dzo
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Post by dzo on Apr 19, 2017 20:34:13 GMT
All the bloated SM needs is £7 million of new pipeline loans - no chance to sell older loans now? Almost £2 million will be returned from PBL135, but not just yet..... Is it just me or does anyone else think that SS are pumping loans out a bit too quickly, anyone any guesses how much PBL173 will still be on the SM in a weeks time ? On the plus there is still another million to come from PBL122 when it repays. It's not so long ago we were desperate for new pipeline loans. I'm a bit puzzled by the seeming lack of new investment. Lendy didn't used to have to wait for repayments to clear the SM. Are new lenders being lured away by rival platforms? Has new investor interest in p2p peaked for now? Are people putting their money in LISAs instead?
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dzo
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Post by dzo on Apr 18, 2017 22:04:20 GMT
This is happening! I've just seen Farmland in Cornwall listed at a 4% discount and was sold in an instant. Edit: just seen the same 4% discount on Lanarkshire farm too! This is going to happen a lot. fundingsecure , can I sell loans from my main account to my IFISA at a 4% discount? What if no SM loans are listed, what price can I sell to myself at? This is concerning. Surely FS need to stop people buying their own loans. I think I'll hold off on putting any money into mine until this is resolved.
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dzo
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Post by dzo on Apr 18, 2017 22:00:52 GMT
Does that 'open market' rule apply to sales within ISAs as well? If not, then Liz 's abuser could sell to their ISA at the same discount as highest one currently available on the SM and then sell from their ISA at the maximum premium allowed (4%). I wonder what FS can do to stop such abuse. Firstly you are crazy to even try this because if you are caught you will be in big trouble, it was just an extreme example to highlight a possible problem. I'm surprised you are allowed to sell to your own ISA at anything other than par. What do you do if there are no loan parts for sale? Or only ridiculous premiums(2%+), that nobody is buying, then there is no market price. I think we should have been given some guidelines. Maybe we should be ultra safe and transfer our loans into our ISA's(via a sale) at par Even par might not be considered market rate if everyone else is selling at a premium.
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dzo
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Post by dzo on Apr 18, 2017 19:06:31 GMT
Paul64 you can try your best to control the hoards but if you take a gander over on the Bondmason board we have stevefindlay considering leaving due to having to constantly attempt to appease a stream of criticism as over the top as threatening FCA action due to the minimum deposit terms changing! Then when you've all gone there will be mass criticism that the platforms aren't communicating, got to love it here !! Paul64 , If you never posted on here again I wouldn't blame you. Some recent posts are a bit embarrassing. I'm not surprised Lendy don't post here more often.
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dzo
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Post by dzo on Apr 18, 2017 18:45:01 GMT
"The <removed> has a 365-degree view" - wow, is that on only 360 days a year? It must be in a different space-time continuum. I expect the 5 degrees extra to refer to the difference in plane levels with resect to our space-time continuum. I think they're counting the borrower's five architecture diplomas.
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dzo
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FundingSecure (FS) in Administration
Launch of IFISA
Apr 18, 2017 18:30:14 GMT
Post by dzo on Apr 18, 2017 18:30:14 GMT
Our understanding, based on the specific rules for IFISA, is that you can only open one IFISA in one tax year. The "exception" to that is where you open an IFISA with one provider, then decide to move it to another. Under those circumstances you have to move all of the current year funds, including any interest earned. Effectively it is as if the original IFISA never happened.. Taken from the ISA guidelines: From 6 April 2016 investors can subscribe in each tax year to
• one cash ISA • one stocks and shares ISA, and • one innovative finance ISA.
They cannot subscribe to two (or more) cash ISAs, two (or more) stocks and shares ISAs, or two (or more) innovative finance ISAs in the same tax year.
Where the investor transfers current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA. For example, if current year stocks and shares subscriptions are transferred to a cash ISA, they are treated as if they made to the cash ISA so the investor is free to subscribe to a stocks and shares ISA following the transfer – subject to the overall subscription limit (see paragraph 11.12a).When you open an IFISA with us you make a declaration that you will not open another IFISA in the same tax year - the wording of which is taken directly from the ISA handbook. It is true that some other platforms have interpreted the ISA regulations in a different manner (The distinction between opening and subscribing) but we are following the above guidelines. FundingSecure I've opened the IFISA, but I'm reluctant to put any money in now that I've read this. Can we really trust FS to operate an ISA account when they don't seem to understand the difference between opening, subscribing, and transferring? The lack of flexibility is also a concern. P2P investments are often dictated by loan flow so flexibility is more important than it is for other types of ISA.
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dzo
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Post by dzo on Apr 17, 2017 19:59:47 GMT
And INPL, seen it loads of time on here. I think I know what it is/was in regards to the SM. But I have no idea what it stands for. Maybe someone can create an acryonm sticky. Invest Now Pay Later.
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dzo
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Post by dzo on Apr 15, 2017 10:23:01 GMT
I am in the same situation dermot . Given that they have also said that deposit processing is Mon-Fri only (although we know some deposits get through at weekends) then they should not complain if the negative balance lasts a few days. If they repay 122 my balance will be (just) positive. It went live on a bank holiday so given the usual two working day rule, we have until Thursday to resolve the negative balance. I'm just going to collect the extra interest until then.
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dzo
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Post by dzo on Apr 14, 2017 12:37:50 GMT
My reasoning was that with 8 results, it is possible to flip through pages without (much) scrolling (at least on my screen size). If I put in more results (I tried it) then there is a lot of up and down scrolling to see results and reach the filters, which I dislike. Obviously it depends on screen resolution. I suppose it's a matter of personal preference. If you have access to the CSS, you could make the filters fixed position so they're always there.
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dzo
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Post by dzo on Apr 14, 2017 9:26:30 GMT
I like the filters on the right.
You should put more results on one page and put all the columns on a single row so they're easier to scan.
I noticed that if you filter for 'fee-free' Abundance gets filtered out, but I don't think their IFISA has any fees. Is this a mistake, or is there a fee I'm not aware of?
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dzo
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Lendy (L) in Administration
Bots??
Apr 13, 2017 20:15:09 GMT
Post by dzo on Apr 13, 2017 20:15:09 GMT
Really? I don't remember opening my SS account, but I've definitely had to prove ID to other platforms. Yes, really. Never been asked to submit a thing. Filled in the Join Up form and bingo, confirmation email arrived and my account live almost instantly. Same with 2 other platforms. TBH, I could have been anyone pretending to be me. As it goes, I was me so no problem and the simplicity was great for me. But I thought it a bit slack. When I've gone to open a new bank account or whatever I've felt like I had to jump through hoops to get an account opened. Opening P2P accounts seems to be the total opposite in my experience. For clarity, I have a straightforward background. I am British, I have always lived in England, I have lived at my current address for about 15 years, I have a British bank account etc. There's nothing complicated about my circumstances, but then the same must apply to millions of others. They probably credit checked you. I had to show them a copy of my passport and a water bill.
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dzo
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Post by dzo on Apr 12, 2017 20:33:07 GMT
Lendy are the only platform sending us a pre-filled voting slip telling the world how fab they are. Not good form. Not good form, I agree but when someone’s CV states that they have “a love for story-telling” then perhaps it’s to be expected. It's a common practice in the financial industry. My former employer won lots of awards by sending out these kind of emails.
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dzo
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Post by dzo on Apr 11, 2017 20:06:44 GMT
They say 3-5 working days.
I requested a withdrawal on Thursday morning and received it this morning.
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dzo
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Post by dzo on Apr 11, 2017 19:55:40 GMT
Buying and selling on the FS SM can create a capital gain, but there's a risk you won't be able to sell. I think Ablerate's Instant Returns count as capital gains as well.
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dzo
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Post by dzo on Apr 10, 2017 21:19:48 GMT
I think Lendy are a fair shout for bridging lender of the year.
For all the criticism on this forum, they've originated plenty of 12% loans over the last year and continued their record of no lost money (although we all know that can't last). I'm sure I'm not alone in having invested more with Lendy than with any other platform. Maybe we should put our mouths where our money is.
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