fasty
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Post by fasty on Feb 17, 2018 17:10:49 GMT
Google, rather worryingly, shows the Arboretum development as "Permanently closed". I hope this is not an omen. Other research suggests that it is indeed already functional, although the subtle change in Lendy update wording does make me nervous about when anyone might actually pay for it.
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fasty
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Post by fasty on Jan 20, 2018 10:20:31 GMT
Update still sounds positive. Given the rest of the loan book, getting all the capital back will be positive, I suspect there will be an excuse about the bonus. Indeed. If I was in their position I would be moving heaven and earth to get repayment of Arboretum to coincide with announcement of imminent go-live of the Edinburgh pipeline loan. Until then, I'm not raising my hopes too much as a lot of "unforeseen events" could occur before the Fat Lady sings.
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fasty
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Post by fasty on Dec 29, 2017 11:19:45 GMT
Panic reduced I hadn't spotted that the tax calculation produced during self-assessment didn't include payments on account that I had already made. Presumably this is taken into account after I submit the online return?
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fasty
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Post by fasty on Dec 28, 2017 21:49:48 GMT
So my payments on account will probably be too high. If this is true, I assume that I should have a much smaller bill next January. If you think your income next year will be less than the threshold needed for payments on account, you can apply to reduce/remove them. There's an option in the online tax portal to do this, or you can ask your accountant to do it for you. Yes, I spotted that thanks. I did once question HMRC about an earlier request for payments on account, when the amounts were much smaller, and they removed it without any fuss, much to my surprise. Unfortunately, because I have manipulated the PAYE "day job" to provide a small proportion of my total income, payments on account appear to be now inevitable. Now I've got a handle on the calculations, I can check the approximate amounts involved, but haggling to get them reduced probably won't be worth it.
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fasty
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Post by fasty on Dec 28, 2017 9:30:33 GMT
Yes, I'm very lucky really! For this tax year I have reduced employment income even further, and started to sweep P2P income behind an ISA. So my payments on account will probably be too high. If this is true, I assume that I should have a much smaller bill next January. I should probably explore ways to use other allowances like dividends and capital gains. Maybe VCTs and the like are also worth exploring if you have a large ta bill to offset, maybe a company for your rental income or at least ensuring your claiming all the allowances possible on your rental income and carrying forward any previous years losses Thanks for the tips, stevio
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fasty
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Post by fasty on Dec 28, 2017 8:55:19 GMT
sounds fine, you just make too much "consistent income" even though you may not have taken it as income. Yes, I'm very lucky really! For this tax year I have reduced employment income even further, and started to sweep P2P income behind an ISA. So my payments on account will probably be too high. If this is true, I assume that I should have a much smaller bill next January. I should probably explore ways to use other allowances like dividends and capital gains.
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fasty
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Post by fasty on Dec 28, 2017 8:25:43 GMT
I filled in my online return up until the calculation page, then did a double-take and nearly wet myself . - Because I had diverted such a large proportion of my employment income into pension AVCs for tax efficiency, my P2P returns and modest property rental income look large in comparison. - So now HMRC want not only lots of tax, but an additional half as much again "on account" for 2017-2018. Eeek! I'm happy enough to pay what I'm due, but I presume that I'm not missing a trick to defer payment until the following January like I'm used to?
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fasty
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Post by fasty on Dec 22, 2017 23:42:13 GMT
IMHO, anyone expecting to invest in P2P at (say) 12% without any defaults is being incredibly naïve. Lendy might be damaged if they fail to manage the (inevitable) defaults properly, but that's another matter.
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fasty
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Post by fasty on Dec 22, 2017 14:45:29 GMT
If there is buying opportunities on SM then maybe people are not adversely affected. Just in a state of shock. It is positive that Lendy explains the reasons for what happened after the event to all but why not a warning beforehand ? Sheer arrogance. This is just another example of where they do what they fancy irrespective of their own published procedures. They're probably puzzled why FCA approval hasn't arrived yet.
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fasty
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Post by fasty on Dec 21, 2017 18:19:55 GMT
I don't get how the FC autobid works....I have loan parts to sell and clearly there are buyers. Yet nothing, for anyone! It's long been known that FC isn't a simple matter of supply and demand. They can, and do, manipulate the flow. For example, if they have a stack of new loans that they want to fill quickly, then they will push the lever to divert new cash in that direction, and the secondary market will slow. It may not seem "fair", but unfortunately you have to take it or leave it.
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fasty
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Post by fasty on Dec 21, 2017 14:19:57 GMT
Yes, similar thing happened to me today. I'm not certain the exact moment my two loans went live yesterday, but the cancellation was less than 24 hours from the time on the "loan part funding" emails, and no warning was received. My opinion of Lendy has plummeted today.
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fasty
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Post by fasty on Dec 17, 2017 18:29:55 GMT
A very speedy recovery. Previous P2P defaults for me have take 12months+ so 3 months for this one is excellent news. Well done MT recoverythings!! It's certainly great progress, however it may be unwise to "count your chickens" until the deal completes...
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fasty
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Post by fasty on Dec 17, 2017 0:32:43 GMT
I didn't receive "Season's Greetings" or "Pipeline" emails on Dec 15th either
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fasty
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Post by fasty on Dec 15, 2017 14:15:02 GMT
I feel your pain, but sadly there are too many caveats in the terms and conditions. In essence, you have given them permission to lose all your money if that's the way it pans out. The ombudsman would not be interested in the subtlety of autobid and so on. Unless you can cite something objective, concrete, measurable that FC have failed to do, then I suspect any complaint would be in vain.
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fasty
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Post by fasty on Dec 14, 2017 17:31:39 GMT
A further 1% of my entire portfolio defaulted today.
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