ashtondav
Member of DD Central
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Post by ashtondav on Aug 4, 2024 16:14:47 GMT
Most if Not all my repayments come in the first week of the month. Is this always the case or is it best to wait until end of month to withdraw.
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min
Member of DD Central
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Post by min on Aug 5, 2024 5:02:21 GMT
Depends what you’re invested in. If it’s just QAA then you normally only get money in cash account at start of month. IF you’re in MLIA it can come at anytime. Remember that you pay £1 to withdraw (1 free every 3 months), I wait until I’ve got about £100 to withdraw before paying my toll for getting out.
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Post by oppsididitagain on Aug 5, 2024 9:25:59 GMT
Most if Not all my repayments come in the first week of the month. Is this always the case or is it best to wait until end of month to withdraw. I would download your loan book , and then you can see the repayment schedule. Then you can work out when payments are due, who is behind on payments etc etc. , then you can make your own calculated decision when to withdraw funds. Click on the 3 ... top right. as per below. then view loan holdings. This generates a .CSV file you can work with in Excel . It also tells you if you hold a loan in the MLA. If you dont hold money in the Not so QAA. you can just download the loan book from the MLA 
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scooter
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Post by scooter on Aug 8, 2024 15:25:10 GMT
I appreciate that all P2P platforms can change all rules whenever they like, but we should have the chance to opt out, right? I transferred some money to a cash isa last month and it was all electronic via an app and took 1 day, and was free - now £35! Not even free once a quarter? Has anyone written a complaint to them or have i got it all wrong.
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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 Aug 8, 2024 17:51:07 GMT
I appreciate that all P2P platforms can change all rules whenever they like, but we should have the chance to opt out, right? I transferred some money to a cash isa last month and it was all electronic via an app and took 1 day, and was free - now £35! Not even free once a quarter? Has anyone written a complaint to them or have i got it all wrong. Plenty of complaints AIUI. Its still free, will be until they make the technical changes
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morris
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Post by morris on Aug 8, 2024 20:14:57 GMT
The £35 transfer fee will not now happen until the 4th quarter. It's no wonder ISA transfers have rocketed. When you know it's going to cost £35 you are going to grab what you can while you can. I would have been happy to let a sensible amount build up, but you caused this problem Stuart Law.
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scooter
Member of DD Central
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Post by scooter on Aug 8, 2024 23:21:54 GMT
I appreciate that all P2P platforms can change all rules whenever they like, but we should have the chance to opt out, right? I transferred some money to a cash isa last month and it was all electronic via an app and took 1 day, and was free - now £35! Not even free once a quarter? Has anyone written a complaint to them or have i got it all wrong. Plenty of complaints AIUI. Its still free, will be until they make the technical changes Aiui - had to google that🤔 I just reread the email and had misunderstood the part about the technical changes being to enable the charge to take place. All my interest will be wiped out in fees.
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scooter
Member of DD Central
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Post by scooter on Aug 8, 2024 23:26:19 GMT
The £35 transfer fee will not now happen until the 4th quarter. It's no wonder ISA transfers have rocketed. When you know it's going to cost £35 you are going to grab what you can while you can. I would have been happy to let a sensible amount build up, but you caused this problem Stuart Law. Yes, i don't trf it every month. Once a quarter would be fine. A complaint to the FO would seem like slam dunk winner to me, not to the FO i'm sure, but to me definitely.
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rscal
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Post by rscal on Aug 9, 2024 7:52:21 GMT
In my (and other individual) FOS complaint about the fees, we are saying/asking for 'at least one' free annual ISA transfer and 'once a month' (not four times a year) for free withdrawals. I am pointing out that '£1' is a not a direct cost - so that rule has been mis-applied but you can see where these scoffers are going with it: "we try t be fair by all our customers" and I think the FOS has not the wit to just say "No" to these people any longer.
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Post by frank121 on Sept 21, 2024 22:09:09 GMT
My complaint to the FOS about the withdrawal and ISA fees has just been assigned to case handler/investigator last week. I submitted it to them in early June which fits within the FOS current timescales of around 2-3 months. AC answered my complaint in stock fashion blaming that the lending fee wasn't enough to cover the increased withdrawals being made and it was unfair to increase them as not all investors withdraw frequently enough. As Rscal has said; I have not totally opposed the withdrawal fee or ISA transfer out fee; rather asked for 1 free withdrawal per month and one free ISA transfer out per year. AC declined to comment and said their stock answer was final. The direct costs for the withdrawal specified by AC in their response amounts to 52p and not £1 so I am asking the FOS to look into this. Along with Barclays fixed fixed withdrawal fee of 52p, AC are charging for the technical work required for implementing the change on their website (20p), a contingency fee of 22p (for a future event which has not occurred yet) and finally 6p for AC finance team to wave a their magic wand which is specified as a AC Finance Team cost. Similarly the ISA transfer fee has direct 3rd party cost of £30 but AC add a further of £5 for their tech and finance teams to process it. I don't think it's fair that us investors pay to have this feature implemented neither contribute to a contingency fund for some event which may never happen. We should only be charged the direct costs as stated. I have also asked what work the tech and finance teams do for each transfer considering they already pay a third party a large fee to process it; but they declined to answer this too. We shall see what the FOS make of it. I have pointed out to them that I have no way of terminating my contract and rejecting these fees and stressed that I believe the current front loaded lending fee is sufficient to cover the free schedule I proposed. Allowing free monthly withdrawals will suit most investors and one free ISA transfer per year would allow investors to fully take advantage of the flexible ISA rules. (which would allow them to transfer the funds out of AC each month into another interest bearing account and then return them to AC once per year to transfer the ISA out and avoid any fee)
Just because the FOS have currently allowed the lending fee to be charged, shouldn't mean that AC get a free pass to charge any future fees that they see fit. At least not without being challenged.
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Post by bob2010 on Sept 22, 2024 17:43:16 GMT
My complaint to the FOS about the withdrawal and ISA fees has just been assigned to case handler/investigator last week. I submitted it to them in early June which fits within the FOS current timescales of around 2-3 months. AC answered my complaint in stock fashion blaming that the lending fee wasn't enough to cover the increased withdrawals being made and it was unfair to increase them as not all investors withdraw frequently enough. As Rscal has said; I have not totally opposed the withdrawal fee or ISA transfer out fee; rather asked for 1 free withdrawal per month and one free ISA transfer out per year. AC declined to comment and said their stock answer was final. The direct costs for the withdrawal specified by AC in their response amounts to 52p and not £1 so I am asking the FOS to look into this. Along with Barclays fixed fixed withdrawal fee of 52p, AC are charging for the technical work required for implementing the change on their website (20p), a contingency fee of 22p (for a future event which has not occurred yet) and finally 6p for AC finance team to wave a their magic wand which is specified as a AC Finance Team cost. Similarly the ISA transfer fee has direct 3rd party cost of £30 but AC add a further of £5 for their tech and finance teams to process it. I don't think it's fair that us investors pay to have this feature implemented neither contribute to a contingency fund for some event which may never happen. We should only be charged the direct costs as stated. I have also asked what work the tech and finance teams do for each transfer considering they already pay a third party a large fee to process it; but they declined to answer this too. We shall see what the FOS make of it. I have pointed out to them that I have no way of terminating my contract and rejecting these fees and stressed that I believe the current front loaded lending fee is sufficient to cover the free schedule I proposed. Allowing free monthly withdrawals will suit most investors and one free ISA transfer per year would allow investors to fully take advantage of the flexible ISA rules. (which would allow them to transfer the funds out of AC each month into another interest bearing account and then return them to AC once per year to transfer the ISA out and avoid any fee)
Just because the FOS have currently allowed the lending fee to be charged, shouldn't mean that AC get a free pass to charge any future fees that they see fit. At least not without being challenged.
The FOS will side with Assetz, because in their view Assetz can do whatever they like in order to continue trading, even if it's against the law.
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Post by frank121 on Sept 23, 2024 8:50:44 GMT
My complaint to the FOS about the withdrawal and ISA fees has just been assigned to case handler/investigator last week. I submitted it to them in early June which fits within the FOS current timescales of around 2-3 months. AC answered my complaint in stock fashion blaming that the lending fee wasn't enough to cover the increased withdrawals being made and it was unfair to increase them as not all investors withdraw frequently enough. As Rscal has said; I have not totally opposed the withdrawal fee or ISA transfer out fee; rather asked for 1 free withdrawal per month and one free ISA transfer out per year. AC declined to comment and said their stock answer was final. The direct costs for the withdrawal specified by AC in their response amounts to 52p and not £1 so I am asking the FOS to look into this. Along with Barclays fixed fixed withdrawal fee of 52p, AC are charging for the technical work required for implementing the change on their website (20p), a contingency fee of 22p (for a future event which has not occurred yet) and finally 6p for AC finance team to wave a their magic wand which is specified as a AC Finance Team cost. Similarly the ISA transfer fee has direct 3rd party cost of £30 but AC add a further of £5 for their tech and finance teams to process it. I don't think it's fair that us investors pay to have this feature implemented neither contribute to a contingency fund for some event which may never happen. We should only be charged the direct costs as stated. I have also asked what work the tech and finance teams do for each transfer considering they already pay a third party a large fee to process it; but they declined to answer this too. We shall see what the FOS make of it. I have pointed out to them that I have no way of terminating my contract and rejecting these fees and stressed that I believe the current front loaded lending fee is sufficient to cover the free schedule I proposed. Allowing free monthly withdrawals will suit most investors and one free ISA transfer per year would allow investors to fully take advantage of the flexible ISA rules. (which would allow them to transfer the funds out of AC each month into another interest bearing account and then return them to AC once per year to transfer the ISA out and avoid any fee)
Just because the FOS have currently allowed the lending fee to be charged, shouldn't mean that AC get a free pass to charge any future fees that they see fit. At least not without being challenged.
The FOS will side with Assetz, because in their view Assetz can do whatever they like in order to continue trading, even if it's against the law.
You may be well be right but we have to live in hope. At the very least they should limit the fee to the direct costs itemised.
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dave2
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Post by dave2 on Sept 23, 2024 9:10:01 GMT
To be honest, is it worth all the trouble and stress just to save eight quid a year?
One free quarterly withdrawal is currently allowed, an extra eight quid per year if you want to make that into one withdrawal every month.
Take the cash out when it makes sense. If you have £1,000 in your AC cash account and pay a quid to transfer that out to an account paying 5%, you will have earned the withdrawal fee back in just over a week.
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Post by frank121 on Sept 23, 2024 9:47:58 GMT
To be honest, is it worth all the trouble and stress just to save eight quid a year? One free quarterly withdrawal is currently allowed, an extra eight quid per year if you want to make that into one withdrawal every month. Take the cash out when it makes sense. If you have £1,000 in your AC cash account and pay a quid to transfer that out to an account paying 5%, you will have earned the withdrawal fee back in just over a week. I don't dispute what you are saying Dave and yes it's peanuts in the grand scheme of things; but this isn't the point of my complaint. It's about taking a fair approach. If you give an inch they take a mile. AC have already been charging us all front loaded lending fees since January 2023 which the FOS initially agreed was unfair but later changed their mind because AC provided "evidence" that if they didn't charge it then they would need to enter a insolvent run off which would be worse for us investors. I can't say whenever this is true or not and the FOS won't share this commercially senstive data. So surely, AC have enough extra revenue to cover the extra £8 that I am asking for. In fact it's not even £8 direct costs... They keep telling us that they have reduced costs and headcount but they continue to have a stable stream of income from the front loaded lending fee and loan monitoring fees etc. It's a about being fair and not taking the p*** with us. None of us know the future of AC, they could enter an insolvent run off anytime and charging a front loaded lending fee along with anything else they wish - does not guarantee against this. So that's my reasoning for my complaint; and do bear in mind that I am also complaining about the ISA transfer fee out which at £35 is quite substantial.
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trium
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Post by trium on Sept 29, 2024 18:53:53 GMT
It makes little sense to initiate regular small ISA transfers even without a fee. The ISA is flexible, so make ordinary £1 withdrawals into an external interest-bearing account, pay it all back to your ISA just before the tax year ends and transfer it all out in one go (and for one fee).
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