ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 5, 2021 17:26:45 GMT
Something needs to be done. If we assume half of the loans are in standard accounts, then the possible residual interest would be around £110k. At 20% that could mean a possible tax bill of £22k, being blocked by £5k worth of bidders unlikely to be filled, only by the unwary. As blender points out, any transfer into ISA accounts need to be at open market value otherwise the tax status of your entire ISA is at risk. The fact that bids and offers have been limited to 100% already means that there isn't an open market and any transfers you could undertake could arguably jeopardise the status of your ISA were the transactions to be subject to query. In effect you are seeking to transfer undervalue assets into your ISA to reduce your tax burden - which is the reason for the rule in first place. Actually reading the guidance that may not be true - the criteria are that the loans '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.' There do not appear to be any criteria regarding market value etc even though I accept that does allow taxation benefits.
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blender
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Post by blender on Apr 5, 2021 18:20:31 GMT
Through ASMX, as it was through the ablrate SM, the identity of the seller is not given, so that you are just purchasing what you think may be an offer from a connected account. You cannot know from whom you will purchase - it's just a probability that the best offer will be yours, which gets confirmed, or not, on the selling account.
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criston
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Post by criston on Apr 7, 2021 14:52:06 GMT
If anyone is frustrated by not being able to cross transfer these loans, between partners, from the standard account to the IFISA account without getting past the blockers I have a remedy.
You will need the relevant funds in your IFISA account.
However, it only need one person to purposely cause a blockage & it will mess it up for everyone.
An orderly queue can be made & when each person has done the transfer, the next one will get their turn.
Once I announce the details everyone will be on trust.
I will wait to see first how many are interested.
Edit. I will give details only by PM. At least then it should restrict blockers.
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Post by Badly Drawn Stickman on Apr 7, 2021 17:18:01 GMT
If anyone is frustrated by not being able to cross transfer these loans, between partners, from the standard account to the IFISA account without getting past the blockers I have a remedy. You will need the relevant funds in your IFISA account. However, it only need one person to purposely cause a blockage & it will mess it up for everyone. An orderly queue can be made & when each person has done the transfer, the next one will get their turn. Once I announce the details everyone will be on trust. I will wait to see first how many are interested. Edit. I will give details only by PM. At least then it should restrict blockers. Operation 'Mannequin' presumably? Not sure inventing a derogatory term like 'blockers' is likely to help, its basically just people placing bids on tradeable loans hardly unsocial behavior. Short of an initial 'suicide' run to clear the path temporarily I can think of no mutually beneficial way of achieving this. I am however always pleased to see ingenuity in action. I have the delightful image of overlaying the great escape to the SM. Pockets full of small bids being spread around the platform to hide the tunnel waste.
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criston
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Post by criston on Apr 7, 2021 17:55:37 GMT
If only I had been contacted a few hours ago this was the reply they would have got.
'The current bid at 100p on 151 of £10778 up to & including the £586 bid is all mine. I have dealt with all my transfers. All you need to do is add your bid on the end. If anyone else has PMd me this could now be higher already. As & when this figure increases to say £20,000 due to people contacting me I will then cancel my bids. Hopefully it will be all genuine people who wish to transfer, otherwise it will not work. When I start reducing my holding, I will post on the forum. Each person will then be at the beginning of the queue as & when each person completes their transaction.'
However, one person contacted me 10 minutes ago & bid £270 seconds after a £150 & £10 bid. So unless this is taken up I guess we have a problem. I note a £500 & £242 has also been added without any contact with me.
So I will now cancel all my own to see what happens. Get your bids in just in case,
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mw
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Post by mw on Apr 7, 2021 18:03:53 GMT
I'm quite lucky to have all these in my IFISA but I see that after the current monthly repayment going on at the moment.. People are lumping on buying at 100% thinking people might sell. Are people really that desperate to sell at 100% and not see the outcome of future monthly interest with these loans potentially being resettled?
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Post by Ace on Apr 7, 2021 18:09:07 GMT
I'm quite lucky to have all these in my IFISA but I see that after the current monthly repayment going on at the moment.. People are lumping on buying at 100% thinking people might sell. Are people really that desperate to sell at 100% and not see the outcome of future monthly interest with these loans potentially being resettled? There was over £43k traded on 149 today.
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mw
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Post by mw on Apr 7, 2021 18:13:56 GMT
I'm quite lucky to have all these in my IFISA but I see that after the current monthly repayment going on at the moment.. People are lumping on buying at 100% thinking people might sell. Are people really that desperate to sell at 100% and not see the outcome of future monthly interest with these loans potentially being resettled? There was over £43k traded on 149 today. Wow really.. How do you do know that.. I've not used the ASMX that much in detail where does it give you that info?
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Post by Ace on Apr 7, 2021 18:17:35 GMT
There was over £43k traded on 149 today. Wow really.. How do you do know that.. I've not used the ASMX that much in detail where does it give you that info? Click on the blue barchart below the candlestick to see how much was traded (at least it looks blueish to me, but I'm colour-blind so could be wrong).
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blender
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Post by blender on Apr 7, 2021 18:19:35 GMT
If only I had been contacted a few hours ago this was the reply they would have got. 'The current bid at 100p on 151 of £10778 up to & including the £586 bid is all mine. I have dealt with all my transfers. All you need to do is add your bid on the end. If anyone else has PMd me this could now be higher already. As & when this figure increases to say £20,000 due to people contacting me I will then cancel my bids. Hopefully it will be all genuine people who wish to transfer, otherwise it will not work. When I start reducing my holding, I will post on the forum. Each person will then be at the beginning of the queue as & when each person completes their transaction.'However, one person contacted me 10 minutes ago & bid £270 seconds after a £150 & £10 bid. So unless this is taken up I guess we have a problem. I note a £500 & £242 has also been added without any contact with me. So I will now cancel all my own to see what happens. Get your bids in just in case, It's good that you have managed to transfer your 151. And considerate to create the escape tunnel for other lenders. However, it's rather like herding cats. Fortunately I do not need to xfer, and will not be a 'blocker'.
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mw
Member of DD Central
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Post by mw on Apr 7, 2021 18:24:26 GMT
Wow really.. How do you do know that.. I've not used the ASMX that much in detail where does it give you that info? Click on the blue barchart below the candlestick to see how much was traded (at least it looks blueish to me, but I'm colour-blind so could be wrong). Thanks Ace I see you what you mean. Wow quite surprised by that!
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Post by Badly Drawn Stickman on Apr 7, 2021 20:23:27 GMT
If only I had been contacted a few hours ago this was the reply they would have got. 'The current bid at 100p on 151 of £10778 up to & including the £586 bid is all mine. I have dealt with all my transfers. All you need to do is add your bid on the end. If anyone else has PMd me this could now be higher already. As & when this figure increases to say £20,000 due to people contacting me I will then cancel my bids. Hopefully it will be all genuine people who wish to transfer, otherwise it will not work. When I start reducing my holding, I will post on the forum. Each person will then be at the beginning of the queue as & when each person completes their transaction.'However, one person contacted me 10 minutes ago & bid £270 seconds after a £150 & £10 bid. So unless this is taken up I guess we have a problem. I note a £500 & £242 has also been added without any contact with me. So I will now cancel all my own to see what happens. Get your bids in just in case, It's good that you have managed to transfer your 151. And considerate to create the escape tunnel for other lenders. However, it's rather like herding cats. Fortunately I do not need to xfer, and will not be a 'blocker'. Tricky enough to get your own ducks in a row I suspect, a mass escape would be quite the achievement. Somebody took a bullet though because criston was not first in the queue or second. I like the term 'sniping'.
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criston
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Post by criston on Apr 7, 2021 21:18:18 GMT
I was as near as damn it, first in the queue in both 149 & 151.
A few benefited before me, as I had to sell to them first, but the cost to me was tiny compared to my overall benefit.
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blender
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Post by blender on Apr 7, 2021 21:26:07 GMT
I was as near as damn it, first in the queue in both 149 & 151. A few benefited before me, as I had to sell to them first, but the cost to me was tiny compared to my overall benefit.Hmmm. Counting those chickens again. Old hands with Ablrate have experience that in the order of 'will', 'should', and 'may', you don't even spend the 'will' money until you see it. Good luck!
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criston
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Post by criston on Apr 7, 2021 21:33:07 GMT
I was as near as damn it, first in the queue in both 149 & 151. A few benefited before me, as I had to sell to them first, but the cost to me was tiny compared to my overall benefit.Hmmm. Counting those chickens again. Old hands with Ablrate have experience that in the order of 'will', 'should', and 'may', you don't even spend the 'will' money until you see it. Good luck! The thing is, even if the loans are not redeemed, it makes no difference to me. We both hold the same quantity, just in different accounts.
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