david42
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Post by david42 on Nov 18, 2017 18:49:51 GMT
I thought that was the whole point of having a lending offer in for £1 at %silly - you get an email when it matches .. at least I used to. But that does not tell you about crossed markets because existing offers do not get matched so you don't get an email. Only new offers get matched when the market is crossed. I have previously posted a market listing that demonstrates existing offers being ignored.
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david42
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Post by david42 on Nov 17, 2017 23:04:34 GMT
Thank you for the links. I don't think it would be tax evasion to reasonably offset "irrecoverable" capital losses in a tax year where one would be paying 40% tax and then a year later include any recovered capital to be taxed at 20% in that year (due to chaging personal circumstances - e.g. looming retirement = lower income). Any thoughts? The law allows you some discretion in deciding which loans are irrecoverable but you must be able to justify your decisions with reasons other than tax avoidance. Otherwise your reasons could be open to challenge as being a sham. If you can justify your decision in other ways and the tax saving is a fortunate consequence, that is fine.
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david42
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Post by david42 on Nov 15, 2017 21:21:46 GMT
I'm a simple minded soul. If HMRC say that PL should show the gross interest (ie including their 10%) then that is the amount that I would put on my return (in fact, I only have an ISA). I suppose their interpretation of tax law is that the gross amount is taxable and I would think it dangerous to put a lower figure on the return. But if you really do pay tax on the pre fee interest, it would make more sense for PL to pay a lower rate of interest and make their money another way before paying you. That's what other sites do and gives them a clear (non-ISA) advantage. It would have been more tax efficient for PL to apply their charges to the borrower rather than the lender. Indeed one platform restructured their contracts a couple of year's ago for exactly that reason. But PL have not structured their charges tax efficiently so lenders need to pay tax on their charges. The tax statement is correct.
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david42
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Post by david42 on Nov 14, 2017 23:27:01 GMT
Reminder that you can block future posts from people who are just posting trivia to increase their post count. Click on their name at the left of their post then click the cogwheel on the right. Then their posts will be hidden.
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david42
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Post by david42 on Nov 13, 2017 20:50:16 GMT
With these crossed markets I can sort of understand why the Ratsetter software might insist on matching offers at 7.0% rather than anything less than or equal to 7.0%. But why does it ignore the existing offers at 7.0%? Only new offers at 7.0% are getting matched. At 20:45 this evening there were enough existing 7.0% offers to satisfy the remaining borrower request - but they are being ignored.
Lender Offers Rate On Offer Orders Cumulative 7.10% £5.0k 17 £593.2k 7.00% £60.8k 292 £588.3k 6.90% £24.7k 131 £527.5k 6.80% £26.8k 132 £502.8k 6.70% £12.0k 104 £476.0k 6.60% £52.0k 259 £464.0k 6.50% £86.7k 712 £412.0k 6.40% £204.3k 499 £325.3k 6.30% £82.1k 532 £121.0k 6.20% £38,911.91 178 £38,911.91
Borrower Offers Rate On Offer Orders Cumulative 7.00% £59,302.25 1 £59,302.25
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david42
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Post by david42 on Nov 13, 2017 16:51:58 GMT
Currently I’m trying out mintos, I found that some loans have collateral but I can’t find a filter option for it. If you download the whole loanbook you can see eg. there are business loans with collateral. So I think the combination of a buyback with collateral looks ok especially with LTV < 50% If by collateral you mean you want to select asset backed loans, you can filter loans on LTV: For manual investing, LTV is one of the filters in teh column on the left. For auto invest, LTV is included under "additional filters", but the filter is only shown if the lender(s) have asset backed loans.
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david42
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Post by david42 on Nov 10, 2017 21:43:56 GMT
I do not know whether the current UI is the new one or the old one, but it does not work on XP using Firefox. The white window to register comes up as very narrow and half hidden off the edge of the screen. I would like to register as a possible investor, but cannot do so. I am using Firefox version 52.4.0 on Windows XP and the interface is working fine for me. I have just tested the register screen for you and step 1 of 3 looks OK. I cannot test more without actually filling in registration forms. Edit: My screen resolution is 1280 * 800.
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david42
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Post by david42 on Nov 9, 2017 19:14:38 GMT
That is a valid point if you might want to stop at £5k invested. You have clearly thought this through quite thoroughly.
There is a trade off between speed of investment and your maximum exposure to each loan. If you are contemplating a £20k investment in Funding Circle you need to be comfortable having £100 in each loan.
Selling is easier than buying at the moment so if you wanted out you could sell the whole lot quite easily - apart from any that had already had the risk band removed during the period of your investment - that would be quite unlucky.
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david42
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Post by david42 on Nov 9, 2017 15:25:45 GMT
If you have the £20k available now, the quickest way to get it invested is to put it all straight into Funding Circle now because Autobid buys you a maximum of 0.5% in each new loan. So it will take approximately the same time to get 100% invested regardless of whether you have £5k or £20k on the platform.
It took Autobid 4 weeks to get 100% of my money invested in September, starting with nothing.
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david42
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Post by david42 on Nov 9, 2017 8:27:12 GMT
I recently sold a load of FC loans and took my account to £1K. Since then I'm not convinced that it's relending properly. The unlent funds seems to be rising every day. It's reached £17 after a few days and I'm expecting to see that keep growing. Autobid is on. What's the typical waiting time at the moment? When I loaded it up a few months ago it seemed to lend everything out quickly. Autobid does not buy loan parts until your free cash reaches the higher of 0.5% or £20.
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david42
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Post by david42 on Nov 1, 2017 19:08:03 GMT
That would make sense. I think 5yr interest rates went high because the repayment run was late, so your repayments would have missed out on the high rates. The money from the repayment run would have caused the rates to drop and they have not gone back up today. Look again David. Pop a quick 10K in for (maybe 6.9%) later? Edit: Yes, I chickened out today and grabbed a nice piece of Rolling 4.8/4.9% early this afternoon. I just looked again but I am still not seeing anything interesting on the 5 year market. Have I missed something? £200k of borrower requests have disappeared without a noticable impact on the lender queue - where have they gone? I have not seen any matches above 6.2% today. (I cannot be sure because my marker offers only start at 6.5%) Market rate has been set at 5.5%, 0.3% below yesterday's rate.
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david42
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Post by david42 on Nov 1, 2017 17:33:19 GMT
That would make sense. I think 5yr interest rates went high because the repayment run was late, so your repayments would have missed out on the high rates. The money from the repayment run would have caused the rates to drop and they have not gone back up today.
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david42
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Post by david42 on Oct 31, 2017 16:16:56 GMT
The 5 year rate peaked at 6.7% at around 19.00 today. My 6.7% marker was matched but not my 6.8% marker. What! I've had £400 sitting there at 6.5% for two weeks and it's still there not matched... That makes no sense. Strange things can happen for a few hours while a large borrowing request is filled, but all I saw yesterday was a few large borrower requests at 5.9%. After getting my orders matched at 6.5%, 6.6% and 6.7%, I seem to remember seeing the lender offers list empty below 6.6% when I logged in at around 7pm. Are you sure we are both talking about 6.5% orders in the 5 year market? If so, I suggest cancelling your order and placing it again. Better to go to the back of the queue rather than being stuck in limbo. Or maybe try contacting Ratesetter - I don't know how good they are at technical questions now that WestonKev has left.
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david42
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Post by david42 on Oct 30, 2017 22:08:10 GMT
The 5 year rate peaked at 6.7% at around 19.00 today. My 6.7% marker was matched but not my 6.8% marker.
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david42
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Post by david42 on Oct 28, 2017 14:27:39 GMT
Hi david42 ; But statistically it doesn't look promising: No loan had repaid when more than 48 days late, and average of overdue loans in your latest summary is 52, suggesting at least half will default (I realise your 52 is probably the mean rather than median average which I have implied). That would result in ~10% defaults, which appears to come close to wiping out the surplus. So much for conjecture, another 2 months on it would be interesting to know how are things actually going? I agree it does not look promising. An overall loss looks like the most likely outcome. Several defaults since my last update. My statistics after 11 months are now: 41 loans repaid early, average (mean) 39 days early. 25 loans repaid within 2 days of the correct time. 28 loans repaid late. Average (mean) 16 days late. Maximum 48 days late 23 loans overdue. Average (mean) 59 days overdue. Maximum 126 days overdue. 16 loans are more than 48 days late. 8 loans have defaulted. Three of these loans have entered a repayment plan - so maybe I will get something back. Conclusions The 8 defaults to date have wiped out 2/3 of the interest received to date making an overall loss look more likely. The Money Platform's original estimate that 7% of loans would default was overly optimistic in my case. Maybe that is why they are not publishing their performance figures. After 11 months of using the platform the performance will still be determined by the eventual outcome of the overdue loans. The value of the 16 loans that are more than 48 days late exceeds the total of the interest payments received to date.
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