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Post by beeje13 on Aug 26, 2017 11:30:31 GMT
Yes, just the 20k annual allowance you need to worry about. I also opened the Skipton LISA. Technically a 25.5% return with FSCS protection! Also opened a Lending Works IFISA, and continued subscribing to my previous S&S ISA.
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Post by beeje13 on Aug 26, 2017 11:23:23 GMT
These should be the lower risk (lower ltv, higher quality borrowers) loans that go mostly to the 5.5% targeting Property-secured account.
But that doesn't exclude them from the GBBA - I am sure I have parts from the same loan in separate accounts...
I Agree it would be a bit odd to buy these lower return loans in the manual account because lack of PF protection. I can see that being closed in time, like on FC.
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Post by beeje13 on Aug 25, 2017 17:26:44 GMT
Good day today, 5 Autolends for me and just so happened to be checking emails when that small loan came up.
Time to deposit cash again ready for Monday.
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MoneyThing (MT) in Administration
IFISA
Aug 24, 2017 20:32:29 GMT
via mobile
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Post by beeje13 on Aug 24, 2017 20:32:29 GMT
By ready to go I meant full FCA authorisation and being HMRC ISA manager (I.e. Nothing external holding them back) Apologies for the confusion
Everything else still stands.
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Post by beeje13 on Aug 24, 2017 16:38:29 GMT
Nope. And I hold some.
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Post by beeje13 on Aug 24, 2017 12:24:46 GMT
This could backfire massively for GS if loads of investors take out their money over a short space and of time.
Things will change, they have to. I'm fortunate to only have a small amount invested and can sit back and watch the fireworks.
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Post by beeje13 on Aug 24, 2017 12:18:49 GMT
I moved out of FC and am just left with bad debt and downgraded loans, I have nothing to sell. If I leave AutoBid off, will the recoveries trickle into my account as cash which I'll be able to withdraw every few months for the next 5 years, or will it be autobidded back into the system after September 18? You still need to turn auto-bid on. If it's off for you now they won't switch it on come 18th September. Even after that I imagine you can turn reinvestment off, but I can't confirm.
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Post by beeje13 on Aug 24, 2017 12:06:32 GMT
No thank you. If anything add a sale fee!
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Post by beeje13 on Aug 23, 2017 21:36:51 GMT
With a provision fund that's not oranges to oranges It is oranges to oranges IMHO. The 4.5% is the rate net of expected defaults. A provision fund is just a ticking timebomb - as in the event of a significant downturn there are likely to be insufficient monies to cover the losses. RS's returns can only go down from the quoted rate, at least Zopa's can go up. Provision funds are nonsense - hence the FCA is clamping down on them. It's all about transparency (a term which RS is not acquainted with). Don't understand the timebomb term for a PF. At the same advertised rate, you would rather have a PF than not. Expected Losses could triple at Ratesetter and the PF would cover all capital shortfall. Loans would then be pooled so that individual investors won't lose out. This is arguably not p2p even if it's a good idea. RS are not the only platform with this protection. FCA are not clamping down on provision funds. Plenty of evidence to debunk that myth.
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MoneyThing (MT) in Administration
IFISA
Aug 23, 2017 21:18:35 GMT
via mobile
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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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Post by beeje13 on Aug 21, 2017 19:53:31 GMT
It's been a slow day on Unbolted. I guess they've been too busy at Unbolted Towers compiling default stats to organise any new loans.. or do a bank run, i added funds very early this morning (before 2am) still not credited to my account They won't be in your account till 7:30am on the dot tomorrow morning. The cut off for the following morning is 7pm (working days only).
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Unbolted (UB)
defaults
Aug 21, 2017 17:10:35 GMT
via mobile
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Post by beeje13 on Aug 21, 2017 17:10:35 GMT
Dan, I'm puzzled why there is talk of the provision fund for the gold loan. I was under the impression that only non-gold items had provision fund coverage, and that gold items relied on accurate ltv (using scrap value) and insurance against a fall in the gold price? As I understand it there is a Gold Trust for the 0.65% per month loans and a Protection Trust for the 0.85% per month loans. The Gold Trust covers Capital + Interest and is hedged to the price of Gold, hence the seemingly high LTVs (up to around 80%) and low rate per month. The Provision Trust only covers Capital, which is why my default sale didn't have recourse to the Protection Trust to pay the interest. Think of it this way, a standard pawn loan may be 1% to the lender, add a provision fund for capital and you get 0.85%, then add a provision fund for interest + hedge for gold price to get your 0.65%. Seems 'fair' to me (others may disagree!). That does make sense and seems fair if it's true. The Unbolted site does not make it 100% clear.
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Post by beeje13 on Aug 21, 2017 16:57:53 GMT
I think it's probably better to look at high yield if you're looking at corporate bond funds the higher yield lessons the impact of the fee.
Has anybody here ever been invested in a private equity Investment Trust? Could be something to consider.
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Unbolted (UB)
defaults
Aug 21, 2017 16:16:31 GMT
via mobile
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Post by beeje13 on Aug 21, 2017 16:16:31 GMT
Dan, I'm puzzled why there is talk of the provision fund for the gold loan.
I was under the impression that only non-gold items had provision fund coverage, and that gold items relied on accurate ltv (using scrap value) and insurance against a fall in the gold price?
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General P2x Discussion
IF ISA
Aug 20, 2017 11:31:14 GMT
Post by beeje13 on Aug 20, 2017 11:31:14 GMT
You can only subscribe to one IFISA in a tax year. You can open as many as you want and fund them via transfers from previous years' ISA money.
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