david42
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Post by david42 on Oct 25, 2017 14:21:14 GMT
We are not big fans of bid limits, but we do agree that time to read the docs is important so this may influence a change. We are in the process of coding the new user interface for the platform and will be launching some new features along with that and I think we will have something that solves this issue. I wanted to add a poll here - but have run out of pro board talent. These are what we are looking at in order of our preference - interested to see your thoughts ... some would be maddening - interesting to see which ones you think... i. Dynamic bidding (range based bidding on certain loans with fixed listing term) ii. Rejig of the pledge system (interest in hearing your thoughts how that would manifest) iii. Fixed time between downloading the borrowing proposal and being able to make a bid iv. Fixed period where you can only bid a percentage of your funds on account v. £1,000 bid limit for 24 hours vi. No change..... vii. Finally get around to implementing the "Auto Invest" feature that has been "Coming Soon" for like ever!! That way, investors can automatically get a slice of new loans without having to be physically in front of their computer between 1pm-2pm when new loans launch!
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david42
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Post by david42 on Oct 25, 2017 11:38:58 GMT
You do have some flexibility in when a loan is treated as becoming irrecoverable. You do not have to accept the platforms decsion. You would need to be able to justify your decision that the loan(s) became irrecoverable a year later - but the wide range of default policies adopted by different platforms would be useful evidence to justify you making a different decision.
The simplest solution is to offset the loss against your gains on other platforms in the same year which saves worrying about carry forward. But I assume you have other reasons that mean you would prefer to delay using the loss.
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david42
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Post by david42 on Oct 24, 2017 16:35:31 GMT
Thanks for sharing this r00lish67. I was tempted and applied. Never again. After spending 15 minutes filling in the form I failed at the timed identity test quiz and now it won't recognise my login details. I have just given up after waiting 30 minutes for them to fail to answer the phone.
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david42
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Post by david42 on Oct 20, 2017 19:52:06 GMT
At 17:04 today Ratesetter sent me the following email headed "Rate Alert" Dear David42,
As a savvy investor, I thought you’d like to know that rates are currently higher than usual*, and you could earn more by putting your money on the market:
Rolling
| 1 Year
| 5 Year
| 5.7%
| 4.9%
| 5.7%
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Rates correct as of 14:30 on 20th October 2017
David42, you currently have £x in your holding account**. How much could you earn if you moved it to the market?
Check now before the rates change.
*90 day average rates, up to 20th October 2017: Rolling market = 3.5%, 1 Year market = 3.8%, 5 Year market = 5.4%. **Correct as of 23:59 on 19th October 2017.
This sounds like a clever new idea to encourage more money to get offered as rates rise.
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david42
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Post by david42 on Oct 18, 2017 21:32:22 GMT
That link gves the limits for faster payments. Debit card payments are subject to different limits and I have not found those documented anywhere. For example, Lloyds bank seems to have a limit of £25,000 per day or 24 hours for faster payments and £30,000 per 24 hours for debit card payments. I thought that the thread was discussing both cards and faster payments. But, as I’m obviously wrong, I’ll get back in my box. I think you are right: the thread has discussed the merits of both cards and faster payments. I did not intend to imply any criticism of your link, which is very helpful summary of faster payments limits. I am disappointed that the banks have not published something similar for debit cards.
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david42
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Post by david42 on Oct 18, 2017 17:59:14 GMT
What loan number is this? It is loan number 79
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david42
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Post by david42 on Oct 18, 2017 17:47:39 GMT
That link gves the limits for faster payments. Debit card payments are subject to different limits and I have not found those documented anywhere. For example, Lloyds bank seems to have a limit of £25,000 per day or 24 hours for faster payments and £30,000 per 24 hours for debit card payments.
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david42
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Post by david42 on Oct 17, 2017 12:53:59 GMT
Lloyds Banks seems to have a limit of £30,000 per 24 hours for debit card payments.
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david42
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Ablrate (ABL) in Administration
Tax 2015/2016
Oct 15, 2017 18:56:23 GMT
Post by david42 on Oct 15, 2017 18:56:23 GMT
It seems the accrued interest paid by a buyer is still not deducted from the interest tax statement (but interest earned and accrued interest received from sales are) The only way is to search through previous emails (although emails now seem to being retained in the notifications section, this seems only fairly recent communications) How have other people managed this and have they just used the figure provided by ablrate ? I agree that Ablrate are double counting the tax for the accrued interest on the secondary market purchases (they apply the tax to the buyer and the seller). This has been argued at length with Ablrate in the past and they have refused to change it. I am intending to partly address this by excluding the accrued interest from the income shown on the Ablrate tax statement. Although that accrued interest should be taxable, deducting it is the closest approximation I can get to the correct figure with the information Ablrate supply. I both buy and sell loans in the secondary market. My defence to an HMRC investigation would be that the Ablrate tax statement double counts the tax so I did the best I could with the information available from Ablrate. (I am not prepared to trawl through several hundred transaction emails to reconstruct the correct information.) If Ablrate provided enough information in the tax statement or the downloadable transaction record, then I would apply tax for the accrued interest to the buyer of a loan and deduct that amount from the seller's taxable interest. That is my understanding of the correct tax treatment to avoid double taxation.
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david42
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Post by david42 on Oct 11, 2017 21:26:48 GMT
jonah Untradeable loans are Lendy's latest new idea for loans in trouble that they don't want to default. Lendy call them non performing loans. Today's new non performaing loans are: (Edit - Actually I am no longer sure what Lendy call them - I have rather lost the plot in the latest game of how to classify the non performing loans). The following loans are untradeable: PBL084 PBL155 PBL161 PBL166 PBL189 DFL001 DFL002 DFL016 DFL017 Not sure where they should appear on your chart. I don't think Lendy make it easy to distinguish them. cooling_dude has suggested he might manually add them to his database - all getting a bit awkward for your charts.
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david42
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Post by david42 on Oct 11, 2017 15:11:26 GMT
Jonah
I check it daily to see what is happening to Lendy. It gives me a very useful general indication of the lender mood before I drill down into the detail via this forum.
I use the Moneything chart occasionally when there has been a significant event.
It remains a useful piece of work. Thank you
David
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david42
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Post by david42 on Oct 10, 2017 20:44:37 GMT
The maximum price that you can offer to sell this loan for is 100%. I see no one is offering to sell this loan at that price.
But Ablrate did not say they had set a limit on the price that someone could bid to buy this loan.
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david42
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Post by david42 on Oct 10, 2017 11:02:03 GMT
Discuss and explain why FC is now safer and more suitable for the “unsophisticated” investor than pre 18/09/2017. Because unsophisticated investors can now expect to achieve the published average return. Previously unsophisticated investors got the dross that was rejected by the sophisticated investors, so they could expect to underperform against the average return. I returned to FC now that I no longer feel out-maneuvered by those with bots.
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david42
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Post by david42 on Oct 8, 2017 9:20:16 GMT
I have received some loan parts larger than £100 since the new process started. So Autobid is still trading them.
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david42
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Post by david42 on Oct 3, 2017 21:27:25 GMT
Looking at this loan again, it looks to be around 70% LTV using retail value of car stock (that assumes the 2nd loan is used exclusively to buy stock, it doesn't seem the first loan has been) Loan details state a 20% mark up of wholesale value to arrive at retail value. Assuming wholesale price is similar to forced auction value, then this would put this at around 90% LTV in default and forced sale ... and? Can you find me a 12% loan that is better than 90% LTV in a forced sale? Forced sale valuations are rarely stated. With the quality of many of the valuations we see, 90% LTV for a forced sale is one of the better valuations.
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