mullet
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Post by mullet on Jun 13, 2017 21:33:26 GMT
Newbie question, so hopefully someone with a bit more experience can help...
I have a Main account with Funding Secure which contains all my loans. I have just opened up an IF ISA account too which currently contains just cash I have deposited.
I'd like to switch my loans to the IF ISA account and wind down my Main account.
How best do I do this? Do I need to list my loans on the secondary market and buy them back myself with the ISA account? (Is it even possible to sell loans to yourself?)
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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 Jun 13, 2017 21:38:40 GMT
Newbie question, so hopefully someone with a bit more experience can help... I have a Main account with Funding Secure which contains all my loans. I have just opened up an IF ISA account too which currently contains just cash I have deposited. I'd like to switch my loans to the IF ISA account and wind down my Main account. How best do I do this? Do I need to list my loans on the secondary market and buy them back myself with the ISA account? (Is it even possible to sell loans to yourself?) Just list them on the SM and then try and buy them back (Youll lose any bonus). It is against ISA rules to transfer them without them being available on an open market. FS have suggested there is no issue buying your own loans in this way AFAIUI as long as you arent engaging in activity that might be considered trading by HMRC Big discussion about it in another thread p2pindependentforum.com/post/183795/thread, many dont think it is allowed. You may wish to seek specific guidance from FS.
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mullet
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Post by mullet on Jun 14, 2017 7:48:54 GMT
Thanks for your response - very helpful.
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Post by richardb67 on Jun 14, 2017 10:08:01 GMT
when selling to yourself make sure you pick a unique discount/premium. That way you can make sure you definitely buy your own loans and don't end up with parts of the loan in both of your accounts. Picking a rate slightly higher than the lowest available will make sure that someone doesn't beat you to it.
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gurberly
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Post by gurberly on Jun 14, 2017 14:10:57 GMT
You will need to be quick if listing sought after loans or playing the discount game.
I found that using 2 PC’s useful. Having the relevant loan purchase page already pre-loaded just awaiting a refresh on PC2 whilst the loan sale was initiated on PC1.
If you can’t use two devices, at least try with two separate browser sessions so you can flick between them rather than having to click through from main account to ISA account.
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 14, 2017 14:20:21 GMT
I've been using the more "patient" method, transferring repayments and purchasing renewals and new loans in my ISA account. I've already built up nearly £10k doing this without putting any new cash in.
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ric
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Post by ric on Jun 14, 2017 15:21:14 GMT
You will need to be quick if listing sought after loans or playing the discount game. I found that using 2 PC’s useful. Having the relevant loan purchase page already pre-loaded just awaiting a refresh on PC2 whilst the loan sale was initiated on PC1. If you can’t use two devices, at least try with two separate browser sessions so you can flick between them rather than having to click through from main account to ISA account. If I move from my personal account to IFISA, am i correct to say that from a tax point of view it doesn't matter the discount/premium you are using?
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fp
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Post by fp on Jun 16, 2017 8:09:03 GMT
You will need to be quick if listing sought after loans or playing the discount game. I found that using 2 PC’s useful. Having the relevant loan purchase page already pre-loaded just awaiting a refresh on PC2 whilst the loan sale was initiated on PC1. If you can’t use two devices, at least try with two separate browser sessions so you can flick between them rather than having to click through from main account to ISA account. If I move from my personal account to IFISA, am i correct to say that from a tax point of view it doesn't matter the discount/premium you are using? No, however it would be frowned upon to use excessive discount as it gains you an unjustified tax benefit in your IFISA if the discounts are higher than they should be
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