littleoldlady
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Post by littleoldlady on May 2, 2017 14:53:26 GMT
I am tempted to open an ISA with LLI, but my concern is the slow deal flow. It seems I would either have to put the full £20K into a single loan, or to get diversification drip feed it in over several loans which could take months and would severely reduce the effective rate of interest. If I aimed at 20 x £1K loans the first ones would likely be repaying before I had reached the £20K so I would never get there.
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stevio
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Post by stevio on May 2, 2017 14:56:41 GMT
I am tempted to open an ISA with LLI, but my concern is the slow deal flow. It seems I would either have to put the full £20K into a single loan, or to get diversification drip feed it in over several loans which could take months and would severely reduce the effective rate of interest. If I aimed at 20 x £1K loans the first ones would likely be repaying before I had reached the £20K so I would never get there. Yes, maybe for a transfer of a slice of previous years allowances, but not for this years allowance until the platform has matured
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littleoldlady
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Post by littleoldlady on May 2, 2017 15:08:24 GMT
I am tempted to open an ISA with LLI, but my concern is the slow deal flow. It seems I would either have to put the full £20K into a single loan, or to get diversification drip feed it in over several loans which could take months and would severely reduce the effective rate of interest. If I aimed at 20 x £1K loans the first ones would likely be repaying before I had reached the £20K so I would never get there. Yes, maybe for a transfer of a slice of previous years allowances, but not for this years allowance until the platform has matured That's a good idea. Thanks. Just to confirm, I can open an IFISA with LLI and transfer in chunks from a previous years ISA as loans become available without restricting my options on the 2017/18 ISA? In fact I can open as many ISAs as I like so long as I don't invest any new money, merely transfer in from previous years - is that right? One snag is that these transfers take a long time and the loan would likely be sold out before the money arrived, so it would be necessary to have a chunk in place waiting, and replace it each time. However since money in a cash ISa is earning approx zilch that would not matter much.
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stevio
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Post by stevio on May 2, 2017 15:21:55 GMT
Yes, maybe for a transfer of a slice of previous years allowances, but not for this years allowance until the platform has matured That's a good idea. Thanks. Just to confirm, I can open an IFISA with LLI and transfer in chunks from a previous years ISA as loans become available without restricting my options on the 2017/18 ISA? In fact I can open as many ISAs as I like so long as I don't invest any new money, merely transfer in from previous years - is that right? One snag is that these transfers take a long time and the loan would likely be sold out before the money arrived, so it would be necessary to have a chunk in place waiting, and replace it each time. However since money in a cash ISa is earning approx zilch that would not matter much. I asked a similar query myself p2pindependentforum.com/post/186222 so maybe not the best to ask, but I think that is right
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littleoldlady
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Post by littleoldlady on May 2, 2017 15:33:24 GMT
If we are right then the wording ON LLI's site when opening an IFISA is not quite right:
You have up to 14 days to cancel your IFISA, which will then allow you to open another IFISA if you wish to at any point. You won't be able to open another IFISA for that tax year, which runs from 6 April to 5 April the following year.
ISTM that instead of "open" it should say "subscribe to" or similar.
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stevio
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Post by stevio on May 2, 2017 15:36:00 GMT
If we are right then the wording ON LLI's site when opening an IFISA is not quite right: You have up to 14 days to cancel your IFISA, which will then allow you to open another IFISA if you wish to at any point. You won't be able to open another IFISA for that tax year, which runs from 6 April to 5 April the following year. ISTM that instead of "open" it should say "subscribe to" or similar.Yes, I think a lot of platforms aren't getting their terminology right
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fp
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Post by fp on May 2, 2017 22:22:40 GMT
Yes, maybe for a transfer of a slice of previous years allowances, but not for this years allowance until the platform has matured That's a good idea. Thanks. Just to confirm, I can open an IFISA with LLI and transfer in chunks from a previous years ISA as loans become available without restricting my options on the 2017/18 ISA? In fact I can open as many ISAs as I like so long as I don't invest any new money, merely transfer in from previous years - is that right? One snag is that these transfers take a long time and the loan would likely be sold out before the money arrived, so it would be necessary to have a chunk in place waiting, and replace it each time. However since money in a cash ISa is earning approx zilch that would not matter much. If I was in your situation I would transfer in a few k of previous years cash, bear in mind it is flexible so you can always re-deploy it elsewhere if you want to. Current deal flow is a loan every 10 to 12 days on average I would guess.
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ilmoro
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Post by ilmoro on Jun 21, 2017 11:55:21 GMT
@filipkaradaghi
Doesnt appear to be anyway to transfer funds between standard and IFISA accounts which would be a useful feature. Any plans to introduce this?
There are no regularatory restrictions preventing this (unlike loan part transfers) and it is possible on a least one platform. Would also prevent the need of having to have two instructions to send funds to LLI on a bank account which has caused some issues and allow interest from a standard account to be moved to IFISA (sweep feature would be even better)
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Post by Deleted on Jun 22, 2017 8:50:42 GMT
Hi ilmoro. That is correct, we have not made this function available to investors, only LLI may transfer funds across accounts.
The reason that we have not made this available to investors is due to: (1) keeping client money for respective account appropriately separated (as required by the FCA's CASS rules) (2) prevent potential misuse of the function as we need to ensure that client accounts balances and reconciles at end of each business day (also a CASS rule).
We might change this going forward, but all an investor needs to do now is to contact us and we usually effect the transfer immediately upon receiving such request.
I hope that this makes sense.
Regards, Filip
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n
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Post by n on Jul 17, 2017 14:13:12 GMT
Just wondering if anyone has any advice re the following.
I want to open an IFISA with LLI using previous years' money from a Nationwide Flexclusive ISA (which only has previous years' money in it), and transfer lumps in over time as new loans become available.
I can see that I need to print off the transfer form and post it back to get the ball rolling, but there are two things that it would be comforting to know in advance.
1 - Does a printed form have to be posted each and every time I want to transfer a lump, bearing in mind it would always be coming from the same source?
2 - Does anyone have any idea if Nationwide would start getting shirty with processing many transfer requests?
TIA
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ilmoro
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Post by ilmoro on Jul 17, 2017 14:28:41 GMT
Just wondering if anyone has any advice re the following. I want to open an IFISA with LLI using previous years' money from a Nationwide Flexclusive ISA (which only has previous years' money in it), and transfer lumps in over time as new loans become available. I can see that I need to print off the transfer form and post it back to get the ball rolling, but there are two things that it would be comforting to know in advance. 1 - Does a printed form have to be posted each and every time I want to transfer a lump, bearing in mind it would always be coming from the same source? 2 - Does anyone have any idea if Nationwide would start getting shirty with processing many transfer requests? TIA 1.Probably best to ask LLI direct but I would expect the answer is yes because the form needs to be signed and dated (amount may vary) and may have to be sent on to existing provider 2. Ive being doing the same and no compliants after 2 in a month. Remember that LLI is flexible ISA so you can transfer funds over then withdraw any excess and send it back in smaller chunks just need somewhere to park it in the meantime. Depending on your tax bracket potentially can early more interest than leaving it in Nationwide ISA (actually better ISA available eg Ford)
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n
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Post by n on Jul 17, 2017 17:41:20 GMT
Just wondering if anyone has any advice re the following. I want to open an IFISA with LLI using previous years' money from a Nationwide Flexclusive ISA (which only has previous years' money in it), and transfer lumps in over time as new loans become available. I can see that I need to print off the transfer form and post it back to get the ball rolling, but there are two things that it would be comforting to know in advance. 1 - Does a printed form have to be posted each and every time I want to transfer a lump, bearing in mind it would always be coming from the same source? 2 - Does anyone have any idea if Nationwide would start getting shirty with processing many transfer requests? TIA 1.Probably best to ask LLI direct but I would expect the answer is yes because the form needs to be signed and dated (amount may vary) and may have to be sent on to existing provider 2. Ive being doing the same and no compliants after 2 in a month. Remember that LLI is flexible ISA so you can transfer funds over then withdraw any excess and send it back in smaller chunks just need somewhere to park it in the meantime. Depending on your tax bracket potentially can early more interest than leaving it in Nationwide ISA (actually better ISA available eg Ford) Thanks ilmoro I have sent them an email. I hadn't spotted that it is flexible, which gives some comfort, but on reflection I have not been invested here very long and I think the real reason I am uncomfortable about wacking in a large amount straight away is that I am still building confidence in the platform. In studying the information on the website again, I can't find anything about whether or not transfers out are supported, so I have asked them that also. With reference to my cash ISA, it is flexible and only has £1 in it except for on April 5th, so I am not too fussed about only benefitting from sub 1% interest there. It is only an instrument to preserve the tax free status of what will ultimately be coming to p2p (replacing non-ISA money). Looking forward to trying out MT.
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ilmoro
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Post by ilmoro on Jul 19, 2017 6:44:17 GMT
Moving IFISA administration to Goji.
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Post by Deleted on Jul 19, 2017 7:15:47 GMT
Moving IFISA administration to Goji. Thank you, ilmoro. Sending an email to lenders shortly.
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littleoldlady
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Post by littleoldlady on Jul 19, 2017 7:56:45 GMT
Moving IFISA administration to Goji. Thank you, ilmoro. Sending an email to lenders shortly. Ironic as I found transfers in and out of your ISA very fast, but my transfer into Goji direct took over a month.
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