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 Nov 5, 2016 18:38:21 GMT
Potentially...provided they all allow partial transfers in/out (some older ones are a bit all/nothing) and the new ones accept just transfers (ie don't insist on new money) Aaaah, I hadn't considered that transfers in wouldn't be allowed!! In terms of the IFISA rules am I right that new money can only be placed in one IFISA but previous ISA money can be transferred into however many Platforms that allow it ?? Yes, subject to individual provider rules/terms you can spread previous subscriptions over as many ISA as you wish (by transfer). I wrote this a while ago which may be of use, though the introduction of Flexible ISA has added some further variables not covered. p2pindependentforum.com/post/84268/thread
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Post by Deleted on Nov 5, 2016 21:17:35 GMT
Aaaah, I hadn't considered that transfers in wouldn't be allowed!! In terms of the IFISA rules am I right that new money can only be placed in one IFISA but previous ISA money can be transferred into however many Platforms that allow it ?? Yes, subject to individual provider rules/terms you can spread previous subscriptions over as many ISA as you wish (by transfer). I wrote this a while ago which may be of use, though the introduction of Flexible ISA has added some further variables not covered. p2pindependentforum.com/post/84268/threadAbsolutely and pottily brilliant, all the information I needed in a range of neatly organised boxes and ummm jars !!
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david42
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Post by david42 on Nov 5, 2016 23:59:22 GMT
... how do you most easily and on which platform, enable the interest on £100,000 (say 7000pa) to become tax free, saving maybe 40% of £7000 pa. Saving Stream, Moneything, and Ablrate all have free secondary markets. The specific approach is different on each platform but with a bit of care you can identify your own loan parts on the secondary market and buy them back in another account. I am hoping a similar technique will enable us to sell existing loans to our ISA account once ISAs are available. Similar techniques also work on Funding Circle and Rebuilding Society, but those platforms charge for the secondary market. I don't think there is a way to transfer loans between accounts on Assetz or Ratesetter.
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Post by Deleted on Nov 6, 2016 0:07:34 GMT
... how do you most easily and on which platform, enable the interest on £100,000 (say 7000pa) to become tax free, saving maybe 40% of £7000 pa. Saving Stream, Moneything, and Ablrate all have free secondary markets. The specific approach is different on each platform but with a bit of care you can identify your own loan parts on the secondary market and buy them back in another account. I am hoping a similar technique will enable us to sell existing loans to our ISA account once ISAs are available. Similar techniques also work on Funding Circle and Rebuilding Society, but those platforms charge for the secondary market. I don't think there is a way to transfer loans between accounts on Assetz or Ratesetter. You'll be needing fast trigger fingers to prevent anyone else picking them up or are you planning a 4am transfer when everyone else is 'hopefully' asleep!
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david42
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Post by david42 on Nov 6, 2016 0:23:09 GMT
Saving Stream, Moneything, and Ablrate all have free secondary markets. The specific approach is different on each platform but with a bit of care you can identify your own loan parts on the secondary market and buy them back in another account. I am hoping a similar technique will enable us to sell existing loans to our ISA account once ISAs are available. Similar techniques also work on Funding Circle and Rebuilding Society, but those platforms charge for the secondary market. I don't think there is a way to transfer loans between accounts on Assetz or Ratesetter. You'll be needing fast trigger fingers to prevent anyone else picking them up or are you planning a 4am transfer when everyone else is 'hopefully' asleep! You need to be quick but you know exactly when you are putting the loan up for sale. I use two PCs. I prime both PCs so that I can sell on one PC and buy on the other PC about a second later. The biggest risk is being too quick for the platform, meaning my purchase attempt hits the platform before the loan part is available to buy. I very rarely lose a loan part to someone else.
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Post by Deleted on Nov 6, 2016 0:45:33 GMT
You'll be needing fast trigger fingers to prevent anyone else picking them up or are you planning a 4am transfer when everyone else is 'hopefully' asleep! You need to be quick but you know exactly when you are putting the loan up for sale. I use two PCs. I prime both PCs so that I can sell on one PC and buy on the other PC about a second later. The biggest risk is being too quick for the platform, meaning my purchase attempt hits the platform before the loan part is available to buy. I very rarely lose a loan part to someone else. I'm intrigued now as to why you are currently employing this technique unless you just enjoy the thrill of the chase?
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david42
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Post by david42 on Nov 6, 2016 10:29:26 GMT
You need to be quick but you know exactly when you are putting the loan up for sale. I use two PCs. I prime both PCs so that I can sell on one PC and buy on the other PC about a second later. The biggest risk is being too quick for the platform, meaning my purchase attempt hits the platform before the loan part is available to buy. I very rarely lose a loan part to someone else. I'm intrigued now as to why you are currently employing this technique unless you just enjoy the thrill of the chase? Moving money and loans between accounts enables me to manage the loans more optimally. For example if I need to take cash out of my personal account, but the loans I least want to keep happen to be in my company account, I prefer to sell the worse loans from the company account, then sell some of my personal loans to the company account to move the cash into the personal account for removal.
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Post by failedtheturingtest on Nov 7, 2016 14:15:12 GMT
Do others not find this currently puts them off investing largers sums ? Yep! I'm a 40% taxpayer too, and am holding off on investing in anything outside a SIPP or ISA. (I'm not so wealthy as to have to worry about exceeding the annual limits for both SIPPs and ISAs.) I have bought in to the FC investment trust inside an ISA already. When IFISAs become a reality, I will jump in to the limit, provided I can find good opportunities. It's a shame, though, that you essentially have to choose one (new) provider each year.
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Post by Deleted on Nov 7, 2016 14:41:37 GMT
Do others not find this currently puts them off investing largers sums ? Yep! I'm a 40% taxpayer too, and am holding off on investing in anything outside a SIPP or ISA. (I'm not so wealthy as to have to worry about exceeding the annual limits for both SIPPs and ISAs.) I have bought in to the FC investment trust inside an ISA already. When IFISAs become a reality, I will jump in to the limit, provided I can find good opportunities. It's a shame, though, that you essentially have to choose one (new) provider each year. SIPP isn't an option for me as my workplace pension may max out my lifetime allowance. I haven't made much use of ISAs as have paying off the mortgage but I'll need them much more in the coming years. Cash ISA rates are so atrocious I'm currently researching S&S ISA options and eagerly awaiting IFISA. I plan to put my maximum allowance into Cash ISA this year which will allow me transfer it across a few platforms as they launch next year !!
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seeingred
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Post by seeingred on Nov 8, 2016 10:11:03 GMT
This is all very well - having two accounts (one company and one private?) and two PCs to enable sale and re-buying of loans within a second or so, but when does it become worthwhile to set up a company account as well as a private one? I have substantial investments in each of each of Z, FC, MT and SS and I am coming to terms (slowly) with the idea I may need to do an awful lot of creative accounting, not to mention a little bond-washing.
Can an ordinary retired individual set up a company for this sort of thing - that is transfers just to buy into ISAs using old cash-isa money and how is it done?
Most financial planners don't touch P2P because there is little in it for them and the platforms are geared to P2P - surprisingly.....
If only HMRC would allow old cash-isa money to be used to buy one's own existing loan parts........
Some enterprising 14 year old needs to set up an automated service or an app to launder old cash-isa money back into existing loan parts.
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aju
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Post by aju on Nov 11, 2016 0:02:58 GMT
So am I mistaken, i'm in zopa its not hard to understand that I would be, but why can't I just run the book down by not reinvesting, withdraw the money to holding and then pass it back to my back account and re-invest it into the ISA. I could do this over time until the years allowance is full. Does anyone know if this could be done.
For the record I have current ISA's for both of us in ISA at 1% at the moment. Still not that bad either but nothing like the 4-5% (less after tax) i'm getting in my zopa book at the moment. In fact until the banks decided to strip back the current account rates I was even considering moving the ISA's out and into zopa/current accounts.
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Post by GSV3MIaC on Nov 11, 2016 8:43:02 GMT
Yes, recycling the investments via cash is a workable solution for all the P2p platforms, although some may allow you to do that without having to transfer out to your bank and back.
This does require either active SM or a repayment income stream though.
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aju
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Post by aju on Nov 11, 2016 9:49:32 GMT
Yes, recycling the investments via cash is a workable solution for all the P2p platforms, although some may allow you to do that without having to transfer out to your bank and back. This does require either active SM or a repayment income stream though. thats encouraging thanks, whats an SM. Secondary market perhaps? In my case I have a steady stream of repayments and interest, of course as more of that money was channeled from saving to IFISA the stream would tail off. The only issue then might be that the money will be "new" and the problems of new being lower down the lending stream priority. At the moment classic in zopa - where 90% of my book is at the moment is very sloooooow to put it mildly.
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