|
Post by gusgorilla on Apr 3, 2017 21:24:49 GMT
I was sent a very helpful email by FS which contained the following tax information for individuals: I suffered a significant capital loss on Ablrate this year caused by what appears to be a borrower stealing collateral that had not been physically secured by Ablrate. Given that they have not (yet?) compensated me for this failure, I would like to offset the loss as mentioned in points 1 and 3 above. If, in what looks like the increasingly unlikely eventuality of collateral recovery, I get some or all of my money back I would declare this in a subsequent year, as mentioned in point 2 above. In the absence of tax statements on the website I believe we need to ask for our tax statements to be done manually. In this case this would seem to be an advantage as I can, presumably, ask for the capital loss to be declared on my tax statement. ablrate, do those of us who were involved need to specially request a loss to be included in our tax statements, is this automatic, or do you intend to compensate us for not securing our property should you ultimately fail to get it back despite your best efforts?
|
|
|
Collateral (COL) in Liquidation
Tax Statement
Apr 3, 2017 20:37:14 GMT
Post by gusgorilla on Apr 3, 2017 20:37:14 GMT
As the end of the personal fiscal year is now upon us it's nice to see that the website has a Tax Statement in place. However, this appears to be incomplete as there is no capital losses row in it. collateral could you please tell us when we can expect this to be added to this report so that we can offset capital losses caused by those (no doubt rare) occasions when asset sales are not sufficient to cover defaults?
|
|
|
Post by gusgorilla on Apr 3, 2017 1:05:13 GMT
Not long after my last post the autoinvests started working without me doing anything and I appear to have been fully invested ever since. FYI my settings are for interest rates over 10% and lending up to 3 months. I have 4K in so far and if things are still trouble free in a couple of months or so I plan to start raising it. The interest rates are a bit lower than I am getting on some other platforms but if I can keep fully invested here constantly then that compensates. Feeling much more positive about Viventor now. Still think they are causing problems by encouraging people to buy just to sell at a premium on the secondary market but time will tell...
|
|
|
Post by gusgorilla on Feb 17, 2017 13:38:43 GMT
I have 35.35 available to invest and lots of loans compatible with my autoinvest but nothing doing. I even created a new autoinvestor but that does not work either.
|
|
|
Post by gusgorilla on Feb 16, 2017 14:14:50 GMT
Bare in mind that with €5.34 your auto-investor would not work to demonstrate anything because it won't buy a loan for less than 10€. Good point. Thanks. Next time I will leave more than this amount to prove my point.
|
|
|
Post by gusgorilla on Feb 15, 2017 22:35:49 GMT
toms viventor I reported this bug before but it was denied. You gave an explanation that did not fit the facts. I will try to report again. It is evening Wed 15 Feb 2017. There are lots of of loans available, mostly from Twinero, that are compatible with my autoinvest settings. I have even tried editing and saving my settings, deactivate then activate. Nothing works. The autoinvest is blind to all these loans. I had to do all invests manually. However I have left €5.34 uninvested to prove to you autoinvest is broken. My name is Nicola A. Please look into this properly this time. Just saying it is not true gives a very bad impression of your platform. Phone me if you like.
|
|
|
Post by gusgorilla on Dec 28, 2016 23:14:44 GMT
swift , the connection between the premiums on the secondary market and the shortage of loans on the primary market is an extremely simple one: by buying loans on the primary market and selling them on the secondary market for more you can make an immediate profit. People want to make a profit (obviously!) so they buy much more on the primary market than they would otherwise, solely in order to sell on the secondary market for more money. This extra buying creates a shortage on the primary market due to more being bought ( for resale purposes) than would occur if resale did not create a profit. Please explain what about this you do not understand and I will try to make it even simpler and more obvious. You say that selling loans without a premium does not make sense. This is not true. Selling a loan without a premium makes perfect sense if you want/need to use the money for another purpose such as spending it or investing it elsewhere. This seems very obvious to me. Again please explain your understanding problem and I will try my best to engage with you.
|
|
|
Post by gusgorilla on Dec 11, 2016 12:17:47 GMT
Anyway, no matter what the explanation the autoinvestor has now managed to invest my entire 2000 euros in very short term loans. I think this is very good for a new platform and look forward to seeing how things go over the next few weeks.
|
|
|
Post by gusgorilla on Dec 11, 2016 12:13:09 GMT
gusgorilla This is not how it should be done, as you need fractions of cents to accumulate interests that amount to less than one cent. Typcially I would expect a p2p lending technology to calulate with several decimal places Yes I was oversimplifying. A loan's accumulated interested must be floating point, but the outstanding loan capital and loan repayments are best kept fixed point.
|
|
|
Post by gusgorilla on Dec 11, 2016 12:05:30 GMT
An update on this 2 days later is that the autoinvest has now managed to invest all of the 2000 euros, so perhaps the problem is not so bad as I initially thought. I still stand by my other comments though.
|
|
|
Post by gusgorilla on Dec 10, 2016 16:27:18 GMT
Putting on my computer geek hat, it is most likely that the 1 cent loans are created by the error of choosing to represent the money in the software using a real/continuous/floating point data type. This is not intended to represent discrete numbers, like money, as this causes problems with comparing numbers for equality and "rounding errors" in computations. toms viventor , during your system rewrite, instruct your software engineers to use a currency or fixed point data type for the money. If the language used does not support this data type directly just use a large integer type and keep all the money in cents. You should then convert from euros and cents to cents during user input, and from cents to euros and cents during display. This will save you a lot of pain and bugs later.
|
|
|
Post by gusgorilla on Dec 10, 2016 16:10:35 GMT
The problem could be eased (perhaps even solved) now by forbidding secondary market premiums, as several other platforms have done to avoid shortages of loans being made worse (or even being created) by this kind of activity. Surely the purpose of the secondary market is to provide liquidity. Only discounts are required to do that. For very short term loans premiums are particularly senseless.
|
|
|
Post by gusgorilla on Dec 10, 2016 15:57:50 GMT
toms viventor, thanks for your reply. However, I don't see how this explanation fits with what I was seeing. There were qualifying loans of reasonable size showing up on the primary market. Surely this would not be the case if jobs are taken from the (circular I hope) queue until the available loans are exhausted with some jobs not being reached before this happens. Am I missing a piece of the jigsaw which would make your explanation work?
|
|
|
Post by gusgorilla on Dec 9, 2016 1:40:27 GMT
Hundreds of 1 cent loans, which cannot be bought by any means, make it very hard to use the primary market. There are lots of other tiny loans too. toms viventor, here are two ideas for solving these problems: 1. If a loan is too small to be invested in, do not list it. There is no point us seeing these ghost loans. 2. Add a minimum investment amount setting to the autoinvestor. Some people would be happy to set this to zero (no minimum). This will cause all the tiny loans to be bought, leaving the primary market neat, tidy and easy to use.
|
|
|
Post by gusgorilla on Dec 9, 2016 1:12:12 GMT
toms viventor, I have experienced autoinvest ignoring loans on the primary market meeting my criteria. Editing the name of my autoinvest portfolio and saving it wakes it up. Please could you reproduce this fault and let us know when it is fixed. The autoinvest had only been running two days when I noticed this failure.
|
|