pom
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Post by pom on Feb 5, 2017 19:51:59 GMT
The thing I'm really hoping for when the MoneyThing ISA is launched is an easy way to transfer loans from my existing account to the ISA one. A kind of "sell to self" operation. I'd be a bit wary of doing that manually due to the speed that loan parts are often bought on the SM. I gather Lending Works won't offer a transfer-to-ISA feature, but because their mode of operation is quite different to MT I keep my fingers crossed that it might be possible on MT. I believe such a feature (that blocks others buyers) would breach the ISA rules, since all ISA investments must be made on an "open market" basis. Way I see it the only real way to do this will be to use the ISA for all new investments and then sell off existing ones to get back to whatever your platform limit is - which at least on a platform like MT will be quick and easy (specially if there are plenty of other newISA investors watching the SM like a hawk...personally I doubt I have the patience hence the aforementioned strategy....tho on LW it's likely to lead to me being "overinvested" for quite a while given I'm unlikely to want to pay the fee to exit loans early ). Course if you already have all your spare funds tied up then it'll be rather harder. On a platform such as MT tho, the "wall of money" scenario is never going to work out well - either "new" ISA money will need to be trickled in, or multiple transfers from existing ISAs. On the bright side whlist it might take a good while to get ISA money invested at MT, at least there aren't going to be any wall-induced rate drops
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pom
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Post by pom on Feb 5, 2017 20:00:28 GMT
I was under the impression that you can put new money into cash OR IFISA, and so can only split if one is S&S - but given I've not looked into it that much yet that may well be wrong. PS my avatar is going to assume that was drink talking and will say no more of it Haha no drink involved, just crossed my mind and amused me given it's an avatar ..... the Green Bowl look not your thing Having had a drink herself my avatar is not so good at sticking to her word ( ) and will admit that green bowls really aren't her thing.....makes your avatar look about 12....and your avatars interest in other avatars does rather reinforce that
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james
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Post by james on Feb 5, 2017 21:57:48 GMT
The thing I'm really hoping for when the MoneyThing ISA is launched is an easy way to transfer loans from my existing account to the ISA one. A kind of "sell to self" operation. I'd be a bit wary of doing that manually due to the speed that loan parts are often bought on the SM. I gather Lending Works won't offer a transfer-to-ISA feature, but because their mode of operation is quite different to MT I keep my fingers crossed that it might be possible on MT. I believe such a feature (that blocks others buyers) would breach the ISA rules, since all ISA investments must be made on an "open market" basis. I don't see any regulatory barrier to a person who has subscribed money to an ISA being permitted to buy something a millisecond after their other account has sold it provided both deals are happening at the market price, which is trivial to establish at MoneyThing because they are all at par. Nor do I see any regulatory barrier to the proceeds of a sale outside an ISA being subscribed to an ISA a millisecond after the transaction. Nor do I see a regulatory barrier to chaining together of many of these millisecond transactions such that the annual subscription limit could be subscribed within no more than annual limit in Pounds times one millisecond. There would be no practical chance for someone else to get in because the practical time to get a packet one way over the internet showing that there is availability is unlikely to be shorter than a few tens of milliseconds and automation isn't permitted for the following buy by the MoneyThing terms and conditions so a buy instruction couldn't be issued in less than perhaps a few hundred more milliseconds without proving a T&C breach. It would take some programming but it seems eminently doable if desired for MoneyThing to provide a facility for a sale outside an ISA and an immediate buy within one, with the human wanting this enforcing sensible limits on deal sizes and transaction sizes just because of the amount of typing involved. Customers are barred from using automation by the terms and conditions but MoneyThing isn't. You'd need to provide the seed money inside your ISA but beyond that it's easy enough.
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Post by Deleted on Feb 6, 2017 9:50:28 GMT
Having had a drink herself my avatar is not so good at sticking to her word ( ) and will admit that green bowls really aren't her thing.....makes your avatar look about 12....and your avatars interest in other avatars does rather reinforce that Aaah the danger of drink, personally I don't touch the stuff .... being 12 !! I've not really opted for the create a true likeness approach, more of a NIrish mascot, and following your dressing down I won't be asking the barber to replicate the avatar's look any time soon Now back to the serious investing, let's pack this light hearted stuff back in the box where it belongs .....
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grahamg
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Post by grahamg on Mar 24, 2017 18:32:08 GMT
Well i now look forward to the MT IFISA, except i am not sure what on earth my money could be invested in as there is never anything significant on the SM, and new loans are rather infrequent!
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Post by SophieThing on Mar 25, 2017 8:55:41 GMT
Well i now look forward to the MT IFISA, except i am not sure what on earth my money could be invested in as there is never anything significant on the SM, and new loans are rather infrequent! Hi Grahamg, This is exactly why we will not be rushing in to offering an IFISA. Our priority now is to build loan origination so that when we do offer the IFISA there will be enough loans to satisfy demand. Working towards our FCA authorisation took up considerable resource and this affected our ability to grow our borrower base. Now we have our authorisation, we have taken on more resource and we are really looking forward to growing the business. Kind regards Sophie
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Post by sannytwist on Mar 25, 2017 9:52:55 GMT
I know l mite be thinking ahead, but was wondering how a ISA would work for the investor in moneything . I am interested if moneything does offer this in the near future but wouldnt' it be quite complicated?
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dzo
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Post by dzo on Mar 25, 2017 13:46:05 GMT
Hopefully the IFISA will be flexible when it arrives. That way we can temporarily withdraw our funds if there aren't enough investment opportunities.
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theshape
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Post by theshape on Mar 25, 2017 14:42:36 GMT
Well i now look forward to the MT IFISA, except i am not sure what on earth my money could be invested in as there is never anything significant on the SM, and new loans are rather infrequent! Hi Grahamg, This is exactly why we will not be rushing in to offering an IFISA. Our priority now is to build loan origination so that when we do offer the IFISA there will be enough loans to satisfy demand. Working towards our FCA authorisation took up considerable resource and this affected our ability to grow our borrower base. Now we have our authorisation, we have taken on more resource and we are really looking forward to growing the business. Kind regards Sophie Surely Moneything can control demand by limiting the number of new Lenders registering on the platform?
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robski
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Post by robski on Mar 25, 2017 15:22:39 GMT
Personally I would prefer you launch as soon as you can I would rather be able to trickle some in early and deposit larger once you have more large loans than have to wait for you to have more large loans, I cant see how delaying will benefit us to be honest
IT only takes a little prep and communication up front, so people can take an informed choice as to whether to trickle it in as smaller loans come up, or to wait it out for the larger ones that allow it to fill quickly to ISA limit. There may also be plenty who don't want to max the allowance and will simply move their existing platform money into the ISA as they can. I would prefer as many loans as possible within my ISA so more than happy with smaller ones, and parts from SM.
Also, it really really would help to be flexible as other have mentioned, since as loans repay there could be times when deposits are sitting there unable to be matched being able to move this elsewhere and replace once loans are available is the best result for us lenders
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mason
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Post by mason on Mar 25, 2017 16:31:41 GMT
There may also be plenty who don't want to max the allowance and will simply move their existing platform money into the ISA as they can. A Bed & ISA facility would be really valuable for this. Not just to make life easier for those looking to do the above, but it would also minimise the impact launching an ISA would have on loan demand.
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toast
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Post by toast on Mar 25, 2017 18:25:20 GMT
This is exactly why we will not be rushing in to offering an IFISA. Our priority now is to build loan origination so that when we do offer the IFISA there will be enough loans to satisfy demand. For me, the availability of an ISA is more important than an uptick in origination. I'm at or near my self-imposed platform limit so I'm only looking to re-invest interest rather than to invest a lot more. The tax-saving afforded by an ISA is really significant: a 12% loan is only 7.2% after tax. And if there was a bed-and-ISA feature that would be just perfect. Congrats on your FCA approval!
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littonowl
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Post by littonowl on Mar 25, 2017 20:28:19 GMT
Another MT lender here, who would really appreciate some sort of bed & ISA facility for the safe transfer of my current loans into an IFISA, rather than trying to beat the bots on the SM. Even be quite happy to pay the platform a (small ) admin fee for the privilege.
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jfm
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Post by jfm on Mar 26, 2017 8:57:43 GMT
... I'm only looking to re-invest interest ... So where is the incentive for MT to launch it?
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stevio
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Post by stevio on Mar 26, 2017 9:22:36 GMT
Another MT lender here, who would really appreciate some sort of bed & ISA facility for the safe transfer of my current loans into an IFISA, rather than trying to beat the bots on the SM. Even be quite happy to pay the platform a (small ) admin fee for the privilege. I don't think FSA rules allow this - you have to sell on an open market and buy back
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