markb
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Post by markb on Feb 19, 2018 18:22:53 GMT
Just a couple of loans going south on TC, you are fortunate, I seem to remember a post on their VIP forum that suggested that their loan book had close to a thousand loans in default, I personally have around 50 of them and I agree I would accept a 43% return in a heart beat As they can't have done a thousand loans in the first place I think you can safely class that as false news. I haven't got a list, and I know Naughty Nick has a fair few, but are there really 50 in default? For what it's worth, parsing TC's status list gives the following tranche counts. 486 = 53.1% capital(?) fully repaid, i.e. their status code R 186 = 20.3% on track, i.e. A or B or N 34 = 3.7% restructured, i.e. C 131 = 14.3% in arrears or other outstanding issues, i.e. D or E 59 = 6.4% in recovery, i.e. F 19 = 2.1% fully or partially written off, i.e. W --- 915 total
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markb
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Post by markb on Feb 5, 2018 18:34:58 GMT
Evening, Yes, you start to earn interest as soon as you invest in a loan. Many thanks, Gordon I understand that this payment to lenders is calculated in the same way as interest, but do HMRC definitely treat it as interest? If a loan hasn't been drawn down, it seems obvious that the borrower is not paying interest on the loan - especially in the recent cases where the loan listing was withdrawn without being filled. However, I assume that Collateral aren't paying interest either - because, for example, AC were at pains to point out that P2P platforms don't have regulatory permissions to be deposit takers and can't pay interest (hence them deploying their cunning QAA model instead). My understanding was that this payment is an inducement to invest, paid by Collateral, to encourage early investment. ABL have an excellent FAQ on the subject, describing how they and their accountant think that it applies to their lenders (see the 'Instant Returns' section of 'What Is The Tax Position?' (www.ablrate.com/faq/what-is-the-tax-position/), which indicates that they consider it to be a capital gain rather than interest. I'm aware that different professionals can have different opinions about the same situation. Is that what's happening here, or is there actually something legally different about ABL's 'Instant Returns' versus Collateral's pre-drawdown 'interest' payments? Collateral Rep , please can you clarify?
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markb
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Post by markb on Jan 4, 2018 13:13:33 GMT
Just credited - thanks MT.
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markb
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Post by markb on Jan 4, 2018 12:52:20 GMT
Ditto for HSBC. Only ~1.5 hours of waiting for me so far.
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markb
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Post by markb on Dec 21, 2017 14:14:15 GMT
will i get a notification email when my ifisa transfer in is completed? Another user reported 'no' yesterday.
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markb
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Post by markb on Dec 21, 2017 13:59:11 GMT
If you mean can you sell part of your sub 1000 holding and keep the rest, no Generalising that answer, you can't sell only a fraction of any one of your loan parts intentionally (but it does happen if your SM listing expires with bids that sum to less than the price of the whole loan part). The workaround is when you buy into the loan, to split your bid into multiple smaller bids so that you have more sale size options for later - but that's quite annoying. Ended on the PM, does NOT imply unsold, I think it allows lenders a bit of time to see if their bid was successful and at what rate (like ebay only in reverse you can put in a bid which slowly decrements from say 11% to 8% as more pople come in under you) Yes, drawdown usually takes a while, so there's not a great rush to take down the expired PM listings. Contrast with the SM - sometimes the expired listings disappear within seconds (which means for example that if you lose, often you can't find out how much you lost by), whereas sometimes they sit in 'Ended' state for a few days. TC process everything manually (hence their inability to set a competitive SM fee), so I think it depends whether the right person is at their desk waiting to push the button, or on vacation.
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markb
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Post by markb on Dec 6, 2017 12:57:22 GMT
Also, as I understand it, a UK individual only avoids income tax by selling on the SM - they become liable for CGT instead, so if they do it enough to exceed the CGT allowance, they'll still have to pay some tax.
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markb
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Post by markb on Dec 3, 2017 13:22:26 GMT
Feeling a little anti the universe once evening and wondering if some bean counter at AC towers was looking at the total requested demand for loan parts unfulfilled as some measure of possible demand from lenders and hence where to set interest rates. I sank a few bananna punches and upped the level of my requests on loans i wanted to the total ourstanding ballance of the entire loan! What?! Why would you want to try to encourage AC to lower the interest rates that they pay lenders?
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markb
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Post by markb on Dec 3, 2017 13:16:19 GMT
The net instruction does decrease as the request is satisfied, e.g. if you request to buy £100 and the system subsequently manages to buy £20, then your instruction automatically changes to "buy £80".
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markb
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Post by markb on Dec 2, 2017 11:36:45 GMT
Broadly speaking, no [to the OP's question] - the HMRC test is stronger than the borrower simply being in default, there has to be a legal recovery effort underway (e.g. administrators, receivers, court case).
For FY 15/16, we had to figure out the loans and amounts ourselves, but these days each platform is meant to give us this info on the annual tax statement. Admittedly some of them (not MT) still aren't doing so, or appear to be mis-applying the rules - in which case you might want to use the correct figures...and then enjoy explaining to HMRC why your tax return differs from the figures that the platforms supplied to HMRC!
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markb
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Post by markb on Dec 1, 2017 21:57:01 GMT
That was my guess too, but we're both wrong. Credit to Lendy for working late in order to keep their word.
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markb
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Post by markb on Dec 1, 2017 21:51:04 GMT
23k already for sale. It seems TC investors were ahead of the game on this. It was still at 0 availability shortly after MT posted their update today; I think that the sale queue is result of that only. Investors spooked by the TC update would have tried to sell on Wed.
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markb
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Post by markb on Dec 1, 2017 13:24:15 GMT
The updates are most welcome. The only problem is that every one must be clicked individually before the little indicator flag resets to zero. It takes quite a while on my broadband connection to open 48 separate Collateral page links! Collateral Rep , could you please ask your web team to add a "Mark all as read" button? Thanks. Collateral Rep , thanks for adding the "Mark all as read" option. However, it doesn't work for BL00079 -1 thru -4. It sets my other ~40 unread updates to read, but not those 4; however, I can set those to read by actually opening them. I'm not sure of the cause - possibly related to them having an update dated today? The "Mark all as unread" option does work for all though, including those 4. Which makes the issue easy to reproduce (it happens every time); simply set all back to unread, then attempt to set all to read again.
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markb
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Post by markb on Dec 1, 2017 13:12:28 GMT
Grr...I forgot about this renewal until ~12:15. No chocolate bar for guessing how many I got.
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markb
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Post by markb on Nov 30, 2017 0:31:00 GMT
The tone on the TC forum was already unhappy prior to this update - so it's difficult to tell whether the current unhappy tone is a result of new content in that update, or because that update didn't address enough (any?) of the lender questions/concerns posted previously.
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