LendingWorks ISA - whether to reinvest repayments?
itm2
Posts: 1,310 Forumite
I'm about to invest in an ISA with Lending Works, and need to decide whether to automatically reinvest any repayments. My question is: if I invest in the 5 year plan, does automatic reinvestment mean that I will always have funds locked away for 5 years, unless I choose to pay the early withdrawal fee?
I was wondering what others were choosing to do with their repayments, and what the implications were for the liquidity of their investments?
I was wondering what others were choosing to do with their repayments, and what the implications were for the liquidity of their investments?
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I'm about to invest in an ISA with Lending Works, and need to decide whether to automatically reinvest any repayments. My question is: if I invest in the 5 year plan, does automatic reinvestment mean that I will always have funds locked away for 5 years, unless I choose to pay the early withdrawal fee?
I was wondering what others were choosing to do with their repayments, and what the implications were for the liquidity of their investments?0 -
If you choose to re-invest in the 3 or 5 year loans, your funds will be tied up in those loans for that period unless you choose to pay a fee to withdraw.
You can choose to withdraw either interest payments or capital and interest as it's repaid. I previously had my account set to reinvest all repayments in 5 year loans but have been withdrawing all repayments for the last few months as I am reducing my p2p investments.0 -
I previously had my account set to reinvest all repayments in 5 year loans but have been withdrawing all repayments for the last few months as I am reducing my p2p investments.[/QUOTE]
Any particular reason why?0 -
I previously had my account set to reinvest all repayments in 5 year loans but have been withdrawing all repayments for the last few months as I am reducing my p2p investments.will-he-payitoff wrote: »Any particular reason why?
I've got approx £9k invested with p2p lender Collateral who are currently in administration. I don't know when or if I'll have access to these funds.
I had been intending to reduce my p2p investments to fund my Lifetime ISA but am having to reduce them further than previously planned due to to the £9k capital that is inaccessible and the loss of approx £90 pm in interest payments.0 -
I've got approx £9k invested with p2p lender Collateral who are currently in administration. I don't know when or if I'll have access to these funds.
Would you consider writing a post to document your experience and update with correspondence from the administrators? As alot of people are using P2P but there is not much coverage about what happens with administration.0
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