ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 31, 2024 22:16:07 GMT
The AC IFISA is “flexible” This feature would allow Cash funds, that are not earning any interest, to be moved temporarily into an interest-bearing environment outside of the AC Platform. They could then be replaced back into the AC IFISA, within the same Tax Year, so that a Transfer Out to another ISA provider could then be performed, which would allow the Tax Free status of the funds to be maintained. By utilising this flexible feature you are able to perform fewer larger Transfers Out instead of multiple smaller ones. This should help to keep any Fees associated with IFISA Transfers Out to a minimum. Reading more about this, it does sound useful. So I assume the process would be: 1. Transfer from Cash IFISA to standard Cash account balance 2. Request a withdrawal (pay the £1 fee) 3. Before the end of the tax year (5th April - ideally well before) you go to the Deposit section on AC dashboard and go through the process to add the money back into your Cash IFISA account Presumably that will automatically associate the deposit back with your previous ISA pot balance and won't count towards that tax years allowance? Then when the time comes, you can opt to do a proper IFISA transfer for the extortionate £35 fee. All sounds fairly straight forward if so. Correct. Its what I have been doing ... withdrawing cash from ISA & standard accounts in line with ACs request ie regularly when a reasonable chunk has accrued. Then once there is a reasonable amount to transfer to another ISA, sending that amount back to the ISA for the transfer. Obviously now, I will be sending it back prior to 5 Apr & taking it back out on the 6th ... and so on until I can do the final transfer (or the AC fee gets removed) I highly doubt my transfers cost £35 to carry out, its a check of the transfer form, stick a couple of figures on the paperwork and send the cash ... 10 min work .. generally whole process complete in a day. The outstanding amount that can be replaced shows on the dashboard under IFISA allowance.
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Post by garreh on Jan 31, 2024 22:43:59 GMT
Reading more about this, it does sound useful. So I assume the process would be: 1. Transfer from Cash IFISA to standard Cash account balance 2. Request a withdrawal (pay the £1 fee) 3. Before the end of the tax year (5th April - ideally well before) you go to the Deposit section on AC dashboard and go through the process to add the money back into your Cash IFISA account Presumably that will automatically associate the deposit back with your previous ISA pot balance and won't count towards that tax years allowance? Then when the time comes, you can opt to do a proper IFISA transfer for the extortionate £35 fee. All sounds fairly straight forward if so. The outstanding amount that can be replaced shows on the dashboard under IFISA allowance. That's reassuring to know you can see the replaceable balance, thank you! Agreed on the 10 mins-work. There's no way it costs them £35 to do the admin for the transfer, it's a few tick boxes on a form. I can get my driving license renewed for £14, which actually involves delivering a new license in the post. I've used the same form for every transfer each month to Loanpad, who have been very efficient and don't moan at all. I honestly can't wait for this sagar to be over. Whatever Stuart Law and-co's new venture will be... I will be staying well clear that's for sure.
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Post by nbk on Feb 1, 2024 10:03:59 GMT
Given the new charges I expect I'll do the following to minimise charges (all my funds in ISA):... - Withdraw funds either every quarter (or every month if repayment is high enough to justify - ie I will earn more than £1/month elsewhere in interest or otherwise from the funds transferred) - This withdrawal will increase the 'Remaining IFISA Allowance' balance on the summary - essentially shows the amount withdrawn flexibly from the ISA
- Before the 5th April each year, transfer funds back into the Assetz ISA (from bank acct) for the amount shown in the 'Remaining IFISA Allowance' balance - After the 6th April each year, withdraw the full balance (back to bank acct) from the ISA (so it remains marked as flexible year on year). - Repeat as above for however many number of years until eventually decide that amount transferred in just before 5th April is large enough to justify an ISA transfer out request. - This approach could potentially just require one large ISA transfer out (so just one £35 fee), while funds can be largely invested usefully elsewhere.
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Post by davidspindle on Feb 1, 2024 15:44:59 GMT
A very good strategy, nbk. I suggest you consider the effects of uncertainty of future ISA rates: cash fixed rates have been declining steadily since last summer's peak and will probably follow BoE base rates down as inflation eases.
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mogish
Member of DD Central
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Post by mogish on Feb 1, 2024 17:41:37 GMT
Glad I'm away from these sharks. Just the laird to pay me back(or is that SL?)and I can close my account. Talk about bleeding folk dry.
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deltron
Member of DD Central
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Post by deltron on Feb 1, 2024 18:39:46 GMT
Crowdproperty have free instant withdrawals. Free! Instant! No box ticking, no form filling, no admin at all. That I'm being charged £1 per withdrawal to get shot of the measly rates and bone-picking greed of AC just boils my blood. Having said that it's a relatively small price to pay to get my capital away from the grasping hands of Stuart Law.
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ashtondav
Member of DD Central
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Post by ashtondav on Feb 2, 2024 8:58:14 GMT
Crowdproperty have free instant withdrawals. Free! Instant! No box ticking, no form filling, no admin at all. That I'm being charged £1 per withdrawal to get shot of the measly rates and bone-picking greed of AC just boils my blood. Having said that it's a relatively small price to pay to get my capital away from the grasping hands of Stuart Law. An effigy of SL is being made ready for the guy Fawkes night bonfire.
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rscal
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Post by rscal on Feb 2, 2024 12:53:37 GMT
I came across a new word earlier today: Scofflaw (from watching the 1949 film 'Thieves Highway')
(Just using my Quarterly Free Association folks, nothing to see or hear hear about)
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Post by overthehill on Feb 2, 2024 13:10:29 GMT
I came across a new word earlier today: Scofflaw (from watching the 1949 film 'Thieves Highway') (Just using my Quarterly Free Association folks, nothing to see or hear hear about)
I always liked the 'Snouts in the trough' thread. I believe most P2P platforms monitor this forum as like a trustpilot or similar and adjust accordingly but in Assetzcapital's case the barrage of criticism over the years didn't dent their resolve or vanity.
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rscal
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Post by rscal on Feb 2, 2024 16:57:03 GMT
Where he says: Ungrammerly, but I have looked and can't find the separate T&Cs for their ISAs (which must be linked to somewhere Shirley) Anyone? Then what about charging for bank transfers? T&Cs retail.assetzcapital.co.uk/terms-and-conditions (Section 11) appears to state: The Update goes on:Is "£1" their direct cost? Is their direct cost more than "£1"? For this to be in line with the T&C I was able to find their direct cost needs to be £1 plus.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
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Post by ilmoro on Feb 2, 2024 19:03:27 GMT
Where he says: Ungrammerly, but I have looked and can't find the separate T&Cs for their ISAs (which must be linked to somewhere Shirley) Anyone? Then what about charging for bank transfers? T&Cs retail.assetzcapital.co.uk/terms-and-conditions (Section 11) appears to state: The Update goes on:Is "£1" their direct cost? Is their direct cost more than "£1"? For this to be in line with the T&C I was able to find their direct cost needs to be £1 plus. ISA terms are on the menu for the specific ISA product ... (the three dots in top right corner of the box)
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rscal
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Post by rscal on Apr 3, 2024 13:30:25 GMT
I've just looked at the jelly fish language of the 31 January 'Bulletin' on ISA Transfer Fees: They have not said (in terms which we can therefore haggle over at this point) their intention to charge for every ISA Transfer (or am I being obtuse?)
It's the same argument - you see - as must have led them to not charge for every bank transfer! They recognized this would be considered unfair. The 'quid pro quo' they are trying to use is that only 1/3 'benefit' from ISAs so that 1/3 should pay (but, of course not necessarily for every one)
It seems pretty obvious to me therefore we should press them to clarify this intention to make some ISA Transfers Free - if only to rise to the standard (admittedly low) they have set for quarterly 'free' bank transfers. I think we have a strong case. At present 'Martin Law' is sending replies which seem to reject any rejection of the announced charges - but he hasn't made it clear what he is even rejecting or what his position is besides: [ambiguous] Terms and Conditions, innit?
There's a further point. See the underlined. For anyone already challenging that membership fee the logic of the CEO's remark is that such Customers would be even more heavily affected by an attempt to collect for their ISA Transfers. That also links our prior Complaints directly to the current issue - meaning it can be more swiftly litigated: You cannot charge this customer such a fee for their 'use' of the platform therefore any possibly fair fee in future must not impact their investments any bit as much therefore the £35 a pop is out of the question: "You chose to delay their exit from the platform and so you can't seek to recover your costs of doing business resulting from this situation (you brought about) as you appear to be seeking"
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rscal
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Post by rscal on Apr 30, 2024 12:57:50 GMT
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Post by garreh on Apr 30, 2024 17:50:31 GMT
So it looks like IFISA transfer fee still isn't implemented, until Q3... does that mean you can do a transfer without fee at the moment? Anyone tried recently?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
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Post by ilmoro on Apr 30, 2024 18:38:35 GMT
So it looks like IFISA transfer fee still isn't implemented, until Q3... does that mean you can do a transfer without fee at the moment? Anyone tried recently? Yes, did one last week ... no fee
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