littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,007
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Post by littleoldlady on Jun 19, 2016 10:17:29 GMT
I would like to invest on this platform but as it happens £50k is the limit I have set per platform for diversity, so I would have to start off right on the limit, and I prefer to start small whilst I get a feel for how it works. I would have thought that £20k, or even £10K would have worked for them. However if I lose confidence in one of my other platforms and manage to bail out I may revisit MI.
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Post by wiseclerk on Jun 19, 2016 11:09:37 GMT
Consider invoice discounting on Investly. Low minimum investment of £10 (or 10€ both currencies available)
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Post by kristjan on Jun 27, 2016 11:11:25 GMT
Consider invoice discounting on Investly. Low minimum investment of £10 (or 10€ both currencies available) Potential investors should note that Investly does not charge any fees from investors. What you earn is yours to keep. Our fee structure is very simple and straightforward - we charge invoice sellers (£/€50 minimum, otherwise 1%, whichever is higher). More information is available on our board: p2pindependentforum.com/board/74/investly
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Post by webbski9 on Jun 27, 2016 15:20:05 GMT
Kristjan,how often do you auction Sterling invoices and where can I see previous ( sterling ) auctions.
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Post by kristjan on Jun 27, 2016 15:48:33 GMT
Kristjan,how often do you auction Sterling invoices and where can I see previous ( sterling ) auctions. In June we've had new auctions every week. This is a rather significant improvement compared to previous months. We are working hard to increase the volume and to make sure there's something on auction every week to reduce cash drag. We've hired a new sales person who will help with sales and we're looking to add more people to our London team for sales purposes. We do have a customer who will be having monthly recurring invoices from a rather large debtor. Also, time has shown that most of our first time customers become loyal customers (applies to both countries). If you're interested in the details I can share the link to our loanbook (with the names of the companies removed, of course). Let me know.
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Post by webbski9 on Jun 27, 2016 19:25:42 GMT
Thank you for your swift response.Thats very encouraging.I am interested in the details if you forward them,but are they not available on the website ? Best Regards
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Post by kristjan on Jun 28, 2016 7:23:49 GMT
Thank you for your swift response.Thats very encouraging.I am interested in the details if you forward them,but are they not available on the website ? Best Regards You're welcome. Here's the up to date UK loanbook: drive.google.com/file/d/0BzAm8HeJEvrnR0hmaWQ1WExZYXc/view?usp=sharingPlease note that seller/buyer information has been removed to protect their privacy. We're currently developing a new and improved version of the website. Among the improvements will be a page that features up to date data on the invoices. Up until that point, however, you can access the data through me (either contact me directly or via customer support). Please let me know if there is anything else I can help you with.
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Post by webbski9 on Jun 28, 2016 8:06:51 GMT
Thanks Kristjan.Very swift responses,impressive
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Post by kristjan on Jul 4, 2016 16:29:35 GMT
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locutus
Member of DD Central
Posts: 1,059
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Post by locutus on Jul 6, 2016 9:41:14 GMT
I agree, I have been using the site since February, the fund deployment rate for me is down to 60% from a theoretical 70%. Possibly I could tweak it a little higher using Autobid settings. But in effect excluding bad debt I am netting about 3% which is very poor versus the risk (IMO). I will be redeploying my funds elsewhere unless the excess liquidity situation improves or they drop their fees. Do you have any update on your experiences with MI? Did things improve for you or did you liquidate for greener pastures?
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locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
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Post by locutus on Jul 6, 2016 9:42:03 GMT
Also, MI must now have produced a tax statement. Do they show interest before or after fees for tax purposes?
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locutus
Member of DD Central
Posts: 1,059
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Post by locutus on Jul 7, 2016 8:53:57 GMT
I can now answer my own question with ref to tax. MI have confirmed that as of 18.04.16, interest is declared net of fees. i.e. you only pay tax on interest after fees have been deducted. There is no tax relief for defaults though unless you invest via a company.
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nick
Member of DD Central
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Post by nick on Aug 15, 2016 16:44:37 GMT
I can now answer my own question with ref to tax. MI have confirmed that as of 18.04.16, interest is declared net of fees. i.e. you only pay tax on interest after fees have been deducted. There is no tax relief for defaults though unless you invest via a company. Do you know why tax relief isn't available on losses? I have looked at HMRC's guidance paper (https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/509676/Income_tax_relief_for_irrecoverable_peer_to_peer_loans_FINAL_GUIDANCE__2_.pdf), but it isn't clear why irrecoverable loans made on this platform wouldn't enjoyloss relief. The only possibility is that MI doesn't qualify as a regulated P2P platform as its FCA permissions is only to "provide certain regulated products and services" versus a specific permission to "operate an electronic system in relation to lending" which is referred to in the HMRC guidance.
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nick
Member of DD Central
Posts: 1,054
Likes: 823
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Post by nick on Aug 15, 2016 16:57:25 GMT
I would like to invest on this platform but as it happens £50k is the limit I have set per platform for diversity, so I would have to start off right on the limit, and I prefer to start small whilst I get a feel for how it works. I would have thought that £20k, or even £10K would have worked for them. However if I lose confidence in one of my other platforms and manage to bail out I may revisit MI. You have to initially deposit £50k on the platform, but you don't need to maintain this level of investment. When I first invested, I withdrew most of my funds so that I only had £5k on the platform whilst I got comfortable and only later ramped up my investment level. They generally have the problem of too much money on the platform and a friend of mine was recently turned away as they halted new members - I'm not sure if this is still the case. I eventually pulled all my funds out as the net returns after their 30% fee.
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bg
Member of DD Central
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Post by bg on Aug 16, 2016 13:53:08 GMT
I would like to invest on this platform but as it happens £50k is the limit I have set per platform for diversity, so I would have to start off right on the limit, and I prefer to start small whilst I get a feel for how it works. I would have thought that £20k, or even £10K would have worked for them. However if I lose confidence in one of my other platforms and manage to bail out I may revisit MI. You have to initially deposit £50k on the platform, but you don't need to maintain this level of investment. When I first invested, I withdrew most of my funds so that I only had £5k on the platform whilst I got comfortable and only latter ramped up my investment level. They generally have the problem of to much money on the platform and a friend of mine was recently turned away as they halted new members - I'm not sure if this is still the case. I eventually pulled all my funds out as the net returns after their 30% fee. I'm not sure I'd recommend this platform. I have been investing a large sum since January (in a well diversified fashion). The main problem is low rates, low deployment of funds and defaults. I am getting slightly over 8% on my deployed funds. That might be ok (although its lower than all my other p2p investments) but its difficult to get funds invested....generally you have 25% of your funds on the platform (often more) not invested and earning zero. This means your return on total funds is around 6%. To make matter worse this return is before bad debts. Judging by the performance of my book I reckon i'm lucky to be making 1-2% taking all these factors into account. I have about the same amount in recovery or written off as I have made in interest (over 8 months). Hopefully some of this amount will be recovered (although reading the updates its not looking promising) but net net I reckon I'm looking at 2% max (and possibly zero). I'm sticking with it for now (I like the website and the principle) but either the rates and deployment % need to go up and bad debts down (preferably all three) or I am out. SaveSave
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