|
|
Post by danraj on Aug 31, 2017 19:10:28 GMT
Just a quick update to inform lenders that rebuildingsociety.com is now taking ISA account registrations. Lenders can now benefit from a £20k per year allowance towards tax free investments thanks to the Innovative Finance ISA. www.rebuildingsociety.com/ifisaWhile other lenders are suspending new investor funds, we are always looking to welcome new customers. |
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840 
Likes: 11,068
|
Post by ilmoro on Aug 31, 2017 21:41:00 GMT
Just a quick update to inform lenders that rebuildingsociety.com is now taking ISA account registrations. Lenders can now benefit from a £20k per year allowance towards tax free investments thanks to the Innovative Finance ISA. www.rebuildingsociety.com/ifisaWhile other lenders are suspending new investor funds, we are always looking to welcome new customers. Congratulations on finally launching. A few points Lender FAQ Q2 Can I invest in an ISA needs updating. Qs relating to how many IFISA, how many ISA need clarifying as you can open more than one providing you dont 'subscribe' to more than one in a tax year ... use of the term invest is confusing. You might want to make reference to the fact it is flexible somewhere more obvious than buried in the T&Cs, at least in the FAQ What do you mean by 'need assistance' with transfer in or out for which you charge £75 fee. This needs to be clearer. The main IFISA page says min £10, the T&CS say £100, probably needs clarifying that one is min investment in a loan, other is min initial balance. No mention of whether loan parts can be transferred between standard and IFISA accounts via SM.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Aug 31, 2017 21:59:41 GMT
Just a quick update to inform lenders that rebuildingsociety.com is now taking ISA account registrations. Lenders can now benefit from a £20k per year allowance towards tax free investments thanks to the Innovative Finance ISA. www.rebuildingsociety.com/ifisaWhile other lenders are suspending new investor funds, we are always looking to welcome new customers. Congratulations on finally launching. A few points Lender FAQ Q2 Can I invest in an ISA needs updating. Qs relating to how many IFISA, how many ISA need clarifying as you can open more than one providing you dont 'subscribe' to more than one in a tax year ... use of the term invest is confusing. You might want to make reference to the fact it is flexible somewhere more obvious than buried in the T&Cs, at least in the FAQ What do you mean by 'need assistance' with transfer in or out for which you charge £75 fee. This needs to be clearer. The main IFISA page says min £10, the T&CS say £100, probably needs clarifying that one is min investment in a loan, other is min initial balance. No mention of whether loan parts can be transferred between standard and IFISA accounts via SM. The platform launched the ifisa on 23rd June ilmoro. Shame that they have needed your excellent eye for detail casting over their terms and conditions to capture errors/ needs for clarification. It does not fill me with confidence that they know how the Ifisa rules work.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
|
Post by ilmoro on Aug 31, 2017 22:18:28 GMT
Congratulations on finally launching. A few points Lender FAQ Q2 Can I invest in an ISA needs updating. Qs relating to how many IFISA, how many ISA need clarifying as you can open more than one providing you dont 'subscribe' to more than one in a tax year ... use of the term invest is confusing. You might want to make reference to the fact it is flexible somewhere more obvious than buried in the T&Cs, at least in the FAQ What do you mean by 'need assistance' with transfer in or out for which you charge £75 fee. This needs to be clearer. The main IFISA page says min £10, the T&CS say £100, probably needs clarifying that one is min investment in a loan, other is min initial balance. No mention of whether loan parts can be transferred between standard and IFISA accounts via SM. The platform launched the ifisa on 23rd June ilmoro . Shame that they have needed your excellent eye for detail casting over their terms and conditions to capture errors/ needs for clarification. It does not fill me with confidence that they know how the Ifisa rules work. Hadnt noticed, was it just exisitng investors? Ive looked at the site a few times so it wasnt obvious until danraj posted they were taking registrations which made me look now. Another contradiction what are the fees? ' A commission fee of 10% of your interest earnings is payable with each repayment' according to IFISA page or 'A commission fee of 0.1% of your loan portfolio value is payable on the first day of each month. This is calculated from the sum of your capital oustanding on your microloans. Microloans which have defaulted are excluded. Fees are not charged to lenders where their Net Return is less than 2%' as per the linked fees page. These dont seem to be compatable definitions to me?
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Aug 31, 2017 22:34:17 GMT
The platform launched the ifisa on 23rd June ilmoro . Shame that they have needed your excellent eye for detail casting over their terms and conditions to capture errors/ needs for clarification. It does not fill me with confidence that they know how the Ifisa rules work. Hadnt noticed, was it just exisitng investors? Ive looked at the site a few times so it wasnt obvious until danraj posted they were taking registrations which made me look now. Another contradiction what are the fees? ' A commission fee of 10% of your interest earnings is payable with each repayment' according to IFISA page or 'A commission fee of 0.1% of your loan portfolio value is payable on the first day of each month. This is calculated from the sum of your capital oustanding on your microloans. Microloans which have defaulted are excluded. Fees are not charged to lenders where their Net Return is less than 2%' as per the linked fees page. These dont seem to be compatable definitions to me? You may have enlightened me that the June launch might have been for existing investors. I think I have seen rebs tweets about their ifisa though I can not find them now.
|
|
|
|
Post by danraj on Aug 31, 2017 23:28:30 GMT
Thanks for the feedback. I've corrected the inconsistency on the Fees and clarified the FAQs pointed out. Thanks for that.
As to:
I don't understand what you mean... Do you mean that lenders are free to take funds from & add to their IF ISA??
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
|
Post by ilmoro on Sept 1, 2017 0:20:31 GMT
Thanks for the feedback. I've corrected the inconsistency on the Fees and clarified the FAQs pointed out. Thanks for that. As to: I don't understand what you mean... Do you mean that lenders are free to take funds from & add to their IF ISA?? Yes. A flexible ISA allows you to withdraw funds from an ISA and then replace them in the same way as a normal bank account without the withdrawls/replacement affecting the ISA allowance. The only restriction is that funds must be back in place before the end of the financial year (some restrictions related to transfers) or the tax free status on that amount is lost. See HMRC Guidance notes 6.77 for full details From your T&Cs 41.3 You may make withdrawals from your rebuildingsociety.com IFISA account in accordance with clauses 13 and 29 of the rebuildingsociety.com Lender Terms and Conditions and pursuant to clause 8.2.2, funds which are withdrawn from your rebuildingsociety.com IFISA can be replaced within the same tax year and this will not affect your ISA subscription limit for that year. clause 8.2.2 of what ... doesnt exist in T&Cs and 8.2 refers to borrowers Its a very popular feature with IFISA as it limits cash drag as people can transfer in/subscribe funds, then move them elsewhere to earn interest in a standard bank/p2p account and drip feed them back as and whem loan opportunities arise. Another point that you may wish to make clear is whether you accept/allow partial transfer in/out. Im afraid a £75 transfer in fee is likely to deter most people.
|
|
|
|
Post by bodroll on Sept 16, 2017 11:35:05 GMT
Did we establish what is meant by the £75 fee for assistance with an ISA transfer in? If I just complete an on-line ISA transfer form for sending on to my existing ISA holder I am not requiring assistance am I?
|
|
|
|
Post by kylierebsoc on Sept 19, 2017 14:59:51 GMT
Hi Bodroll,
The Transfer In fee is a fee that we as a ISA Manager are charged by our ISA Administrator. This fee is charged to cover the costs in processing a transfer in/out correctly in accordance with HMRC's rules.
I'm pleased to let you know that following a review of our fee structure for ISA accounts we have reduced the Transfer In/Out Fee too £49. The site is being updated to reflect the changes.
|
|
btc
Member of DD Central
Posts: 193
Likes: 132
|
Post by btc on Sept 19, 2017 19:26:40 GMT
Can you make this fee £0.00?
|
|
|
|
Post by kylierebsoc on Sept 20, 2017 9:15:42 GMT
Hi btc,
If I could I would :-) Unfortunately this is not possible at present.
|
|
