ilmoro
Member of DD Central
'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 Jul 21, 2017 15:15:34 GMT
For the benefit of those of us not selected for beta testing could someone that was kindly post a description of what it looks like: transfers in? charges? flexible? access to same loans as old non-ISA? real money for the beta? transfer cash directly fron non-ISA to ISA? etc Nothing has been finanlised yet but Y Possibly for transfers out/account closure admin, otherwise no Y Y looking at plans currently rather than a functioning account good point, Ill raise it elliotn already a major source of query but looks like there will be no specific restrictions on this providing they are avaliable for purchase by all lenders. Given individual loan parts are harder to indentify it is not such an issue.
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archie
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IFISA
Jul 22, 2017 5:29:13 GMT
Post by archie on Jul 22, 2017 5:29:13 GMT
Is there one bid restriction shared across both the normal and ISA account or one for each account?
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littleoldlady
Member of DD Central
Running down all platforms due to age
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IFISA
Jul 22, 2017 7:40:14 GMT
Post by littleoldlady on Jul 22, 2017 7:40:14 GMT
What kind of sales' lock will there be to ensure compliance that isa account holders can never trade in their own non-isa loan parts?? I thought the compliance rule was more along the lines of "ISA purchases must be from the public market"? So if I put load part X up for sale on the public market then I can still buy that back same loan part back inside my IFISA so long as I'm quick enough? I thought the compliance issue was more to do with prohibiting transfer of loan parts into ISA via some route that did not involve the public market. At least I hope that's the case. Otherwise we'll have to rely on selling between spouses or between personal and company accounts to "hang on" to our loan parts... They seem to going along with my view, which is that provided there was an opportunity for someone else to buy the part before you then it's OK. BTW you may not be buying the same loan part that you sold, which a second party might have bought, just the same amount of the same loan that a third party has put up for sale. Provided this scenario is possible, even if unlikely, then IMO it's OK.
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seeingred
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Post by seeingred on Jul 22, 2017 8:11:30 GMT
If you want a glimpse of the admin this can create (and someone please copy this to Moneything) Zopa have gone down the 'helpful' route allowing what amounts to fee-free 'transfers from non-isa to isa but it has to be done via proper sales and purchases to satisfy HMRC. For Zopa, no great problem as you never really knew what or who you were lending money to anyway, loans are just in a basket.
Nevertheless: (email to clarify why a loan sale I started on Zopa has moved nowhere in 10 days) And someone needs to tell this guy that it is the NUMBER of people not the AMOUNT of people.
Thank you for your email.
I do apologise that the loan sale system is taking longer than usual to process the sales.
The reason why we have to increase the time is because of the amount of people putting sale requests through at the moment. The majority of sales right now are to transfer money into their ISA.
Anything held within an ISA must be bought on the open market. As such investors are selling their loans to free up funds to purchase loans within the ISA. Many of the loans that they do purchase within the ISA will be on the secondary market from other investors selling theirs. This has led to a large supply of loans as the investors try to sell their loans, with the demand coming after as those buy loans within an ISA.
Looking at your account I can see you began a loan sale on July 10th. As loan sales are attempted for 20 working days I would expect your loan sale to be marked as complete by the August 7th, between then and now you should see the loans sold on.
I hope this has clarified things for you. If you do have further questions please let me know.
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robski
Member of DD Central
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Post by robski on Jul 31, 2017 8:39:30 GMT
Any updates yet?
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toast
Member of DD Central
Posts: 158
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IFISA
Aug 5, 2017 12:55:07 GMT
Post by toast on Aug 5, 2017 12:55:07 GMT
I thought the compliance rule was more along the lines of "ISA purchases must be from the public market"? So if I put load part X up for sale on the public market then I can still buy that back same loan part back inside my IFISA so long as I'm quick enough? I thought the compliance issue was more to do with prohibiting transfer of loan parts into ISA via some route that did not involve the public market. At least I hope that's the case. Otherwise we'll have to rely on selling between spouses or between personal and company accounts to "hang on" to our loan parts... They seem to going along with my view, which is that provided there was an opportunity for someone else to buy the part before you then it's OK. BTW you may not be buying the same loan part that you sold, which a second party might have bought, just the same amount of the same loan that a third party has put up for sale. Provided this scenario is possible, even if unlikely, then IMO it's OK. I came across a couple of citations of rules around purchases inside an IFISA: Nush posted a reference to the Guidance Notes for ISA Managers which states the following... Nick pointed out the separate condition requiring purchases from the open market... So maybe a purchase via the SM (an open market) is indeed permitted even if it happens to be the loan-part I put up for sale from my non-ISA account? I guess it's a question of whether I would be purchasing "from the SM" or directly "from the selling party". And I guess this might be different across different platforms depending on how they structure their SM. I wish this was clearer than mud.
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Post by GSV3MIaC on Aug 5, 2017 14:02:42 GMT
/Mod hat off, and definitely not financial advice .. but anyway ..
It's pretty clear - you can buy on the open market (SM) without worrying which part you might actually get, just like you can 'Bed and ISA' your Stocks/shares, without having to ensure that you don't accidentally repurchase the same ones you sold (which may well happen in a thin market). If that was an issue then there'd be major audit trail checking to be done, all the time.
The intent of the rule is pretty clear - you should not be able to sell things into your ISA at grossly inaccurate prices (thus hiding capital gains, &/or inflating the tax protected worth), which is what would happen if you could do a private deal with yourself or your partner (or other connected party) on a 1:1 basis.
The tax man MAY have apoplexy if you sell yourself Gold bars for 2p, but if they were on Ebay for all to bid on and nobody did, then he'd be on a sticky wicket. If they were only listed for 30ms, on Ebay Indonesia, with text in Mohican, then you might be the one of a sticky wicket.. I certainly wouldn't recommend it.
In the case of MT, where you can only sell/buy at par, the point is pretty academic anyway .. whatever the value of a loan part might be, the price is pretty fixed. Over on ABLRate, selling into your own ISA at below par is possible, but only if there are no higher bids from others (else they get the parts, due to the way the SM works there). On FC you could list a part at a fat discount and try to buy before the bots saw it (good luck!) but since FC doesn't have an ISA, it's not an issue there either.
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IFISA
Aug 23, 2017 8:58:47 GMT
Post by elijahbailey on Aug 23, 2017 8:58:47 GMT
I suspect this may be a "how long is a piece of string" question but is there any news on how far away the IFISA is for new customers?
I have been researching P2P for a while and I plan to dip my toe in (just with a four figure sum to start) but I want to keep it within an ISA.
MoneyThing is top of my list but if the IFISA is not forthcoming in near future (weeks rather than months) I will move to No.2 on my list where the IFISA already exists.
Many thanks for any responses.
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archie
Posts: 1,838
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IFISA
Aug 23, 2017 9:25:23 GMT
Post by archie on Aug 23, 2017 9:25:23 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,845
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IFISA
Aug 23, 2017 9:46:05 GMT
Post by ilmoro on Aug 23, 2017 9:46:05 GMT
I dont think it is going to be in the next month. Its all gone a bit quiet recently possibly because they are looking at getting legal signoff for the paperwork, terms etc and lawyers are all on holiday.
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jj
Member of DD Central
Jolly Jammy
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IFISA
Aug 23, 2017 9:55:47 GMT
Post by jj on Aug 23, 2017 9:55:47 GMT
I think we are still months away yet.
I have a feeling the ISA urge might be a bit more subdued because of the Birkenhead situation & how that will play out.
Its good to talk.
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IFISA
Aug 23, 2017 12:08:44 GMT
Post by elijahbailey on Aug 23, 2017 12:08:44 GMT
Thanks for the responses.
I will start my P2P adventure elsewhere.
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IFISA
Aug 23, 2017 21:18:35 GMT
via mobile
bfish likes this
Post by beeje13 on Aug 23, 2017 21:18:35 GMT
Aren't they all ready to go on the IFISA but they want to increase loan origination first?
Standard lending accounts currently easily fund loans, Enabling ISAS now could really overflow the platform with investor money and put people off in the long run.
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IFISA
Aug 24, 2017 8:14:10 GMT
Post by GSV3MIaC on Aug 24, 2017 8:14:10 GMT
No, they are not "ready to go" unless they plan to skip all the system beta testing. I expect they could launch in weeks, subject to wanting to, but not faster than that if they want a bug-free (-ish) ride.
Not sure I buy the 'wall of money' fear though - so far on Ablrate a lot of the isa money has been recycled from the regular accounts, as far as i can tell.
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justme
Member of DD Central
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IFISA
Aug 24, 2017 8:55:17 GMT
via mobile
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Post by justme on Aug 24, 2017 8:55:17 GMT
Still, doing it while there has been nothing to invest in for a couple of weeks is not exactly a winner
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