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Post by westonkevRS on Jan 29, 2016 17:35:52 GMT
james, our "RateSetter Luke" has ask me to provide this response: " Thanks for raising this James. That’s very useful feedback and I think you’re right that we lost some of the detail in an attempt to simplify. We’ve reworded the blog, taking your comments into account, and hopefully you’ll agree that it’s an improvement.
Appreciate you taking the time to pick this up! "
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james
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Post by james on Jan 29, 2016 19:27:57 GMT
james , our "RateSetter Luke" has ask me to provide this response: " Thanks for raising this James. That’s very useful feedback and I think you’re right that we lost some of the detail in an attempt to simplify. We’ve reworded the blog, taking your comments into account, and hopefully you’ll agree that it’s an improvement.
Appreciate you taking the time to pick this up! " That's an impressive rewrite! Kudos to Luke, you and those at RS who helped him to get it all updated nicely. Full marks for double-take ability to Luke. The only thing I can now see that might reward a change is mentioning that a transfer to IF can be from cash in a S&S ISA as well as cash ISA but this isn't a correction so much as a hint to tell people that even more of their money could go to RS.
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Post by newlender on Jan 30, 2016 5:04:54 GMT
Very interesting and informative posts - I think I now understand the ISA rules a bit better. The big danger in all of this is that investors might be tempted to take large amounts of cash out of their bank-based ISAs and stick it into RS. As stated above, RS is a totally different vehicle and although the 'capital at risk' warning is very clear on the website and elsewhere I do hope that RS will take steps to ensure that new lenders have to tick a separate box when they sign up or even be given a cooling-off period, although not sure how that could work. There is immense frustration at the banks' downward manipulation of interest rates and I anticipate quite a rush towards new platforms in April. But PLEASE RS, remember those of use who have been investing without any tax breaks and include us in any new incentive schemes. The only thing that has seriously annoyed me is the cash offered to new members who leave £1k invested for a year, when I'm doing that multiple times over.
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Post by westonkevRS on Feb 7, 2016 9:42:59 GMT
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jonah
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Post by jonah on Feb 7, 2016 9:52:27 GMT
Reading this, RS are suggesting that they will have ISA accounts in April and allow transfers in that month. Assuming this is achieved and the resulting rate drop isn't too bad, I expect I will be doing just that. More generally interesting, the idea that all p2p platforms will get full authorisation my April. I was expecting this to stretch out longer than that, so any 'platform rejection or tweaks' will be happening in the next 8 weeks!
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 7, 2016 10:48:28 GMT
Reading this, RS are suggesting that they will have ISA accounts in April and allow transfers in that month. Assuming this is achieved and the resulting rate drop isn't too bad, I expect I will be doing just that. More generally interesting, the idea that all p2p platforms will get full authorisation my April. I was expecting this to stretch out longer than that, so any 'platform rejection or tweaks' will be happening in the next 8 weeks! Seems like wishful thinking. Has any P2P platform got its full permission yet, some of whom applied H1 last year? None of them appear as authorised ISA managers, though apparently that only takes 2 weeks. Edit Apparently the register is to be updated this week for anyone who had to apply for FP by end Jan 2016
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pikestaff
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Post by pikestaff on Feb 7, 2016 10:55:58 GMT
If there is a wall of money on RS, I expect rates to drop by at least 1%. They could fall by more than that in the short term, until RS can ramp up the supply of borrowers to meet the demand. I believe RS think the "sweet spot" for 5 year money is somewhere around 5% and I expect them to have ample ISA demand at that rate.
Also ISA money is seasonal. I have no intention of putting ISA money on any platform during the ISA season, when rates will be at their lowest.
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oldgrumpy
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Post by oldgrumpy on Feb 7, 2016 11:00:55 GMT
So we will have two independent RS accounts of which one will be an ISA (from which we can, if we need to, withdraw money) and the other a standard account which will operate as it does now. Will we need (or even be able) to operate them independently and set the reinvestment instructions separately (and possibly differently) or will one set of instructions apply to our total investment? Will RS allow us to transfer up to £15240 from our current RS account into our new RS ISA account, or will the ISA have to be new money? The facility to reinvest all repayments straight into the RS ISA would be useful.
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jonah
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Post by jonah on Feb 7, 2016 14:52:01 GMT
If there is a wall of money on RS, I expect rates to drop by at least 1%. They could fall by more than that in the short term, until RS can ramp up the supply of borrowers to meet the demand. I believe RS think the "sweet spot" for 5 year money is somewhere around 5% and I expect them to have ample ISA demand at that rate. Also ISA money is seasonal. I have no intention of putting ISA money on any platform during the ISA season, when rates will be at their lowest. A 1% drop might still work for some folk depending on their tax bracket. Not me, but some folk As for the seasonality of ISA cash, I agree. It really depends on how quickly the various platforms are up and running for 'new' cash, as a lot of folk tend to use their allowance either in March (end of year) or April (start of year). If RS (and others) go live in say May for new cash, they will have a lot of the 16/17 money. Obviously transfers in is where the real 'wall' could come from and those can be at any point. Interesting times ahead (I'll get my coat)
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