stokeloans
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Post by stokeloans on Apr 2, 2016 11:07:17 GMT
Has anyone seen this ?
"We know the ISA is important to you – many of you have told us that – and so we want to keep you updated on progress. We will let you know as soon as it is available and will keep you updated throughout. We will also be making sure that the transfer process is simple so that you will be able to move across money both from your other ISAs (Cash and / or Stocks & Shares) and from your current RateSetter account to your new RateSetter ISA."
That was taken from Ratesetters latest communications with it's customers. So we won't have to take out our interest,currently around 6% on the 5 year market and put it into a cash ISA paying a fraction of that in order to take advantage of the P2P ISAs when they do materialise. I would imagine SS will offer the same,no ?
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stokeloans
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Post by stokeloans on Apr 1, 2016 17:47:40 GMT
RateSetter ISA update
There has been a fair amount of press coverage about the “Innovative Finance ISA” launching in the 2016/17 tax year and as you know we are preparing to launch a RateSetter ISA so that you can enjoy the same interest rates and protection you achieve on RateSetter but in a completely tax free wrapper. It is testament to the government’s enthusiasm for our product that they created this third ISA specifically to accommodate peer-to-peer lending.
Before a peer-to-peer platform can offer its own ISA, it must first become fully authorised by the Financial Conduct Authority (FCA) and also it needs to comply with rules set out by HMRC. As you may know, RateSetter, as well as other peer to peer platforms, are in advanced stages of obtaining full authorisation – we cannot confirm a date yet but can confirm that it is progressing well.
We know the ISA is important to you – many of you have told us that – and so we want to keep you updated on progress. We will let you know as soon as it is available and will keep you updated throughout. We will also be making sure that the transfer process is simple so that you will be able to move across money both from your other ISAs (Cash and / or Stocks & Shares) and from your current RateSetter account to your new RateSetter ISA.
We are very excited at the prospect of being able to offer you a RateSetter ISA and we can assure you that it will be worth waiting for.
Kind regards,
The RateSetter Team RateSetter.com
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stokeloans
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Post by stokeloans on Apr 1, 2016 17:20:31 GMT
Me too. Says we'll be able to move money from an existing Ratesetter account into the ISA wrapper as well as transfer in existing ISAs with other companies
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stokeloans
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Post by stokeloans on Apr 1, 2016 11:22:44 GMT
Do SS show your monthly interest earned on their site anywhere ? I can't seem to find it The details are in the transaction list. I can see the interest earned for each investment but not an overall figure for all investments
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stokeloans
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Post by stokeloans on Apr 1, 2016 11:10:19 GMT
Do SS show your monthly interest earned on their site anywhere ? I can't seem to find it
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stokeloans
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Post by stokeloans on Apr 1, 2016 8:25:52 GMT
Why would any right minded investor take money out of a 12% return to put into an ISA paying a couple of % if you're lucky ? ISA's are dead in the water in my opinion Because you will save 20%-60% of gross interest income (depending on your tax bracket) if you earn more than £1,000 a year in interest next year and will continue to enjoy this benefit in perpetuity. If you have spare funds, or even other medium/long term funds currently invested in P2P platforms, most people will be better of withdrawing this cash and parking it in an ISA in cash form and then transferring the balance across to IFISAs over the coming year. The benefit could be marginal this year if we have to wait another 6 months for IFISAs to launch, but you receive the tax benefit every year so it is a no brainer if you longer term savings you aren't expecting to use in the medium term. By not using your ISA allowance, you lose this valuable tax free shelter forever......... But the current ISA returns are minimal.I'd rather pay tax on 12% than have 2% tax free. Or am I missing something here ? When P2P ISA's are available I may well rethink my strategy. BTW I do actually have cash ISA's at the moment
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stokeloans
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Post by stokeloans on Apr 1, 2016 7:24:45 GMT
Why would any right minded investor take money out of a 12% return to put into an ISA paying a couple of % if you're lucky ? ISA's are dead in the water in my opinion Have you missed all the discussions about IFISA accounts expected to launch as soon as the FCA gets into gear with the full authorisations for P2P platforms? In order to transfer the balance into one of your preferred P2P provider's ISA wrapper accounts (as and when any such account launches), the money will already need to be in an ISA. Presumably together with the 2016/17 allowance as a new subscription of fresh funds. P2P ISAs are in the pipeline, maybe. Could be a long time before they actually come online....unless you fancy Zopa and their measly returns
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stokeloans
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Post by stokeloans on Apr 1, 2016 6:18:29 GMT
If you haven't already done so, take the money out and max out your isa...........I suspect that has accounted for some of the reduction in funding on many of the p2p platforms over the past couple of weeks Why would any right minded investor take money out of a 12% return to put into an ISA paying a couple of % if you're lucky ? ISA's are dead in the water in my opinion
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stokeloans
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Post by stokeloans on Mar 31, 2016 18:54:54 GMT
I've only been on SS for a few weeks and this will be my first month of any real interest.I intend to re-invest it until I reach my self imposed lending limit....which isn't all that far away i had one of those once, now what happened to it. You must have more money than me
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stokeloans
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Post by stokeloans on Mar 31, 2016 15:32:54 GMT
I've only been on SS for a few weeks and this will be my first month of any real interest.I intend to re-invest it until I reach my self imposed lending limit....which isn't all that far away
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stokeloans
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Post by stokeloans on Mar 30, 2016 14:01:02 GMT
Has the interest rate been 12% since SS began ?
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stokeloans
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Post by stokeloans on Mar 28, 2016 11:17:49 GMT
Seeing as you can get up to 12% returns before tax on some platforms does anyone use the interest from their P2P investments as their sole or major source of income instead of working for a living ?
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stokeloans
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Post by stokeloans on Mar 21, 2016 22:56:24 GMT
More supply than demand at the moment . I imagine that's because we've had some big loans go live recently,yes?
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stokeloans
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Post by stokeloans on Mar 3, 2016 16:15:47 GMT
Do we know the percentage of loan applications that are rejected and approved by SS or is that something they keep to themselves ? I wonder also how it compares to other P2P platforms
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stokeloans
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Post by stokeloans on Feb 27, 2016 20:27:44 GMT
Newbie to Saving Stream here althought not new to P2P in general. A really basic question for you,terminology.I see some loans are DFL and others PBL.I'm guessing PBL stands for Personal or Property Bridging Loan,is that correct ? What is DFL ?
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