What does the queue mean?
Currently demand is high in Octopus Choice, so it's taking us a little longer to invest your client's funds than you may have been used to.
We don't expect the queue to last more than a couple of weeks, you can check in with the current status of our loan book anytime you like.
We’ll do our best to get your client's money working as quickly as possible, but we can’t always guarantee that it'll happen straight away.
- Is this related to non performing loans? This is separate to existing non performing loans in your clients portfolio, and will have no affect on our progress of recovering the funds.
- How long will the queue last? We're working hard to add new loans ASAP- We currently expect the queue won't last longer than a couple of weeks, you can check in with the current status of our loan book anytime you like.
- There are currently more than 10 available loans on your current status page, why are my client's funds not yet invested? When depositing funds, your money is automatically placed in a queue and invested on a first-come, first-served basis - meaning if other investors deposited their funds earlier, it will be invested first in the current available loans.
- Can I still send funds? Absolutely! Other than a longer investment time, nothing has changed.
- What happens to funds while they're in the queue? The capital will be allocated to your clients account and will sit as 'Cash' while placed in a queue to invest. It is held in a designated 'Client Money Account' in HSBC during this time, and is therefore FSCS protected.
- Do they earn interest? They won't be earning interest on these funds while they are sitting as cash in a queue to invest - however we'll always aim to get these funds invested as quickly as possible!
- Does this affect withdrawals? This has no affect on withdrawals or payments for the account - as usual, withdrawals of available funds will take 3-5 working days to arrive in the nominated account.
- Can I withdraw money in the queue? Absolutely, just drop us a message & we can cancel the order, returning the funds to the designated bank account in 3-5 working days.
- Will you tell me when there's no queue and when my money is invested? Of course! We'll drop you an email as soon as the funds have been invested. And if you'd like, we can also notify you as soon as the queue has ended by emailing us at email@example.com.
- Will it still count towards this ISA tax year allowance if the funds are still in a queue? As long as we've received your funds, or your instruction to transfer funds (From GIA to ISA) before close of play on the 5th of April 2019 into a valid ISA (terms accepted & our checks passed) - the investment will count as part of thier ISA subscription for this tax year (2018/19).
If you have any questions or concerns, please speak to your Business Development Manager, or contact our support team at firstname.lastname@example.org