gt94sss2
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Post by gt94sss2 on May 9, 2017 10:28:07 GMT
ablrateCan you please provide an explanation of what has happened with these loans and why the charges are only recently showing against the security for these loans? I'm not sure its identicial but it does remind me of the problems you have had with the container loans..
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gt94sss2
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Post by gt94sss2 on May 5, 2017 23:51:52 GMT
While I am not opposed to MoneyThing issuing an ISA, I would prefer they took their time in doing so and only launched when ready. Ideally, their solution would be a flexible ISA with no fees (annual or inactivity based), and that Ed and the team feel that they are fully resourced/ready to roll it out. I think a botched or hurried ISA offering may not have all the above features or demand could overwhelm them and that would cause longer term reputational damage to the platform. Of course, in my ISA MT wishlist, I would also like interest paid on uninvested cash While I note the pipeline is very healthy, its possible that a few of these won't make it or be delayed - and I believe the next few months will also have £1m+/per month being repaid to existing investors who will want a new home for their funds (let alone funds from other platforms or new investors which have been mentioned by others)
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gt94sss2
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Post by gt94sss2 on May 2, 2017 10:22:01 GMT
The strategy employed by GeorgeT reminds me a little of Northern Rock who assumed just because it had always been possible for them to borrow short and lend long it would always continue to be. There is nothing wrong with GeorgeT's strategy as such, but it relies on a functioning SM - if that stops working efficiently then he/she must be prepared to hold the loans to term - there is no guarantee that the SM will not become illiquid even for loans with 100+ positive days, paying 12% interest and having some advance interest held at Lendy. On the other hand, I do wish that Lendy had choosen a different name for loans they describe as being in 'default' as its debatable if that is actually the case.
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gt94sss2
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Post by gt94sss2 on May 2, 2017 9:52:23 GMT
From your description of the loan, I would be tempted to say go for it. Of course, it would help if combined with a loan repayment and a >12% interest rate If you proceed, do you have an idea of timing/loan limits?
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gt94sss2
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Post by gt94sss2 on May 1, 2017 16:31:13 GMT
Email was sent 12:23 stating all interest has been paid. Odd, I haven't received an e-mail from them yet re: interest for some reason. Never had an issue not getting an SS email before
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gt94sss2
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Post by gt94sss2 on Apr 27, 2017 18:24:33 GMT
ablrate I'm a tad confused with regards to this loan (10000620) and a connected borrowers loan (1000037). This loan has the borrower as "C****** MODULAR & PORTABLE BUILDINGS LIMITED", but there seems to be no charge registered at CH in relation to the film studios Modular Buildings. However, there is a charge for some Modular Buildings at a school, which would seem to relate to 1000037, which is a tad strange because the borrower for that loan is supposed to be "C****** CABIN HIRE LTD" (which has no charges favouring ABL). Can you explain the situation in regards to the above two loans please? ablrate Is there any clarification regarding the above or the subsequent posts?
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gt94sss2
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Post by gt94sss2 on Apr 27, 2017 18:21:09 GMT
Having seen where MTAH531 is going to be refinanced and at what rate, am quite happy for it to take several days for it to repay... please don't rush them on my account
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gt94sss2
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Post by gt94sss2 on Apr 26, 2017 14:46:45 GMT
Please note carefully, folks: Start time is 10am, and not the usual 4pm. MoneyThing Out of interest, could you say why the launch time isn't 4pm? (Though I appreciate different times of day might suit different people)
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gt94sss2
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Post by gt94sss2 on Apr 22, 2017 19:08:04 GMT
I think even where SS say that you should fund a loan in 24 hours (i.e. via pre-funding) in reality they would have to allow a minimum of 2 working days - as even with the 2 hour faster payments window - institutions can (and do) sometimes take the two working days (allowed under the Payment Services Directive) for transferring funds
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gt94sss2
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Post by gt94sss2 on Apr 18, 2017 20:44:52 GMT
Just thinking 'laterally' if P2P losses take you below your tax allowance would it not be sensible disregard any eligible loans that take you below your allowance? Very simple example, Tax allowance £17K P2P income 17K with allowable £2K capital losses. If you deduct 2K and declare income of £15K you gain nothing because you are below your allowance. Recovery is made of the £2K in the following tax year ..... this is declarable on the following years return as income. This means that if you generate the same £17K in year 2 your total income will be 19K so you will be taxed on the 2K capital. If you didn't claim the 2K in Yr1 it is only the interest paid (if any) that is taxable. .... or am I confused? You are not confused about the tax consequences. There's a similar issue at the 20%/40% threshold. In principle this can't be got round because (as noted in an earlier post p2pindependentforum.com/post/181683/thread) the law requires claims to be made as soon as possible. In practice there are going to be some judgement calls. I guess people could decide to amend a historic tax return after one has an idea what the following years P2P years income will be - I seem to recall the deadlines for doing so without penalty are relatively generous - but for most, I suspect this won't be worth it.
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gt94sss2
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Post by gt94sss2 on Apr 18, 2017 14:19:53 GMT
The HMRC guidance means that (assuming you do want to claim P2P losses) you need to do so in the year they occur if you have other P2P income in that year. If not, you need to do it in the first possible tax year you have eligible interest in which to offset against the loss (up to 4 years) You can't choose to carry it forward and apply it to another tax year of your own choice (up to 4 years) - i.e. a loss now can't be counted in 2019/20 just because you expect to be a higher rate tax payer then if you have had net P2P interest between then and now. Example £8000 Income £500 Savings Income £500 P2P Income £100 P2P loss Tax due on £9000 =0 Tax due on £8900 =0 It's not so much about higher rate tax. The issue is with or without the loans deemed irrecoverable there is no tax due because total income would all fall below the available allowances. Next year there maybe some tax due so it,so it would be helpful if the losses incurred this year could be carried forward to next year otherwise they appear to be wasted. Surely, if no tax is due then they should be able to be carried forward and not offset against current years income? P2P tax relief can only be set off against P2P income. In the example above, you would need to set off the £100 loss against the £500 of P2P interest earned in-year (if you planned to claim it). It won't save you any tax as you are within your personal allowances but it is technically a reduction in your taxable income. You can't carry the loss forward to offset against a future year in these circumstances unlike say CGT losses (the only way this would have been possible is if your P2P income was < than the P2P loss incurred)
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gt94sss2
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MoneyThing (MT) in Administration
MTAH531
Apr 13, 2017 16:06:07 GMT
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Post by gt94sss2 on Apr 13, 2017 16:06:07 GMT
Gone a little quiet from the solicitors on this for the moment so suspect not going to happen tomorrow. Just getting the latest and will come back to you. Regards, Ed. Ed, perhaps it would be possible to get an update in this sometime next week?
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gt94sss2
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Post by gt94sss2 on Apr 12, 2017 16:07:05 GMT
I'm not sure that it is right to net off the interest and losses within a platform. Funding circle do not do this, they give separate figures for income to you and losses in the period. I think the thing to do is to sum the income from all platforms and the losses from all platforms before netting. It may or may not be for the platform to do this but as an individual tax payer HMRC expect you to offset any losses against the P2P platform they were incurred with first within the tax year concerned, before offseting the balance against any other P2P platforms. As HMRC put it: Have a look at SAIM 12120 and 12130 (pages 14 and 15) of www.gov.uk/government/uploads/system/uploads/attachment_data/file/597959/Income_tax_relief_for_irrecoverable_peer_to_peer_loans_FINAL_GUIDANCE__2_.pdfThe overall net result is the same though..
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gt94sss2
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Post by gt94sss2 on Apr 10, 2017 22:50:41 GMT
Yes, but reading that document important to note that the ability to carry forward losses is limited: I don't understand that. On my Zopa account does that mean I have to offset "Loan principal deemed irrecoverable in the year" from my Zopa income or even my P2P income for the 2016/17 tax year or can I choose to carry it forward to use in another year (up to 4 years)? The HMRC guidance means that (assuming you do want to claim P2P losses) you need to do so in the year they occur if you have other P2P income in that year. If not, you need to do it in the first possible tax year you have eligible interest in which to offset against the loss (up to 4 years) You can't choose to carry it forward and apply it to another tax year of your own choice (up to 4 years) - i.e. a loss now can't be counted in 2019/20 just because you expect to be a higher rate tax payer then if you have had net P2P interest between then and now.
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gt94sss2
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Post by gt94sss2 on Apr 10, 2017 15:24:21 GMT
Thanks. Now sent
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