upperdeane
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Post by upperdeane on Dec 5, 2019 9:55:37 GMT
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averageguy
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Post by averageguy on Dec 5, 2019 12:02:04 GMT
Update on site and it seems not linked
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upperdeane
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Post by upperdeane on Dec 5, 2019 12:07:18 GMT
Update on site and it seems not linked The plot thickens! Substantial update tomorrow it seems.
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IFISAcava
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Post by IFISAcava on Dec 5, 2019 12:12:57 GMT
If I still had any money left on MT I'd be concerned frankly.
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robski
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Post by robski on Dec 5, 2019 12:16:02 GMT
I wonder if its not a direct loan issue (we already had some suspended due to imminent repayment) I wonder if its a platform issue or something, the opportunity for ISA trasnsfers at an under value has existed, and if somehow there are some other issues that are similar
If it was a loan itself i am not sure why they wouldn't hold that one alone.
Or one of the big discount ones is going to come good. They need to do a warning exercise in order that a lot of heavily discounted parts dont get snapped up before the sellers have the opportunity to cancel.
They have to be careful as a platform afterall that information is fairly distributed.
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upperdeane
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Post by upperdeane on Dec 5, 2019 12:16:53 GMT
If I still had any money left on MT I'd be concerned frankly. Sadly i have a chunk. And yes, i'm concerned.
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upperdeane
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Post by upperdeane on Dec 5, 2019 12:18:58 GMT
I wonder if its not a direct loan issue (we already had some suspended due to imminent repayment) I wonder if its a platform issue or something, the opportunity for ISA trasnsfers at an under value has existed, and if somehow there are some other issues that are similar If it was a loan itself i am not sure why they wouldn't hold that one alone. Or one of the big discount ones is going to come good. They need to do a warning exercise in order that a lot of heavily discounted parts dont get snapped up before the sellers have the opportunity to cancel. They have to be careful as a platform afterall that information is fairly distributed. Hi, could you expand on your statement " the opportunity for ISA trasnsfers at an under value has existed" ? I don't understand.
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robski
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Post by robski on Dec 5, 2019 12:49:18 GMT
I wonder if its not a direct loan issue (we already had some suspended due to imminent repayment) I wonder if its a platform issue or something, the opportunity for ISA trasnsfers at an under value has existed, and if somehow there are some other issues that are similar If it was a loan itself i am not sure why they wouldn't hold that one alone. Or one of the big discount ones is going to come good. They need to do a warning exercise in order that a lot of heavily discounted parts dont get snapped up before the sellers have the opportunity to cancel. They have to be careful as a platform afterall that information is fairly distributed. Hi, could you expand on your statement " the opportunity for ISA trasnsfers at an under value has existed" ? I don't understand. Yes sure. I am pretty sure this is the case, although I never opened an ISA as when I was about to the loans dried up. I believe (but happy to retract) that you can list an item at a deep discount compared to the market price and buy it in the ISA, by default transferring into the ISA at an undervalue (compared to the market, not the headline rate) Certainly if You cant do it personally you can with multiple accounts I believe. This effectively allows you to over subscribe your ISA by buying in at an undervalue. There was some talk you shouldbe be able to sell to yourself. Obviously there is a risk that someone grabs the part for sale before you can buy it elsewhere. There was strange talk of bots etc if you remember
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upperdeane
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Post by upperdeane on Dec 5, 2019 14:44:49 GMT
Hi, could you expand on your statement " the opportunity for ISA trasnsfers at an under value has existed" ? I don't understand. Yes sure. I am pretty sure this is the case, although I never opened an ISA as when I was about to the loans dried up. I believe (but happy to retract) that you can list an item at a deep discount compared to the market price and buy it in the ISA, by default transferring into the ISA at an undervalue (compared to the market, not the headline rate) Certainly if You cant do it personally you can with multiple accounts I believe. This effectively allows you to over subscribe your ISA by buying in at an undervalue. There was some talk you shouldbe be able to sell to yourself. Obviously there is a risk that someone grabs the part for sale before you can buy it elsewhere. There was strange talk of bots etc if you remember Very interesting.
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tommo
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Post by tommo on Dec 5, 2019 15:07:17 GMT
Hi, could you expand on your statement " the opportunity for ISA trasnsfers at an under value has existed" ? I don't understand. Yes sure. I am pretty sure this is the case, although I never opened an ISA as when I was about to the loans dried up. I believe (but happy to retract) that you can list an item at a deep discount compared to the market price and buy it in the ISA, by default transferring into the ISA at an undervalue (compared to the market, not the headline rate) Certainly if You cant do it personally you can with multiple accounts I believe. This effectively allows you to over subscribe your ISA by buying in at an undervalue. There was some talk you shouldbe be able to sell to yourself. Obviously there is a risk that someone grabs the part for sale before you can buy it elsewhere. There was strange talk of bots etc if you remember But you can do this also on Abl. And they haven't raised flags against it.
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upperdeane
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Post by upperdeane on Dec 5, 2019 15:23:11 GMT
Yes sure. I am pretty sure this is the case, although I never opened an ISA as when I was about to the loans dried up. I believe (but happy to retract) that you can list an item at a deep discount compared to the market price and buy it in the ISA, by default transferring into the ISA at an undervalue (compared to the market, not the headline rate) Certainly if You cant do it personally you can with multiple accounts I believe. This effectively allows you to over subscribe your ISA by buying in at an undervalue. There was some talk you shouldbe be able to sell to yourself. Obviously there is a risk that someone grabs the part for sale before you can buy it elsewhere. There was strange talk of bots etc if you remember But you can do this also on Abl. And they haven't raised flags against it. Maybe not, but i can see the tax man getting very upset if he realised people were doing this (ie selling to themselves at a discount to get inflated IFISA holdings)
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robski
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Post by robski on Dec 5, 2019 15:39:49 GMT
Yes sure. I am pretty sure this is the case, although I never opened an ISA as when I was about to the loans dried up. I believe (but happy to retract) that you can list an item at a deep discount compared to the market price and buy it in the ISA, by default transferring into the ISA at an undervalue (compared to the market, not the headline rate) Certainly if You cant do it personally you can with multiple accounts I believe. This effectively allows you to over subscribe your ISA by buying in at an undervalue. There was some talk you shouldbe be able to sell to yourself. Obviously there is a risk that someone grabs the part for sale before you can buy it elsewhere. There was strange talk of bots etc if you remember But you can do this also on Abl. And they haven't raised flags against it. I am not sure if the P2P definitions are fully up to date, but it S&S world its specifically excluded. Its why you have the term bed and ISA www.youinvest.co.uk/isa/bed-and-isaTo be clear you can transfer at below par, but you cant transfer below market rate
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corto
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Post by corto on Dec 5, 2019 16:30:43 GMT
Regarding selling to oneself at a discount: That option has been mentioned on the MT board before; around the time when the discounting system was introduced.
It's definitely against the rule. I asked at abundance because their SM premiums are extremely high and they said they can't do it.
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Post by funkymonkey on Dec 5, 2019 16:42:16 GMT
Or, MT could be going the same way as Landbay.....
Truth is, we don't know and can only speculate, until we're told
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iRobot
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Post by iRobot on Dec 5, 2019 17:33:44 GMT
Or, MT could be going the same way as Landbay..... Truth is, we don't know and can only speculate, until we're told My vote is closing up shop as 'MoneyThing' and m aybe attempting a re-brand and re-launch (with their new loan origination aspirations, but no signs of the old loan book) to solely HNWs and SIs, or preferably VSHNWs: very-sophisticated-high-net-worths Retail Investors (RIs) just aren't viable in this space. The FCA wants to restrict them out of the game - viz new requirements on Appropriateness tests and clearer "YES! It really IS risky!!" reporting. Final outcomes on Collateral, Lendy and (possibly) FS will likely cause the FCA to further regulate against RIs under the guise of 'safeguarding the consumer' and as smokescreen intended to hide any traces of culpability in being 'light-touch' to the point of negligence. So long as the FCA don't themselves admit negligence, they are safe. Every other man, woman, child and anything else with an ounce of intelligence and integrity - including Lords and law makers - can proclaim the FCA 'guilty as charged' on any number of failings, but it won't matter a jot. The FCA will not allow itself to be accountable and, as far as it matters, the law can't force it to be. Back to the point in hand... Every time the FCA tighten the regulatory screws on RIs, it adds costs to the platform. Either the platform absorbs those costs, making RIs less of a viable client proposition to platforms who then drop them; or they pass those costs on the RIs by way of reduced returns, making the platforms less attractive to RIs who then withdraw investments. Net result is no Retail Investors. Platforms will still have to deal with those self-proclaimed SIs and HNWs who invest £25, generate £1 profit and cost £10 to manage, but there are way of dealing with those pesky minnows: Black-Box accounts and/or suitably high minimum investments to act as a barrier to entry. "If you want to moan at us umpteen times a day, you will damn well pay us for the privilege." Of the handful of platforms I've had anything like detailed conversations with, all have commented that there is a near-logarithmic inverse correlation between account size and account management effort / cost. That may be endurable in the early days when the loan book is growing and the only non-fixed overheads are the costs of managing your lender base, but once the loan book reaches a certain level of maturity and there is the constant, dragging financial expense of managing a number of problematic loans, those whinging lenders become an unwanted cost and an unwanted distraction. Not many platforms seem to have got it right. I thought BondMason had, but it would appear not. BridgeCrowd and HNW (the platform) appear to have done, but they are firmly in the realms of VSHNWs when it comes tho their lender base. As far as P2P in 2020 goes I will watch with interest, but mostly from the sidelines.
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