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Post by bobthebuilder on Feb 21, 2019 14:42:36 GMT
The nature of hard property security, that is all that we lend against nowadays, is certainly one big contributor to the very low loss rates we have seen elsewhere to the GEA. I hope that this helps.
It doesn't if, like me, you have a five figure exposure to non-performing loans in the GEIA.
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Post by bobthebuilder on Dec 23, 2018 5:23:39 GMT
Seems an excellent promotion, having just made 3.5k, but wondering about the tax treatment? About 1/2 from ISA, other standard, in a 30d. If it was interest the ISA proportion would be tax free, but as a bonus paid into the standard account, will this be CGT or an income tax liability for 100% of it? On a courtesy call from AC I raised this, and was ‘sold’ it being paid into the standard account as a ‘benefit’ as it “didn’t affect my current years ISA allowance”. D’oh, already utilized! It's a platform incentive so isn't taxable. An incentive isn't usually eligible for an ISA so has to be paid into a standard account.
ilmoro Do you have any source information to support your belief that this incentive isn't taxable? I'm comfortable with not including a joining bonus of £150 I received from AC in 2016/17 in my taxable income because (subject to a minimum investment of £2000) it wasn't related to the size of my investment and therefore couldn't be regarded as interest, even though AC included it in their income statement for the tax year and stated that it "should be supplied as income when you submit your tax return". By the same argument I won't be declaring the Growth Street bonus I am due on the recent Winter 2018 promotion, where you qualified for a £50 bonus on additional investments between £2500 and £4999.99. Since the bonus is a fixed amount within that range, the return varies between 2% and fractionally over 1% and as the return is variable it cannot be regarded as interest in my view. With the AC promotion however, the bonus is directly proportional to the additional amount invested so has all the characteristics of an interest payment. Can you explain why you think it should not be treated in that way?
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Post by bobthebuilder on Oct 25, 2018 16:56:09 GMT
MoneyThing What evidence do you have that the borrower can service the interest after the initial six months? I don't wish to add to my list of non-performing loans, and your statement on this subject within the loan particulars doesn't exactly inspire confidence.
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Post by bobthebuilder on Oct 10, 2018 16:05:12 GMT
Anyway, us investors are being charged £500 an hour by BDO GeorgeT Sorry to wind you up but BDO's rates are actually up to £720 per hour, not £500. Appendix 12 of the Joint Administrators' Proposals dated 21/6/18 states that London partners are charged out at £600 per hour, but this is ex VAT. Still, according to the same appendix these rates were agreed with the FCA prior to BDO's appointment and the rates are discounted from their standard charge out rates. There - doesn't that make you feel better?
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Post by bobthebuilder on Oct 10, 2018 15:40:55 GMT
Some background re administrative restoration.
Hmm .... feels a major undertaking to me given the lack of any filed accounts or confirmation statements. Better safe than sorry I've sold out straight away.
Lots of these loans were available when I joined the queue but I still managed to sell out very quickly.
Clearly someone doesn't read this forum.
It's quite a thought that a failing borrower might just let CH strike their company off leaving secured lenders high and dry. Platforms need to be super vigilant to prevent this happening.
A good reason why the update from Ed should have been published as a Support update rather than a post to this forum. I was one of those who purchased a small amount of this loan after checking the Support notes to ensure that there was no adverse reason for a 'rare' loan to appear, and when I found nothing, I went ahead. I'd be surprised if there turned out to be a problem with the repayment but I would still have liked to be aware of all the facts before making a purchase decision.
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Post by bobthebuilder on Sept 4, 2018 5:00:09 GMT
In my view what's killed the potential IFISA boom is rising default rates and property valuations that bear no relation to realistic realisable values. A couple of years ago I'd anticipated moving all of my cash ISA money into P2P but I've now scrapped those plans and this year used my ISA allowance to bed and ISA some equity tracker funds to ensure my dividend income stayed within the new reduced tax free dividend allowance.
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Post by bobthebuilder on May 21, 2018 19:31:42 GMT
Until this month I used to see a flurry of interest payments at the start of the month and then interest payments on the remaining loan positions at regular intervals throughout the rest of the month. In May I haven't seen a single interest payment since 9/5 despite having 110 different loan positions (not including those in recovery or on the watch list). stevefindlay Have you changed your procedures to only pay interest on one day each month? If not, what has happened to all the interest payments due recently?
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Assetz Capital (AC)
IFISA
May 2, 2018 22:28:55 GMT
cb25 likes this
Post by bobthebuilder on May 2, 2018 22:28:55 GMT
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Assetz Capital (AC)
IFISA
Apr 27, 2018 9:30:00 GMT
IFISAcava likes this
Post by bobthebuilder on Apr 27, 2018 9:30:00 GMT
I had an e-mail from AC yesterday which read (in part):
"How do I transfer my ISA to Assetz Capital? To transfer your ISA over to our platform you will need to contact your existing ISA provider. They will ask you to fill out an ISA transfer form to move your account"
Surely that's the wrong way round? I always thought it was the transferee institution that had to instigate the transfer.
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Post by bobthebuilder on Apr 27, 2018 8:05:24 GMT
Update due today. But no planning application live and I doubt that any demolition has started . Did mcrlondon state that planning conditions need to be met before works start too? There is an interesting comparable development site with planning permission on the same road for sale for £1.7 million, price dropped from £1.8. Better location and plot, plans for a nicer completed house, better neighbours. Last sold for £1.4 million in 2016 (and that included the planning permission). Plus am not sure what appetite there will be from MT lenders to fund the development drawdowns. Especially at the current interest rate for this loan. It may be worth MT suggesting to the borrower they consider refinancing the loan elsewhere and start to investigate this prior to approval of the planning permission to avoid delays. Why do you think there will be separate development drawdowns? The loan details indicate that the loan was for both the site acquisition and the construction of the house. I know it's unusual to fund all the development costs up front, but I think MT may have been persuaded to do so in this case because of the amount of the borrower's contribution.
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Post by bobthebuilder on Apr 11, 2018 20:53:43 GMT
Hi everyone, I'm already invested in several platforms and have recently dipped into Growth Street. I deposited some funds 3 days ago at the market rate (5.3) and it is currently still not invested. I can't seem to find where I can view any investment queue size info (like on ratesetter) in order to decide whether to drop my asking rate or stick it out. Can anyone tell me if the market rate is not realistic, should I go lower? and by how much? I am only really interested in monthly loans at the moment. You can only lend at market rate (thank heavens!). You used to be able to undercut market rate by 0.1%, but because everyone did so it resulted in MR falling by 0.1% every two weeks until no one was interested in investing. So GS finally made the sensible and much overdue decision to freeze the rate at 5.3%. Re monthly loans, they're the only loans available.
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Post by bobthebuilder on Apr 8, 2018 6:31:46 GMT
How do you know BM are in that loan? Because the loans moved to the Recovery tab at the same time that the loans defaulted on MT, they have the same coupon and LTV and the notes correspond to updates on the MT platform.
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Post by bobthebuilder on Apr 8, 2018 0:14:49 GMT
I’m rather surprised by the inconsistency between BM’s reporting of defaults and the way the same loans are reported on the underlying platforms. BM show no write-offs for me and the tax statement doesn’t even mention defaults, but my defaults include the Prestbury and Birkenhead loans on MT which that platform has said are allowable against tax.
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Post by bobthebuilder on Apr 2, 2018 19:08:08 GMT
oxdoc Possibly worth mentioning also that other platforms have an interest margin (the difference between what they receive from borrowers versus what they pay lenders) that funds their admin costs. BM don't have that because they invest in the loans on other platforms rather than originating them themselves, which is why they have a fee to investors and a fairly high minimum. The fee used to be 1% p.a. and I'm afraid that when it went up to 1.5% p.a. I cancelled plans to add to my investment.
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Post by bobthebuilder on Mar 30, 2018 9:04:08 GMT
Just as a heads up to other lenders on BM, for at least the last four days I have been hit with fees that are six times the amount they should have been. I am not so paranoid as to think that I have been singled out for special treatment, so I presume that this has happened across the board. I only emailed BM about this a couple of days ago, and given that this is a bank holiday weekend I would not have expected them to have resolved the issue yet, but what concerns me is that I seem to be the first person on this forum who has noticed it. And that for me is the nub of the matter. There has to be a full audit trail of every entry that affects my cash balance, like there is for every other platform I am invested with.
The only reason I know that I have been overcharged is because I’m a geek who records daily the figures shown on BM’s Balance and Returns statements for cash in bank, capital deployed, fees collected/outstanding and interest paid and accrued. If there are any purchases, or movements in the capital deployed or interest paid figures, I also download the entire loan book so that I can identify which loans have had interest or capital repayments in the previous 24 hours. But I really shouldn’t have to do this. There are plenty of other “fire and forget” platforms who provide me with a proper audit trail of what they are doing, and I don’t see why BM should be an exception.
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