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Post by nesako on Mar 14, 2017 10:59:05 GMT
sergeysedov - another suggestion from technical side - you really should expire user sessions automatically after say 1 hour. I have logged in yesterday, entered website today and I am still logged-in! Does not feel safe at all! (in addition to being able to see some loan statistics - volume / value / rate stats per week / month would work for me to determine whether you actually get any loans above 14% or not)
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Post by nesako on Mar 13, 2017 9:57:53 GMT
I reached VIP rate after just over 2 weeks, so plenty of loans apart from the weekend, but I did get one today after an early repayment so maybe that will get better now. I set loan amount to 50€ each and once the balance is below that it stays uninvested, but I suppose once regular repayments start it won't be a problem. How much did you invest to reach VIP? Is the minimum 5000 EUR or does re-cycling 1000 EUR x5 times would also do it (i.e. all repayments reinvested 5 times)?
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Post by nesako on Mar 10, 2017 13:37:31 GMT
Twino post the bulk of new loans at night, chasing them over the morning / day is useless, especially if you really have 50K to invest
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Post by nesako on Mar 9, 2017 10:36:59 GMT
If you want to be fully invested with Twino, it requires almost daily admin to do this manually, since Auto invest does not always kick-in while there are loans. For the matter of interest, if you are withdrawing away, where are you moving your money to?
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Post by nesako on Feb 28, 2017 14:32:16 GMT
When there are Withholding Taxes... do you still need to declare that income in UK (and then claim it back and pay UK Tax instead), or can you just omit that platform from declaration?
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Post by nesako on Feb 26, 2017 14:19:38 GMT
Okay guys,
I am UK Resident for Tax purposes, also UK is my domicile. So, who can summarise how should I deal with the interest earned on Mintos / Twino loans?
Is there a limit, if under, I would not need to file the self assessment? Is the income from Mintos / Twino not already taxed at source? Is this income counting towards UK's personal savings allowance?
I have been reading many articles making things less clearer with each, and before I just give HMRC a call, I though to just ask whether anyone already has all the details?
Cheers!
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Post by nesako on Feb 7, 2017 13:22:20 GMT
Actual speed update: £2000 took 12 days to invest to Access and even though at the time of me hitting the button the advertised rate was still 3.1%, in the end got the new lower 2.9% overall. Can I ask if they were "chunked" into lots of £10 loan, I guessing they were? I think I'm right in saying that above £2k you start to chunk at £20. Also can you say what date you put the money out to lend as the beginning of the month is normally much harder to lend than the middle or end, though I think it's getting easier. And Welcome to the Forum! Hi Tom, loans "chunked" in max £20 pieces (and most are of this size, there are some at random number, but not less than £9). Lent our at on the morning of the 25th, Fully invested (kind of) yesterday (6th). Noticed that it has issue where remaining to match balance is low, my remaining £7 was never matched, and my wife had £2 stuck for the whole day as well. Had some early repayments, so now things got slightly skewed, but still 12 days is long... I also use RS, with max 1 day bidding wait my average is at 4%, so it is (from my limited experience) much faster and also at a higher rate. Time will only tell how it will continue though...
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Post by nesako on Feb 6, 2017 12:15:47 GMT
To register you have to fill in a questionnaire and if you are not a sophisticated investor, they double check you understand the risks by asking a number of questions - to be honest, this is a great thing for newbies, you pretty much have to acknowledge all the risks and then agree not to invest more that 10% of your capital. After that, you need to send driving license + passport photos once requested (for me it took 3 days) and then my account was made live without needing to activate it. So not the same smooth experience as instant online verification, but not too bad...
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Post by nesako on Feb 6, 2017 11:37:49 GMT
Well, in my experience, the only troublesome experience was registering for the account. Once you are in, all is pretty smooth.
To date, lowest APR I got was 6.22%. All loans repay every month, so if you are ever not happy, nothing is stopping you to change re-investment option to Holding ACC and withdrawing a month later.
Details from the site re:security:
Regarding the coverage, it does sound like it does cover the interest as well:
I would very much like representative to confirm these points as well, cause it could be that I am interpreting this the way I HOPE things to be, as opposed to the way they actually are.
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Post by nesako on Feb 6, 2017 11:25:25 GMT
Actual speed update:
£2000 took 12 days to invest to Access and even though at the time of me hitting the button the advertised rate was still 3.1%, in the end got the new lower 2.9% overall.
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Post by nesako on Jan 30, 2017 16:39:41 GMT
Yeah, someone got 7.4% filled. I wonder just for how long this will all last... all my matches repay on 15th Feb, so not a full month
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Post by nesako on Jan 30, 2017 16:18:55 GMT
wouw... got 4.5% matched in minutes... now I wish I put it up at 4.9% since this is where it stopped... still good though
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Post by nesako on Jan 19, 2017 13:27:01 GMT
Thanks guys for the responses so far, extremely helpful!
I realised, I probably should have worded the Title slightly differently, for me personally, it is not about replacing a Bank Savings Account, it is about having the next closest thing to it when you have already maxed out all available savings rates out there and have some spare cash, just sitting there, doing nothing... BUT I will leave it as is, so that people who DO think P2P is a direct replacement to Bank Savings account could read all the warnings posted here.
My personal scenario is that I have 4 Bank Accounts, using the maximum allocation of special "in credit" interest / regular savings. As of Jan this year, many accounts got a rate cut, so now a big chunk of my money get 2% or lower rate and as for any new money coming in, well unless I open more accounts I can only stick them to 1% paying NS&I Bonds. This is why I started looking in P2P investments. I used to do share dealing in super high risk shares (oil and gas), made 50% profit within a year to then lose it all in a week (oil price crash...). A year of daily checking / not sleeping very well at night being worried / being affected by greediness, well, anyhow, lesson learned - I do not seem to have strong nerves hence hands-off is the way for me to live a happy life!
Great response from steve@BondMason, I did have a peek at a website and it does look great for someone who plan to invest for longer term for sure! How does it work when Liquidating your account which has some Defaults? Do I have to wait until defaults are either written off or repaid or can I sell out all "up to date" loans to get access to money?
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Post by nesako on Jan 18, 2017 11:37:53 GMT
I' be interested to see what people come up with. Only ones I know of that fit the bill are Ratesetter 1mo rolling and Assetz qaa, but whilst they have both so far allowed quick access to money, they might not always and you might need to wait for the debts to be repaid, worst case. You could even loose the money, so nothing is quite the same as a bank account in that respect (which I'm sure you already know). Both have provision funds. Both are completely hands off. >additional comment. You could do like I did and split your risk between these 2 or more if you have the balance to justify it. The one's I personally know are: Ratesetter Rolling (Rate varies, but can get 3.1% within a day normally, at the moment) Assetz QAA (3.75% Target) Zopa Access (Seems to Target 3.1%) I may be missing some though. What I also fail to identify is whether Assetz one is actually any riskier than the other two, you could guess that given Higher return rate. Also, I do not know whether all 3 offer comparable easy access / same level of "hands off" experience / protection (on the "paper" they seem to?). Splitting across is surely sensible
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Post by nesako on Jan 18, 2017 10:44:29 GMT
Hey guys, I am sooo new (in fact, my first post), but I was secretly reading some of the posts for a while... Now what I realised, there are SO MANY P2P platforms out there that it is impossible for a hands-off human being who wants to "live" to keep a track of what is going on. Hence I need your advise, based on these requirements, what is, in your opinion best Platform and Product combo: - Hands-off, or very minimal maintenance (put money in - money works for you)
- Best Low risk / Reward ratio: Must have Provision fund
- Almost instant access - Someone should be able to get money out to Bank account, without incurring massive fees within say a 3-4 days
- Platform with a decent track record - Initially I was thinking with 1B+ investments to date, but that would limit options to only a couple, so anything "sensible"
I do not expect High Returns for this, to be honest, anything over 3% is good as long as there is Security and Easy Access to money
PS. I only currently use Ratesetter's Rolling option @ 3.1%, mostly because of £100 bonus, but it does tick almost all the boxes above!
Thanks guys!
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