on. Well, it's not like much recovery and enforcement is being undertaken on any of the "definitely secured, honest!" loans that I'm stuck in. Lots of illusionary "accrued interest" being built up, never to be paid, loans in MLA with nonsense "AER" percentages being used to give the illusion of returns ... If AC had the guts to actually buy all these stuck loans at the claimed holding amount, and paid the claimed accrued interest, then that would be quite useful, and make it appear less like some elaborate smoke and mirrors routine being used to mislead lenders.
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Post by mfaxford on Dec 14, 2021 8:02:56 GMT
Judging by the amount of funds now in my holding account and there being no change in my Overall Balance it looks like the first set of buyouts has started (and might still be running). (Overall balance doesn't match anymore as I've been able to withdraw around a quarter of what was my invested funds).
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mogish
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Post by mogish on Dec 14, 2021 8:21:35 GMT
Judging by the amount of funds now in my holding account and there being no change in my Overall Balance it looks like the first set of buyouts has started (and might still be running). (Overall balance doesn't match anymore as I've been able to withdraw around a quarter of what was my invested funds). Same here. Big wad of cash in my account this morning. What alternatives ate available rather than stocks?
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Dec 14, 2021 9:12:45 GMT
When the portfolio has been completely liquidated will it sent to our bank automatically or do we have to withdraw it ourselves? (There is a reason for the question in my case)
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Post by Ace on Dec 14, 2021 9:18:06 GMT
When the portfolio has been completely liquidated will it sent to our bank automatically or do we have to withdraw it ourselves? (There is a reason for the question in my case) I don't think they will auto transfer it. Here's a comment from their FAQs:
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Post by birdie on Dec 14, 2021 10:02:46 GMT
Half of mine has been repaid today into my holding account, it's now on it's way to my bank account!!
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Post by geofft on Dec 14, 2021 10:27:50 GMT
According to p2pFinance News 'Assetz makes pitch for Zopa investors' although reading the Assetz forum it sounds like investors on there are already having long waits to get their cash lent out. I'm struggling to see how an influx of new cash would help, I reckon you'd be in for a long wait before it started earning any interest, much like Zopa re-investment funds towards the end.
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Post by erniec on Dec 14, 2021 11:26:25 GMT
When the portfolio has been completely liquidated will it sent to our bank automatically or do we have to withdraw it ourselves? (There is a reason for the question in my case) You can set automatic withdrawals in your account.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Dec 14, 2021 12:55:36 GMT
When the portfolio has been completely liquidated will it sent to our bank automatically or do we have to withdraw it ourselves? (There is a reason for the question in my case) You can set automatic withdrawals in your account. I have done this but it doesn't seem to be working. Also what about the final amount if it's <£100?
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