seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 3, 2016 18:15:27 GMT
The wall of money could be a hurdle too far and lead to rates tumbling down. (Or at least nationwide sleeplessness as people try to sell to themselves in the middle of the night). As a general point, I'm surprised rates have stayed so high for so long. There have been vastly more A+ and A loan parts for sale on Faintly Comical these last few days, not sure what is going on. Many are property and at 7 to 9%, less FC fees. In respect of selling to oneself, this is all very well except if there is a flock of sharp eyed fast clawed vultures circling around. I am wondering if it would be 'legal' from HMRC's viewpoint were SS to modify their selling process on the SM so that in the first ten minutes after the loan was put up for sale only the seller was allowed to buy it - it could be an option like 'are you really sure you wish to sell this?'. If yes, you release to the open market, if no, you buy it back but within your ISA. Wishful thinking? Given the speed of some bot-assisted vultures, I fail to see how 'normal' investors are not going to lose out. Multiple computers side by side at 3am seems one possible answer but can two machines be connected to one account at the same time?? Forward planning......which platforms are going to be most helpful with ISAs?
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 3, 2016 12:50:18 GMT
My understanding is that several big players are ready (and have been for some months) but the FCA are delaying firing the starting gun until a group of the larger platforms can be authorised at the same time, so as not to give one platform an unfair advantage. It has caused frustration in some platforms - they have been ready for ages but are just having to wait for FCA.
The other issue is what to do with the wall of money that is expected to arrive - Z have already restricted new money inputs (a few days ago and owing to seasonal slowdown) and may restrict ISA input money also if they cannot find borrowers of sufficient calibre to lend to.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 3, 2016 12:37:01 GMT
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 2, 2016 10:06:37 GMT
I must confess that apart from reading this forum and contributors like cooling_dude I don't do any other DD I don't have much time and knowledge to do this. So only because of all of you I' aware of the issues and evacuate from the most dodgy loans when they're past their prime positive days. This forum is a bottomless wealth of information. Thank you !!!!!!!!!!!!!! It is probably true that many other investors obtain views and guidance from this forum - as I do. As a result of the information and 'comfort' it provides, we have greater confidence overall to invest in SS, whilst we are made more cautious about some of the more questionable deals. Answering the sensible questions that are posed and providing proper and permanent updates would enhance the SS reputation. Failing to do so could have an opposite consequence. You only have to look at the number of members logged in sometimes to the overall forum - and the numbers of 'guests' - which may be members not logged in or simply other investors who do not feel the need ever to contribute.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 1, 2016 19:32:51 GMT
There is some discussion here: p2pindependentforum.com/thread/7003/desperate-ifisa-tax-relief-arrive?page=2linkThe key question for existing large investors in P2P is how to transfer existing large P2P holdings in SS into the new F-ISA wrapper. Ideally you'd be able to sell existing investments and rebuy them for no 'transfer' fee. HMRC insist that 'cash' must be used hence the need to 'sell' to convert existing holdings into cash. You can't just transfer a large existing cash ISA - maybe 100k - to (say) Faintly Comical and ask then to put all your existing loans to that value into the new F-ISA wrapper. Then you'd remove the cash that was previously in the wrapper, and use some of it to buy yet more loans up the current year limit in a new F-ISA. . Z told me they may do a lower fee buy/sell service but how it will all work........... Z foresee a problem with a wall of money arriving for NEW F-ISAs (this years ISA money basically) and not sufficient new quality borrowers to lend it to.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 1, 2016 11:25:23 GMT
Might depend on which bank you use - SS use Barclays.
I do know that bank to bank is instantaneous between Lloyds and Halifax (for example) or Lloyds to Lloyds of course, because they are one and the same, the websites are clones too. But bank to bank in different groups can take an hour or so, maybe much longer overnight if they are updating everything.
My transfers into MT typically take a few minutes only, sometimes only seconds.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Dec 1, 2016 11:06:10 GMT
Sometimes if you add funds late at night your own bank doesn't actually transfer until next day and that can be too late to catch the SS daily update early on the same day? My update on the SS account this morning was done quite early, not sure exactly when.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 30, 2016 10:16:33 GMT
I got 4000, on the basis of a long term loan at low LTV (but I accept it's not worth much in its present state on a 90 day sale). I can't remember what I put as the prefund - maybe 4000, so I could have been allocated more??
I considered it will resell on the SM (I've come to the conclusion that anything not actually defaulted will sell if you wait for a period of famine). Just this morning there were only two loans left on the SM.
I am expecting the Beds farmland to be repaid any day now (if you believe the updates of course) and other loans too, so that will leave a surplus, some of which may be exiting SS, for pastures new.......
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 26, 2016 16:42:50 GMT
Update deletion seems more widespread. On the DFL002 thread in mid November I said: Looking through the email I received today giving many updates, I was struck by DFL002 - the commercial tenant is ready to sign the lease. This is dated three weeks ago on the DFL002 listing (but no actual date when it was first posted)
My recollection from some weeks ago is that this update said that the commercial tenant had signed the lease. The project therefore looked to be going well so I invested some more funds. Maybe I am thinking of a different project - is there one with similar wording about a commercial tenant having signed, and begun the fit-out work?
It was later confirmed by others on this forum that updates had been rewritten.
If you look at DFL002 now there is no mention of leases being signed at all. At least there wasn't a few minutes ago......
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 20, 2016 16:50:08 GMT
It could get worse soon.
Several big loans and groups of loans are due to be paid back (so they say....) Many are in the band c. 40 to 80 days overdue. If several repay at around the same time where is the cash going to go? It would be neat if the new F-ISAs could be made available at the same time as a dozen quality new loans.
Then we'd all have plenty of ready cash and somewhere worthwhile to put it.
OK, just wishing......
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 19, 2016 12:35:13 GMT
I've never been able to buy anything without a captcha (and often two of them). I use W10 and edge browser. Can I do anything to limit the number of times I have to solve these things?
Seems no hope for the slow fingered amongst us anyway.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 16, 2016 15:23:34 GMT
Maybe it depends on what fraction of total SS funding is from small/medium investors.
Maybe so long as the top predators can be kept on board, a turnover of smaller fish is of no concern.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 16, 2016 14:40:34 GMT
Will PBL119 be repaid before funds for DFL008/9 are taken?
I've not had a roll-over email.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 16, 2016 14:33:58 GMT
A large slice of DFL007 was dumped on the SM this morning, it vanished in about two blinks of an eye.
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Nov 16, 2016 12:20:17 GMT
It wasn't very quiet for a few seconds this morning.
£10,000 of Liverpool, £8,000 of the quarry and £10,000 of the windy farm were put up for sale - all within the space of a minute. All three (bar £100 or so) were snaffled by a single investor h**********d within a second or two of being put up for sale.
You had to be quick even to see it and even quicker to buy anything - it was all gone by the time I got to the sale pages.
Talk about ffff
|
|