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ISA transfer to ZOPA - FAILED


I tried to do an ISA transfer mid December when Zopa started taking transfers, It still hasn't been completed and I currently have no access to my funds.
After complaining to Zopa, I found out their system had no tolerance to accept funds greater than what had been submitted (eg added accrued interest). - Apparently this has been fixed now. Zopa also said there is nothing else they can do as they have sent the money back to the existing ISA manager.
I am still waiting for the final response from my existing ISA manager, as the account was closed and transferred on their end, when they received the money back from Zopa, they issued me a cheque, which will be a problem if I cash it, as money will lose it tax free status.( It was previous years subscriptions).
I'm not sure if I should go to the FOS now for the Zopa complaint, or wait for the existing ISA manager to get back to me.
Comments
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I am still waiting for the final response from my existing ISA manager, as the account was closed and transferred on their end, when they received the money back from Zopa, they issued me a cheque, which will be a problem if I cash it, as money will lose it tax free status.( It was previous years subscriptions).
Presumably you have made a formal complaint? This seems entirely incorrect. I would certainly not cash the cheque but wait for the response.
You could try the help line for some assistance?
https://www.financial-ombudsman.org.uk/contact-us
Call our helpline
Our phone lines are open between 8am and 5pm, Monday to Friday. At times, you might need to wait to speak to someone. Mondays are usually our busiest days – so if you can, please call on a different day to avoid longer waiting times.
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Hi, yes I made a formal complaint to Zopa, they offered me a small amount inconvenience payment. But still didn't resolve the issue with completing the transfer.0
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I agree you shouldn't cash the cheque. What I'm unsure of is how the money held on that cheque is viewed. It obviously is no longer part of your original Isa and for whatever reason, Zopa are not able/willing to accept it.It does appear though that all is not lost. Looking at the ombudsman's website it states"If your transfer has taken longer than it should, and you feel that this has disadvantaged you in some way, we’ll investigate.""Talk to your ISA provider first as they need to have the chance to put things right. They have to give you their final response within eight weeks for most types of complaint. If you’re unhappy with their response, or if they don’t respond, let us know."but the main issue that I wanted to see was"If an ISA manager accepts they got things wrong, HMRC may - in some circumstances - allow them to correct the position and reinstate the allowances as if the investment had happened as it should. We'll check each case individually with HMRC. "So I would say your first port of call is to ask Zopa to accept the transfer in from the cheque. If that fails you may have to wait 8 weeks before raising the issue with the ombudsman but I would think your issue is a slam dunk for getting your isa reinstated somewhere or other.
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ISA Transfer to Zopa still a big problem in April 24. Money transferred from Nationwide has not appeared in my new Zopa ISA. This transfer made at end of the tax year, caused it to be rejected. Now the money is no longer with Nationwide and despite numerous calls to Zopa it has not appeared in my Zopa account. They are apparently unable to explain why, unable to provide written confirmation of ongoing resolution of problem. have seen that this issue can take months to resolve. Buyer beware!0
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Jollygolfer said:ISA Transfer to Zopa still a big problem in April 24. Money transferred from Nationwide has not appeared in my new Zopa ISA. This transfer made at end of the tax year, caused it to be rejected. Now the money is no longer with Nationwide and despite numerous calls to Zopa it has not appeared in my Zopa account. They are apparently unable to explain why, unable to provide written confirmation of ongoing resolution of problem. have seen that this issue can take months to resolve. Buyer beware!0
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Jollygolfer said:ISA Transfer to Zopa still a big problem in April 24. Money transferred from Nationwide has not appeared in my new Zopa ISA. This transfer made at end of the tax year, caused it to be rejected. Now the money is no longer with Nationwide and despite numerous calls to Zopa it has not appeared in my Zopa account. They are apparently unable to explain why, unable to provide written confirmation of ongoing resolution of problem. have seen that this issue can take months to resolve. Buyer beware!0
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I've experienced similar problems transferring (in full) my ISA from Santander to Zopa this month. I received an email from Zopa stating 'the amount you wanted to transfer would have taken you over the max allowance of £20,000.00 for this tax year'. This is obviously incorrect as its a transfer between ISAs.
Santander have now closed my original ISA. Now I can not access my money.
I contacted Zopa but they have offered no reassurance, stating its an 'on going issue'. They would not allow me to speak directly with the team dealing with the issue but said they would be in contact in five working days.
In the meantime i am seriously worried as this is my life savings.0 -
Just wanted to share an update: After waiting for about 14 weeks, my transfer has finally gone through.
I also lodged a complaint with my old provider. They responded by opening a new ISA for me and transferring the money from their holding account. Additionally, they covered the interest I would have earned from Zopa since the initial transfer, along with a bit of extra compensation for the inconvenience.
Also I can't help but feel sorry for those still experiencing transfer issues with Zopa.
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Anyone successfully transferred an ISA from Virgin Money to Zopa?
Zopa keep telling me Virgin "cannot find" the account despite all the details being correct, and the "sort code starts with" option is correct so it should be going to the right part of Virgin/Clydesdale.
I know Virgin Money are awful, but I am wondering if it is Zopa doing something wrong...
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homemover2020 said:Anyone successfully transferred an ISA from Virgin Money to Zopa?
Zopa keep telling me Virgin "cannot find" the account despite all the details being correct, and the "sort code starts with" option is correct so it should be going to the right part of Virgin/Clydesdale.
I know Virgin Money are awful, but I am wondering if it is Zopa doing something wrong...
I'm now intending to open the Zopa Easy Access ISA and transfer in the remainder of my Virgin EA ISA.
I'm feeling a bit uneasy about it though after reading so many 'failure' posts. It would be very reassuring to hear a few success stories!0
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