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Post by garreh on Apr 5, 2024 15:35:16 GMT
I will download the loan book over the weekend and get it a look.. Will revert if I have any issues.. I understand AC might take a few days to post the money to my account but just trying to work out a most cost effective way to get my money back. I know it's only £1. but when it's £35 for the ISA that is taking the pi$$.
Thanks both for the info; at least the loan book may give some hints and if it's worth delaying the request for withdrawal. Yeah £35 is a piss take, 100%. How they get away with the nonsense is beyond me. At least allow a free ISA transfer every 6-12 weeks and that would be pretty fair. (i would prefer 1 per month; but I take on board they may be cost) Unfair process like this make a mockery of the regulations...it really gets my goat!!
With AC it's a "Flexible IFISA" product, so you can withdraw cash money from it (for the £1 fee), use the money in whatever investment account you like outside AC, and then re-deposit that money back to AC and transfer into the ISA within the same tax year (5th April) and it won't affect ISA allowances. So that goes some way to mitigating the £35 fee. Personally I'm planning to withdraw every quarter for free, then every 6 months or possibly a year do a ISA transfer, dependent on how much cash has built up. Most of the cash will be outside AC at all times, earning a return elsewhere until I'm ready to do a formal transfer.
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rscal
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Post by rscal on Apr 5, 2024 15:42:16 GMT
With AC it's a "Flexible IFISA" product, so you can withdraw cash money from it (for the £1 fee), use the money in whatever investment account you like outside AC, and then re-deposit that money back to AC and transfer into the ISA within the same tax year (5th April) and it won't affect ISA allowances. So that goes some way to mitigating the £35 fee. Personally I'm planning to withdraw every quarter for free, then every 6 months or possibly a year do a ISA transfer, dependent on how much cash has built up. Most of the cash will be outside AC at all times, earning a return elsewhere until I'm ready to do a formal transfer. To clarify: I thought this only works if the ISA has received 'current year' (eg 2023/24) subscriptions. Is this applicable also where the ISA has had NO ISA subscriptions - possibly for 2 or 3 years then?
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ilmoro
Member of DD Central
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Post by ilmoro on Apr 5, 2024 15:54:37 GMT
With AC it's a "Flexible IFISA" product, so you can withdraw cash money from it (for the £1 fee), use the money in whatever investment account you like outside AC, and then re-deposit that money back to AC and transfer into the ISA within the same tax year (5th April) and it won't affect ISA allowances. So that goes some way to mitigating the £35 fee. Personally I'm planning to withdraw every quarter for free, then every 6 months or possibly a year do a ISA transfer, dependent on how much cash has built up. Most of the cash will be outside AC at all times, earning a return elsewhere until I'm ready to do a formal transfer. To clarify: I thought this only works if the ISA has received 'current year' (eg 2023/24) subscriptions. Is this applicable also where the ISA has had NO ISA subscriptions - possibly for 2 or 3 years then? Yes, applies to any years subscriptions.
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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
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Post by ilmoro on Apr 5, 2024 19:23:11 GMT
As of 31 Mar Capital outstanding £103.1m Free Cash £4.5m Outstanding funding commitments £1m Loans 198 Default 33 (includes 4 with nominal amounts) - 14.4m Arrears £12.4m No Feb payment £30.6m Catch up £9.7 Repaid 8 (£2.3m) Interest received c324k representing approx 94% of sum needed to pay 4% before the lender fee. Significant number of loan payments not made due to Easter period so interest likely to be 3.2% max Thanks you for this information - do you or anyone have a list of the expected loan expiries in the next 3 months ? Or can you tell me an easy way to find this on the platform, or is there a way to download my loan portfolio. ATM im going into my MLA account and sorting the loans by next payment date, then looking at the term/month tab. Im asking as I want to reduce the amount of fee's I have to pay to remove my money from the Platform. I was doing about 3 withdrawals/transfers per month per account (normal and ISA) and so would like to know if there is a circumstance when I could wait a few extra days if I will be getting a redemption payment . I see 793 and 786 should be redeeming tomorrow. If they do, that should give me an extra £120 in the normal and £70 in my ISA. So I will wait till they are processed TIA So #793 did make the deadline ... well done the borrower ... AC didnt manage to distribute the funds which is par for the course
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Post by oppsididitagain on Apr 6, 2024 14:34:13 GMT
how do you know or where can we see that 793 paid on time ?
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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
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Post by ilmoro on Apr 6, 2024 15:55:42 GMT
how do you know or where can we see that 793 paid on time ? Update states date funds received, payments shows when credited & loan would move to repaid tab.
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Post by oppsididitagain on Apr 6, 2024 17:41:32 GMT
Thanks, including the 9K in loan extension fee's. yet we have to pay £1 for some one to process our money... laughable really ..
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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
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Post by ilmoro on Apr 6, 2024 19:48:50 GMT
Thanks, including the 9K in loan extension fee's. yet we have to pay £1 for some one to process our money... laughable really .. Thats because it doesn't require a lawyer 😆
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rscal
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Post by rscal on Apr 7, 2024 9:17:12 GMT
To clarify: I thought this only works if the ISA has received 'current year' (eg 2023/24) subscriptions. Is this applicable also where the ISA has had NO ISA subscriptions - possibly for 2 or 3 years then? Yes, applies to any years subscriptions. Presumably this works because any non-current year subscriptions are treated as one block (for transfer/splitting off purposes) regardless of when subscribed originally, so once removed and returned (within the same tax year) reconstitute the same block. This implies there is no requirement that past year subs need to be made without breaks (eg '2019/20, 2021/22')
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ilmoro
Member of DD Central
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Post by ilmoro on Apr 7, 2024 10:22:29 GMT
Yes, applies to any years subscriptions. Presumably this works because any non-current year subscriptions are treated as one block (for transfer/splitting off purposes) regardless of when subscribed originally, so once removed and returned (within the same tax year) reconstitute the same block. This implies there is no requirement that past year subs need to be made without breaks (eg '2019/20, 2021/22') Correct. ISA subscriptions are treated as either current year or previous years. There is no distinction as to when those previous years were. Under flexible rules any withdrawals count as current year funds first (up to the amount subscribed & any gains allocated to current year funds where calculatable) and then previous year funds & gains (etc), payments count as previous year until replaced, then current. Obviously AC only counts as previous year now. Current year subscription withdrawals can be paid into any current year ISA (under the new rules the previous restriction on it having to be a different type dont appear to apply) but any gains/income have to be returned to the original ISA. The new rules make this no longer an issue. HMRC have updated their guidance to reflect new rules www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas
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Post by garreh on Apr 7, 2024 16:11:33 GMT
Presumably this works because any non-current year subscriptions are treated as one block (for transfer/splitting off purposes) regardless of when subscribed originally, so once removed and returned (within the same tax year) reconstitute the same block. This implies there is no requirement that past year subs need to be made without breaks (eg '2019/20, 2021/22') Correct. ISA subscriptions are treated as either current year or previous years. There is no distinction as to when those previous years were. Under flexible rules any withdrawals count as current year funds first (up to the amount subscribed & any gains allocated to current year funds where calculatable) and then previous year funds & gains (etc), payments count as previous year until replaced, then current. Obviously AC only counts as previous year now. Current year subscription withdrawals can be paid into any current year ISA (under the new rules the previous restriction on it having to be a different type dont appear to apply) but any gains/income have to be returned to the original ISA. The new rules make this no longer an issue. HMRC have updated their guidance to reflect new rules www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isasAdditionally I believe you can now hold multiple of the same type of ISA products in current tax year, e.g. 2 Cash ISAs, provided the combined total doesn't exceed 20k. Would this make it possible to put 20k into a Flexible Cash ISA, withdraw and put it in a Non-Flexible Cash ISA before end of the tax year? That's pretty cool if that's now possible. Edit: so it looks like it's not possible with the flexi-isa thing or any ISA product generally. When money is put into a product, it counts as a contribution, and you've essentially committed to using that part of your allowance and not able to repurpose it in a different product. That's a bit of an obscurity, especially as you can now hold multiple ISA products in same tax year (e.g. multiple Cash ISAs which are inherently flexible) - I can see that catching a lot of people out. Double Edit: looks like it is possible. "Withdrawals of current year subscriptions, can effectively be replaced in any current year ISA." www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas
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Post by Ace on Apr 7, 2024 16:54:14 GMT
I've commented inline in blue below. Correct. ISA subscriptions are treated as either current year or previous years. There is no distinction as to when those previous years were. Under flexible rules any withdrawals count as current year funds first (up to the amount subscribed & any gains allocated to current year funds where calculatable) and then previous year funds & gains (etc), payments count as previous year until replaced, then current. Obviously AC only counts as previous year now. Current year subscription withdrawals can be paid into any current year ISA (under the new rules the previous restriction on it having to be a different type dont appear to apply) but any gains/income have to be returned to the original ISA. The new rules make this no longer an issue. HMRC have updated their guidance to reflect new rules www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isasAdditionally I believe you can now hold multiple of the same type of ISA products in current tax year, e.g. 2 Cash ISAs, provided the combined total doesn't exceed 20k. Correct. Would this make it possible to put 20k into a Flexible Cash ISA, withdraw and put it in a Non-Flexible Cash ISA before end of the tax year? That's pretty cool if that's now possible. Yes. Edit: so it looks like it's not possible with the flexi-isa thing or any ISA product generally. When money is put into a product, it counts as a contribution, and you've essentially committed to using that part of your allowance and not able to repurpose it in a different product. That's a bit of an obscurity, especially as you can now hold multiple ISA products in same tax year (e.g. multiple Cash ISAs which are inherently flexible) - I can see that catching a lot of people out. This edit is incorrect. Quoting from the document linked to by ilmoro above "Withdrawals of current year subscriptions, can effectively be replaced in any current year ISA". |
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Post by crabbyoldgit on Apr 8, 2024 19:22:16 GMT
Marginally good personal news for me, with today's 2 capital repayments my lifetime interest repayments now just exceed my remaining stake in the site including non recoverable loans.So if I now lose the remaining lot completely I can delude myself Peer to peer cost me nothing. 
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rscal
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Post by rscal on Apr 8, 2024 19:41:00 GMT
The Reply to My Complaint about the withdrawal and transfer fees includes the following (of interest I assume)
and:
I have rejected their '£1' on the basis that it can't be a 'direct cost' as stated in the relevant T&C as amended (which I consider to be cost charged by AC's bank) Their 'not upholding' that complaint, they have revealed this 'commercially sensitive' figure which I did not expect and it seems to me my case should have been accepted and they should have offered me what I was seeking in Resolution: namely 12 free rather than 4 free per annum.
On the ISA transfer front, I have argued that at least 'some' transfers should remain free and (even though their defence repeats what we now understand is correct info - that you can re-combine cash withdrawals made during the tax year to achieve a single transfer later) their argument that there is no scope to make any transfers free lacks conviction. Following this revelation of the transfer in-house cost element (@48p) which I feel we may reject under the T&Cs simply as written, AC should expect to perform also their '£5.08' per transfer of work without expectation of separate compensation I feel (to be consistent in how I am arguing.) In effect they could charge just '£30' here. But then they make a weak case of only selecting those comparators which (presumably) charge for all transfers:
Capital Rise £35
London House Exchange £35
Rebuilding Society £40
Shojin £50
HNW Lending £75
(Are all these without any 'free' one-time T/Fs?)
Arguably AC is trying to avoid confronting a principle here that (if we do all the unpaid work of shuffling our balances around per flexibility to reduce their 'burden') they can do something too. And this use of a black-box 3rd party service company - is that usual? Is it 'regular'? Are they perhaps using their own staff in the Institutional Wing to do this and charging them back?
(Anyway, grist to the mill I think)
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Post by garreh on Apr 8, 2024 20:13:29 GMT
What is the "Third Party Admin Company (£30)" for IFISA transfers?
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