Loanpad P2P - Reviews, experiences, info or updates, post them here. I'm having a dabble.

Aceace

Sea_Shell said:

Aceace said:

Sea_Shell said:

Aceace said:

Sea_Shell said:

tomedinburgh said:

Sea_Shell said:

Well, I managed to get £6k moved from Standard to ISA before the end of the tax year.   Just need to move the remaining £4K over during the next 4 weeks.   

You can give them a call and they'll move it to an ISA for you – no need to wait for the 60-day notice period (if that's what's holding you back).

In light of today's rate announcement, and that it seems to be for the standard accounts (not ISA), I wonder if they'd agree to do the same thing the other way round? 😉

Also, am I right in thinking that their ISA is "flexible" so can put money in and out and back in again, without using ISA limit.

Yes, the isa is flexible. 

It does seem odd that they would reverse the fact that the ISA paid a higher rate before these rises. 

Thanks, I thought it was.   So I can "recycle" my £10k (or up to £20k) if needed.


I'm gonna wait and see for now, just in case it's an error and they realise they meant to include the ISAs.

I'm not sure exactly what you mean by "recycle", but yes, you could move the funds back to the standard account (subject to notice period) and then back again over the isa year boundary to retain the isa status. Though you would need to decide whether a potential tax liability would negate any benefit. 

I've written to Loanpad for clarification on their policy. 

I meant I could take my money out of the ISA, but then still return it back to the ISA within the tax year, and not have it counted as being deposited twice IYSWIM.    

Eg. deposit £15k, take £10k out, but then later put back £10k (within the same tax year), and still only have used £15k of my ISA allowance, rather than seen to be depositing £25k

Yes, you can do that. 

where_are_we

I messaged my dismay at no rise in ISA rates yet they announce 2 increases in Standard interest rates on 19/6 and 17/7.

 I will hold off any actions until they respond.

brucefan_2

I received an email on May 31st, detailing increases in ISA interest rates to 4.8% and 5.8% for the Classic and Premium ISAs respectively for July 17th.

ZeroSum

Whilst I got the email the other day about the increase in ISA rates, it did seem odd they held off on the ISA rates initially given that the ISA currently pays an extra 0.2% than the standard 

Sea_Shell

Yeah, sorry, I got the email too.   Forgot to come back and say.

I wonder if it was just an oversight on composing the email, and once they were reminded (probably by 100s of customers) they realised their omission and sent another email. 

where_are_we

They are removing the higher ISA Premium account (ISAPA) interest rate differential  over the Standard Premium account (SPA) interest rate on June 19. At the moment it is ISAPA 5.6% : SPA 5.4%. On June 19 it is ISAPA 5.6% : SPA 5.6%. Then on July 17 both ISAPA and SPA increase to 5.8%. As a Loanpad ISAPA investor obviously I would have wanted the .2% differential to continue. The fact that I could get a one year fix today at 5.26% with no risk make me wonder if it is time to get out? What are other Loanpad  investors thoughts?

Sea_Shell

I suppose you have to ask what LP rates may increase to over the next few months, from August?

Will they be able to re-establish clear water between what they offer and protected cash deposits?

What does that "gap" need to be?

Taking into account the (usual) accessibility of funds in LP as opposed to being locked away for a year.

allegro120

where_are_we said:

They are removing the higher ISA Premium account (ISAPA) interest rate differential  over the Standard Premium account (SPA) interest rate on June 19. At the moment it is ISAPA 5.6% : SPA 5.4%. On June 19 it is ISAPA 5.6% : SPA 5.6%. Then on July 17 both ISAPA and SPA increase to 5.8%. As a Loanpad ISAPA investor obviously I would have wanted the .2% differential to continue. The fact that I could get a one year fix today at 5.26% with no risk make me wonder if it is time to get out? What are other Loanpad  investors thoughts?

In the current climate for me it will have to be at least 6.5% on Premium to get back to it in a small capacity.

Sea_Shell

I notice this morning that they now have one loan in default (9994199 a-d), total outstanding of ~£537k

No ICF and with a revised LTV between 36-42%

It's with Receivers.   No material loss expected.


My exposure on this loan is ~£60.

brucefan_2

Received an email earlier this morning, confirming the change in the interest rates for Classic and Premium to 4.60% and 5.60% respectively. No change for the ISA, which was already at that level.

A further increase on Monday July 17th to

Classic & Classic ISA: 4.8%
Premium &Premium ISA: 5.8%