Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 11, 2019 20:24:59 GMT
They are only culpable for not getting the artworks. Not for being hoodwinked along with many others here and abroad.
Or are all all here of the opinion the victim is always to blame and should have known better. Nice to think there are all those people that meet the criteria to throw the first stone.
Of course they won’t have any losses for under there thinking they should have done their own diligence and would have found what nobody else did and not invested the finial decisions are always the investors and have been warned countless times to do their own investigation.
You may have complaint for not acquiring asset. However they always consult professionals for valuations etc. Any case would have to be taken against them.
I’ll take it all back if any gets a penny from anybody by making a complaint before the loan is complete .
I wager the cost of replying to complaints will cost considerably more in lost time and money that would FS got in commissions. The time spent would be better utilised in getting other more likely defaulted loans resolved.
In relation to these loans. Nobody is is going to do anything until the loan is completed and there is an actual defined loss. At the moment this and every loan only has the POTENTIAL to be a loss.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 10, 2019 9:15:25 GMT
I have made another formal complaint to FS over these loans. They should have secured capital against any loan. They should have insurance if they are not capable of behaving in a responsible manner. As someone with an art background, I put a lot of money into these loans on the first basis. There is no way I have not been mislead. Being mislead seems to be par for the course in P2P and of course if you want to see an absolutely gem of that in action, look to tranche five of the Whitehaven loan right here on FS. Just being told that you have an asset backed loan with a 70 percent LTV is usually deeply deceiving if not a flat out lie. While I agree we have been mislead it has been by the borrowers and FS are not responsible for that. They are however culpable for the way they managed the loans by not having closer scrutiny before issuing further funds in Whitehaven and by not securing the assets in the art loans. LTV% & LTGDV% need to be more conservative and based on distressed conditions.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 10, 2019 1:01:47 GMT
may be of interest free MSE Credit Club – includes your Experian Credit Report monthly report sorry off topic Don’t worry the oldies here quite often drift off topic. And to sleep 😴 Any useful information is always gratefully accepted.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 23:54:07 GMT
For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. You sure about that? Its interest not cashback so will be taxable under HMRC rules I think. A cursory glance at my tax statement suggests it is included. It might be called bonus but it's effectively the interest foregone being covered by the platform. Edit. In fact it's called bonus interest so almost certainly taxable. As it is a discretionary payment not guaranteed it could be classed as an inducement. As HMRC are a sneaky lot I take your point. Since I would expect the sum involved to be small before April it shouldn’t be too much problem for anyone I tend to keep all investments in FISA and can decide to keep taxable income within my allowance.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 23:53:52 GMT
For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. You sure about that? Its interest not cashback so will be taxable under HMRC rules I think. A cursory glance at my tax statement suggests it is included. It might be called bonus but it's effectively the interest foregone being covered by the platform. Edit. In fact it's called bonus interest so almost certainly taxable. As it is a discretionary payment not guaranteed it could be classed as an inducement. As HMRC are a sneaky lot I take your point. Since I would expect the sum involved to be small before April it shouldn’t be too much problem for anyone I tend to keep all investments in FISA and can decide to keep taxable income within my allowance.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 21:45:20 GMT
sorry - you are totally correct - first loan was due to be repaid 09.08.18 i.e. 6 months late and all loans due by 27th March which is not very far away! Maybe this chap will refinance... That’s just about Brexit DAY. We all make mistakes even Gods. The character of a person is when the admit them.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 21:35:57 GMT
My recent (end Dec/beginning Jan) investments are currently 22% queued cash, with last new loan 16 days ago. Widening the rates range has had no effect. Its looking to me like new investments are put at the front of the queue and invested quickly, but it's reinvestments that are then put in a queue and allocated in order of the original investment date. This explains why; - new money is quickly invested but then seems to grind to a halt when the repayments come in. - older investments remain fully invested with very little if any queued cash (my older trial investments are rarely below 99% invested) This is a bit back-to-front compared to other sites where new money waits at the back of the queue (eg. LW). This may have been done so as not to discourage new lenders but then only leads to frustration when repayments do not get reinvested. However, because you have to withdraw the entire holding of an individual investment lenders are less likely to withdraw cash, or if funds are in an IFISA account, so the site retains a balance of cash to service new loans, which is beneficial to Welendus. Demand for loans was high in the run up to Christmas, hence the emails encouraging lenders to deposit cash - I was one of those who responded and was encouraged by the rapid take-up of cash into loans. However, post-christmas demand appears to have dropped off and we are seeing long queue times for reinvestments. While I can understand the rational for older reinvestments being allocated before newer ones, I do not think it is fair to existing lenders to place new money at the head of the investment queue (sorry Godanubis ) and suggest this policy is changed. Tagging nsiam for comment. A nice new advert say on social media would reach either possible borrowers or their friends and colleagues . If quality borrowers are found then everybody is happy. I’ve decided to shift from Lendy to Welendus. I will probably wait till April and new FISA allowance before I move any great amounts. Which will be in relatively small amounts. (Might be a lot later as I wait for Lendys wayward Loans to repay or not ) I agree that loyal lenders should have their repayments Invested before new money its the fair thing to do. I think the overall performance and risks of the platform make up for the tiny amounts of money not being made by queued funds. For money paid as bonus from PF acquired loans instead of interest that is not in FISA is non taxable whereas the interest would have been taxable so there is an upside there. Still a growing platform that wisely is not compromising standards to grow too quickly. “Slowly Slowly catchy monkey 🐒 “ We are all aware of some terrible results for imperfect AI’s I’m sure careful upgrading of lending algorithms will see an improved platform throughout 2019.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 10:56:11 GMT
£5000 gone in 15 days
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 9, 2019 1:56:51 GMT
Ah the good old days when -1% was rare ocurrance. It could change with a slight modification where those selling at discount could easily see their sale price and possible loss. Using something like this Time to Sell Calculations.xlsx (11.78 KB)
From that you can see selling at 31 day left at -1% gives a return similar to holding to maturity at 20% tax and about 2% higher for 40% tax payers The discounts assume buying at start obviously buying at-1% then selling at-1% would keep the primary rate.
If changed to -1.5% max and folk knew exactly what their returns would be I think there wouldn’t be many willing to get such a low return. The lack of timely repayments also reduces the availability of free cash to buy, forcing the discount higher for those who want out to free up cash or avoid tax and default risks.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 22:59:44 GMT
Yes, they are all linked, as well as the Farnham one which didn't get an update. Also worth taking the time to look at the comments I've made on the threads for Southampton, two of the Liverpool loans, and Greenwich.
Thanks for link and work. Let’s hope he is related to good old Lizzie. She is one person and controls considerably more assets . Just don’t get old Philip to drive him to the meeting.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 22:52:14 GMT
I’m still waiting for any significant number of mentioned loans to actually “mega fail” So we can post the statistics related to the accuracy of the fantasy league and their minimal effect on overall returns
We can put everything undo the heading. “ Sometimes loans fail” narrative by Paul Daniels “Not A lot”
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 19:18:43 GMT
A number of P2P lenders have been supporting Kiva for some time now and there is a team on Kiva that supports many of these microfinance sites including Lendwithcare. Yes a very little from awful lot would make a huge difference.. Labour policy in reverse. For the few from the many.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Feb 8, 2019 19:09:53 GMT
I think this one will work out the developers seem to know what they are doing.
I would not be surprised if this pays off early when more mainstream (way cheaper) finiance is obtained as work progresses and the switch to C&I repayment is possible.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 19:02:52 GMT
By allowing higher discounts on SM it would help those wanting a modest return with little risk .
The risk would be taken by those who buy with their FISA funds and have the nerves to see things out.
It would help the smaller investors where even the lowest cost parts are high % of their investments.
I'm not a philanthropist this would be beeficial to flippers as the margins would be wider.
Anyone buying on SM would have to stand by their choices as to what loans they want V Enhanced returns and higher risks involved
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 8, 2019 16:28:51 GMT
Nice to see the flag waved for Lendwithcare's crowd funding. I'm in my 5th year of supporting them. Starting off and only making minimum sized loans of £15 a time, I gradually increased my overall amount lent to about £1000 some years ago. I only increase it minimally now if a couple of extra pounds will facilitate making another loan. Re-lending the current receipts of around £140 each month has meant that I have now lent over £6000. If I chose I could stop lending and withdraw my money each month until my account balance had been cleared. Doing that, my overall outlay would have mostly been returned. Lendwithcare measure the impact of loans in terms of the number of entrepreneurs (borrowers) in each loan, the number of dependants they have who will benefit from the loan, and the number of any jobs that the loan will create. Due to the purpose of the loans, the number of jobs created is most often zero. So far, statistics indicate that I have made 404 loans, contributing to helping 5945 entrepreneurs, benefiting 18,913 dependants and creating 1745 jobs. I think that's a worthwhile use of the relatively small amount of money that I haven't actually parted with. Alternatively it could otherwise be similarly earning nothing in a bank account or be funding some crook's champagne lifestyle, never to be seen again. Perhaps FS ,Lendy and others could do their public image a bit of good by investing .001% of every loan granted into Lendwithcare.And show all P2P platforms are not heartless exploiters. Instead of sponsoring rich folks pastimes. Example
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