Zopa never again

GMeeg

I have a Zopa ISA maturing early April. I have initiated a transfer asking for it to be made on maturity. It has been rejected and on speaking to them I've been told I have to wait until the maturity to give the instruction or pay a breakage charge.

I have never experienced this before I told the agent it was not normal practice, my other ISA maturing at the same time with another bank has had the transfer out accepted. She seemed to agree that Zopa are out of sync. I will not be using them again.

mebu60

What company is managing the transfer-in? Are you absolutely sure you ticked the right box on their form about actioning on maturity? If you did can you be sure the transferring-in provider has actioned it correctly?

Ayr_Rage

Just because you've not had the situation before doesn't mean that Zopa are in the wrong, there is no normal practice, each company can set their own rules.

flaneurs_lobster

Every ISA manager has their quirks (or "unique features"). I pick an ISA primarily because it has the best interest rate, anything else gets consideration after this.

If Zopa's restriction outweighs all other considerations for you then so be it.

GMeeg

https://forums.moneysavingexpert.com/discussion/comment/81936612#Comment_81936612

Yes I spoke to them and also to Zopa. I accept they can choose their own procedures but it is definitely not the norm.