rs
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Post by rs on Aug 3, 2017 12:14:43 GMT
Can we move cash from our normal account into our new ISA account without having to pass it through our bank account? Does anyone know if there is a minimum transfer in to abl and if there is charge on transfer out from abl?
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ilmoro
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'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 3, 2017 12:21:47 GMT
Can we move cash from our normal account into our new ISA account without having to pass it through our bank account? Yes, if you press withdraw funds in your standard account there is an option to move the funds to your ISA. Same to shift cash the other way under flex ISA rules
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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: 10,870
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Post by ilmoro on Aug 3, 2017 12:26:09 GMT
Can we move cash from our normal account into our new ISA account without having to pass it through our bank account? Does anyone know if there is a minimum transfer in to abl and if there is charge on transfer out from abl? 2500k transfer in min, £100 transfer out fee.
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rs
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Post by rs on Aug 3, 2017 12:30:21 GMT
Does anyone know if there is a minimum transfer in to abl and if there is charge on transfer out from abl? 2500k transfer in min, £100 transfer out fee. The £100 transfer out fee seems quite high compared to other IFISA providers. £100 fee is 4% return on £2,500 investment. I'm assuming abl is for long term investors and all abl loans are not going to default then!
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binkle
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Post by binkle on Aug 3, 2017 12:33:51 GMT
How come I didn't notice a £100 fee when I read it, poor reading by me!
As it is I cannot access at present as ifisa not yet visible from mobile site?
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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 3, 2017 12:44:45 GMT
How come I didn't notice a £100 fee when I read it, poor reading by me! As it is I cannot access at present as ifisa not yet visible from mobile site? Its in the T&CS, (if you can find them again after sign up) they are updating FAQ. Not just me having no access then on mobiles. The ablrate site isnt configured to work on mobiles and pretty sure it never has been (somewhere there is a post to that effect) Sure its on a development list somewhere. At least, unlike RS & MT I can actually access the normal site on a mobile device and not just a giant logo hiding all the important buttons like login.
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des
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Post by des on Aug 3, 2017 12:48:51 GMT
Oh yuck - do we really need a second email address? Sounds to me like it wasn't thought through properly Hi POM Its an administrator thing. We were very keen to use the same address but for reporting they wanted a separate address. Also, our system uses email as a unique indicator for a number of functions, so it could have got confusing for the poor old code. We could have made changes but it would have delayed the launch. Can you suppress sending notifications to both email addresses, that will get very annoying, very quickly!
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Post by ablrate on Aug 3, 2017 12:56:17 GMT
ablrate Does the platform automatically prevent you from depositing more money into your IFISA account than your annual limit? I'm worried that at some point in the future when I'm switching between IFISA and normal accounts I will mistakenly deposit funds into the wrong account that will breach my annual allowance. I've already mixed up my accounts on a purchase so can easily imagine making a similar error when making deposits. If there is no automatic protection from deposits exceeding the annual limit, can it be easily remedied by reversing the deposit or reallocating it to the standard account without reporting to HMRC and associated drama? Hi Yes the system is integrated with our administrators so if you try to transfer from your standard account to your IFISA account you will get a warning telling you it cannot be done. If you are looking to deposit straight into your ISA you will see a link on the deposit page saying 'check IFISA allowance' which will give you the remaining allowance figure. If you try to deposit more than your allowance it wont let you. If you send an amount via bank transfer that is over your allowance (our admin will not let admin themselves over fund the IFISA) then the you IFISA will be fully funded and the remainder placed into your standard account.
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nick
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Post by nick on Aug 3, 2017 13:06:31 GMT
ablrate Does the platform automatically prevent you from depositing more money into your IFISA account than your annual limit? I'm worried that at some point in the future when I'm switching between IFISA and normal accounts I will mistakenly deposit funds into the wrong account that will breach my annual allowance. I've already mixed up my accounts on a purchase so can easily imagine making a similar error when making deposits. If there is no automatic protection from deposits exceeding the annual limit, can it be easily remedied by reversing the deposit or reallocating it to the standard account without reporting to HMRC and associated drama? Hi Yes the system is integrated with our administrators so if you try to transfer from your standard account to your IFISA account you will get a warning telling you it cannot be done. If you are looking to deposit straight into your ISA you will see a link on the deposit page saying 'check IFISA allowance' which will give you the remaining allowance figure. If you try to deposit more than your allowance it wont let you. If you send an amount via bank transfer that is over your allowance (our admin will not let admin themselves over fund the IFISA) then the you IFISA will be fully funded and the remainder placed into your standard account. That's great - good to know I don't need to be OCD when making deposits
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Post by ablrate on Aug 3, 2017 13:38:17 GMT
Can we move cash from our normal account into our new ISA account without having to pass it through our bank account? Hi Yes you can, if you go to the withdrawal button there is an option on the next 'Transfer to my ISA Account' - or if you are in your IFISA account 'Transfer to my stadard account'
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Post by ablrate on Aug 3, 2017 13:47:23 GMT
ablrate , further to the concerns above - Proplend bar the Trading of the same loan parts from their standard to isa account, Landlordinvest manually approve all trades and FS had to overhaul their premium/discount range (which would penalise, say, the BHs that recently paniced about their car holdings). What measures do you have in place to ensure there is no tax cheating on your platform?? I'm not sure the onus should be on Ablrate to prevent members from cheating on their taxes. Whilst the platform does enable you sell to yourself under another account at sub market price, if you were looking to put through sales at a loss and not disclose the related party nature, you would be fairly dumb to put it through a third party platform that has a record of the trade and the parties involved...... The problem is that our understanding of the rules is that any transfer to the IFISA (essentially bed and breakfasting) has to be done in an open market. Meaning we can't have any sort of construct. We though about restricting the SM, but for how long?.. and would be breaking the rules? If some lenders are prepared to do things that might look odd to the tax man later then it is the lenders' risk I am afraid.
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Post by ablrate on Aug 3, 2017 14:08:20 GMT
2500k transfer in min, £100 transfer out fee. The £100 transfer out fee seems quite high compared to other IFISA providers. £100 fee is 4% return on £2,500 investment. I'm assuming abl is for long term investors and all abl loans are not going to default then! We absorb all other admin fees.. including a fee we pay each month for total funds in all IFISAs, monthly bank withdrawal fees, debit card processing fees etc etc. This is all OK while an account is with us investing in loans, but a small account could actually cost us money over the long term, so if money is going out and we have the expense of transferring the IFISA out we would like to recoup some cost there. Which is only fair we think.
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Post by ablrate on Aug 3, 2017 14:11:33 GMT
Hi POM Its an administrator thing. We were very keen to use the same address but for reporting they wanted a separate address. Also, our system uses email as a unique indicator for a number of functions, so it could have got confusing for the poor old code. We could have made changes but it would have delayed the launch. Can you suppress sending notifications to both email addresses, that will get very annoying, very quickly! Unfortunately at the moment.. no. With the new design coming in we will be implementing the ability to switch off certain emails and have them accumulated on the system as notifications.
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Post by ablrate on Aug 3, 2017 14:14:32 GMT
How come I didn't notice a £100 fee when I read it, poor reading by me! As it is I cannot access at present as ifisa not yet visible from mobile site? Its in the T&CS, (if you can find them again after sign up) they are updating FAQ. Not just me having no access then on mobiles. The ablrate site isnt configured to work on mobiles and pretty sure it never has been (somewhere there is a post to that effect) Sure its on a development list somewhere. At least, unlike RS & MT I can actually access the normal site on a mobile device and not just a giant logo hiding all the important buttons like login. New design will be fully mobile optomised at least the public facing elements which should be with us soon. The internals are being design in parallel so they should be optomised w few weeks after On the point. Part of the new site has a place for testimonials.... if there is anyone who would be kind enough to give a short sentence on your experience with us that would be great. We will only publish initials and country. You can send us one at info@ablrate Regards Ablrate
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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: 10,870
Likes: 11,097
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Post by ilmoro on Aug 3, 2017 14:31:18 GMT
Its in the T&CS, (if you can find them again after sign up) they are updating FAQ. Not just me having no access then on mobiles. The ablrate site isnt configured to work on mobiles and pretty sure it never has been (somewhere there is a post to that effect) Sure its on a development list somewhere. At least, unlike RS & MT I can actually access the normal site on a mobile device and not just a giant logo hiding all the important buttons like login. New design will be fully mobile optomised at least the public facing elements which should be with us soon. The internals are being design in parallel so they should be optomised w few weeks after On the point. Part of the new site has a place for testimonials.... if there is anyone who would be kind enough to give a short sentence on your experience with us that would be great. We will only publish initials and country. You can send us one at info@ablrate Regards Ablrate I look forward to reading the one from F C in the UK (sods law says somebody will fit the criteria) In the meantime, could you make the IFISA T&Cs availaible somewhere on the site as I cant find them after opening an ISA (or point me in the right direction if Ive missed them)
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