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Post by justdabbling on Oct 29, 2017 8:39:07 GMT
I don't visit the Abundance board very often even though it is by some margin my biggest board for P2P, so I have only just discovered your spreadsheet which is so useful in tracking the premiums being paid. It has been very tedious clicking through to each bid. Your spreadsheet enables liquidity and selling premiums to be easily monitored, and also if I wanted to sell the most advantageous chunking. Today's biggest premium is 29.4% on U**** P********* W****** but only on a tiny £9.27!
In case you are interested in technical feedback I downloaded with no trouble at all on my MC which uses the standard Office for Mac software - that is about as technical as I can do - but it works a treat. Thank you.
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Post by justdabbling on Oct 17, 2017 10:25:02 GMT
Hmm... now disappeared from Pending Loans? I can still see it on Pending. Has the start of bidding time changed to 4 pm?
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Post by justdabbling on Aug 25, 2017 20:38:09 GMT
I thought the tax relief had to be applied in the tax year the loan is declared as defaulted by the platform, but perhaps it can be carried forward. It can be carried forward if you have insufficient tax to offset it against. Thanks, I would always have sufficient tax to offset, so I must have ignored that part when I looked into it. I still think it would be useful if all platforms included defaults and repayments in their tax statements for the year in which the defaults are declared and subsequent late repayments are paid. but MT may well add it soon, now they have a default.
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Post by justdabbling on Aug 25, 2017 7:47:43 GMT
I thought the tax relief had to be applied in the tax year the loan is declared as defaulted by the platform, but perhaps it can be carried forward.
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Post by justdabbling on Aug 25, 2017 6:31:27 GMT
Your posting prompted me to check out the point about having to keep records for the tax return, and for MT you are absolutely right as their tax return template does not include capital losses from defaults, or recovered defaults. However, FS, where I have a default, includes this data in their tax returns. It would be helpful if all the platforms supplied the same data in their tax returns.
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Post by justdabbling on Aug 22, 2017 14:56:58 GMT
Thanks for the clarification.
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Post by justdabbling on Aug 22, 2017 11:09:29 GMT
Yes, that is reassuring bearing in mind the number of late repayments and defaulted loans. Hopefully just a sloppy response to the review!
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Post by justdabbling on Aug 22, 2017 8:21:46 GMT
I found this response to a negative review about Lendy on another website. The thing that struck me is the response specifically states that lenders will lose capital unless sufficient funds are obtained from the borrower or sale of the security and it does not mention that losses could be ameliorated through use of the provision fund. So either Lendy are trying to quietly drop the provision fund or the response was inaccurate.
Dear AJ,
We always welcome all reviews, so thank you for the feedback.
Since introducing our new default policy in March this year, a small number of loans are appearing as being defaulted. They do however represent a small percentage in relation to the full book.
With property investment, there is always a risk of default but Lendy takes every reasonable step to prevent it from happening and takes a number of measures to protect investors from loss of capital. To date no investor has lost capital. Capital though is at risk with any form of investment.
Unfortunately, in the event that a loan goes into default, your capital will only be payable if we recoup sufficient funds from the borrower or the sale of the security property.
We do thorough due diligence on all loans and borrowers, please contact support@lendy.co.uk for more information on specific loans.
We are placing a lot of focus on repayments, with particular attention on resolving the default loan book. We are confident that you will see more regular repayment updates coming out.
Since appointing our new loan portfolio and Debt Recovery officer in July we have repaid 11 loans totaling £9.7m in capital repayments to our investors.
Please appreciate that loan repayments can be somewhat complexed and timely to recoup the funds owed by the borrower.
Kind Regards
The Lendy Support Team
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Collateral (COL) in Liquidation
Memorable Word
Aug 22, 2017 0:02:52 GMT
Post by justdabbling on Aug 22, 2017 0:02:52 GMT
I usually have to put in the specified letters from my 'word' two or three times, but I have just tried delaying A longer time than Is usually needed anywhere else, and got in first time, so perhaps that is the answer, thank you.
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Post by justdabbling on Aug 21, 2017 23:47:26 GMT
For most of the projects I agree in that I find it difficult to work out what the accrued benefits are and interest in the later years can be much higher than in the earlier years, but for M*****V******C***** it is simply 6% due in January, so I wouldn't expect anyone to bid more than about 103%.
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Post by justdabbling on Aug 21, 2017 16:57:01 GMT
G*** /S******** now trading and apparently averaging 104% price to capital.
A******O*****E**** trading at 105.1% which is not a bad return in 2 months.
As for the M***** V*****C** why are people paying over 6% premium when the only interest to come is one payment of 6%? Seem like sellers can de-risk, have cash back early but not sure it would work for larger amounts.
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Post by justdabbling on Aug 15, 2017 17:43:42 GMT
I have been sent an email advertising these apartments for sale; here is a cut and paste of part of it:
4 Months Until Completion
The apartments at H********** Quay are high-end residential properties based in the city voted as the UK's Buy-To-Let Hotspot. The development has a highly-experienced onsite lettings and facilities management company for the ultimate hands-off property investment.
Investment Highlights 6% Net Return 2 Years Rental Assurance Over 15% Expected Capital Growth Only 25% Exchange Deposit Spectacular waterfront & city centre views Prices from: £129,000
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Post by justdabbling on Jul 30, 2017 19:36:01 GMT
I allow safari keychain to generate, store and recall complicated passwords for most things and other passwords such as the one for the computer and where they have to be entered manually each time are memorised or for some I record as clues in handwritten records. For records I keep a spreadsheet showing how much I have in each account on the last day of each month which is ok for tax returns and to ensure I don't lose track of the whereabouts of monies, and I store transaction records monthly when I remember. These records are kept on the cloud. I also keep all transaction related emails in an archive in case of platform failure. In addition I download bank statements when they reach the stage before they disappear from the online banking website. These records do not enable performance analysis but I think they allow me to keep track of money, fill in returns build records in case of data loss.
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Post by justdabbling on Jul 13, 2017 22:29:12 GMT
I understand that but it does seem that lenders lent the money on the basis of an expectation that there was a very high likelihood of receiving interest for the loan period plus 90 days and, if this is changed for currently held loans, then that seems to be a breach of contract, although I am not a lawyer. Perhaps the terms and conditions specified how changes were to be handled and what notice period is given etc. and, if that was part of the contract, then that would have made a difference. I haven't looked for 'changes to terms and conditions'. The almost certain payment of the loan term plus 90 days interest was a factor that influenced my decisions to invest with Lendy rather than, say, FS, where the rates are higher but no interest is paid until the end and there is/was no mention of 90 days. As the sub 90 day loans still have the annotation 'SBL' I had actually thought that this change was not being introduced for loans in which lenders have invested under the 'old' terms and conditions. It would be good if the situation could be confirmed.
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Post by justdabbling on Jul 13, 2017 18:05:50 GMT
I don't think some investors realise that 3/6/9 % of nothing is nothing LY should offer nectar points - that would move the SM I'd prefer BOGOF!! Yes, the loss of the commitment by Lendy to pay out interest for 90 days for overdue loans is just that, a loss and an increase in risk for the lender. I cannot find anything about the transitional arrangements for loans already taken out and I would have thought that it be a breach of contract to take away the guarantee of 90 days interest for loans already held by lenders as it is clearly stated in the Default policy that Lendy will pay the first 90 days. If, during the transitional period, Lendy routinely pay out the bonuses on these loans as well as fulfilling their commitment to paying the 90 days, then these loans could be seen to be the best of two worlds, especially compared with a shorter term loan issued after the conditions have changed.
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