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Post by ladywhitenap on Mar 18, 2018 16:54:09 GMT
Last weeks update was quite reasonably dominated by the website changes but also included "We continue to work on loans in the pipeline and are awaiting valuation reports on several new loan opportunities." David ablrate would you care to share with us how many different loans and nominal values that are highly likely to be up on the platform to invest in before the end of the tax year. I've just topped up my IFISA to the max and thinking about what to invest in on the SM but I'd also prefer to invest in new loans from new borrowers. TIA LW |
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Mar 18, 2018 17:47:19 GMT
Last weeks update was quite reasonably dominated by the website changes but also included "We continue to work on loans in the pipeline and are awaiting valuation reports on several new loan opportunities." David ablrate would you care to share with us how many different loans and nominal values that are highly likely to be up on the platform to invest in before the end of the tax year. I've just topped up my IFISA to the max and thinking about what to invest in on the SM but I'd also prefer to invest in new loans from new borrowers. TIA LW Hi David, could I second this request please. I keep getting caught out by the updates, I assume that new loans are only a day or two away when in fact the delay is nearer to two or three weeks.
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hantsowl
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Post by hantsowl on Mar 18, 2018 18:03:58 GMT
I also would like to know if any are expected this tax year.
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blender
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Post by blender on Mar 18, 2018 20:11:25 GMT
I must obey! 
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Post by ladywhitenap on Mar 20, 2018 17:55:31 GMT
David Bradley-Ward replied to my query as follows
"Reference your query, we have been awaiting some valuations from borrowers and the credit team have now received these. I believe that their will be an email going out with more detail but there are two loans imminently, one for £750,000 (likely on Thursday) and one for £1.4 million, likely on Monday/Tuesday next week. These are from existing borrowers, however. We have around £1 million from two new borrowers coming the following week
I believe an update email is going out this afternoon with a little more detail."
The email referred to above has gone out to lenders
Hope this is useful to others.
LW
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boundah
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Post by boundah on Mar 20, 2018 18:07:32 GMT
Email just in: new loan goes live 22nd at 8pm, another one 'anticipated' next week.
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Post by nomnom on Mar 30, 2018 8:27:11 GMT
The AblRate ISA is flexible, so no need to rush the loans through before the end of the tax year. Just pay the cash in by the 5th, withdraw on the 6th, thereby securing your allowance which can be paid back in as and when the loans are released.
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hantsowl
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Post by hantsowl on Mar 30, 2018 8:57:18 GMT
The AblRate ISA is flexible, so no need to rush the loans through before the end of the tax year. Just pay the cash in by the 5th, withdraw on the 6th, thereby securing your allowance which can be paid back in as and when the loans are released. I am fairly sure this is correct but please will you confirm it. Thanks in advance. Edit: Also, how will this show on the webpage? Currently you have 'Check IFISA Allowance'. So for example, if I invest £20000 this tax year and withdraw (say) £3000 after April 6th, will this £3000 show as available IFISA allowance again? Also, if i open a new IFISA next tax year, will this then show as £23000 allowance available?
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oldtimer
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Post by oldtimer on Mar 30, 2018 9:04:53 GMT
Yes it is flexible . I had this reply to a query about it yesterday.
Hi
Reference your query:
Yes our IFISA is fully flexible. If you would like to discuss this further please do give us a call or contact isa@ablrate.com and Goji (our administrators) will be able to assist also.
Kind regards
Ablrate
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archie
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Post by archie on Mar 30, 2018 9:07:45 GMT
The AblRate ISA is flexible, so no need to rush the loans through before the end of the tax year. Just pay the cash in by the 5th, withdraw on the 6th, thereby securing your allowance which can be paid back in as and when the loans are released. I am fairly sure this is correct but please will you confirm it. Thanks in advance. Edit: Also, how will this show on the webpage? Currently you have 'Check IFISA Allowance'. So for example, if I invest £20000 this tax year and withdraw (say) £3000 after April 6th, will this £3000 show as available IFISA allowance again? Also, if i open a new IFISA next tax year, will this then show as £23000 allowance available? Good guide here.
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Post by ladywhitenap on Mar 30, 2018 9:16:28 GMT
I've yet to find it in the ts&cs but I was under the impression that the flexibility to withdraw and repay money in and out of an IFISA only applied to the current tax year. Money put in during year one could be moved in and out in that tax year but if extracted in subsequent years could not put back in. If the scheme worked as nomnom suggests then one could effectively carry over unused IFISA allowance from one year to the next which I think is against the spirit (and the rules) intended by HMRC. As ever I'm willing to be corrected by those wiser than I  LW edit: Hmm! reading the piece from Martin Lewis linked to in the previous post, It does look like I am incorrect and nomnom is correct  LW |
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hantsowl
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Post by hantsowl on Mar 30, 2018 9:30:11 GMT
I've yet to find it in the ts&cs but I was under the impression that the flexibility to withdraw and repay money in and out of an IFISA only applied to the current tax year. Money put in during year one could be moved in and out in that tax year but if extracted in subsequent years could not put back in. If the scheme worked as nomnom suggests then one could effectively carry over unused IFISA allowance from one year to the next which I think is against the spirit (and the rules) intended by HMRC. As ever I'm willing to be corrected by those wiser than I LW edit: Hmm! reading the piece from Martin Lewis linked to in the previous post, It does look like I am incorrect and nomnom is correct LW Yes, this is where i was a little uncertain also. Which is why i asked Ablrate for confirmation.
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Post by ladywhitenap on Mar 30, 2018 10:27:46 GMT
Indeed. Looks to be a potential admin nightmare for any provider of Cash, S&S and IF ISAs and maybe why ABL have partnered with Goji to provide the admin/HMRC interface.
Using the inbuilt delay in processing debit card deposits, it looks like it might even be possible to " bed and breakfast" IFISA allowances without actually having the cash in the bank thus getting round the HMRC ban on carrying over unused Isa allowances - although please note that I'm not advocating this approach .
LW
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mason
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Post by mason on Mar 30, 2018 13:54:15 GMT
I've yet to find it in the ts&cs but I was under the impression that the flexibility to withdraw and repay money in and out of an IFISA only applied to the current tax year. Money put in during year one could be moved in and out in that tax year but if extracted in subsequent years could not put back in. If the scheme worked as nomnom suggests then one could effectively carry over unused IFISA allowance from one year to the next which I think is against the spirit (and the rules) intended by HMRC. As ever I'm willing to be corrected by those wiser than I LW edit: Hmm! reading the piece from Martin Lewis linked to in the previous post, It does look like I am incorrect and nomnom is correct LW Yes, nomnom is correct. In fact I used this exact strategy with my first IFISA around this time last year.
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Post by nomnom on Mar 31, 2018 9:21:33 GMT
I've yet to find it in the ts&cs but I was under the impression that the flexibility to withdraw and repay money in and out of an IFISA only applied to the current tax year. Money put in during year one could be moved in and out in that tax year but if extracted in subsequent years could not put back in. If the scheme worked as nomnom suggests then one could effectively carry over unused IFISA allowance from one year to the next which I think is against the spirit (and the rules) intended by HMRC. As ever I'm willing to be corrected by those wiser than I LW edit: Hmm! reading the piece from Martin Lewis linked to in the previous post, It does look like I am incorrect and nomnom is correct LW Yes, nomnom is correct. In fact I used this exact strategy with my first IFISA around this time last year. So did I 
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