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Post by bluehorseshoe on Apr 27, 2019 20:10:38 GMT
I've got 37k with Zopa. I've just opened an ISA and am funding it with repayments.
My loan book tells me though that I've only got £600 of loans at one year or less. So this looks like by the end of the year I'll have hardly funded it, and certainly will be nowhere near using up the full 20k allowance.
Is this correct or am I missing something?
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Post by Deleted on Apr 27, 2019 20:22:36 GMT
Repayments come in monthly and you can see the expected monthly amount on the loan book screen.
I'd expect it to be around £700 per month so around £8,400 over a year, plus any early repayments.
So you're right, it's unlikely you'll generate 20k in a year. You can of course use the remaining allowance in a cash ISA and/or S&S ISA.
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aju
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Post by aju on Apr 27, 2019 22:20:53 GMT
I've got 37k with Zopa. I've just opened an ISA and am funding it with repayments. My loan book tells me though that I've only got £600 of loans at one year or less. So this looks like by the end of the year I'll have hardly funded it, and certainly will be nowhere near using up the full 20k allowance. Is this correct or am I missing something? I would have thought 700 might be slightly low, I have nearly 42k in my ISA at present split across Classic, Core and Plus (20% roughly in plus) and looking in the "Loan book Overview" it says ... "You are scheduled to receive £1,395.22 from 5543 repayments this month." As you are just moving the money from Invest then the "Expected repayments schedule" will be in the Invest "Loan book Overview" You do need to be logged in to go direct to these pages from these links. The info you want is just below the "Risk distribution" & "Loan length" sections. After a few months of relending to ISA the amount returned in the Invest will be reducing quite a bit but you could see what you should be moving across. To speed this up you could consider selling some loans, it will cost you 1% fees and any interest adjustments but to be honest if you are paying tax then the savings in ISA will more than cover the fees - I think. Another thing to think of is that Classic loans are covered by PF so I wouldn't sell those before the others but I guess you know your investments better than I do.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Apr 28, 2019 19:58:29 GMT
I've got 37k with Zopa. I've just opened an ISA and am funding it with repayments. My loan book tells me though that I've only got £600 of loans at one year or less. So this looks like by the end of the year I'll have hardly funded it, and certainly will be nowhere near using up the full 20k allowance. Is this correct or am I missing something? Loans are amortising so you get capital and interest payments monthly on loans, not interest monthly and a payment of all capital at the end of the loan. As described above you can see how much you are likely to receive each month on your account.
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