liso
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Post by liso on Nov 7, 2018 22:42:50 GMT
I'd thought the 5K minimum would enable me to invest a substantial amount fast, but from the info you've given me I can see I need to find alternatives. That said, I'll definitely have a look at BC and hopefully pick up one or two good loans quickly.
Thank you for the info and suggestions. Helpful, and much appreciated.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 8, 2018 1:15:20 GMT
I'd thought the 5K minimum would enable me to invest a substantial amount fast, but from the info you've given me I can see I need to find alternatives. That said, I'll definitely have a look at BC and hopefully pick up one or two good loans quickly. Thank you for the info and suggestions. Helpful, and much appreciated. Make sure you read the details carefully. It is not a true P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P by HMRC definition.
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Greenwood2
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Post by Greenwood2 on Nov 8, 2018 11:35:24 GMT
I'd thought the 5K minimum would enable me to invest a substantial amount fast, but from the info you've given me I can see I need to find alternatives. That said, I'll definitely have a look at BC and hopefully pick up one or two good loans quickly. Thank you for the info and suggestions. Helpful, and much appreciated. Make sure you read the details carefully. It is not a P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P. On the other hand there have been no losses, the LTVs on loans look sensible (unlike many platforms), the management have a lot of experience and since I was in Zopa when FCA P2P regulation was a dot on the horizon (and survived!) I'm not too worried.
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tomp
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Post by tomp on Nov 8, 2018 11:44:11 GMT
I'd thought the 5K minimum would enable me to invest a substantial amount fast, but from the info you've given me I can see I need to find alternatives. That said, I'll definitely have a look at BC and hopefully pick up one or two good loans quickly. Thank you for the info and suggestions. Helpful, and much appreciated. Make sure you read the details carefully. It is not a P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P. Interesting point. How are the losses treated then from Self Assessment and HMRC perspective?
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elliotn
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Post by elliotn on Nov 8, 2018 11:48:26 GMT
Make sure you read the details carefully. It is not a P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P. Interesting point. How are the losses treated then from Self Assessment and HMRC perspective? Excluded from personal assessment, allowable trading loss for company. Of course, not tax advice
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tomp
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Post by tomp on Nov 8, 2018 13:02:05 GMT
I'd thought the 5K minimum would enable me to invest a substantial amount fast, but from the info you've given me I can see I need to find alternatives. That said, I'll definitely have a look at BC and hopefully pick up one or two good loans quickly. Thank you for the info and suggestions. Helpful, and much appreciated. Make sure you read the details carefully. It is not a P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P. Are you aware of any other platforms that are using the same approach?
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Greenwood2
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Post by Greenwood2 on Nov 8, 2018 13:23:26 GMT
Bondmason isn't true P2P, for different reasons. I'm not sure of the status of losses on there.
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elliotn
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Post by elliotn on Nov 8, 2018 13:44:34 GMT
LendInvest, WiseAlpha are not p2p, the platform is the counterpart assigning the underlying receivable.
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shimself
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Post by shimself on Nov 8, 2018 14:00:00 GMT
I'd thought the 5K minimum would enable me to invest a substantial amount fast, but from the info you've given me I can see I need to find alternatives. That said, I'll definitely have a look at BC and hopefully pick up one or two good loans quickly. Thank you for the info and suggestions. Helpful, and much appreciated. Make sure you read the details carefully. It is not a P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P. What worries me most is that if the FCA take it upon themselves to decide the platform is operating without the "proper" approvals they might then shut it down overnight (as per COL although I think things there were murky). And as per what seems to be happening with COL the rundown operated by the FCA's city mates might cost investors dear.
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SteveT
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Post by SteveT on Nov 8, 2018 14:10:11 GMT
One obvious difference is that COL were purporting to be authorised as a P2P platform and writing P2P loans. BC never has done.
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elliotn
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Post by elliotn on Nov 8, 2018 14:14:35 GMT
Make sure you read the details carefully. It is not a P2P lending platform & it's loans are not regulated by the FCA, although the platform is FCA regulated itself. Losses are not eligible for loss relief as it is not P2P. What worries me most is that if the FCA take it upon themselves to decide the platform is operating without the "proper" approvals they might then shut it down overnight (as per COL although I think things there were murky). And as per what seems to be happening with COL the rundown operated by the FCA's city mates might cost investors dear. FCA were in negotiations with Coll, it was their directors that for some reason chose to close down overnight (except it would seem they had made some plans by having already vacated their offices, terminated their server contract, possibly withdrew client funds for ‘business profits’ and had pre-written T&Cs telling us we were then unsecured creditors). I think a more viable comparison would be LendInvest, when they discontinued their ‘p2p’ application they remained FCA authorised and investors continued under self-certification. At 5k a pop I reckon most BC investors should be certified .
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michaelc
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Post by michaelc on Nov 8, 2018 20:43:36 GMT
Getting invested quickly may be a problem, on the PM small loans go really fast and bigger loans are not so frequent, currently anything on the SM seems to last minutes rather than days (but who knows in the future). Yes the minimum is £5000. If you have £15,000+ to put on the platform there is an auto invest, which gives priority allocation in some loans. Edit: I sold a loan a few weeks ago that was snapped up in 15 mins. You cannot sell loans in the first month or if they are late paying back. I would agree with that but the only thing I would add is definitely not to assume you can get out via the SM. Around 6 months ago or so, for a few weeks there were perhaps a dozen or even double that up for sale at any time. Overall still very liquid by p2p standards but you never know.
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Greenwood2
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Post by Greenwood2 on Nov 8, 2018 21:24:09 GMT
I don't remember seeing more than a few loans at any time on the SM, usually one at best, but I wasn't necessarily looking at the exact same time as you (I usually do look pretty frequently), if there was a glut it was very short lived. Sometimes loans are listed sold and replaced by other similar loans in very rapid succession. But I agree you cannot rely on being able to sell quickly on the SM in the future.
Edit: There was a thread about that time that there were a few more loans than usual on the SM, but not a huge amount.
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Greenwood2
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Post by Greenwood2 on Nov 9, 2018 17:31:32 GMT
Bigger loans 'promised' for next week.
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KoR_Wraith
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Post by KoR_Wraith on Nov 9, 2018 18:04:46 GMT
Not a fan of the way the primary market is going; both loans today snapped up in a couple of minutes with no opportunity to carefully review.
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