littleoldlady
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Post by littleoldlady on Oct 29, 2023 8:13:46 GMT
If your money is in an ISA they still take out 1% pa so there is every chance that even a 100% return of capital (to PC) would still result in a total loss to the investor.
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littleoldlady
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Post by littleoldlady on Oct 28, 2023 11:28:48 GMT
Slightly off topic but the Account statement only has transactions back to Dec 2018. Anyone else confirm this?
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littleoldlady
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Post by littleoldlady on Aug 27, 2023 21:37:26 GMT
Had a quick look at the site. Notice that they can't spell "stationery". Not impressed.
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littleoldlady
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Post by littleoldlady on Aug 17, 2023 7:28:39 GMT
I'm quite emotional, I wouldn't be able to resist showing my feelings......... Dont worry, youll get over the cricket soon And the football
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littleoldlady
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Post by littleoldlady on Jul 31, 2023 7:59:26 GMT
I gave notice (surprised that I was not asked the amount) and after 7 days saw that the pot was now accessible so withdrew the £1000, but the other £9000 was still in a pot called "7-day notice" although I notice that the interest rate is 4.03% the same as the primary pot. Why didn't the cash go into the primary pot? How do I get the £9000 back onto the 7 day rate? How can a pot be both accessible and 7-day notice? When you give notice, it's not on the amount but the whole pot. After 7 days your pot turns into "access" - at this point it shouldn't be called "7-day notice". To get your £9k back to 7 day rate you need to boost this pot again. Cash won't go into primary pot unless you transfer it there. However, it's a rather pointless exercise because Zopa rates are way below the current trend. Thanks all. I guess I chose the name "7 Day Notice" myself when I opened the account months ago and when I looked at it recently after the notice had expired thought it meant it was still on notice. Duh!
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littleoldlady
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Post by littleoldlady on Jul 30, 2023 16:29:54 GMT
I must be thick! Can someone familiar with Zopa explain in detail how to make a withdrawal from the 7 day notice account. Say I have £10,000 and I want to withdraw £1,000 in 7 days time. What does "accessible" mean? If the £10K is in a single 7 day pot, you have to give notice on the whole amount. When the seven days is served, you can withdraw the £1K and put the other £9K back into a 7 day or 31 day or 95 day pot. I gave notice (surprised that I was not asked the amount) and after 7 days saw that the pot was now accessible so withdrew the £1000, but the other £9000 was still in a pot called "7-day notice" although I notice that the interest rate is 4.03% the same as the primary pot. Why didn't the cash go into the primary pot? How do I get the £9000 back onto the 7 day rate? How can a pot be both accessible and 7-day notice?
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littleoldlady
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Post by littleoldlady on Jul 30, 2023 12:06:15 GMT
I must be thick! Can someone familiar with Zopa explain in detail how to make a withdrawal from the 7 day notice account. Say I have £10,000 and I want to withdraw £1,000 in 7 days time. What does "accessible" mean?
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littleoldlady
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Post by littleoldlady on Jul 30, 2023 11:58:45 GMT
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littleoldlady
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Post by littleoldlady on Jul 28, 2023 16:53:49 GMT
For accounts with a, limited number of withdrawals much depends on what happens if the number is exceeded: a) No extra withdrawal is even permitted b) The interest rate drops to a lower level for the remainder of the term c) There is a penalty applied to the balance.
(a) and (c) are problematic, but (b) is easily coped with by closing the account at the time. It would be helpful if some indication of which is applied, for that type of account.
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littleoldlady
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Post by littleoldlady on Jul 13, 2023 7:08:26 GMT
Another project is in default, so now 28 (48 defaulted, of which 20 have since repaid).
I haven't invested for a year and even I'm edgy. The gap between total lent and total capital paid back continues to grow every month. CP no doubt calls it growth but every extra delinquent loan takes resources and makes investor money unavailable for new loans, vicious circle forms.
Not as much resources as I would like. My portfolio consists of only zombie loans as I have been trying to exit CP for several years and I see no sign of any activity. All their resources seem to go into new loans and they will not bite the bullet and write off anything, just leave the zombies to fester. This will cause problems for the executives of my estate out of all proportion to the modest (4 figure) holding. How can they possibly value it for probate? I would like to see regulation that forced platforms to make an offer for outstanding loans in prescribed circumstances. The size of the offer would be interesting to other investors as an indication of the platform's real view of the prospects.
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littleoldlady
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Post by littleoldlady on Jun 14, 2023 7:02:42 GMT
Coventry Four Access Saver paying 4.00%, £1 minimum BUT downside is "You can take money out of your account up to four times a year without having to pay a charge. From the fifth withdrawal onwards, you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing." I went for it, deposited a small amount. Four withdrawals is not too bad. When it becomes uncompetitive you can withdraw all but £1 and can do it 4 times without loosing interest. Whilst doing this I closed my issue 6, that account fell far behind and is unlikely to catch up with "four access" if Coventry decides to up their rates after 22nd June. Make a diary note that the 4th withdrawal should be the whole balance, unless you are sure that you will not make a 5th one in the same year.
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littleoldlady
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Post by littleoldlady on Jun 7, 2023 21:35:50 GMT
Everybody has their own risk/reward ratio. The older one gets the less time one has to recover any losses. Each to their own, I was just giving my position. However I would not have much credence in anything 4thWay say, they are over optimistic on p2p generally and AFAIK gave no warnings about the several platforms which have failed with investor losses (but please correct me if I'm wrong). The phrase "An investment that will keep your money safe through everything short of nuclear war" is patently absurd. Is it really absurd? Loanpad's maximum LTV is 50% of current value (not future GDV), with a current average LTV of 43%. UK property prices haven't dropped 50% in living memory. I accept that the phrase is rather flippant, but is it really absurd? Are you really saying that you cannot imagine any scenario, other than nuclear war, which could cause a collapse in the property market? Epidemic, asteroid strike, massive solar flare, full scale non-nuclear war, Robots revolution, large scale banking collapse, 1930's style total market collapse.....
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littleoldlady
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Post by littleoldlady on Jun 7, 2023 18:02:37 GMT
Everybody has their own risk/reward ratio. The older one gets the less time one has to recover any losses. Each to their own, I was just giving my position.
However I would not have much credence in anything 4thWay say, they are over optimistic on p2p generally and AFAIK gave no warnings about the several platforms which have failed with investor losses (but please correct me if I'm wrong). The phrase "An investment that will keep your money safe through everything short of nuclear war" is patently absurd.
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littleoldlady
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Post by littleoldlady on Jun 7, 2023 8:14:18 GMT
This is what LP themselves say about their platform:
Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong.
IMO 4.4% is far too low a premium above the best FSCS account to warrant any risk whatsoever. I agree that LP is relatively very secure and it would take a once in a decade financial crisis to cause it problems. (It's now 15 years since 2008.)
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littleoldlady
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Post by littleoldlady on Jun 7, 2023 7:53:13 GMT
wow "AI will have the intelligence to create weapons that will kill many humans within 2 years" That was a headline on the newsreels this morning.. worrying? Yes it get's more like the millennium bug every day. I would not worry.
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