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

Sea_Shell

In answer to my own question...no they don't!

From my own records (for 21/22) I earned £164 of interest in total BUT, £41 of this was on my P2P account with Loanpad (before I moved it all to their IFISA) which can't of been declared, as HMRC have £123 as the 'estimated' amount of tax, carried forward.   

allegro120

masonic said:

allegro120 said:

Sea_Shell said:

Prompted by another thread ....

Do Loanpad report (non ISA) interest to HMRC?  

Or do they leave that up to the responsibility of the lender?

All my holdings are in the ISA now, but I just wondered if it could catch people out if they don't.

I don't know the answer but in my experience, with an exception of opening IFISA accounts, p2p platforms never ask for NI number so the only IDs they can use for reporting are your name, address and phone number.  Not sure if these details are enough for reporting to HMRC.

Did you not get asked for your date of birth?

Yes, date of birth too.  

masonic

allegro120 said:

masonic said:

allegro120 said:

Sea_Shell said:

Prompted by another thread ....

Do Loanpad report (non ISA) interest to HMRC?  

Or do they leave that up to the responsibility of the lender?

All my holdings are in the ISA now, but I just wondered if it could catch people out if they don't.

I don't know the answer but in my experience, with an exception of opening IFISA accounts, p2p platforms never ask for NI number so the only IDs they can use for reporting are your name, address and phone number.  Not sure if these details are enough for reporting to HMRC.

Did you not get asked for your date of birth?

Yes, date of birth too.  

The information collected (name, address, DOB) should therefore be sufficient to uniquely identify a taxpayer.

Sea_Shell

Email received earlier today...

We are pleased to announce some further interest rate increases coming up on our Premium and ISA Premium accounts, as follows:

From 02 October 2023: Classic / ISA Classic              5.50% (no change) Premium / ISA Premium        6.40%    From 16 October 2023: Classic / ISA Classic              5.50% (no change) Premium / ISA Premium        6.50%

We continue to monitor rates closely and we will update you further in due course.

where_are_we

The song "You keep me hangin` on " comes to mind! My IFISA with them continues on.

Sea_Shell

Wondering what the future for IFISAs might be under Hunt's autumn "overhaul"?

I hope he doesn't scrap them. ☹️.  Where would that leave P2P?


See other thread...https://forums.moneysavingexpert.com/discussion/6474463/hunt-to-overhaul-isas-this-autumn

andyhicks88

I don't know how long they have been doing it, might be old news, but I noticed an advert today online for Easy Money (As in EasyJet ect) offering P2P at pretty similar rates to LP.

DavidT67

Did you notice the minimum investment amounts to receive the higher rates from Easymoney though !?  NB the company pays a fee for use of the Easy brand, otherwise unrelated.

Sea_Shell

Do I need to worry about the new rules around P2P that come into effect on 31st January?*

I'm currently a self declared inexperienced investor, supposed limited to depositing 10% of my investable assets, which I still am.

How might this affect "the little guy" on platforms such as Loanpad?


* Read about briefly on the P2P forum, but I'm not a member and not sure if it'll apply to me .

Can you help @Aceace

masonic

Sea_Shell said:

Do I need to worry about the new rules around P2P that come into effect on 31st January?*

I'm currently a self declared inexperienced investor, supposed limited to depositing 10% of my investable assets, which I still am.

How might this affect "the little guy" on platforms such as Loanpad?


* Read about briefly on the P2P forum, but I'm not a member and not sure if it'll apply to me .

If you are self-certifying as restricted and are ok with continuing as such (not investing more than 10% of your assets in P2P), then the changes won't affect you. It is just those who self-certified as 'sophisticated' only on the basis of having participated in a couple of previous loans that will no longer be able to do so to be free of that limit. I would suggest that 10% is more than enough for "the little guy" to have invested in this sector.