jamesc
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Post by jamesc on Apr 22, 2017 10:20:21 GMT
I sold 20k on Thursday, 10k went in about 10 seconds, 5k in an hour, and remainder in 8 hours. Yes there are still a few liquid loans but they represent only a small percentage of the overall universe of loans
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jamesc
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Post by jamesc on Apr 22, 2017 10:18:43 GMT
Some of the loans that are selling have the worst security. It just shows people are playing pass the parcel, a very dangerous game. LTTP will remain an illiquid monster for as long as the default tab is stuffed full of loans where there is seemingly no progress. 3 days 'til 64 hits the default tab. 64 is a certain default and a massive capital loss that the provision fund will almost certainly not cover, and worse, that could have been seen to be a distinct possibility before we loaned that man a penny. That loan alone should have any investor worrying about lending money on this platform. LfSS were warned loud and clear from several sources, but believed they could dance with the devil and come out smiling. The level of foolish naivety and arrogance is breath taking. As to loans moving, I have several fairly decent 12 percenters for sale and they are going nowhere significant fast and haven't for days IMO LfSS are in real danger of killing the golden goose they created, I believe many of the new somewhat ill informed investors some BH'S as well, were attracted to invest because of the super liquid SM and now they cant sell they will panic and rather than adding more money will just want to sell more and more. IMHO if the SM worked like others where you received Interest whilst selling the SM would have at least double the queues. So far Lendy have been lucky with DFL tranche's but at some point the tens of thousands of the same loans on the SM will interfere with them getting those new tranches subscribed, they have also been lucky because some lenders still have a global prefund for all loans which will change at some point. The only way to solve this is to put a hold on new loans or get new investors which on the one side is made easier by a full SM (immediate diversification ) but they are also likely to be put off when they realise that they wont be able to sell when they want out. This also does not address the defaulted loans which in a fairly short time will exhaust the provision fund which means no provision fund will put off new investors.
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jamesc
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Post by jamesc on Apr 20, 2017 12:59:30 GMT
6k allocation and 1607 investors... Anyone think the response to this a little tepid, given the rate etc? I expected this one might be a bit more popular given the duration, rate, other recent loans etc. Totally agree, I thought it would fly off the shelves, good security, proven track record of borrower, etc. I have never seen the SM so crowded virtually every loan for sale and 12% 200+ day loans with more than £10k available basically Lendy being too greedy bringing too many loans too quickly there is not enough investor appetite at the moment and I for one will struggle to find loans to sell to pay for this new one.
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jamesc
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Post by jamesc on Apr 19, 2017 18:14:14 GMT
You should buy into SS mini-bonds instead if risky individual loans. One of the assurances in the prospectus is: " All loans have indemnified valuation " Nothing can go wrong! And you get 7%. Sorry for my ignorance but don't all the lendy loans have indemnified valuations and if not, what's the difference to what we get ?
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jamesc
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Post by jamesc on Apr 19, 2017 17:46:12 GMT
All the bloated SM needs is £7 million of new pipeline loans - no chance to sell older loans now? Almost £2 million will be returned from PBL135, but not just yet..... Is it just me or does anyone else think that SS are pumping loans out a bit too quickly, anyone any guesses how much PBL173 will still be on the SM in a weeks time ? On the plus there is still another million to come from PBL122 when it repays.
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jamesc
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Post by jamesc on Apr 18, 2017 14:35:53 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances. [MODERATED: deleted: unacceptable personal accusation: BB]
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jamesc
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Post by jamesc on Apr 15, 2017 8:57:54 GMT
The double interest will be taken away without any trace in the transaction log. Its not the double interest I am worried its how I pay for 167 as I have more than enough to come back from 122. do I sell other loan parts ? What I should be doing is buying loan parts with my xs proceeds from 122. L/SS have really ***** me up this time !
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jamesc
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Lendy (L) in Administration
Tax Statement
Apr 11, 2017 17:12:36 GMT
Post by jamesc on Apr 11, 2017 17:12:36 GMT
Which is of no help at all and totally at odds with other P2P sites ! Ok maybe not totally at odds but is different.
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jamesc
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FundingSecure (FS) in Administration
Taunton
Apr 11, 2017 10:38:56 GMT
Post by jamesc on Apr 11, 2017 10:38:56 GMT
Looks a good loan, guess its why has gone from the PM so quickly particularly given the number of other loans, suspect a lot of people renewed. Hope you got a decent slice Liz ? Looks like 82% renewed when I bid. Yes, I got nice slice thanks, you? Yes thanks, I was holding both the old loans so just renewed.
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jamesc
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FundingSecure (FS) in Administration
Taunton
Apr 11, 2017 10:08:51 GMT
Post by jamesc on Apr 11, 2017 10:08:51 GMT
Bonus gone, huh. fundingsecure just checking this isn't an error. Probably not, the lower LTV justifies removing the bonus. I'm sure it will fill and you can't complain @ 13%, actually I'm grateful. I like the look of this loan, what am I missing? They borrowers seem to have done a great job on the property. Edit: the bonus is there after all Bonus, literally. Looks a good loan, guess its why has gone from the PM so quickly particularly given the number of other loans, suspect a lot of people renewed. Hope you got a decent slice Liz ?
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jamesc
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Post by jamesc on Apr 7, 2017 17:30:44 GMT
Its great to see the possibility of some new 11/12% loans coming in the near future. I urge you to go for 12% rather than 11% not just personally as I like more if I can get it but for your sakes as well, if you are looking to get large loans away. On a competitor site who have recently been reducing their rates there is quite a significant difference in uptake between 12% loans which always walk straight out the door to 11% loans which can sometimes take some while to be digested
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jamesc
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Post by jamesc on Apr 5, 2017 8:12:43 GMT
Does anyone know if a loan is defaulted and shows on the tax statement produced by a site, are we obliged to call it a tax loss in that financial year.
My wife has no income from other sources and earns P2P income pretty much up to £17,000 so pays no tax. However one of her late loans on FS has just defaulted to the tune of £12,000 if claimed in 2016/17 would give her income of around £5,000 which clearly would not effect any tax she pays for 2016/17.
He says with fingers crossed that this loan will ultimately be repaid, assuming she earns around the same level of p2p income in 2017/18 right up to her tax threshold and then again with fingers crossed the loan does repay if she had claimed the loss in 2016/17 then in 2017/18 the £12,000 repayment will be treated as additional income and she will pay tax on it.
Or can we choose not to declare a loss in 2016/17 and assuming it repays (again fingers crossed) in 2017/18 just show the interest received as a taxable item. Yes her tax return will differ from the platforms tax statement but presumably we could argue again fingers crossed that if the loan was recovered in 2017/18 that we never viewed it as unrecoverable which is why we never treated it as a loss in 2016/17.
I guess the other thing to say hopefully by Jan 18 when the tax return needs to be filed we will have the benefit of hindsight and hopefully fingers crossed the loan would have been repaid by then.
I would appreciate any feedback or advice anyone may have.
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jamesc
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Post by jamesc on Apr 3, 2017 16:21:06 GMT
No conspiracy I am afraid, despite the theories. It was a simple admin error, which credited March's interest at a flat 12%pa across all loan parts. This was corrected over the weekend, but it did result in some investors receiving less interest than stated on Saturday for loan parts that should be paying less than 12%pa. I'm sorry it happened, but nobody should be disadvantaged. Please though contact support via lendy.co.uk/contact if you have any account specific questions and the team will happily look to investigate them on your behalf. Fair enough we all make mistakes, but that does not answer the question for those of us that don't dabble in any loans less than 12%, why were our interest payments changed ?
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jamesc
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Post by jamesc on Apr 2, 2017 20:01:31 GMT
I have just received an email from Lendy describing the interest error. My balance was reduced by £1.89. I admit that this is not a large amount but I never had any parts with less than 12% so I cannot explain why this reduction happened. I emailed savingstream and hope to get an answer. Has anyone else experienced a reduction in their funds even though you never held any sub 12% loan parts? I had the same and never been involved in any of the sub 12% loans so clearly more errors are happening than they have owned up to so far, I think the whole idea of going into customer accounts and making back dated changes with no audit trail must IMHO be against some regulation somewhere !
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jamesc
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Post by jamesc on Apr 2, 2017 19:35:08 GMT
My balance has reduced and I have never invested in any sub 12% loans !
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