pom
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Post by pom on Oct 19, 2016 10:01:52 GMT
Yeah I think they told someone a while back that htey have to refund it to where it came from, so if your 1k came via debit card they won't start using the bank account details until all that 1k has been returned. Can't verify that yet tho as not had that much back yet (wonder if ANYONE has had...) I was particularly unimpressed as the DC wasn't even attached to the same bank account as the one they verified Was going to wait till I'd sold a bit more before my first withdrawal but if it's going to be long-winded I might check the account later, hit the button and see what hoop-jumping has to be done? There isn't a minimum withdrawal or any other restriction as well is there ? Min £5....which is annoyingly elusive while waiting for shrapnel to repay
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pom
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Post by pom on Oct 19, 2016 9:30:33 GMT
The good news is that, once LC eventually accept your bank account details are genuine, they will still insist on processing all your withdrawals via Debit Card refund (taking 4 to 5 days) as opposed to Faster Payments. Surreal. Is that because you paid it in via Debit Card ? Mine went in via FP .............. Sounds like a right PITA .......... Any experiences to share anyone? Yeah I think they told someone a while back that htey have to refund it to where it came from, so if your 1k came via debit card they won't start using the bank account details until all that 1k has been returned. Can't verify that yet tho as not had that much back yet (wonder if ANYONE has had...) I was particularly unimpressed as the DC wasn't even attached to the same bank account as the one they verified
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pom
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Post by pom on Oct 18, 2016 16:39:01 GMT
I assume you've emailed them? I've not had a response yet... I had hoped that vanessa might enlighten us all here but I will email now. Ugh - case of supply/demand imbalance apparently....cos the system wants to allocate across 10 loans and so there's a bit of a queue currently...
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pom
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Post by pom on Oct 18, 2016 16:27:06 GMT
I wanted this loan due to the long loan term, shame we got so little. With it being a small loan I didn't expect a big chunk but expected more then £125. It's only the first tranche, there's sure to be a lot more soon (ish)
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pom
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Post by pom on Oct 18, 2016 15:22:08 GMT
The information about the Abundance ISA does say that they 'expect there will be a way of transferring your existing Debentures into your Abundance ISA. We are working on this at the moment and will update investors when this becomes possible'. I have always thought it strange that investors seem to consistently pay premiums for Abundance debentures, even when it seems that some of them would have already returned some of the loan and so one would expect them to be sold for less than the original investment, but I do wonder whether I have misunderstood something. Perhaps once they are paying out they are 'derisked' and seen as a relatively safe investment. Well other platforms all concluded they wouldn't be able to - tho I know Abundance investments are classified differently so maybe there's a chance. "Expect" definitely doesn't mean it's definite tho. I haven't really looked at the SM but surely just because some has paid back it merely means they have less capital available to sell, and any premiums will be based on the remaining capital not the original investment.
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pom
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Post by pom on Oct 18, 2016 15:11:49 GMT
That sounds to me like it would therefore need a fair bit of attention to ensure you were/remained invested? They have what they call ebid which is like autobid. I meant given you say loans are few and far between...to me deposit and forget implies a predictable, not too long delay to be fully invested
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pom
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Post by pom on Oct 18, 2016 14:35:21 GMT
The loans are a few and far between. That sounds to me like it would therefore need a fair bit of attention to ensure you were/remained invested?
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pom
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Post by pom on Oct 18, 2016 14:12:56 GMT
I'd be surprised if they're able to transfer existing investments into the ISA...(might not stop people thinking they can do it tho).
Edit - I guess if someone REALLY wanted to get invested then 10% may not be a bad premium to pay on a longer investment (from memory I think that one was expected to average 8% over 7yrs, so still plenty of scope for earnings). As to whether the SM is active enough to make it a regular enough occurrence to be able to count on it as a deliberate strategy tho....
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pom
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Post by pom on Oct 18, 2016 14:09:15 GMT
Thats great, what returns are you getting roughtly on these platforms, On BM I am getting around 7.85% after fees, will I get anywhere near this in the suggested sites? I know I will get 3.73% in Landbay and £4.25 in Assetz capital (30 day account) I have used ratesetter rolling account but this sometimes drops to 2% Thanks Nope, hence my original comment. I'm currently getting 5.17 @ Octopus. Lending Works 5yr currently 5.4%. The only reason BM is so high is cos they're going to all the non-deposit & forget sites for you.
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pom
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Post by pom on Oct 18, 2016 12:47:25 GMT
Hello, I am looking for peer to peer account where I can deposit my cash and let them do the work, what are my options? I already have money in bondmason and would like another similar account like BM so they manage my account or have a good autobid system, are there any other options? Thanks So long as you accept that true deposit and forget will never have rates as high... My 3 "keepers" of that type are Lending Works (tends to have quite a bit of drag for initial investments tho), Octopus and LandBay (lowest rates). I've yet to find an autobid system that I'm happy to let run
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pom
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Post by pom on Oct 18, 2016 11:36:51 GMT
I am just wondering whether I have missed an opportunity here. I bought the amount of these debentures that suited me to keep in July and now they are being sold at a 10% premium after less than 4 months. Perhaps next time I will buy some extra with a view to selling. Depends if anyone's actually buying, or someone's just listing them in hope...
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pom
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Post by pom on Oct 18, 2016 10:40:30 GMT
On the topic of prefunding, there are two aspects of several P2P sites that are unfair to many (perhaps most) investors (although maybe not to people who can spend all their times on discussion forums). Few people have access to superfast broadband and/or bots that can snap up loans at half a second (or less) past when bidding opens, and some people have to work. They cannot be at their computers at 4pm. In fairness to all, any system that produces a more even spread of investment opportunity might be welcomed by the majority. The other generic question is that lenders are rushing in increasing numbers to these 'high gain' platforms (MT, SS for example) but the number of quality borrowers is not keeping pace. hence the scrabble for loans when they are made available. The solution seems obvious - get more business in by reducing rates charged to borrowers and offered to lenders. This would be unfair only to the few computer-savvy people who write bots and have access to superfast broadband at all times of the day, and who are able now to dominate the whole process. When loans don't fill in the first 24 hours, offer a second tranche again limited to £X per lender. Then open it to all at unlimited amounts As far as I'm concerned MT have the fairest system out there. Yes they may miscalculate demand occasionally, and renewals are never going to have anywhere near enough to satisfy demand - if they ever do then the loan/platform may be in trouble. I will never have superfast broadband and I would never use a bot. What I did have was patience and an understanding that building a portfolio would take time, back at the time when MT loans and therefore bidding limits for new loans were actually a LOT smaller than they are now, and as a result it took many months until my investment was at a level I was happy with.
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pom
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Post by pom on Oct 18, 2016 10:03:33 GMT
It's never stopped them before (I've had pence reinvested previously) and now that I've looked I have £13 stuck....so must be another problem... Thats what I thought as I was sure that they re-invested 13p of mine from the last month. I assume you've emailed them? I've not had a response yet...
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pom
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Post by pom on Oct 18, 2016 7:21:24 GMT
vanessa , I seem to have had a few pounds stuck in pending for a few days now which is my interest for the month. Do I take it that this will not shift until it builds up to more than £10 ? It's never stopped them before (I've had pence reinvested previously) and now that I've looked I have £13 stuck....so must be another problem...
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pom
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Post by pom on Oct 18, 2016 7:13:24 GMT
Thanks ilmorro Loan investigation shows material change that reduces stability of the collateral and the business plan but that's ok for ss to just extend ad infinitum? I suppose ss get great fees each time so why would they bother doing further research, to ensure loan is secure, as their money is not in the game as an investment? Could it be that ss would have no costs by doing it this way as, to do further research or get a new report or company accounts assessed eats into ss profits. Ss should, imho at the very least, give an ongoing update about the company that includes, where available, more up to date accounts and comments about changes in the business environment for the company. E.g a major backer walking away or a change in local planning that impacts the original path to revenues. As for the strategic, from a lenders perspective, planning I would be more likely to buy a loan on sm that has 3 or 6 months to go than one that is rolling indefinitely. What are investors thoughts on this? I don't think ss will respond to these questions or suggestions anytime soon judging on past performance. None of this is new news I'm afraid or likely to change in the short term as there are enough people putting up with it.
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