niceguy37
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Post by niceguy37 on Jul 27, 2018 8:56:25 GMT
I'm a long-time AC lender and enthusiast, and a minor shareholder, and think they're definitely one of the better p2p platforms. But it's disappointing how they don't seem to seek lenders opinions before driving changes like this forward.
One wonders if some tech geek (disclosure - I'm a tech geek myself) went on a course or conference and came back with the idea of 2FA. How could management think it was a good idea to add 2FA before simply having set bank account details to which all withdrawals must be made, preferably the same bank account that funded the investment in the first place?
To be fair to AC they have responded now with opt-out options, but it's a shame that all the upset and bad PR has been generated.
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niceguy37
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Assetz Capital (AC)
#441
Jul 24, 2018 16:20:12 GMT
Post by niceguy37 on Jul 24, 2018 16:20:12 GMT
Not for me yet.
And I guess by the time it gets around to me a lot of the currently availability will have been hoovered up by those lenders fortunate enough to have been repaid first.
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niceguy37
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Post by niceguy37 on Jul 10, 2018 9:41:56 GMT
I am amazed at the length of this thread and the uproar by some at AC just for trying to increase our security - we live in a world with increasing likelihood of cyber attacks of all forms and any financial institution seeking to increase our protection against that should be applauded not castigated That said, there are some good suggestions here such as 2FA for limited actions only - worthy of some consideration - although I am not sure it will really help that much except for viewing our account. An 'opt out' would be another possibility provided it does not mean AC can alleviate themselves of their existing security responsibilities to us If it's more hassle to log in then many lenders will opt for more convenient P2P providers. I certainly do. And that adds platform risk.
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niceguy37
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Post by niceguy37 on Jul 9, 2018 14:59:25 GMT
My MT 'new defaults' figure is higher than the interest across my 4 P2P platforms in 17-18. I'm assuming I can offset it all and so pay no tax - any differing views? Because MT chose to report all their defauts in their tax statements I guess there are quite a few lenders in a similar position as yours. This also applies to me and I will declare that portion of P2P losses so to pay no tax this year. Losses in excess of that can then be offset over the next few years. I tend to declare revenue to HMRC later in the year but I would feel lucky if recoveries were anywhere close to my total P2P interest anytime soon. My P2P losses are greater than my earnings this year, totalling across several P2P platforms. So I'll be hoping to carry the excess loss forward to offset against interest next year. What would be really good is if I could offset it against the previous year (when I actually earned the bulk of the interest from these less successful loans). I suspect that next year Lendy may finally be declaring some of their loans "irrecoverable for tax purposes", and that will again leave me will an excess of losses over interest.
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Jun 26, 2018 11:49:55 GMT
Post by niceguy37 on Jun 26, 2018 11:49:55 GMT
Similar problem for me which I have not yet opened a MT IFISA. Is there no way of transferring existing investments into the IFISA. I know you could, in theory, bed and breakfast them but no good if the secondary market is stuck. I managed to "transfer" most on my loans to an IFISA by putting up a loan for sale, then very quickly buying it back within my IFISA. Then move the funds over from the normal account into the IFISA and do the next loan. I lost about 5 percent snapped up by other lenders, but if you pick a quiet time you should get most in the IFISA. You could always use a second device (and possibly a second person) so that you don't have to switch your account over from normal to IFISA. The rest of my performing loans (i.e. those with current availability) are sitting in the sale queue until someone kindly buys them or the loan repays.
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niceguy37
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Post by niceguy37 on Jun 21, 2018 13:42:00 GMT
For an AC newbie, can you tell me what went wrong with the GEIA and GBBA accounts? AIUI reductions on government FIT payments have made new opportunities hard to come by, resulting in the closure of the GEIA to new investment. With few loans available diversity was not as good as was hoped for, so matters were not helped when some turbine loans ran into difficulties, leaving investors over-invested in these and unable to extricate their funds. The GBBA initially was capped at 7%, but AC struggled to find loans paying enough interest to cover this and provision fund contributions. So GBBA 1 was closed to new investment, and a new account GBBA2 offered, capped at a slightly lower 6.25% rate. Both the GBBA 1 and GBBA 2 are still performing reasonably, except that a very large loan #227 is suspended in GBBA1 leaving a lot of investors stuck in GBBA1. Both GEIA and GBBA accounts suffered from diversification issues resulting in lenders having too much of individual suspended loans (roughly 20% of a portfolio). Chris assures us that diversification is improving, and there is a new algorithm which gets you invested fairly promptly, then swaps your holdings with other lenders within a particular account, to hopefully result in even diversity across the board. As more lenders join and more loans are issued it is hoped that diversity will further improve. But that doesn't necessarily help the unhappy lenders who've tried to sell up, and are now stuck with suspended loans, and now face a possibly/probably lengthy recovery process before finally getting paid (by the lender or the provision fund). But I still use the GBBA2 and have not had problems since the new algorithm came into effect.
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niceguy37
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Post by niceguy37 on Jun 21, 2018 13:24:46 GMT
This is highly misleading to readers. If you wish to make these statements please can you give precise and current examples. Our loan status and default policy is quite probably the tightest in the industry and well defined on our website. Totally agree, these negative and unsubstantiated statements do not reflect the reality of how AC go about their business. In my many years of experience with this platform their communication to lenders sets the bar in P2P and whilst there are / have been issues with individual loans their overall approach to defaults and recovery is very reassuring. On reviewing this posters activity it seems they have taken to attacking AC on a regular basis after, like many of us and myself included, suffering some large GEIA defaults and, perhaps coupled with not fully understanding how this account could invest your money, they have obviously got a significant amount of their investment tied up in these loans. I think this poster should try to accept that there is an often long process in asset recovery and any PF protection will only come into effect once this has reached it's conclusion. If they cannot accept this is what they signed up for then I can only assume that they did not do their research and understand the marketplace and product they invested their money in. We all understand the frustration in having money tied up in recovery but this is the P2P market we chose to be in so please could you stop trying to single handedly destroy the credibility and reputation of one of the best P2P platform in the business. And the platform that is doing it's best to get your money back!
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Jun 19, 2018 16:33:33 GMT
lynnanthony and sj like this
Post by niceguy37 on Jun 19, 2018 16:33:33 GMT
Quick Q - i've just opened an IFISA and I can't see how to transfer money in to it, as opposed to transfer into my normal MT account, or indeed any way to access the IFISA account. Do I need a different login account or is there a way to toggle between the accounts like on ABL? You can toggle between normal and Isa accounts by clicking on the blue box on the top right hand side, showing your username and balance. Once in Isa mode you can select Funds the Deposit and you can see a banking reference to deposit directly into your IFISA. MoneyThing , may I suggest you add this tip to your standard email advising a lender that their new IFISA is open? It's easy to switch between nornal and IFISA once you know how, but it's not obvious at first.
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Jun 19, 2018 13:40:28 GMT
ptr120 likes this
Post by niceguy37 on Jun 19, 2018 13:40:28 GMT
I've just received an email saying that this is now open to all comers. Well done, Moneything.
Let's hope it lubricates the secondary market so I can sell up my regular account (aside from non-performing loans), and buy them in my IFISA.
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niceguy37
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Post by niceguy37 on Jun 4, 2018 16:29:24 GMT
I assume you mean you've got "all the long-sales-queue stuff up for sale" .. if there was anything juicy, and you listed it, it would be gone in a flash.. Actually, I managed to buy back almost all of the juicy stuff myself with some super-fast clicking. But it was worth the risk for me to get my loans into my IFISA, to try to curb my tax bill.
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niceguy37
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Post by niceguy37 on Jun 4, 2018 14:06:19 GMT
chris My MLA "Total Net Instruction" incorrectly show just £1.
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niceguy37
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Post by niceguy37 on Jun 4, 2018 13:43:50 GMT
I'm hoping they manage to open up their IFISA soon, as this may bring a bit more cash in, and help unblock the secondary market.
I've got all my saleable Non-Isa portfolio up for sale, but am intending to buy it back in my IFISA. I imagine there are quite a few other lenders out there in a similar position, and this will be distorting the secondary market at present.
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niceguy37
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MoneyThing (MT) in Administration
Tax statement
May 31, 2018 13:42:48 GMT
Post by niceguy37 on May 31, 2018 13:42:48 GMT
I think almost all lenders would want to declare the maximum losses earlier rather than later. Whatever is saved in tax now can be invested for a return to pay the tax later.
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niceguy37
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Post by niceguy37 on May 16, 2018 10:29:17 GMT
Is there any way to find loans with late payments instead of going through each loan manually? Yes.
I am invested in 255 loans currently, and monitor these via spreadsheet.
My calcs determine daily/monthly accrual rate per loan. I compare with current accrued.
I consider a loan to be late if 'current accrual' > 'monthly accrual rate' * 1.33
(that allows 10 days then its late)
My spreadsheet does it instantly and highlights the bad players, by days late, amount due to me.
More details upon request.
I think that AC (and other P2P platforms) needs to provide this information automatically if they want to move to main-stream volume lending. By now you'd think that most people realise late payments happen in P2P. Generally lenders are happy to let the platform get on with monitoring payments and recoveries. But we want to be able to easily see the state of play without having to maintain separate spreadsheets.
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niceguy37
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Post by niceguy37 on May 14, 2018 13:40:11 GMT
May I ask how you can tell what your position is the queue is? Loans>my loans>for sale and one of the headers is queued behind. Thank you
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