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Post by lendinglawyer on Oct 6, 2017 6:48:52 GMT
I wonder how much money is leaving the platform because of Lendy's lack of IFISA? I've been patient waiting for Lendy, but have now had to jump and go with another provider because I can't afford to wait and hope. I'd love to know how some relatively young platforms have managed to get this running much sooner than more established ones. Rather than spending on Cowes week maybe they should have been stuffing some brown envelopes with cash and sending them to the FCA? :-) It’s not Angola. They’re trying to get the licence not be stripped of it. Probably taken longer because their model was set up already and had to change whereas new platforms can structure from day 1. Easier to implement than change. Especially since every time there’s an adverse change for investors they’re up in arms. Could be something nefarious at play too but I’d put that at significantly less likely.
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mikes1531
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Post by mikes1531 on Oct 6, 2017 18:59:16 GMT
I wonder how much money is leaving the platform because of Lendy's lack of IFISA? AIUI, they can't be approved to issue an IFISA until they're fully authorised, and they're not. I wonder how much money is leaving the platform because of Lendy's inability to achieve full authorisation as yet?
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NSFW
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Post by NSFW on Oct 7, 2017 3:24:49 GMT
I wonder how much money is leaving the platform because of Lendy's lack of IFISA? I've been patient waiting for Lendy, but have now had to jump and go with another provider because I can't afford to wait and hope. I'd love to know how some relatively young platforms have managed to get this running much sooner than more established ones. Rather than spending on Cowes week maybe they should have been stuffing some brown envelopes with cash and sending them to the FCA? :-) Younger platforms have priority cos they can't have interim permission.
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bababill
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Post by bababill on Oct 7, 2017 16:55:31 GMT
Remember any losses in an IFISA are not tax deductible. This can have a big impact on net returns.
Having said that if Lendy come up with an IFISA losses are a non issue thanks to the provision fund.
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Post by GSV3MIaC on Oct 8, 2017 14:37:14 GMT
Remember any losses in an IFISA are not tax deductible. This can have a big impact on net returns. Having said that if Lendy come up with an IFISA losses are a non issue thanks to the provision fund. You really REALLY need a smiley on the end of that. 8>.
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NSFW
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Post by NSFW on Oct 8, 2017 14:47:41 GMT
Remember any losses in an IFISA are not tax deductible. This can have a big impact on net returns. Having said that if Lendy come up with an IFISA losses are a non issue thanks to the provision fund...  FTFY
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IFISAcava
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Post by IFISAcava on Oct 8, 2017 15:00:37 GMT
Remember any losses in an IFISA are not tax deductible. This can have a big impact on net returns.Having said that if Lendy come up with an IFISA losses are a non issue thanks to the provision fund. not as big an impact as 40/45% tax ISAs are beneficial tax wise unless your defaults exceed your interest
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1stwaz
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Post by 1stwaz on Nov 14, 2017 14:35:40 GMT
Remember any losses in an IFISA are not tax deductible. This can have a big impact on net returns.Having said that if Lendy come up with an IFISA losses are a non issue thanks to the provision fund. not as big an impact as 40/45% tax ISAs are beneficial tax wise unless your defaults exceed your interest I have given up on waiting for lendy to launch an IFISA for this year at least so I have just sent 20,000 to propertycrowd.com they have a Luton bond paying 13.1% - 0.95% management charge. I will take my chances on a default, no more likely than Lendy and enjoy tax free at a better rate than the 12% Lendy pay.
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SteveT
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Post by SteveT on Nov 14, 2017 14:53:47 GMT
I have given up on waiting for lendy to launch an IFISA for this year at least so I have just sent 20,000 to propertycrowd.com they have a Luton bond paying 13.1% - 0.95% management charge. I will take my chances on a default, no more likely than Lendy and enjoy tax free at a better rate than the 12% Lendy pay. Gulp, that's bold! I steered clear of that one as soon as I read that 18.6% of it goes into the (3rd-ranking) mezzanine finance.
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zlb
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Post by zlb on Jan 15, 2018 9:27:52 GMT
There's this application announcement. www.ftadviser.com/Mod Note: Article dated October 5th 2017. |
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Post by loftankerman on Jan 15, 2018 9:51:32 GMT
I wonder how much money is leaving the platform because of Lendy's lack of IFISA? AIUI, they can't be approved to issue an IFISA until they're fully authorised, and they're not. I wonder how much money is leaving the platform because of Lendy's inability to achieve full authorisation as yet? Judging by the comments on this forum in maybe the past six months, I imagine that the outflow is provoked most predominantly by a matter of trust. People seem keener to get their funds out rather than shovel more in.
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zlb
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Post by zlb on Feb 19, 2018 23:29:54 GMT
L are said to have applied for isa in Oct17, does anyone know how long it could take to be granted?
Don't think much point in asking them directly as whenever I do I get referred to the risk statement even if that's not answering the question.
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ilmoro
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'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 Feb 20, 2018 0:16:02 GMT
L are said to have applied for isa in Oct17, does anyone know how long it could take to be granted? Don't think much point in asking them directly as whenever I do I get referred to the risk statement even if that's not answering the question. They cant apply to be an IFISA manager as they dont have full authorisation from the FCA yet (they applied for that in Q1 2017 IIIRC - no timescale on that but has taken others 12-15months) Once they have that it takes HMRC roughly 2 weeks to give IFISA permissions
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zlb
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Post by zlb on Feb 20, 2018 8:35:22 GMT
L are said to have applied for isa in Oct17, does anyone know how long it could take to be granted? Don't think much point in asking them directly as whenever I do I get referred to the risk statement even if that's not answering the question. They cant apply to be an IFISA manager as they dont have full authorisation from the FCA yet (they applied for that in Q1 2017 IIIRC - no timescale on that but has taken others 12-15months) Once they have that it takes HMRC roughly 2 weeks to give IFISA permissions thanks. The FT article wasn't that clearly worded... Wonder why their application to fca only announced October in FT advisor. Maybe for publicity.
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pom
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Post by pom on Feb 20, 2018 8:51:31 GMT
Remember that losses within an IFISA can't be offset, so given the current state of the loanbook you might want to think twice why you're so keen for them to launch.
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