TFTO
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Post by TFTO on Sept 24, 2018 11:58:48 GMT
Loans would need to be lower LTV and not property to interest me. I have been steadily withdrawing from P2p over the past year as platforms seem to me to be more interested in writing rubbish and pocketing large up-front fees.
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m2btj
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Post by m2btj on Sept 24, 2018 12:01:48 GMT
£1m plus loans are no longer attractive for me. LTV is still a huge concern along with a probable market correction. Even large developers are shying away from building homes that are becoming increasingly unaffordable.
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n
Member of DD Central
Yet another Nick
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Post by n on Sept 24, 2018 12:44:06 GMT
I voted reinvest in new loans on MT (obviously withdrawing until they become available). Like jcm9000 where I would have taken 1k chunks a year ago I won't take more than £200 in property loans now, but more in bling & cars & wine etc. I don't mind waiting a few years for defaults to repay, but I now perceive capital losses as more likely than back in the day (when valuation bashing was just a twinkle in ozboy 's eye).
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Post by GSV3MIaC on Sept 24, 2018 13:57:30 GMT
I went for reinvest (it's a PITA to move some of my ISA elsewhere, so I'll hold cash until something suitable is on offer). Like many others I am "100% anti" development loans, unless the borrower is in for a huge chunk of the costs (and watched like a hawk), and pretty down on property loans in general, especially anything 'non standard' or 'high end' (or sat on a flood plain). Multiples to the same company/borrower/clan basically have an overall ceiling that I will play up to (when I manage to figure out that's what they are), so if one repays, I'll consider some more, but won't just pile in willy-nilly unless I can exit some of the earlier ones.
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spiral
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Post by spiral on Sept 24, 2018 14:01:45 GMT
My situation is a little unusual.
I am currently a non taxpayer but will be paying tax in the near future once I start to draw my pension. As all my defaults (across all platforms) are from non tax paying years, I am not offsetting any losses currently. It is therefore easier that I await all of these "losses" to conclude rather than end up with recoveries coming in years when I am a taxpayer coming from both loans I have and haven't claimed relief on.
I am currently unconvinced that any platform I'm involved in has made this separation easy so I am making it easy for myself by not investing in any p2p currently.
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archie
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Post by archie on Sept 24, 2018 14:08:27 GMT
My situation is a little unusual.
I am currently a non taxpayer but will be paying tax in the near future once I start to draw my pension. As all my defaults (across all platforms) are from non tax paying years, I am not offsetting any losses currently. It is therefore easier that I await all of these "losses" to conclude rather than end up with recoveries coming in years when I am a taxpayer coming from both loans I have and haven't claimed relief on.
I am currently unconvinced that any platform I'm involved in has made this separation easy so I am making it easy for myself by not investing in any p2p currently.
We still need a second page on the tax statement listing the individual defaults and recoveries. Increasingly confusing. I will be using some of the losses to try and keep just under the tax paying threshold.
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robski
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Post by robski on Sept 24, 2018 14:21:47 GMT
Mine is ticked as reinvest, as thats the medium term aim
I am by no means a BH, my confidence level is 7/10 at the moment, I am looking to increase my platform limit, but that needs new loans
This loan specifically (the scotland one) I am in for a little.
Would be interesting to know if a load of the other potential scotland loans are tied to this one, or if they are different borrowers. If the same, could this loan not filling mean some of the others could disappear?
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mickj
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Post by mickj on Sept 24, 2018 14:22:30 GMT
Like averageguy reinvesting some and withdrawing some so picked 'other' shame with polls cannot have 2 options, also keeping smaller amounts in loans across the board, I had more than enough for me in B, a mistake I won't make again. It's the thing's presence on here and the like of this poll that help to keep me interested - just saying.
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theshape
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Post by theshape on Sept 24, 2018 14:36:17 GMT
I'm withdrawing funds as they become available. All my investments are up for sale. I'm only a small investor though (£8300 approx at the peak with MT) so won't make much difference. Unfortunately, with funds tied up with Collateral and wanting to fund my LISA and SIPP I've been withdrawing all my funds from p2p.
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ton27
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Post by ton27 on Sept 24, 2018 14:37:49 GMT
I have quite a few of the defaulted loans and now only re-invest the odd £100-£200 in Development Loans due to the often ridiculous valuations and the enormous costs and ultra slow pace of recoveries. I still have a large sum in MT and will continue to invest but am being very careful in what I invest in.
AC has been the beneficiary so far of my £10k plus withdrawal from MT largely due to the fact that they offer more diversification
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michaelc
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Post by michaelc on Sept 24, 2018 15:02:25 GMT
I went for reinvest (it's a PITA to move some of my ISA elsewhere, so I'll hold cash until something suitable is on offer). Like many others I am "100% anti" development loans, unless the borrower is in for a huge chunk of the costs (and watched like a hawk), and pretty down on property loans in general, especially anything 'non standard' or 'high end' (or sat on a flood plain). Multiples to the same company/borrower/clan basically have an overall ceiling that I will play up to (when I manage to figure out that's what they are), so if one repays, I'll consider some more, but won't just pile in willy-nilly unless I can exit some of the earlier ones.Sadly, that is (stupidly) just what I did a year+ ago. By not differentiating or even realising that there were other loans going live and getting filled quickly, I ended up picking up what was left to pick and sure enough the loans I did manage to get into largely defaulted and I'm expecting to make an overall loss on the platform. Even though recoveries seem to be moving ,even though part of the problem was my fault and even though I only dipped in with 4 figures, I expect to lose real cash on the platform so would find it hard to try again.
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mj
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Post by mj on Sept 24, 2018 15:03:54 GMT
No large loans due to repay within the next week or so for me so there's no point answering the questionnaire. For what it's worth I'm through with most P2P outfits. Too risky for insufficient returns in my view. I'll keep a bit in AC and Ratesetter because they still seem reasonably solid, though the returns are smaller.
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hendragon
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Post by hendragon on Sept 24, 2018 15:08:50 GMT
I am reducing my p2p holdings in general.With regard to MT the new T&Cs and the lack of the abiltity to sell some loans IMHO means that you are lending money on what may be an unknown and very flexible timescale. I accept that MT are doing their best but the difference between "non-performing" and default (with penalty interest) is a matter of some concern to me. Anything with SPV in the title leaves me more than a little doubtful.
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james21
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Post by james21 on Sept 24, 2018 15:14:49 GMT
Withdrawing all, lack of confidence in team. And too many poorly managed defaults
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eeyore
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Post by eeyore on Sept 24, 2018 15:47:10 GMT
We analysed the statistics last week and of our active users only 109 have not signed our terms and conditions. "Only 109"? Just how many thousands of active users are there that 109 hold-outs amongst the active users merits the use of "only"? I've not been using MT long enough to have been caught by L***-S***-A*** and B***head, but I did charge into Boll***n and Pl***th 1 & 2. My reluctance to invest in MTBI956 is based, as with all the property development proposals, on both confidence in the viability of the project itself and in the valuation of the asset securing the loan. So many of the valuation reports seem based on the assumption that the project will succeed, in which case, whatever value has been given, it's an irrelevance. MT need to stress in the requirements for the valuation report a "worst case" valuation for the circumstance where the borrower has defaulted - what's a half-completed project going to achieve if it goes for auction on a dark, wet Monday morning? I'm also cynical about the assumption that 70% LTV is the appropriate level for property loans - in the light of the recent defaults, maybe this needs to be reduced.
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