daveb4
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Post by daveb4 on Jul 17, 2018 17:06:22 GMT
Setting precedent worries me.
Who says the second valuation is correct? If the first one was wrong why can't the second one be to get a deal? Who is the new valuer?
Accept the offer and Lendy do not have to do any more work or spend any money chasing.
Fat chance of £1m in a year?
Might have to vote B on principle even though I want some cash back now.
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daveb4
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Assetz Capital (AC)
#441
Jun 25, 2018 19:47:44 GMT
Post by daveb4 on Jun 25, 2018 19:47:44 GMT
I will be a happy chappie when this loan goes as the highest amount as a percentage of my GBBA accounts by far. I appreciate not a 'bad' loan but far to high risk as a single loan for my portfolio.
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daveb4
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Post by daveb4 on Jun 25, 2018 19:40:04 GMT
'The point is that the headline 12% is an illusion'
Absolutely agree, It is important for any new lenders to be aware of the risk and headline rates are not real. You must factor in real losses as they will happen, but it is also elements of your portfolio that do not earn interest that you must also take into consideration.
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daveb4
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Post by daveb4 on Jun 25, 2018 10:53:27 GMT
I was just checking my half year numbers and not surprisingly was interested in my non performing/no interest paying loans. I invest across 8 platforms. My main goal 3 years ago when I started was ideally 10%pa. Like many here I am sure the last year has not been so much fun, lower rates and higher risk. Presently my portfolio has 8% non performing and 10% with Coll. To be fair my 8% I am hopeful to get most back if I include the ones that will pay back giving interest to cover losses on the ones that don't. Coll, who knows . The obvious issue however is 18% of my portfolio is not earning interest and with likely losses which obviously impacts on APR significantly. So now my overall portfolio is probably only earning 7%, risk v reward? What are others mix?
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daveb4
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Post by daveb4 on Jun 20, 2018 12:21:21 GMT
I doubt we will get anything from FCA but hopefully they/govt will take responsibility and if we loose any money we will be able to claim it against interest earnt elsewhere.
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daveb4
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Post by daveb4 on Jun 16, 2018 12:59:24 GMT
I have not got a clue what we will get back, but BDO will tick boxes for FCA and they will both prove that they did their job properly. They certainly will not care about us or recovery rates at all.
I am certainly happy to join any various sensible actions if and when required. It would certainly be interesting to know what percentage of investors are aware/read this site and how we can get any non viewers to join in.
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daveb4
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FundingSecure (FS) in Administration
Site down?
May 27, 2018 4:14:07 GMT
Post by daveb4 on May 27, 2018 4:14:07 GMT
'Cannot connect to database' for me 4.45 this morning. I am sure I signed my GDPR statement?
Typical, all I wanted to check was my default loans for the tax return 😀
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daveb4
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Assetz Capital (AC)
#441
May 17, 2018 19:33:06 GMT
mary and dc848 like this
Post by daveb4 on May 17, 2018 19:33:06 GMT
Bearing in mind this loan is double the size of my next largest loan in mine and my other halves and probably most of yours, GBBA2, voting against an extension is probably not appropriate in case of any losses and losing any potential PF. The loan will be extended.
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daveb4
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Post by daveb4 on May 13, 2018 5:23:51 GMT
I was thinking about writing to John Glen MP, who appears to be responsible for looking after the FCA (appreciate this may not be correct depending on if I have Googled properly and any cabinet reshuffles).
This would NOT be to complain/winge, but if MP/Govt have an interest in FCA case there is a small possibility that it MAY influence some decisions as our case is progressed.
The thought process is:
- Govt want P2P to help businesses borrow money - Govt proactively want us to lend and have allowed us to offset losses and introduced ISA allowances to help us lend more - Govt I presume want this to continue and to also keep pressure on big banks
What does the Govt know about Col situation? Is the Govt aware of what the potential outcome of a bad result with Col would be? Do they care?
If poor result many lenders could:
- Lose significant amount of money that will not be reinvested and also affect the amount they will invest in future. - Press will enjoy criticising P2P saying I told you so, many other investors will not lend as scared. - A number of P2P companies could now struggle with loss of jobs in the sector as well as all the attached roles such as solicitors, valuers, insolvency practioners etc - Govt will lose an amount of tax as everyone in col will have a large offset of tax to put in!
Has anyone done the above? Eg sample letter
Is it worth thinking about? Wasting my/our time?
Do we need to send a lot of letters/emails/tweets in to make him aware of it?
Just as a note I personally am hopeful of getting more than 85% of capital back as means I would not lose anything based on interest accrued whilst I was with them. Anything more is a bonus and anything less general offsets a chunk of my tax! As with most people here I am already slowly reducing P2P not just because of this but also rates generally reducing and risk getting higher.
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daveb4
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Lendy (L) in Administration
MONTHLY BS
May 11, 2018 18:47:42 GMT
Post by daveb4 on May 11, 2018 18:47:42 GMT
'Discussions with RICS' sounds interesting and definitely hopefull that we hear a response directly from RICS.
For years working for a commercial bank, obtaining an out of court payment from a valuer who did a survey on my house and three years with P2P, RICS have a lot to answer for. I am constantly told that so much of the valuation fee covers 'RICS insurance' not sure any of that insurance ever pays out!
If one thing happens in the fortnightly BS, if RICS are at least challenged with examples I hope some of the valuers are struck off lists and they get scarred, more care then will be taken from valuers.
One slight problem is if this follows through valuations will be lower and it will be tougher for businesses to borrow.
I stress I am hopeful and not sure valuers will ever change and will not be held responsible and RICS will continue to be a professional organisation.
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daveb4
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Post by daveb4 on May 6, 2018 14:39:07 GMT
A large portion of cases have had to or should be renewing and I am sure were proactive (unless hoping they could get out of paying any more interest) in trying to move elsewhere.
Anyone seen any of the deals end up on any other platform yet?
You would think some platforms would certainly be keen to cherry pick to help BDO, knowing us investors would be happy with a reduced rate (eg desperate) and they could take the difference, a small arrangement fee and potential new customers?
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daveb4
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Assetz Capital (AC)
GBBA jiggle
May 3, 2018 16:48:17 GMT
Post by daveb4 on May 3, 2018 16:48:17 GMT
GBBA1 over last few weeks keeps selling my loans at say £1 or £2 and purchasing less than 1p so now have accumulated 15% awaiting investment. I have system set up that repaid interest and principle goes into my GBBA2 which I accept but confused with all my loans earning 7% being slowly sold and not reinvested back?
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daveb4
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Post by daveb4 on Apr 26, 2018 5:30:21 GMT
Trying to look at a small positive it may mean more people not auto-renewing or forgetting to and potentially could be more to purchase at renewal. Appreciate clutching at straws a little here.
As a part time worker though only have access to mobile about 4/5 times a day and it is frustrating to see an email at coffee to say loan coming shortly and went live 10 minutes ago! I need to organise coffee breaks at about 5 to an hour 7 times a day!
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daveb4
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Post by daveb4 on Mar 26, 2018 6:14:45 GMT
I may have missed something but all my GBBA accounts have gone to sleep since 21.00 Saturday? I am presuming stopped for time difference?
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daveb4
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General P2x Discussion
FOS
Mar 12, 2018 17:35:24 GMT
Post by daveb4 on Mar 12, 2018 17:35:24 GMT
As someone working for a Bank re this missell of PPI (mortgages, loans, credit cards) and dealing with FOS on a daily basis they are generally very inexperienced/ lacking in training. In most cases I can not believe the majority of decisions are in the favour of the customer.
The whole system appears to be set up for the government to keep people employed (although I am not complaing) and them earning millions in taxes from the payments every year.
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