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Post by MoneyThing on Feb 27, 2015 10:28:04 GMT
Thank you for the rapid reply. My mobile phone is used for emergency use and is switched off 90% of the time so would be of no value to you. I am at home a lot of the time, so landline is always avalable (with answer machine). I shall continue my application. edit. Oh! All reg details wiped because "user name must be more than five letters " ... I'd used eight, (**** ****) but the space couldn't have countedcso it was read as four! I'll try again later. edit again ... Right! Done. I'll dip my toe in for a while and see how thngs go, though I'm wary of gold prices and valuations. Many thanks oldgrumpy. I am also mindful about the gold price also - as this has caused many problems in the past for pawnbroking businesses. Hovering around the $1,200/oz mark at the moment at least feels quite a low price. Kind regards, Ed.
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Grezza
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Post by Grezza on Feb 27, 2015 10:52:07 GMT
I'll dip my toe in for a while and see how thngs go, though I'm wary of gold prices and valuations. Hi, good to see you here!! I'm dipping a couple of toes in as well, and will see how it goes for a few months, checking repayments, loan flow for investing/reinvesting (good so far), withdrawals etc. I also created an excel spreadsheet for the gold loans to calculate the scrap gold value based on the weights and carats quoted. Typical values I calculate are 70/80% LTV based on scrap value, is anyone else doing something similar, and getting similar results? Hopefully with shorter loan periods, gold values will not drop too far? I'm avoiding watches and property.....for the time being.
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oldgrumpy
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Post by oldgrumpy on Feb 27, 2015 11:07:13 GMT
I instructed my bank to do a faster payment transfer, and about twenty minutes later MoneyThing emailed me to say the funds had been received and were in place to invest. Full marks to both the bank and MoneyThing.
On another platform this process would take until sometime next Tuesday morning, though to be fair they are (at last) doing something about it, they say.
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oldgrumpy
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Post by oldgrumpy on Feb 27, 2015 11:11:03 GMT
I'll dip my toe in for a while and see how thngs go, though I'm wary of gold prices and valuations. Hi, good to see you here!! I'm dipping a couple of toes in as well, and will see how it goes for a few months, checking repayments, loan flow for investing/reinvesting (good so far), withdrawals etc. I also created an excel spreadsheet for the gold loans to calculate the scrap gold value based on the weights and carats quoted. Typical values I calculate are 70/80% LTV based on scrap value, is anyone else doing something similar, and getting similar results? Hopefully with shorter loan periods, gold values will not drop too far? I'm avoiding watches and property.....for the time being. I will be very low key for a while, just assessing the progress as it happens. Any updates on the approximate LTVs based on scrap gold prices will be appreciated. We'll wait and see how conservative MTs valuers are before long, I'm sure.
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Post by duncandive on Feb 27, 2015 11:12:42 GMT
I'll dip my toe in for a while and see how thngs go, though I'm wary of gold prices and valuations. Hi, good to see you here!! I'm dipping a couple of toes in as well, and will see how it goes for a few months, checking repayments, loan flow for investing/reinvesting (good so far), withdrawals etc. I also created an excel spreadsheet for the gold loans to calculate the scrap gold value based on the weights and carats quoted. Typical values I calculate are 70/80% LTV based on scrap value, is anyone else doing something similar, and getting similar results? Hopefully with shorter loan periods, gold values will not drop too far? I'm avoiding watches and property.....for the time being. Well I think that I'm doing something a little similar, although on a more simplistic level. (Very new to all this, so my brain tends to prefer simple right now). So far I have been calculating the 'Scrap Value' based on the total weights and carats for each loan. Then looking at the 'Partners' Loan Agreement, to make sure my figure comes to at least 10% more than their TOTAL Loan Cost. Maybe 10% is too low but if Gold prices are lowish right now I hope it still gives me investment options. There have been a few loans that I have stayed away from as they are considerably higher than the scrap value. I note that these ones do tend to be those with a great deal more detailed work involved in their creation, so I guess the idea is that they would be more likely to sell at auction if needed..
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Post by duncandive on Feb 27, 2015 11:17:52 GMT
I instructed my bank to do a faster payment transfer, and about twenty minutes later MoneyThing emailed me to say the funds had been received and were in place to invest. Full marks to both the bank and MoneyThing. On another platform this process would take until sometime next Tuesday morning, though to be fair they are (at last) doing something about it, they say. So far I have just made three rather small deposits to MT. All were done by BACS, one last Sunday, and so far the longest any has taken to arrive is just over an hour. Two of them apeared in a matter of minutes. Pretty Impressive so far. I do use their notification function each time... So I guess they keep a pretty close eye on that.
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coop
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Post by coop on Feb 27, 2015 12:14:43 GMT
The loans are at about 60% apr I think; we get 12%. PLenty profit to be made for Ed !
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Post by MoneyThing on Feb 27, 2015 12:46:18 GMT
The loans are at about 60% apr I think; we get 12%. PLenty profit to be made for Ed ! We typically put our money out at 2%/month and therefore MoneyThing retains 1% and gives away 1% to the lender/investor. Regards, Ed.
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coop
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Post by coop on Feb 27, 2015 13:01:21 GMT
Thus leaving a little over 3% per month for Cash Shop from an approx 60% APR for the borrower if I've done my maffs correctly?
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 27, 2015 13:15:04 GMT
Ed, aside from the debate around LTVs, I am correct though in understanding that re loans via your partnership arrangements, any default will result in all capital and interest being repaid to you and on to lenders? This is my interpretation of the statement on your website.Thanks.
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Post by MoneyThing on Feb 27, 2015 13:20:51 GMT
Ed, aside from the debate around LTVs, I am correct though in understanding that re loans via your partnership arrangements, any default will result in all capital and interest being repaid to you and on to lenders? This is my interpretation of the statement on your website.Thanks. Afternoon. You are correct. As part of the agreement with our Partner, they commit to buy the loan back from us in the event of default (paying both capital and accrued interest). Kind regards, Ed.
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coop
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Post by coop on Feb 27, 2015 13:24:50 GMT
This is why I've been very trusting of the valuations on MT.
1) The managers at pawnbrokers presumably know what they are doing
2) It's not in their best interests to overvalue something (unless they are very confident of getting the money back (i.e. a frequent customer who always pays on time)
3) They will buy the loan back and suffer the consequences - if they have a stake in the business overvaluation could lose them money; if they're just employees it could be more than your job's worth!
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bob2014
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Post by bob2014 on Feb 27, 2015 16:58:48 GMT
I prefer email notices & I suspect SMS will cost you more. both come up on my mobile. Missed this afternoons fun, hope to be about for Mondays...
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rogerbu
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Post by rogerbu on Mar 2, 2015 16:29:52 GMT
I strongly support email notifications. I prefer not to get any text messages.
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rogerbu
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Post by rogerbu on Mar 2, 2015 16:33:21 GMT
Re having the Loan Number shown at the end of the description.
If the loan number was first then the description. The information would be more relevant and we could easily sort by loan number
CS83 - 22 Carat Yellow Gold Bangle
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