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Post by jakebullet on Feb 8, 2018 12:16:10 GMT
What do the smart peeps of the p2p board think of this one? I'm always suspicious when I read "high net worth individual" in a loan blurb.
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Post by davids on Feb 8, 2018 12:26:59 GMT
I won't personally invest in this one, my thoughts are if the person earns that much they must also spend most if not all of it to be in the situation they need a loan.
That's just my opinion
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Post by dan1 on Feb 8, 2018 12:31:59 GMT
I won't personally invest in this one, my thoughts are if the person earns that much they must also spend most if not all of it to be in the situation they need a loan. That's just my opinion I understand the sentiment but does this not apply to all such pawn loans?
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Post by davids on Feb 8, 2018 12:35:03 GMT
I won't personally invest in this one, my thoughts are if the person earns that much they must also spend most if not all of it to be in the situation they need a loan. That's just my opinion I understand the sentiment but does this not apply to all such pawn loans? Yeah it does, but when the net wealth of the guy is 10x the loan it still makes me wonder
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 8, 2018 12:38:04 GMT
I won't personally invest in this one, my thoughts are if the person earns that much they must also spend most if not all of it to be in the situation they need a loan. That's just my opinion Sometimes well off people get an unexpectedly large bill. Large being as subjective as high net worth. This leads them to have access to cash quickly. If they have assets that are not able to be rapidly realised then turning to pawn is attractive. This has been the case for centuries, look at the Medici family history. As the high net worth has been verified then that's better than the person just coming in saying I have these assets and this is the valuation. The wine has been independently valued as well. See this morning's e mail. I can understand the comments made by davids about how declarations having seen this worthiness vanish when required. I have gone in small for me on this one.
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IFISAcava
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Post by IFISAcava on Feb 8, 2018 12:47:22 GMT
I won't personally invest in this one, my thoughts are if the person earns that much they must also spend most if not all of it to be in the situation they need a loan. That's just my opinion my thoughts are: low LTV, about as good a borrower background as one gets, clear valuation with indication of discount level needed for quick sale, diversity from property and bling, excellent platform. I'm in for my max amount on the platform.
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ding
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Post by ding on Feb 8, 2018 12:57:11 GMT
Thought it was strange he originally pawned £320k of Wine for a 20k loan. He must have been expecting to do this. I was at a party in Italy and someone brought along a €200+ bottle of wine. The difference between the junk sold in our supermarkets and this was night and day. So if it defaults I wouldn't mind being paid back with wine if it had a hefty discount
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Nomad
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Post by Nomad on Feb 8, 2018 13:10:29 GMT
Thought it was strange he originally pawned £320k of Wine for a 20k loan. He must have been expecting to do this. I was at a party in Italy and someone brought along a €200+ bottle of wine. The difference between the junk sold in our supermarkets and this was night and day. So if it defaults I wouldn't mind being paid back with wine if it had a hefty discount I've always wondered whether I'd enjoy drinking a £1000 Burgundy. But I still find Californian Merlot [$8.99 for 1.5 litres] very pleasant.... Edit Feb 19: $10.65 for 3 litres last week. Still very pleasant...
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alison
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Sanctuary!!
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Post by alison on Feb 8, 2018 14:50:40 GMT
Interesting that he has some cheapo plonk (<£100) in his collection!!
Hope for us yet!!
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stub8535
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Post by stub8535 on Feb 8, 2018 15:04:46 GMT
Interesting that he has some cheapo plonk (<£100) in his collection!! Hope for us yet!! Yes, £3000 a bottle is at the lower end of my supermarket shelf as well Alison😁
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Post by jakebullet on Feb 8, 2018 15:50:41 GMT
I won't personally invest in this one, my thoughts are if the person earns that much they must also spend most if not all of it to be in the situation they need a loan. That's just my opinion Sometimes well off people get an unexpectedly large bill. Large being as subjective as high net worth. This leads them to have access to cash quickly. If they have assets that are not able to be rapidly realised then turning to pawn is attractive. This has been the case for centuries, look at the Medici family history. As the high net worth has been verified then that's better than the person just coming in saying I have these assets and this is the valuation. The wine has been independently valued as well. See this morning's e mail. I can understand the comments made by davids about how declarations having seen this worthiness vanish when required. I have gone in small for me on this one. How do you get an unexpected tax bill? It's like being surprised the sun rose this morning.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 8, 2018 15:59:32 GMT
Sometimes well off people get an unexpectedly large bill. Large being as subjective as high net worth. This leads them to have access to cash quickly. If they have assets that are not able to be rapidly realised then turning to pawn is attractive. This has been the case for centuries, look at the Medici family history. As the high net worth has been verified then that's better than the person just coming in saying I have these assets and this is the valuation. The wine has been independently valued as well. See this morning's e mail. I can understand the comments made by davids about how declarations having seen this worthiness vanish when required. I have gone in small for me on this one. How do you get an unexpected tax bill? It's like being surprised the sun rose this morning. If quoting then please use the whole phrase. The operative word you missed was large.
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Post by Deleted on Feb 8, 2018 16:22:43 GMT
Three issues 1) what is a high net wealth individual? For example is his high net wealth anywhere near a British court or somewhere else. Are we talking about £800k or £25million. Personally I only count the second as one but I understand others think that chicken-" " is worthwhile. Having once had to chase money out of a person who moved his money country to country I can confirm it is a tough thing to do. 2) I have seen four major recessions in my life, before everyone people in London try to get a wine-exchange going with wine trading as an asset. In every recession the wine proves to be worthless as do many other assets, while the opportunity of stock loss (theft, droppage etc) is massive. 3) I have a fair number of wine qualifications, I lead wine tours around the world and I take wine tastings. Wine is an organic thing, its value depends as much on its provenance as anything else, so where stored, how stored, how corked etc. The difference between £2000 bottle of wine and a bottle of vinegar (especially with true corks) is a tiny error the chance of which only expands with time and a wine "over the hill" is incredibly sad and valueless. I can bore for England about the number of dicks people who have stored wine in garages, kept wine too long etc and the result is massive wine/£ loss. I have invested in wine via P2P, but, only in wines that plan to be stored for less than 5 years and have an inbuilt sale path. The value of Alsace might be high now but in 5 years might be zero. I could consider investing in the producer's cellars which are especially well set up for medium storage but anywhere else, not for me. Surprise tax bill, LOL. A few years since I heard that one.
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Post by beeje13 on Feb 8, 2018 17:41:01 GMT
Not for me.
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romy
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Post by romy on Feb 8, 2018 17:59:13 GMT
I did like in the email " investments in wine and other illiquid investments". I'd thought wine was a very liquid investment!! Must go and open a bottle or 2 of my investments...
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