Peer-to-peer lending sites: MSE guide discussion

jamesd

masonic wrote: »

Another point to ponder: If, as stated in answer to the final Q, we "will be treated as creditors of the Companies as a consequence of s26 of the Financial Services and Markets Act 2000", then are records of individual investments relevant anyway?

Since section 26 applies to contracts between investors and platform I'm puzzled at how they can think it applies to the property loan contracts directly between lender and borrower to which the platform isn't even a party.

They appear to be asserting that one of the segregation protections of the 36h type of setup where the platform is merely a facilitator doesn't exist. And while Collateral turned out not to be regulated and hence 36h, it did purport to use that style of agreement. In essence their claim amounts to an attack on the 36h structure that affects all platforms structured that way.

The pawn loans may be different, though.

takesyourchances

Does anyone know if you can check on Ablrate the total amount paid into an ISA on the platform in the tax year?


With my overall ISA allowance, I am trying to work this out.



Thanks


Update, found it in the IFISA deposit section below the amount, but when I click on it, it is saying £20,669.54 which can't be right

jamesd

takesyourchances wrote: »

Does anyone know if you can check on Ablrate the total amount paid into an ISA on the platform in the tax year?... Update, found it in the IFISA deposit section below the amount, but when I click on it, it is saying £20,669.54 which can't be right

That could be right if you have withdrawn money this tax year. Since it's a flexible ISA you're allowed to replace such money during the same tax year.

View account history button, click on the type box and select deposit and withdrawal then search to check those transactions.

If it still doesn't make sense, customer services are friendly and helpful in my experience.

takesyourchances

jamesd wrote: »

That could be right if you have withdrawn money this tax year. Since it's a flexible ISA you're allowed to replace such money during the same tax year.

View account history button, click on the type box and select deposit and withdrawal then search to check those transactions.

If it still doesn't make sense, customer services are friendly and helpful in my experience.

Thanks very much James that explains why it's above the 20k allowance as I've withdrew some funds. Much appreciated.



As that's over the 20k with withdrawn and flexible would that make my allowance correct for my S&S ISA on HL as it's saying I've 12700 odd left and I was wary of going over my allowance here during the tax year, I guess this is not the case then with my IFISA withdrawals would that be right?


I'll look over my ablrate transactions in the morning but that looks right. Thanks again.

jamesd

Total allowance is 20k plus replacing what you flexibly withdrew at the same place. Ablrate and HL don't know what you did at the other place and both assume that the full 20k is available. Up to you to stay within the limit. HMRC consolidates subscription information after the end of the tax year and will notice then if you missed an excess.

takesyourchances

jamesd wrote: »

Total allowance is 20k plus replacing what you flexibly withdrew at the same place. Ablrate and HL don't know what you did at the other place and both assume that the full 20k is available. Up to you to stay within the limit. HMRC consolidates subscription information after the end of the tax year and will notice then if you missed an excess.

Thanks James I know were I am st now with my allowance much appreciated

bhjm

maybe interesting to know for all. Ratesetter changed their lending system again.

Any Investments in the Rolling market matures - will be reinvested in the Rolling Market for the Market rate ! before you were able to set your own rate ! You can put the earned interest in the holding account only - but not the capital.

as the interest rate is on a long term low - i decided to gradually remove my funds from there.

AdrianC

bhjm wrote: »

Any Investments in the Rolling market matures - will be reinvested in the Rolling Market for the Market rate ! before you were able to set your own rate ! You can put the earned interest in the holding account only - but not the capital.

But you can change the rate - or cancel - the MR placed order before it's met.

I've not had a single one get reinvested at MR yet, with just a quick check first thing every morning.

The end of RS, for me, is still likely to be the sinking 5yr rate. I won't invest for that long below ~6%, and I'm now down to 2/3 of my RS money being there, at an average 6.2%. The rest is sitting in the monthly (20% - avg 3.1%) and 1yr (15% - avg 4.3%), giving an overall average of 5.2%. Given the low risk, I think that's pretty bloody decent, but unless the 5yr picks up, I cba with the daily shuffle of monthly money for ~3%.

keyboardworrier

The rate for rolling right now is 2.3%, you can get 2% for a one year term in an FSCS protected account. You can also get a £50 sign up bonus if you follow the procedure here https://www.raisin.co.uk/bonus


I think I will be leaving RS after my one year investment matures which is currently getting a very acceptable 5.5%

bhjm

AdrianC wrote: »

But you can change the rate - or cancel - the MR placed order before it's met.
I've not had a single one get reinvested at MR yet, with just a quick check first thing every morning.

yes you CAN cancel it - but therefore you need to monitor it very closely. more than once daily
below a screenshot - they remove the set your own rate here and the capital AND interest to the holding account for the rolling market recently. maybe to lower the rate to attract more borrowers?

AdrianC wrote: »

The end of RS, for me, is still likely to be the sinking 5yr rate. I won't invest for that long below ~6%, and I'm now down to 2/3 of my RS money being there, at an average 6.2%. The rest is sitting in the monthly (20% - avg 3.1%) and 1yr (15% - avg 4.3%), giving an overall average of 5.2%. Given the low risk, I think that's pretty bloody decent, but unless the 5yr picks up, I cba with the daily shuffle of monthly money for ~3%.

I agree - it is until now a very good rate for the low risk.

changes to the rolling market *link*