arbster
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Lendy (L) in Administration
BACS deficit
Jul 16, 2015 7:02:39 GMT
Post by arbster on Jul 16, 2015 7:02:39 GMT
I'm not getting emails about my BACS deficit, but it does seem to be hanging around longer than the last time I deposited. How long does it typically take for them to register the payments?
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arbster
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Post by arbster on Jul 14, 2015 13:04:23 GMT
That's a very pretty Porsche indeed, and the valuation seems very fair. I presume you've also access to insurance documentation? MoneyThing: As for the £50K MP, the valuations of the electronics seem quite high in places, especially if they're all supposed to be a maximum of 50% LTV. The implied value of several items, especially things like the iPhone 3GS, PS3, etc, are far higher than these items typically sell for on eBay. How confident are you that the portfolio is appropriately conservatively valued? Thanks in advance.
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arbster
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Post by arbster on Jul 11, 2015 20:47:32 GMT
12% would typically be paid on far higher risk loans that what SS appear to be offering. It's possible you are underestimating the risk associated with the loans offered by SS.
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arbster
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Post by arbster on Jul 10, 2015 17:41:59 GMT
My question would be why Futile Challenges reckon there isn't a business loan in the world that warrants an interest rate anywhere between 15% and 18.2% I will certainly ask why they think 18.2% is the right MBR for E-rated loans. It's possible they'll concede that they don't do enough DD, nor provide sufficient information to lenders to do their own DD, to warrant a lower MBR for those loans.
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arbster
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Post by arbster on Jul 10, 2015 15:41:19 GMT
I'm currently planning to be there and will report back, if anyone's interested. Are there any particular questions people would want to ask (ideally ones that won't have me immediately ejected as a troublemaker)?
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arbster
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Post by arbster on Jul 10, 2015 14:34:46 GMT
Anyone going next Thursday?
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arbster
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Post by arbster on Jul 9, 2015 7:17:22 GMT
I must admit also to have invested during this cashback, as the effective 4.5% I can get on £2,500 for 1 year beats the other options available to me that I consider to be of equivalent risk to RateSetter. I still have cash in hand waiting for investment opportunities with MT, SS and ABL.
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arbster
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Post by arbster on Jul 8, 2015 7:33:23 GMT
I get the sense, from Ed's posts, that the "behind the scenes" work is ongoing anyway, possibly as BAU management of the underlying businesses that hold the assets/asset details, and that the technical work that is being done will simply enable this data to be surfaced to lenders. Thus, our fears that this might distract from finding new lending opportunities may be unfounded.
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arbster
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Post by arbster on Jul 7, 2015 20:58:02 GMT
I have questioned Money&Co. They confirm that for 2015/16 et al. Investors should declare Gross (before fees) interest. Their reply. 'We cannot provide tax advice, but our advisers have informed us that lenders should declare the gross interest before fee deductions to the HMRC. We are looking at ways of making this more tax efficient for lenders.' The key appears to be FC designating their fee as a "loan servicing fee". If other P2P platforms don't do this, I presume the status quo will be maintained, and they will be less tax efficient than platforms that make the change.
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arbster
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Post by arbster on Jul 7, 2015 10:21:26 GMT
+1 for more lending opportunities.
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arbster
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Likes: 426
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Lendy (L) in Administration
pbl42
Jul 7, 2015 10:17:30 GMT
Post by arbster on Jul 7, 2015 10:17:30 GMT
Interesting. Strikes me, then that the approach will need to continue to be to invest before reading the documentation, to secure some kind of stake, and don't re-list on the SM if it feels under-secured until just before or shortly after drawdown.
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arbster
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Post by arbster on Jul 7, 2015 6:53:38 GMT
At least one P2P has commented that HMRC is demanding files of interest paid etc. So make sure that you are correctly recording your P2P income. It is my understanding that you should record the Gross Income - ie Interest before a P2P's fees. Just as a note on this, I got this response from FC on the tax treatment of fees: Recently, HMRC have clarified that investors are obliged to pay tax on their gross income, which for the 14/15 tax year means inclusive of fees (meaning the gross figure on your tax statement). Following this recent clarification, HMRC have agreed that from April 2015 the Funding Circle lender fee will become a 'loan servicing fee', which can be deducted prior to taking a gross figure for investors to declare on their tax returns. To summarise: for the tax year 14/15 we understand that you should put the total income before fees, from 15/16 you should use the figure after fees. I have also included a link on our recent blog post on the subject of tax, following the budget announcement: www.fundingcircle.com/blog/2015/04/talking-tax/
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arbster
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Lendy (L) in Administration
pbl42
Jul 6, 2015 21:24:38 GMT
Post by arbster on Jul 6, 2015 21:24:38 GMT
Well it is good that SS appear to have reviewed the position very quickly in the light of user comments. Some detailed response from SS here would be good, and obviously a definite update of the loan particulars detailing the new security. I agree, that's a positive thing, assuming it was driven by feedback from lenders. It'd be less good if it was the case that the loan went live on the platform before SS had finished doing their own DD.
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arbster
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Lendy (L) in Administration
pbl42
Jul 6, 2015 20:34:04 GMT
Post by arbster on Jul 6, 2015 20:34:04 GMT
In the weekly update, talk of another £110k security being added to this one... While this is no doubt very encouraging for those who managed to get some of this, it would be a disappointment to me if I'd managed to read the documentation and consciously decided against making the investment on the original terms. It's clearly a much more attractive proposition with additional, unconnected security, and presumably we can usually expect the full offer to be declared when the loan goes live?
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arbster
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Post by arbster on Jul 5, 2015 9:47:15 GMT
I had the receipt confirmation email within a minute of my Santander faster payment. Can't get faster than that!! Indeed! It was only about 30 mins for me, iirc, but I guess it depends whether anyone's watching the incoming bank transfers.
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