blender
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Post by blender on Nov 9, 2022 15:01:13 GMT
Tbf the workhouse redevelopment bridges for £2.6M, 80 & 98, were paid back in full in 1019. There were extensions of course, but these were at 15% and I made a lot of cash from them. (I still want my Mr F money back)
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blender
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Post by blender on Nov 1, 2022 22:59:05 GMT
If chat goes, please retain the thread p2pindependentforum.com/thread/3859/sgt-pers-lonely-heart-club which is a historical document of great value, to FC lenders at least. Some of us have been reincarnated a few times since 2015. P2P was still young and exciting then. You could make 10% a year in the good old days. Great big returns, tiny little losses. Now it's tiny little returns, great big losses.
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blender
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Post by blender on Oct 29, 2022 23:13:51 GMT
I haven't read any of this thread, I just can't. I'm going to try to imagine what it is about. Forget that. I actually signed up to the P2P independent forum to make money and not lose money to untrustworthy third parties and bad personal judgement.
Then the chat is the safest topic.
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blender
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Post by blender on Oct 29, 2022 20:22:22 GMT
I don't care enough to read it, but I care enough to say I don't care. Makes perfect sense to me. We could ask Elon Musk to do the chat moderation for a trial period.
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blender
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Post by blender on Oct 22, 2022 9:58:50 GMT
Tomorrow is always a day away.
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blender
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Ablrate (ABL) in Administration
175 (ABL)
Sept 28, 2022 18:22:27 GMT
darren likes this
Post by blender on Sept 28, 2022 18:22:27 GMT
175 partial repayment received today, maturity date shown as 5th October Admin note just posted by Ablrate: LENDER UPDATE 28 SEPT 22: This loan is due for full settlement today. We have received today’s interest payment and a partial capital payment of £100,000. These will be credited to Lenders’ account shortly. Pea Won has advised that it is waiting for further funds to clear, which it expects to be within the coming days, and upon receipt, the outstanding balance will be paid down. We apologise for the delay in settlement and will update Lenders once we have more clarity with regards to the timeline.
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blender
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Post by blender on Sept 22, 2022 18:50:14 GMT
I note that the announcement also says the Access accounts queue has gone. This must raise the possibility of withdrawals being stopped due to non normal market conditions. Nope. The market conditions are returning to normal; the rates on the Access accounts are not.
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blender
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Post by blender on Sept 14, 2022 10:50:39 GMT
That was exactly my point Ace . I initially thought this had happend after ablrate update of 09/09/22, however eagle eyed blender noticed on 08/09/22 it showing on his 22/23 tax statement. Firstly, what were the factors on 08/09/22 which caused Abl to declare these loans bad debts and irrecoverable and secondly why not mention and explain this in their update of 09/09/22 You are both quite right in that practice does not easily fit with HMRC guidance. I am sure that we will all agree that loans should be formally defaulted, and recovery started, before they become irrecoverable. The problem is that the HMRC guidance requires two states for the loan, defaulted but judged recoverable, and defaulted and irrecoverable. Only the second category should go into the tax statement. But creating and declaring those two states is not practical for a platform like Abl and probably not desirable, and in any case they could not do the IT needed in wind down. So they put all defaulted loans on the tax statement, as far as I know, and they state that they are defaulted and not recovered, which is not the same thing as irrecoverable. It's not exactly right, but the best they can do, sensibly. It follows FC practice. BTW, the only way I know to find when a default went to the tax statement is to keep altering the start or end date of the period until there is a change of the right size.
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blender
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Post by blender on Sept 14, 2022 9:35:45 GMT
For most people I would suggest that it is best, if you can, to go with what Abl put on the Tax statement, and either claim all the losses (defaults) that they post and pay tax on all the recoveries that they post. Or do neither of these things. At least you can then claim that you are simply doing what the platform implies you should do, which is an easy justification, and your tax return should align with the Abl reports to HMRC - or be easily reconciled.
The Abl tax report does not itemise the defaults or the recoveries from previous periods, and so if you do your own thing, for tax advantage, you have to keep track of all the loans personally, make/record/justify your personal decisions on irrecoverability and keep track of the future changes, progress, and payments of loans which you have assigned as historical losses. A lot of work, a lot of skill required to justify if needed, and some risk of getting involved in tax investigations. So I am saying not something to do casually. No way I could do it.
BTW, my defaults with Mr F's activities on 8 Sept were the first to go on my tax return since I started with Abl in 2014. But it's big and it hurts, and it's in an ISA.
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blender
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Post by blender on Sept 13, 2022 22:11:05 GMT
Where does it state the loans are irrecoverable ? It doesn't seem to have been stated by ABLrate anywhere, but all defaulted loans (orange on current investments list) have now been included as irrecoverable in the Bad Debt section of the current year's (2022-2023) tax statement. The AF loans, or mine at least, were placed on the bad debt list in the tax statements on 8 September, the day before the report on the loan book which implied they were not irrecoverable, at least in part. I don't think that the sums shown in bad debt are regarded by Abl as totally irrecoverable. I think that all loans which have been defaulted by Abl automatically go to that statement. Otherwise they would have to decide how much of each loan was regarded as recoverable, which is a fine and changing judgement. It says: Principle Defaulted and not recovered in period and (not worrying that a lending platform cannot spell principal) makes no statement about future recoverability. The fact that the next line caters for subtracting actual later recoveries indicates that some of these loans may be recovered at least in part. This is also how Funding Circle (remember them?) do it. Loans need to be defaulted to start the recovery process, and to make demands on the PG (which is where I came in with my ISA holdings). If, when you default a loan, you accept that it is totally irrecoverable, then you are doing the lenders no favours.
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blender
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Post by blender on Sept 13, 2022 16:41:16 GMT
Loans are in default a few days after they miss a payment. I think they have to be at least placed formally in default by Ablrate and losses crystallised before there is a question of a tax reclaim. And also that the losses cannot be set against non-p2p taxable income. There are experts out there who will know the exact rules, but I would not expect much flexibility.
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blender
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Post by blender on Sept 12, 2022 17:03:54 GMT
And FC
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blender
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Post by blender on Sept 12, 2022 10:12:00 GMT
All my loans that originated with Mr F have been defaulted this FY. In an ISA and so no tax benefit. It does crystalise his liability under the PG.
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blender
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Post by blender on Sept 7, 2022 21:34:58 GMT
101 has been erased from the platform - not an existing loan. But, yes, the admin note can be reached through the loan book post and the Mouse blog report is illuminating and valuable if you hold the loan. I see that DBW represented Ablrate personally and ensured that Ablrate was correctly pronounced, it's ablrate as in stablemate. Still very much on the job. Good to see. I suspect he had to do it personally. Lets be honest nobody else in the World thinks that is how it is spoken. Yes, I heard that he had hired a barista by mistake, through putting the stress on the wrong syllabl.
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blender
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Post by blender on Sept 7, 2022 16:18:36 GMT
101 has been erased from the platform - not an existing loan. But, yes, the admin note can be reached through the loan book post and the Mouse blog report is illuminating and valuable if you hold the loan. I see that DBW represented Ablrate personally and ensured that Ablrate was correctly pronounced, it's ablrate as in stablemate. Still very much on the job. Good to see.
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