littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 9, 2018 19:05:46 GMT
ISTM that until interest accumulates to over £1k it cannot be invested so earns no compounding interest. Is that right? Seems a pity if so. Of course it could be withdrawn, but that's an admin hassle for a few hundred, and if from an ISA would lose the tax shelter, unless paid back in before year end.
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gb007
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Post by gb007 on Jan 9, 2018 19:38:56 GMT
ISTM that until interest accumulates to over £1k it cannot be invested so earns no compounding interest. Is that right? Seems a pity if so. Of course it could be withdrawn, but that's an admin hassle for a few hundred, and if from an ISA would lose the tax shelter, unless paid back in before year end. Proplend offer a service to have Loan interest automatically sent back to the registered bank account on the first business day of each month.  See dashboard/banking/regular interest. This is a free service to lenders with UK registered bank accounts. The loan interest is instructed on the first working day of the month for value the following working day.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
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Post by littleoldlady on Jan 9, 2018 20:00:22 GMT
ISTM that until interest accumulates to over £1k it cannot be invested so earns no compounding interest. Is that right? Seems a pity if so. Of course it could be withdrawn, but that's an admin hassle for a few hundred, and if from an ISA would lose the tax shelter, unless paid back in before year end. Proplend offer a service to have Loan interest automatically sent back to the registered bank account on the first business day of each month. See dashboard/banking/regular interest. This is a free service to lenders with UK registered bank accounts. The loan interest is instructed on the first working day of the month for value the following working day. Thanks for that tip. I only have money in my ISA account so I won't bother setting this up until April.
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elliotn
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Post by elliotn on Jan 10, 2018 2:41:07 GMT
PL did say interest would now be payable on available funds from the underlying client account quarterly. As expected the amount was miniscule and I don't know if that covers ISA (although don't see why not?).
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