Peer-to-peer lending sites: MSE guide discussion

taylornj

Empor wrote: »

Anyone know if MoneyThing is likely to get their IFISA going this tax year? I was looking at investing it in Zopa's, but clearly with the much higher rates on offer MT would be more tax efficient.

p2pindependantforum.com forum for moneything has a IFISA thread, on which moneything have made comments, as not interested myself in IFISA's, can't recall exactly the details.

bigadaj

Moneything have apparently just employed someone who will be dedicated to develop the ifisa.

It looks as though Ablrate will launch first, Moneything I would guess is weeks to low months away.

As the platforms grow and the issues around liquidity on the secondary market becomes more of an issue then the ability to offer an iss becomes more important as there is potentially a lot of money on the sidelines.

To be honest I struggle to see why bed and breakfasting would be an issue, as it is primarily about capital gains. On platforms that only buy or sell at par this isn't an issue, and even on platforms like Ablrate where selling abive or below par is allowed then it would take a huge amount if trade to exceed an individual's cgt allowance for the year at typical discounts or premiums.

jamesd

MoneyThing have hired someone to work on developing their ISA but it's likely to be many months away. Ablrate's should be arriving in a few weeks, they have already been working on it for a while.

If they interest you I suggest Ablrate when theirs starts, using their secondary market to get fully invested quickly. Then at least for past year money you could transfer some to MoneyThing to add to the diversification.

Probably better to pay tax on interest for a little while than use Zopa. Remember that if any current year loan defaults without a protection fund you won't be able to transfer current year money because it's all or nothing.

Biggles

bigadaj wrote: »

It looks as though Ablrate will launch first, Moneything I would guess is weeks to low months away.

FundingSecure launched first, I've had money it is since April this year.

bigadaj

Biggles wrote: »

FundingSecure launched first, I've had money it is since April this year.

Is your money still there though.....

elephantrosie

bigadaj- harsh truth

Bazofts_Revenge

All the current ABLRate new loans are now fully subscribed and due to draw down cash in the next couple of days. More new loans in the pipeline.

TheShape

Biggles wrote: »

FundingSecure launched first, I've had money it is since April this year.

bigadaj wrote: »

Is your money still there though.....

Just put most of my FundingSecure loans up for sale. I haven't really got along with the platform and rarely log in.

Most of the discussion at P2P Independent forum paint FS in a rather negative light. I'm sure the returns would be decent with some very selective purchasing and reselling but i can't/won't be devoting the time to it at present.

kamir

Quite a few IFISAs look like they will be launched this year, reading into the rules i will only be able to open one IFISA this year.

nushnush

you can open as many ifisa accounts as you want this year but you can only subscribe new money to one of them