tomtom
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Post by tomtom on Sept 17, 2016 11:44:54 GMT
Why are some people putting their loans on the sm when this loan is due to repay beginning of next week?
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jonah
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Post by jonah on Sept 17, 2016 12:03:32 GMT
Why are some people putting their loans on the sm when this loan is due to repay beginning of next week? To get their cash out early to avoid a rush to get it in elsewhere I would guess.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 17, 2016 12:38:38 GMT
Why are some people putting their loans on the sm when this loan is due to repay beginning of next week? And why would anybody buy it, for about 0.033% per day for a day or two?
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fp
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Post by fp on Sept 17, 2016 13:04:23 GMT
Why are some people putting their loans on the sm when this loan is due to repay beginning of next week? And why would anybody buy it, for about 0.033% per day for a day or two? £50k for a few days at 13%, very little risk, not to be scoffed at
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ali
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Post by ali on Sept 17, 2016 13:09:30 GMT
And why would anybody buy it, for about 0.033% per day for a day or two? £50k for a few days at 13%, very little risk, not to be scoffed at Yes. I was a bit surprised that somebody bought my 12%; perhaps a really cautious lender. I shall quite happily pop it back in at 13% if nothing else comes up.
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freddy
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Post by freddy on Sept 17, 2016 13:09:34 GMT
And why would anybody buy it, for about 0.033% per day for a day or two? £50k for a few days at 13%, very little risk, not to be scoffed at £17.80 a day.
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fp
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Post by fp on Sept 17, 2016 13:14:09 GMT
£50k for a few days at 13%, very little risk, not to be scoffed at Yes. I was a bit surprised that somebody bought my 12%; perhaps a really cautious lender. I shall quite happily pop it back in at 13% if nothing else comes up. I've bought some more 13%, seems daft having money sat idle earning barely nothing elsewhere that I don't need for another week or two.
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jonah
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Post by jonah on Sept 17, 2016 19:17:56 GMT
The 44k limit might apply though as MT haven't clarified the status for CGT on second hand loan parts. See the thread by James in the general forum for more info. That, and not having much spare to invest is the reason I haven't done any hoovering.
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james
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Post by james on Sept 17, 2016 22:18:07 GMT
I didn't let that stop me from buying some. If the conclusion is that reporting is needed I'm confident that MoneyThing will provide the required reports to make it easy. Only doing transactions at par makes life a good deal easier for both that and any manual work, since there's no issue with borrower repayments producing actual capital gains or losses. Just volume. Well, unless cashback or similar ends up regarded as a discount on the purchase price, in which case redemption would be a capital gain event.
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ali
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Post by ali on Sept 17, 2016 22:22:48 GMT
I didn't let that stop me from buying some. If the conclusion is that reporting is needed I'm confident that MoneyThing will provide the required reports to make it viable. Me neither, but it's not quite that simple. If you go over the threshold then you need to report all CGT calculations, not just MT ones. I hope my records are good enough that I could, but I guess I won't know for sure until next year.
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Post by Deleted on Sept 17, 2016 22:27:59 GMT
Saving Stream seem to be saying that MoneyThing investors investing in the Cardiff loan on Saving Stream can not rely on their payment from MoneyThing to fund the purchase, they must pay in new funds or sell other loan parts.
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james
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Post by james on Sept 17, 2016 23:48:10 GMT
Saving Stream seem to be saying that MoneyThing investors investing in the Cardiff loan on Saving Stream can not rely on their payment from MoneyThing to fund the purchase, they must pay in new funds or sell other loan parts. And of course that would be one reason for people to look to sell the loan here on MoneyThing. I've kindly offered to borrow some money to buy more than I already have on Moneything's secondary market to help to get the deal done. For only half of Saving Stream's anticipated profit pro-rata. A bargain!
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arbster
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Post by arbster on Sept 18, 2016 5:26:52 GMT
I've kindly offered to borrow some money to buy more than I already have on Moneything's secondary market to help to get the deal done. For only half of Saving Stream's anticipated profit pro-rata. A bargain! To be fair, I don't think savingstream is saying it needs help for the loan to be funded on their platform, just that people who use INPL for parts and then don't follow up promptly with the cash will be likely to find them removed more quickly than usual. I suspect that there are enough big hitters on the SS platform to hoover up the excess. So, for me, it felt like more of a warning to individuals rather than a cry for help.
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Post by flobberchops on Sept 18, 2016 13:33:23 GMT
First the B*ll***s dropped and now Cardiff refinances - I hope this isn't becoming a trend.
As much as I respect MT's decision making process, the lender appetite is clearly bigger than ever and so, in the absence of the 4-figure mini-loans the platform used to have, it's inevitable that some big loans will have a disproportionate impact.
Still, I'd sooner have lending opportunity than a "magic ratio" of loan sizes. I just hope MT has some fresh loans in the near future or a lot of cash will be leaving the platform for greener pastures.
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ben
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Post by ben on Sept 18, 2016 14:43:19 GMT
First the B*ll***s dropped and now Cardiff refinances - I hope this isn't becoming a trend. As much as I respect MT's decision making process, the lender appetite is clearly bigger than ever and so, in the absence of the 4-figure mini-loans the platform used to have, it's inevitable that some big loans will have a disproportionate impact. Still, I'd sooner have lending opportunity than a "magic ratio" of loan sizes. I just hope MT has some fresh loans in the near future or a lot of cash will be leaving the platform for greener pastures. The storage company was not dropped they went somewhere cheaper, which is the plan for most of these of these types of loans, pay high interest rate to get it going then refinance on a lower rate. With the cardiff loan it a shame that it has to go but it is unlikely that MT investors would be able to fund it.
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