alender
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Post by alender on Apr 10, 2020 13:17:43 GMT
Indeed that is exactly right - we all end up paying one way or another and to greater or lesser degrees. That is true Large Lenders pay the loses with a greater proportion of their funds, small lender with a lesser or perhaps zero proportion of their funds.
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Balder
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Post by Balder on Apr 10, 2020 13:20:22 GMT
I wish there was a button to transfer directly from ordinary account into ISA. stuartassetzcapital any chance?
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Post by Harland Kearney on Apr 10, 2020 13:41:26 GMT
I wish there was a button to transfer directly from ordinary account into ISA. stuartassetzcapital any chance? FCA require cash only to be added to your ISA allowance.
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cb25
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Post by cb25 on Apr 10, 2020 13:45:02 GMT
I wish there was a button to transfer directly from ordinary account into ISA. stuartassetzcapital any chance? FCA require cash only to be added to your ISA allowance. Tagging Balder - HMRC rules "You cannot transfer any peer-to-peer loans you’ve already made or crowdfunding debentures you already hold into an innovative finance ISA
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Balder
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Post by Balder on Apr 10, 2020 13:46:20 GMT
I wish there was a button to transfer directly from ordinary account into ISA. stuartassetzcapital any chance? FCA require cash only to be added to your ISA allowance. I'm sure an IT system could be designed to transfer via cash where it holds cash for a nano second.
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Post by Harland Kearney on Apr 10, 2020 13:47:18 GMT
FCA require cash only to be added to your ISA allowance. I'm sure an IT system could be designed to transfer via cash where it holds cash for a nano second. I wish, then they be no whinging on the board! Needs a buyer fair and square.
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mark
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Post by mark on Apr 10, 2020 13:51:56 GMT
I'm sure an IT system could be designed to transfer via cash where it holds cash for a nano second. I wish, then they be no whinging on the board! Needs a buyer fair and square. Just to add to Harland's post. AC's response to my similar request as follows..... " we cannot prioritise your withdrawal over others even if your intention is to keep it with us. you are still invested in loans and someone has to come in and take you out of them before you can move the cash to the another account"
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cb25
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Post by cb25 on Apr 10, 2020 13:55:21 GMT
FCA require cash only to be added to your ISA allowance. I'm sure an IT system could be designed to transfer via cash where it holds cash for a nano second. I can't find it right now, but there's another HMRC rule (isn't that always the case) that says the stuff you sell has to be available to all purchasers. Hence, any IT system - which, as you say, I'm sure could be written - that allowed Lender X to sell a bunch of loans, hold it as cash for a small period, then guarantee that same Lender X buys it back in their IFISA would fall foul of the HMRC rule. Would probably invalidate the IFISA and definitely get the provider in deep poo with HMRC.
Edit: HMRC rule is here "Peer-to-peer loans held outside of the ISA wrapper cannot be sold, and re-purchased inside an innovative finance ISA except when the loans are sold and are made available for purchase (using cash held by the ISA manager), at the same price, by any lender in the open market. That is, the loans must be available for purchase by more than one prospective purchaser."
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alender
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Post by alender on Apr 10, 2020 14:00:17 GMT
The problem for AC is that only cash can be place into an ISA, therefore to get the cash you will either have to wait your turn for cash the be release from the pool. The only other way is for AC to buy these loans from you, move this cash into your ISA and you buy the loans from AC all in effectively one transaction, I do not thing the FCA will approve of this but I could be wrong.
PS Just seen cb25 post (arrived while I was writing), this is a good explanation of why HMRC will not allow this. Perhaps AC can ask HMRC to look at rules to help liquidity. When I moved shares into my ISA I had to sell them, move to money and repurchase (went though at a slightly different price) and pay stamp duty. My ISA provider does this in effectively in one transaction so only one charge but still have to go though cash.
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Post by Harland Kearney on Apr 10, 2020 14:57:36 GMT
I'm sure an IT system could be designed to transfer via cash where it holds cash for a nano second. I can't find it right now, but there's another HMRC rule (isn't that always the case) that says the stuff you sell has to be available to all purchasers. Hence, any IT system - which, as you say, I'm sure could be written - that allowed Lender X to sell a bunch of loans, hold it as cash for a small period, then guarantee that same Lender X buys it back in their IFISA would fall foul of the HMRC rule. Would probably invalidate the IFISA and definitely get the provider in deep poo with HMRC. Being that Stuat liked your post, you are most likely right.
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cb25
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Post by cb25 on Apr 10, 2020 15:10:31 GMT
I can't find it right now, but there's another HMRC rule (isn't that always the case) that says the stuff you sell has to be available to all purchasers. Hence, any IT system - which, as you say, I'm sure could be written - that allowed Lender X to sell a bunch of loans, hold it as cash for a small period, then guarantee that same Lender X buys it back in their IFISA would fall foul of the HMRC rule. Would probably invalidate the IFISA and definitely get the provider in deep poo with HMRC. Being that Stuat liked your post, you are most likely right. I was right anyway
Was sure I'd posted this before but couldn't find it: "Peer-to-peer loans held outside of the ISA wrapper cannot be sold, and re-purchased inside an innovative finance ISA except when the loans are sold and are made available for purchase (using cash held by the ISA manager), at the same price, by any lender in the open market. That is, the loans must be available for purchase by more than one prospective purchaser." ( HMRC link)
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happy
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Post by happy on Apr 10, 2020 16:17:41 GMT
I've still got coffee, hobnobs and toilet paper; so sitting tight for another nine weeks at least.
On that diet for nine weeks you better make sure you are sitting "buttock clenching" tight 😂
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rscal
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Post by rscal on Apr 11, 2020 20:57:13 GMT
I'm sure this has been pointed out before now, but I have just confirmed what I implicitly assumed would be the case: we get one daily withdrawal per access account request (I have three 2 QAA and a 30DAA) in processing. Thus I receive three times a single account in culmulative trickle payouts [HTH]
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dead-money
Rocket to the Moon
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Post by dead-money on Apr 12, 2020 9:03:36 GMT
"we get one daily withdrawal per access account request"
Yep, that's correct. I've currently got six access accounts in the pool and awaiting the time when the trickle becomes a stream.
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agent69
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Post by agent69 on Apr 13, 2020 9:52:16 GMT
Looks like we could be approaching a milestone in terms of how repayments are heading:
- 986 due to repay tomorrow
- 590 due to repay on Wednesday
Both in exces of £4m, but don't hold your breath
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