sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 29, 2017 9:43:44 GMT
Last April I started raiding my cash ISA to fund P2P loans, now I need to return that cash or lose this year and previous year's allowances. So I've been expecting some illiquidity. I'm just surprised how long it has taken to arrive, we only have one week left to replenish our flexible cash ISA's. Last year we had a mad March, particularly on AC, where the QAA interest rate got increased. That was before ISA's got flexible. I expect the next few days to get much worse. What rate will your cash isa be returning ? What's your average P2P rate of return ? ISA is currently offering 1.75%. P2P averaging over 10%. I know what your saying, but to build up a tax free wrapper has taken many years. To throw that away would be crazy when P2P is about to accept ISA money.
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Post by scerbera on Mar 29, 2017 10:07:59 GMT
What rate will your cash isa be returning ? What's your average P2P rate of return ? ISA is currently offering 1.75%. P2P averaging over 10%. I know what your saying, but to build up a tax free wrapper has taken many years. To throw that away would be crazy when P2P is about to accept ISA money. I have never bothered to open an Isa, which type do I need to be able to invest in p2p? I have a dealing account with hl, Thanks.
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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 Mar 29, 2017 10:19:23 GMT
What rate will your cash isa be returning ? What's your average P2P rate of return ? ISA is currently offering 1.75%. P2P averaging over 10%. I know what your saying, but to build up a tax free wrapper has taken many years. To throw that away would be crazy when P2P is about to accept ISA money. 1.75% on a flexible ISA! Where can one find this rare beast?
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seeingred
Member of DD Central
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Post by seeingred on Mar 29, 2017 10:40:47 GMT
I'm just restocking my ISA so as to carry over the allowance I have built up over many years. It will be offering me 0.05% (yes 0.05%) unless I 'renew' it into another cash ISA, which may (if I'm lucky) give 0.5%.
Once 6 April passes, most will be coming out into P2P - it is to be hoped into F-ISAs when these are available from major providers.
Then the fun really starts - transferring non-ISA P2P investments into ISA wrappers. You can't transfer, you have to sell and rebuy loan parts.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Mar 29, 2017 11:04:03 GMT
ISA is currently offering 1.75%. P2P averaging over 10%. I know what your saying, but to build up a tax free wrapper has taken many years. To throw that away would be crazy when P2P is about to accept ISA money. 1.75% on a flexible ISA! Where can one find this rare beast? It's an existing member account that isn't available to new members.
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Post by lendinglawyer on Mar 29, 2017 11:15:38 GMT
Am I reading this correctly but the only people concerned are those who expect to be able to bin **** loans off on mugs whenever it suits them despite good loans also being available to said mugs? If that's the case, I know who the real mugs are...
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nick
Member of DD Central
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Post by nick on Mar 29, 2017 11:18:28 GMT
I'm just restocking my ISA so as to carry over the allowance I have built up over many years. It will be offering me 0.05% (yes 0.05%) unless I 'renew' it into another cash ISA, which may (if I'm lucky) give 0.5%. Once 6 April passes, most will be coming out into P2P - it is to be hoped into F-ISAs when these are available from major providers. Then the fun really starts - transferring non-ISA P2P investments into ISA wrappers. You can't transfer, you have to sell and rebuy loan parts. I plan to park money overnight on April 5-6 in my bank's flexiable cash ISA. With a flexible ISA you can withdraw the cash and preserve your allowance by making sure the cash is re-deposited over next tax year end. My plan is to withdraw it on 6th April and put it back into P2P (probably SS) until an attractive until an attractive P2P IFISA launches at which time I will refund my cash ISA and transfer it to the IFISA (along with all my previous ISAs).
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r1200gs
Member of DD Central
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Post by r1200gs on Mar 29, 2017 11:35:33 GMT
Am I reading this correctly but the only people concerned are those who expect to be able to bin **** loans off on mugs whenever it suits them despite good loans also being available to said mugs? If that's the case, I know who the real mugs are... The people concerned are the people who see the dynamics of this platform changing, and may need to adapt. If I'm a mug, I've been a very successful one since the early days of SS, when floaty things were ever so popular. Were you deliberately trying to get a rise with provocative language?
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r1200gs
Member of DD Central
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Post by r1200gs on Mar 29, 2017 11:40:05 GMT
Am I reading this correctly but the only people concerned are those who expect to be able to bin **** loans off on mugs whenever it suits them despite good loans also being available to said mugs? If that's the case, I know who the real mugs are... To add, if you have not been disposing of loans to less discerning punters, what does that make you? I would suggest, at the least, it suggests you have not been making very good use of SS. I can handle a loan taking a little longer to sell than I hoped it would, it had to happen eventually and should it become the norm, I'll adapt.
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Post by lendinglawyer on Mar 29, 2017 11:48:43 GMT
Am I reading this correctly but the only people concerned are those who expect to be able to bin **** loans off on mugs whenever it suits them despite good loans also being available to said mugs? If that's the case, I know who the real mugs are... The people concerned are the people who see the dynamics of this platform changing, and may need to adapt. If I'm a mug, I've been a very successful one since the early days of SS, when floaty things were ever so popular. Were you deliberately trying to get a rise with provocative language? No I just wanted to get my point across without a load of flowery language beating around the bush - no offence meant, it's just that some people seem to see the SM as an "entitlement" to sell whatever they want whenever they want. Not saying anyone is or is not a mug (though given no one has lost a penny on SS to date I am not sure how you define relative "success"...), the real mugs will be those who fail to adapt as you imply. That will definitely be necessary on SS and indeed P2P as a whole and indeed all asset classes! Shock horror those who adapt to changing market conditions do best overall...
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Liz
Member of DD Central
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Post by Liz on Mar 29, 2017 11:57:30 GMT
Extreme care now required. Since inception the sm has of course been very liquid. Each time it has become clogged, SS seem to have 'thinned' the pipeline. Looking at things now, SS suddenly seem to need a constant pipeline - yet the sm says different. The lowering of rates was the initial warning, the second warning, in my opinion, is the increase in the pipeline even when the sm has largely ground to a halt. Escape routes are being blocked off, the warning signs are flashing more so than they have ever been. All imo. I have had to sell £30K to fund my ISA's, I assume dozens more like me. I expect the SM to settle down once we get a few repayments.
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Post by p2plender on Mar 29, 2017 12:10:29 GMT
Well my portfolio of loans currently consists of 180 + days so no dramas here and dd done to best of ability.
Interesting times at SS.
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Liz
Member of DD Central
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Post by Liz on Mar 29, 2017 12:56:17 GMT
Now that just made me LOL!! I don't usually get jokes but I am assuming it was a joke. It was wasn't it? Jack P (in edit) I can assure you it was a joke. The FCA will of course bail us out.
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elliotn
Member of DD Central
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Post by elliotn on Mar 29, 2017 13:11:20 GMT
I don't usually get jokes but I am assuming it was a joke. It was wasn't it? Jack P (in edit) I can assure you it was a joke. The FCA will of course bail us out. I think you have to have been advised on p2p by an IFA for that to work (& they have quite a p2p bargepole  ).
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Liz
Member of DD Central
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Post by Liz on Mar 29, 2017 13:16:31 GMT
I can assure you it was a joke. The FCA will of course bail us out. I think you have to have been advised on p2p by an IFA for that to work (& they have quite a p2p bargepole ). OK I will sue all of the sites, anything not to take responsibility of my actions  PS, MODS, that was a joke, I'm not sueing anybody.
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).