What does the queue mean?

Currently demand is high in Octopus Choice, so it's taking us a little longer to invest 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 money working as quickly as possible, but we can’t always guarantee that it'll happen straight away.
We always invest your money across 10 loans or more to maintain a healthy diversification of your portfolio.  Sometimes we can’t do that straight away, so your money will be placed in a queue and invested on a first-come, first-served basis. If you have a new investment pending we'll send you an email as soon as it completes.
Here are some answers to our most commonly asked questions on the queue - hopefully this will ease any concerns you may have.
Is this issue related to non performing loans? This is separate to existing non performing loans in your portfolio and will have no effect 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 funds not yet invested? When depositing funds, your money is automatically placed in a queue and invested on a first-come, first-served basis. 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 my funds while they're in the queue? Your capital will be allocated to your 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 FSCS protected.
Do I earn interest? You 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 again for you as quickly as possible!
Does this affect withdrawals? This has no effect on withdrawals or payments for your account. Withdrawals of available funds will take the usual 3-5 working days to arrive in your nominated account. Please contact your adviser to request a withdrawal.
Can I withdraw money in the queue? Absolutely.  Drop us a message and we can cancel your order, returning your funds to your 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 your funds have been invested. And if you'd like, we can also notify you as soon as the queue has ended. Drop us an email at support@octopuschoice.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 your GIA to your ISA) before close of play on the 5th of April 2019 into a valid ISA (terms accepted & our checks passed), your investment will count as part of your ISA subscription for this tax year (2018/19).

If you have any questions or concerns, please contact your financial adviser, or drop us a message any time at support@octopuschoice.com.

Still need help? Contact Us Contact Us