robski
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IFISA
Jul 3, 2017 9:01:52 GMT
Post by robski on Jul 3, 2017 9:01:52 GMT
I really don't see what the worry is with losing loans, I just transferred a good chunk of my loans into my business account over the past 2 to 3 weeks, I managed to lose a whole 0.0015% of my loans during the process, yes, that is .15% of one whole percent. I think its very loan dependent. Some are perfect for de-risking, so unique borrower and/or asset (Eg CS loans are fairly unique borrower and asset type for the platform) When trying to transfer these loans you will have a large % of the borrowers "happy" to take them off your hands the moment they appear on the SM. Others are the opposite, wide availability, such as wigan hotel, where large loan value, multiple tranches etc means you can probably transfer ultra low risk as there is likely to be other amounts on the SM in front of yours. At the end of the day if you have holdings you just dont want to risk losing on transfer then you have 2 options : Keep some ISA funds available and if someone else sells on the SM, try to buy into your ISA before you sell your holding to the SM, or just accept that investment will remain in your "normal" MT account and pay the tax
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littonowl
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IFISA
Jul 3, 2017 9:02:38 GMT
Post by littonowl on Jul 3, 2017 9:02:38 GMT
Evening, Just a note to mention that having decided to bring this forward, we have taken on a new full-time Thing as of Thursday this week who is wholly dedicated to scoping out & putting together our ISA proposition. Will keep you updated on our progress. Kind regards, Ed Well done Ed, yet again you show the drive to make it happen at a reasonable pace once decided upon. May I take this one last opportunity to ask(beg) that you are careful about the opening of the floodgates day 1. So please consider some limits on new members and transfers in. Its easy to control these things and open them up quickly if supply is a little low, but open them fully at the start and you could flood the platform with cash that will find no home. Keep up the good work, we expect nothing less Agreed robski , might be prudent to offer to current lenders only initially, whilst you gauge the uptake...? Would also allow for any bugs/issues to be fed back and ironed out before launching on the mass market.
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robski
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IFISA
Jul 3, 2017 9:05:32 GMT
Post by robski on Jul 3, 2017 9:05:32 GMT
Lets hope that the new ISAThing is of a similar pragmatic mind set as the current Thing team and comes up with a creative (but legal) bed and breakfast scheme to ease the movement of investments into the IFISA wrapper. LW Unfortunately pragmatism may not trump regulatory requirements. Sellers should be locked out of SM sales for, say, 1 minute to ensure there is no breach of legal tax regulations and there is a genuine open market for any loan parts bought on it. Problem is that some people have access to multiple accounts, that means they can sell from 1 to 2 with no restriction, then buy from 2 to 1's ISA account again with no restriction. Someone with only 1 account would be massively disadvantaged. The only way to avoid this blatant advantage some have over others is to allow everyone to have 2 accounts which kind of defeats your plan.
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archie
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Post by archie on Jul 3, 2017 9:06:33 GMT
So please consider some limits on new members and transfers in. Its easy to control these things and open them up quickly if supply is a little low, but open them fully at the start and you could flood the platform with cash that will find no home. Keep up the good work, we expect nothing less Agreed robski , might be prudent to offer to current lenders only initially...? You could do it alphabetically, so only names beginning with 'A' can have an ISA initially.
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robski
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IFISA
Jul 3, 2017 9:12:47 GMT
Post by robski on Jul 3, 2017 9:12:47 GMT
Well done Ed, yet again you show the drive to make it happen at a reasonable pace once decided upon. May I take this one last opportunity to ask(beg) that you are careful about the opening of the floodgates day 1. So please consider some limits on new members and transfers in. Its easy to control these things and open them up quickly if supply is a little low, but open them fully at the start and you could flood the platform with cash that will find no home. Keep up the good work, we expect nothing less Agreed robski , might be prudent to offer to current lenders only initially...? Well that would be my view but of course its MTs strategy they need to develop. If it was me personally i would go along the lines of what ZOPA are doing. Initally only members who were members the day the ISA was launched are allowed to open one. So I would, Day -xx, announce ISA for existing members Day 1, launch ISA, open accounts for existing members, where requested Day 1, create a waiting list for new members. allow them to join platform as a "normal" account Day xx, start allowing new members to open ISAs depending on platform supply Day xxx, start allowing existing members to transfer once no new ISA members are waiting, maybe limit to a fixed amount per month based on original platform signup date. Some ISA transfers are still done quite manually (eg unless its changed recently I know one lender who send a cheque as part of a transfer!), so this would avoid MT being swamped by both cash and workload.
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IFISA
Jul 3, 2017 9:31:32 GMT
Post by ladywhitenap on Jul 3, 2017 9:31:32 GMT
A few back of envelope calcs show that I have loans maturing this month almost equal to 1 isa's worth so possibly easiest to keep this as cash and drop it on an IFISA account when they ready.
I wonder who will have theirs ready first, MT or ABLrate?
LW
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Post by lendinglawyer on Jul 3, 2017 9:41:17 GMT
I think that whatever MT decide we should all just be grateful there is an IFISA and accept that it may take time to build up a decent position within it, in the same way as it inevitably took time for many to build up a decent position within their standard account given the long-time famine situation that existed previously. Suggestions around mechanisms to permit transfers of positions between accounts (which as elliotn noted isn't really permissible under the IFISA rules) are, in my opinion, not helpful as I for one would rather MT did things completely by the book than risk jeopardising the whole product with some "creative solution". And finally, I find arguments that it should be restricted to current members only at first a little "self-serving" to say the least, although there is at least an argument that it would be good for MT not to have lots of cash sitting around given how determined lenders seem to be to be 100% invested 100% of the time. That to my mind is more a lender psyche issue that people should get over though...
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elliotn
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Post by elliotn on Jul 3, 2017 9:56:33 GMT
A few back of envelope calcs show that I have loans maturing this month almost equal to 1 isa's worth so possibly easiest to keep this as cash and drop it on an IFISA account when they ready. I wonder who will have theirs ready first, MT or ABLrate? LW My money is on abl, final testing by Goji is taking them into first half of this month; MT are somewhat further behind having only just recruited a dedicated resource to manage in-house.
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Post by yorkshireman on Jul 3, 2017 10:29:47 GMT
I wonder who will have theirs ready first, MT or ABLrate? LW Regardless of which platform is first, it’s a no brainer for me, MT get my money.
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robski
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Post by robski on Jul 3, 2017 10:40:30 GMT
And finally, I find arguments that it should be restricted to current members only at first a little "self-serving" to say the least, although there is at least an argument that it would be good for MT not to have lots of cash sitting around given how determined lenders seem to be to be 100% invested 100% of the time. That to my mind is more a lender psyche issue that people should get over though... Its not really self serving, even banks and BS limit the amount of funds they pull in via certain investment types. ZOPA, who are waaay larger than MT are limiting their IFISA, its just about expectation initially. I am sure within a few months-years there will be no need to limit anything, there is also the admin side which with no limitations could quite easily swap a platform like MT, unless they outsource all the admin to a very large provider
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oldgrumpy
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IFISA
Jul 3, 2017 11:55:10 GMT
Post by oldgrumpy on Jul 3, 2017 11:55:10 GMT
Is MargeThing the new member of staff Ed mentioned above?
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Post by MoneyThing on Jul 3, 2017 14:10:13 GMT
Is MargeThing the new member of staff Ed mentioned above? We already have a MargeThing, although not on the ISA stuff....yet.
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robski
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IFISA
Jul 3, 2017 14:16:48 GMT
Post by robski on Jul 3, 2017 14:16:48 GMT
Is MargeThing the new member of staff Ed mentioned above? We already have a MargeThing, although not on the ISA stuff....yet. Who cleans the loos? Is that BogThing?
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agent69
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IFISA
Jul 3, 2017 15:54:08 GMT
Post by agent69 on Jul 3, 2017 15:54:08 GMT
MT approach to IFISAs is basically Marge Simpson Slow and steady wins the race?
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stevio
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Post by stevio on Jul 3, 2017 16:35:34 GMT
I wonder who will have theirs ready first, MT or ABLrate? LW I'm betting on ABL to win that race - followed by SS then COL and then probably dozens of P2P platforms that we haven't heard of yet MT approach to IFISAs is basically Marge Simpson in the following GIF Only joking MoneyThing - you know I love you guys Who are the others though (not necessarily in relation to IFISAs) LY = Homer? Mr Burns? CO = Bart? AB = Lisa?
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