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IFISA
Jun 15, 2017 16:51:56 GMT
Post by yorkshireman on Jun 15, 2017 16:51:56 GMT
Ditto ditto and likewise, and there is also quite a bit of cash in S&S which might transfer in, iffin the new ISA takes transfers and iffin it is flexible so funds can flow both ways should the deal flow look like drying up .. oh, and assuming the costs are not unreasonable and the 12% doesn't turn into "9%, but hey, it's tax free ya know!". 8>. iffin?
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IFISA
Jun 15, 2017 16:58:12 GMT
Post by marcusponds on Jun 15, 2017 16:58:12 GMT
Afternoon, My, what a difference a month makes... only just over 4 weeks ago and the availability was £0. Having ramped up our origination side recently (to which there are quite a few already in legals), I appreciate that we do have to revisit the other side of the coin to help us get these loans funded. As such, we have just agreed this morning to get a wiggle on with launching an MT ISA. It will take a little time to do, but I will keep everyone updated on progress. Kind regards, Ed I think the SM situation is made to look worse because (i) Bolton repayment as been anticipated for so long - I bet it takes a lump out (ii) the impending close date of the AE loans. Who would not like tax free returns but personally i wouldn't want to go back to the days of a bunfight at 4m/12pm.
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jj
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Jolly Jammy
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IFISA
Jun 15, 2017 18:22:43 GMT
Post by jj on Jun 15, 2017 18:22:43 GMT
Perhaps a better approach would be to have aims and proceed from there.
For example target date 06/04/18, new money only, fee will be x%.
I think by doing this it would help to plan ahead e.g. do I use another provider for my ISA this year, can I make transfers or not.
It would mean less disppointed lenders. There will always be some.
What you think?
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littleoldlady
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Post by littleoldlady on Jun 15, 2017 19:04:06 GMT
MoneyThing as you are coming to the ISA party a little late you can take advantage of other platforms' experience. IMO mistakes to avoid are: 1) no fees 2) must be flexible 3) must allow transfers in 4) allow access to same loans as orthodox account. There is a huge amount on money rotting in old cash ISAs waiting.
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Post by MoneyThing on Jun 15, 2017 19:11:42 GMT
MoneyThing as you are coming to the ISA party a little late you can take advantage of other platforms' experience. IMO mistakes to avoid are: 1) no fees 2) must be flexible 3) must allow transfers in 4) allow access to same loans as orthodox account. There is a huge amount on money rotting in old cash ISAs waiting. Noted. Thanks. Ed
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robski
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IFISA
Jun 16, 2017 6:10:17 GMT
Post by robski on Jun 16, 2017 6:10:17 GMT
Oh my I was looking for a reason to not increase my funding, ho hum now I have to give you more of my cash, and I was just about to press the go on the ZOPA one as I wanted to get this years working
Ed I would just urge caution at the start, maybe just limit to existing borrowers and not allow transfers in for now Then you can switch on one of those taps and eventually the other You may need to balance new lenders permanently to avoid being swamped
Well done, yet again you show the responsiveness to situations changing that shames many others
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jcb208
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Post by jcb208 on Jun 16, 2017 7:10:01 GMT
Having rushed in and done my years ISA with another company I now wished I waited for MT.I don't know how long it will take to launch but will be giving it my full attention for next years
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robski
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IFISA
Jun 16, 2017 7:37:05 GMT
Post by robski on Jun 16, 2017 7:37:05 GMT
If ZOPA is anything to go by they took about 1 month from full authorisation (a pre-requisite) to launching the ISA Of course there are a number of issues to resolve, the exact ISA terms (set by MT in this case), the authorisation if being able to offer an ISA (ISA manager) and the system itself The system would be the most difficult part if its not been worked on at all yet, although of the shelf is available I would add one thing to the wishlist moneything. The ability to sell ones loans and buy them back into the ISA. This gets a little grey as you must not transfer them so you have to sell. Maybe if when you listed stuff to the SM it took 1 minute to be available to others that would mean we could transfer "risk free" on the SM
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elliotn
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Post by elliotn on Jun 16, 2017 7:59:43 GMT
If the SM was locked to other buyers it would not be a purchase on the open market and so lose its tax free wrapper.
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fp
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IFISA
Jun 16, 2017 8:00:26 GMT
Post by fp on Jun 16, 2017 8:00:26 GMT
If ZOPA is anything to go by they took about 1 month from full authorisation (a pre-requisite) to launching the ISA Of course there are a number of issues to resolve, the exact ISA terms (set by MT in this case), the authorisation if being able to offer an ISA (ISA manager) and the system itself The system would be the most difficult part if its not been worked on at all yet, although of the shelf is available I would add one thing to the wishlist moneything. The ability to sell ones loans and buy them back into the ISA. This gets a little grey as you must not transfer them so you have to sell. Maybe if when you listed stuff to the SM it took 1 minute to be available to others that would mean we could transfer "risk free" on the SM That would be against the rules, i'm sure they have to be freely available for anyone to buy.
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IFISA
Jun 16, 2017 8:06:29 GMT
via mobile
Post by lusitania on Jun 16, 2017 8:06:29 GMT
MoneyThing as you are coming to the ISA party a little late you can take advantage of other platforms' experience. IMO mistakes to avoid are: 1) no fees 2) must be flexible 3) must allow transfers in 4) allow access to same loans as orthodox account. There is a huge amount on money rotting in old cash ISAs waiting. Where can I subscribe? 😉
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littleoldlady
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IFISA
Jun 16, 2017 8:24:24 GMT
Post by littleoldlady on Jun 16, 2017 8:24:24 GMT
MoneyThing as you are coming to the ISA party a little late you can take advantage of other platforms' experience. IMO mistakes to avoid are: 1) no fees 2) must be flexible 3) must allow transfers in 4) allow access to same loans as orthodox account. There is a huge amount on money rotting in old cash ISAs waiting. Where can I subscribe? 😉 Several listed at p2pindependentforum.com/thread/7741/fca-authorised-ifisa-list
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IFISA
Jun 16, 2017 9:36:04 GMT
Post by GSV3MIaC on Jun 16, 2017 9:36:04 GMT
MoneyThing as you are coming to the ISA party a little late you can take advantage of other platforms' experience. IMO mistakes to avoid are: 1) no fees 2) must be flexible 3) must allow transfers in 4) allow access to same loans as orthodox account. There is a huge amount on money rotting in old cash ISAs waiting. Noted. Thanks. Ed Which is pretty much what I said, assuming 'mistakes to avoid' means 'it must not LACK these items' (rather than 'this is a list of mistakes'). I'm not sure I'd insist on 'no fees' .. I cheerfully pay 0.25% on several S&S ISAs (up to a limit), but 'no fees' would certainly be the #1 choice.
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littleoldlady
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Post by littleoldlady on Jun 16, 2017 9:48:48 GMT
There will be some extra cost to the platform to offer an ISA - a direct cost if outsourced. However this should be more than offset by the extra profit made from the additional business, assuming that the loan flow is sufficient ie more than non-ISA can fill, as it certainly is currently on MT.
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robski
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IFISA
Jun 16, 2017 13:00:13 GMT
Post by robski on Jun 16, 2017 13:00:13 GMT
If the SM was locked to other buyers it would not be a purchase on the open market and so lose its tax free wrapper. Sorry when I read that back it isn't what I meant it to sound like, I will detail a bit more so its clearer When we offer items to the SM it would be good if they were not immediately there, a short delay would allow the seller to navigate to the same loan page, I assume having ISA and NonISA on the same platform is going to need a few more clicks. So the net effect is that its on the open market, but that the seller can already be in place to purchase when it appears. Just reducing their risk of losing to someone faster of finger. As it is right now sellers have potentially more clicks or more windows to manage than someone keeping an eye on the SM. Of course one other option is to allow SM trades to be timed, so you can put in a time to sell (within limits) so again you can be in the right place in the SM to grab it as it comes up for sale
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