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Post by nesako on Jul 7, 2020 10:26:35 GMT
I seem to recall I had increased my balance by £10k in stages to qualify for 2% in a year's time. I withdrew all repaid funds on 15th June which leaves me 'in the middle' as I still had at least a £5k net increase (which was one of the tiers) so based on what is said here I'd expect £100 and will miss out on the other half. Yes, sounds right, unless RS GS repay you as part of their quarterly schedule (possibly more frequent given recent e-mail) and that drops your remaining qualifying amount under £5k tier before you qualify for the bonus.
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Post by nesako on Jun 24, 2020 15:40:50 GMT
Guys, I will trade my entire bonus and will even add entire years worth of interest if I get all my original capital out and you take my place on having 100% of funds stuck for god knows how long, expecting 15% "haircut" in the end... oh how I wish I had invested in IFISA product here I have lot of money stuck in growth street from my personal, business account and my wifes personal account. Only relief was the ifisa was paid in full. Have money stuck in ratesetter too. Yeah, I know how you feel.. I am stuck on both GS and RS with multiple accounts as well. I believe GS bonuses are paid from their corporate balance (not from the lender money), so you have a high chance of getting it eventually
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Post by nesako on Jun 24, 2020 15:00:41 GMT
A number of EUR platforms have collapsed and some really have shown great resillience. I only ever invested to platforms with strong financial record and I had no issues withdrawing from either:
PeerBerry - great platform with terrible Auto Invest, it always left loads of repayments uninvested for many days, even when there were plenty of loans available. I had to constantly invest manually to ensure I was earning interest on the full amount. Other than that - one of the better places to invest
Robocash - the name, the website design, wording on FAQ's (trying to pensuade there is nothing to worry about) - all things are screming at me as this cannot be "genuine", but financials and communication has been solid. 100% hands-off
Viainvest - solid financials, strong group, verified license. Historically lower returns then elsewhere. 100% hands-off
PS. If anyone fancy a joining bonus for any of the above - send me a PM and I will be happy to refer
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Post by nesako on Jun 24, 2020 14:45:10 GMT
They refer to those who had reinvesting turned off - this setting seems to have disappeared, and in fact, was 'reinvesting' an option. I thought it was a number of days' notice. Is this what they are referring to when they talk about reinvesting? The 30 days notice, and those who had notice to withdraw get priority? So they have a borrower action group setting up against them now - can they do that given that they signed terms - or does GS announcing abnormal market conditions make any previous agreement void? Reinvesting options was a "thing" which allowed you to no longer invest after your loans (all of which were 30days long) have matured. No, people who had that switched off, will not get any priority (I had mine off with less than a week to go and now I am "stuck" for good). Priority was given to ISA holders - they all have been able to withdraw in-full. Borrower action group is to help borrowers find alternative funding sources. GS terms for RE allow for borrowers to extend their notice if that would help them to repay in the longer term (and prevent default), hence new agreements can be arranged on a case-by-case basis.
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Post by nesako on Jun 24, 2020 14:35:34 GMT
My ISA arrived after withdrawal on Monday. Unfortunately it was short of 2 weeks to be a full year. Question is will we be getting those bonuses. I have sent an email on last Monday. No reply yet. Guessing they quite busy with email and phone calls I am in the same boat..did you get any reply? Guys, I will trade my entire bonus and will even add entire years worth of interest if I get all my original capital out and you take my place on having 100% of funds stuck for god knows how long, expecting 15% "haircut" in the end... oh how I wish I had invested in IFISA product here
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Post by nesako on Jun 23, 2020 13:35:56 GMT
Here comes the borrowers "negotiations" with GS due to the constrained time limit, and who will have to bear these legal costs, the lenders yet again! To be honest, I believe this is good news as this is showing that someone is really working hard to help out GS Borrowers to find alternative financing as opposed to them just defaulting. It is also encouraging that they had some positive responses from the alternative lenders already. I personally did not think more than 1/3 of borrowers would be able to pay back within those 3 months and extensions will be given. I still expect around half to pay back within 6 months and then we will enter a slowdown over the following 6 months.
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Post by nesako on Jun 18, 2020 8:11:17 GMT
Not moot in the case that say 90% of the portfolio pay back in full, and 10% don't, steadily over a year's time - without interest you get 90% of your "stake", with interest you'd get 92.4% back due to the 5.3% on the performing loan parts Ah, I had assumed that if 92.4% was available to distribute, including interest, it would be used to pay 92.6% of our capital. I.e. the extra interest would effectively go to the PF to increase our returned capital. I share same assumption - PF shoud distribute extra (cover more of the loss) if there is accumulated interest, so there should be no difference on the final outcome.
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Post by nesako on Jun 18, 2020 7:20:52 GMT
Well good luck to everyone. I hear good things about loanpad for anyone looking for a home for returned funds or crowdproperty if you dont need the money for a year! At this rate I think you guys will get all your money back faster than I will at assetz! Yes, while I am mainly "stuck" here, I managed to pull everything from assetz before the lockdown started. Still have some money stuck on RS and it will be a looong wait to get that out as well. In general, most investors will need luck over the next year to get all the money back. Those 2 platforms were something I have considered before Covid, but in the end decided I was pulling out of UK P2P completely (still use some EU platforms, but I am monitoring performance closely).
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Post by nesako on Jun 17, 2020 21:05:07 GMT
I may be wrong but I think all loans were for a month only, like an overdraft. In theory the lot should be paid back if there are no defaults within a month. Then the pot distributed to use on a quarterly basis. Forgive me if I'm talking nonsense. That would explain your reasoning of restricting this to 12 months - you misunderstand how the loans work behind the scenes. From our perspective they are rolling 30 day loans, but in reality they could be loans spanning across years. Investor money is "pooled" into said loans - once the 30 days is up, another investor steps in to take over your part of the contract. In any case, given we've seen 20-25% spare liquidity built up over 3 months if that trend continues it would indicate a timescale of around 1-2 years. Though as df mentioned, if recovery is involved then that could extend things and GSP are permitted to extend contractual dates or obligations if it reasonably believes it will maximise returns. Also it's likely liquidity will slow down once defaults start creeping in. Hopefully further security built up in the provision fund will step in though. From what I understand skimming around the website, most are flexible rolling loans with no maturity date set at all (i.e. company can simply keep it rolling for many years by just covering interest payments and by continuing to prove they still "match required criteria"). What I have also found on the review website is that GS can give 3 month notice for someone to return the funds and I assume this is what happened with all 116 current borrowers. So, this means we should be able to expect the bulk of funds returned in September (i.e. all Borrowers who can return the funds, will do so by this time). Now, this is where the "fun" begins. As per Default definition (4.4.2. Growth Street has requested full repayment, no repayment plan has been agreed or an agreed repayment plan is 90 days or more in arrears;) seams to read that close to second payment timelines, all borrowers who did not set-up alternative arrangements (or received extension) will enter "Default" stage and I fully expect we will drain the entire provision fund balance at this point, leaving with us with a small number of loans being extended and several debt collections in progress. I fully expect repayments to drop significantly after the 3rd payout in March 2021. How long would they chase bad debts before "giving up" - this is a good question, but given (4.4.3. the borrower has entered into administration, liquidation or a creditor arrangement whereby less than 100% of the debt owed will be repaid within 1 year along with Interest and fees.) I believe they may not want to spend over a year on it before writing it off and accruing more admin fees, so my current guess is that this whole process will "complete" on 15th Dec 2021 (any recoveries - if any, after this will probably be tiny and a "bonus"). My personal guess looks like this: 30% September (Given corona impact, I cannot expect more than 1/3 to have cash / ways of refinancing in time) 25% December (This may include draining entire provision fund to achieve this figure, though given timings, provision fund may not "trigger" until after the cut-off) 15% March 2021 (Recoveries) 10% June 2021 (Recoveries) 20% Loss with around 5% returned by Dec 2021 I am currently pencilling in around 15% NET loss
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Post by nesako on Jun 16, 2020 13:34:23 GMT
Ah well, both mine and MRS account are 100% "locked" with 0 funds returned. What I wonder is how the provision fund will work when we are in RE and whether current balance (just over 600K) will form part of the distribution in September... I also assume provision fund borrower contributions will continue to be collected as well as interest which was preivously due to us - all going to the same "pot", though this has not been confirmed anywhere (unless I missed it?). What is also not clear is the cost of administering this whole process. Really hope some more clarify will be provided soon
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Post by nesako on Jun 15, 2020 13:03:59 GMT
Sorry to hear, can I ask since when had the funds been unmatched? I'm one of those waiting in limbo with funds currently on market.. I'm not the OP, but this morning money I had on the market since 9th June was matched to borrowers. I still have some money that went on the market 10th, 11th and 12th June in the "Open Orders". So based on that, money is currently matched up to somewhere on the 9th or 10th of June. This is great insight - I wish my orders were spread like this. I was assured by GS a long time ago that it did not matter whether all funds are on the same loan or a number of different due to how RE works, but what I did not know that it would have made (some) difference at the end of the LE. I just have a large lump sum invested and it will not repay any time soon, so I am 100% "stuck" to RE
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Post by nesako on Jun 15, 2020 11:04:21 GMT
Perhaps borrowers are deciding to take up more of their full credit allowance before the door shuts? Assuming they were allowed to during the LE. Why take it today only to be recalled tomorrow? Reading reviews seems like the standard notice to the borrower is 3 months, so they would have some time to use it.
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Post by nesako on Jun 2, 2020 12:58:29 GMT
Very much doubt it will be before Friday (I would be happy to get it earlier). In related news, I have now received confirmation that most of this cash buffer will simply go to everyone who are "lucky" enough to have loans repaying on or around the date of Resolution Event announcement. My recent history shows it took 3 days for me to match, which means anyone with investments maturing between 14-16th June will get their pending (unmatched) money back and will be able to withdraw it, while the rest (roughly 75% of funds) will then be pooled together, waiting for this cash buffer to accumulate from scratch before receiving anything. Sadly, I am not one of those lucky 25%, so feels like years of waiting for me. Yes, I established this quite a while ago (here: p2pindependentforum.com/post/384894/thread, and then more detailed explanation here: p2pindependentforum.com/post/387332/thread, and more specific discussion of dates here p2pindependentforum.com/post/388564/thread). As I mentioned in my posts, your suggested dates assume that any RE is called 90 days after the LE. We don't know for sure it will happen like this (if a RE is actually called). The range of dates could also be much wider - the current matching time is 10 days. Thanks - I did see your previous discussion, just wanted to hear it from GS themselves (and they did confirm this). I also agree the range may be wider, but the 10 day matching reported on the Website is not to be trusted. When my loan recently matured, it still got matched within 3 days, despite it stating 10 days to match. PS. I really do not believe they will pull something out of the hat by Friday to prevent RE being called. I hope I am wrong...
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Post by nesako on Jun 2, 2020 12:45:05 GMT
Further drop in deployment rate this morning to below 82%. I wonder how quickly we'll hear what is decided at the board meeting due today... Very much doubt it will be before Friday (I would be happy to get it earlier). In related news, I have now received confirmation that most of this cash buffer will simply go to everyone who are "lucky" enough to have loans repaying on or around the date of Resolution Event announcement. My recent history shows it took 3 days for me to match, which means anyone with investments maturing between 14-16th June will get their pending (unmatched) money back and will be able to withdraw it, while the rest (roughly 75% of funds) will then be pooled together, waiting for this cash buffer to accumulate from scratch before receiving anything. Sadly, I am not one of those lucky 25%, so feels like years of waiting for me.
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Post by nesako on Apr 9, 2020 14:36:20 GMT
Of course, now RS will know who I am (if they don't already) Well, now they will know who all of us are as they can trace us all back from the unique references we have posted here lol
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