ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 22, 2018 9:05:32 GMT
In a nutshell. Lendy doesn't consider any loans irrecoverable & eligible for relief.
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SteveT
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Post by SteveT on Mar 22, 2018 9:18:54 GMT
I presume the article Lendy Support was trying to link to is the one titled "How will you treat loans with declarable losses?", updated 7 days ago. It appears that Lendy are completely out of step with the rest of the P2P industry in not accepting that loans where "legal recovery procedures" have been entered into can be treated as "irrecoverable" for tax purposes and offset against other P2P income, per SAIM 12000. This despite Funding Circle, Assetz Capital, Funding Secure and a number of others all showing "irrecoverable" loans on their Tax Statements (along with subsequent recoveries). No matter. SAIM 12000 makes it clear that lenders can decide for themselves, but Lendy's stance is decidedly unhelpful! |
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bugs4me
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Post by bugs4me on Mar 22, 2018 9:34:47 GMT
I presume the article Lendy Support was trying to link to is the one titled "How will you treat loans with declarable losses?", updated 7 days ago. It appears that Lendy are completely out of step with the rest of the P2P industry in not accepting that loans where "legal recovery procedures" have been entered into can be treated as "irrecoverable" for tax purposes and offset against other P2P income, per SAIM 12000. This despite Funding Circle, Assetz Capital, Funding Secure and a number of others all showing "irrecoverable" loans on their Tax Statements (along with subsequent recoveries). No matter. SAIM 12000 makes it clear that lenders can decide for themselves, but Lendy's stance is decidedly unhelpful! Yes they are continuing to keep up with the 'no investor has ever lost a penny' nonsense which is making the platform management look even more ridiculous than it already is. They (genuinely) though continue to expect investors to trust them with their 'professional' approach to LTV's, loan monitoring, DD, etc. What planet exactly do theses guys live on?
And they wonder why many investors, who operate in the real world are slowly but surely moving away from the platform!!
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Jeepers
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Post by Jeepers on Mar 22, 2018 9:54:38 GMT
So i haven't made a loss on any loans? When can I expect the PF to pay out on PBL155 then? Lendy Support |
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r00lish67
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Post by r00lish67 on Mar 22, 2018 9:56:48 GMT
Yes they are continuing to keep up with the 'no investor has ever lost a penny' nonsense which is making the platform management look even more ridiculous than it already is. They (genuinely) though continue to expect investors to trust them with their 'professional' approach to LTV's, loan monitoring, DD, etc. What planet exactly do theses guys live on?
And they wonder why many investors, who operate in the real world are slowly but surely moving away from the platform!!
Yes, but also unlike other platforms, don't forget that Lendy apparently has a legal team that is able to transform the likelihood of success of legal action against valuers/bankrupts/fraudsters from very low to very high, making eventual full capital repayments a practical formality. One wonders why all platforms aren't beating down the doors to appoint Lendy's lawyers as well, given their special powers.
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Post by dualinvestor on Mar 22, 2018 9:59:57 GMT
So i haven't made a loss on any loans? When can I expect the PF to pay out on PBL155 then? Lendy SupportYep no investor has lost a penny it says so on the Lendy Web site just like it has always done.
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Jeepers
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Post by Jeepers on Mar 22, 2018 10:10:17 GMT
So i haven't made a loss on any loans? When can I expect the PF to pay out on PBL155 then? Lendy SupportYep no investor has lost a penny it says so on the Lendy Web site just like it has always done. well as it stands I've lost about £1500. I presume by the 'no lender has lost a penny' they're paying out themselves ? Otherwise that might be something the ASA and FCA would be interested in!
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Post by dualinvestor on Mar 22, 2018 10:13:24 GMT
Yep no investor has lost a penny it says so on the Lendy Web site just like it has always done. well as it stands I've lost about £1500. I presume by the 'no lender has lost a penny' they're paying out themselves ? Otherwise that might be something the ASA and FCA would be interested in! I wish you were right but they seem to get away with it.
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Post by masquedefer on Mar 22, 2018 10:57:26 GMT
....... but remember unless you think your tax bracket is about to change in the near future, or the income/losses alter the marginal rate of tax you pay it is (likely) only a timing difference and the costs may outweigh the benefit.......... Sorry Dual investor. I disagree. There is not just a timing difference. Consider this. If you exit P2P investments all together you will have no P2P interest in future years to offset your tardily declared IDs (irrecoverable debts). Nb. You cannot retrospectively offset IDs against P2P interest earned in earlier tax years. But at least by declaring the ID in a timely manner, this will allow you to offset the ID against any P2P interest earned in the current year (which would otherwise be lost by not doing so).
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adrianc
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Post by adrianc on Mar 23, 2018 21:10:32 GMT
So i haven't made a loss on any loans? When can I expect the PF to pay out on PBL155 then? Ah, the PBL155 c*stl*... Which only completed on the sale of the security a fortnight ago, repaying ~40% of the capital, with Lendy then starting the process of chasing the guarantor legally for the shortfall? C'mon, be reasonable. It's a cock-up, sure, but it's a long way from "irrecoverable" at the moment. It may go that way... or it may not. It'll probably be somewhere in the middle. THAT's when the PF needs to have a think. "Irrecoverable" is loans like Ang*l*'s b*r over on LC, where there was no security and the borrower did a runner out of the country, with not a penny paid yet against a CCJ granted in December 2016...
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 23, 2018 22:30:34 GMT
Consider this event - by not declaring promptly irrecoverable investments (and thus not being able to offset interest received from a current tax year against these losses), you are then left with a load of irrececoverable debts to declare to HMRC but at this time you decide to quit P2P (for whatever reason) in which case you rececve no P2P interest against which to offset your tardily declared irrecoverable loans, in which case all you can now do is offseet it against any £11k+ capital gains (which you probably don't have). I am in this very position. I started to exit from Ly about a year ago. I now have only a small 4 fig sum invested in DFL001 and PBL094, but I have only earned £76 in interest. I don't suppose I can claim against last year's interest by resubmitting last year's SA?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 23, 2018 22:59:43 GMT
Consider this event - by not declaring promptly irrecoverable investments (and thus not being able to offset interest received from a current tax year against these losses), you are then left with a load of irrececoverable debts to declare to HMRC but at this time you decide to quit P2P (for whatever reason) in which case you rececve no P2P interest against which to offset your tardily declared irrecoverable loans, in which case all you can now do is offseet it against any £11k+ capital gains (which you probably don't have). I am in this very position. I started to exit from Ly about a year ago. I now have only a small 4 fig sum invested in DFL001 and PBL094, but I have only earned £76 in interest. I don't suppose I can claim against last year's interest by resubmitting last year's SA? No, as neither were in recovery in previous financial year IIRC. What about interest from other P2P platforms?
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Jeepers
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Post by Jeepers on Mar 23, 2018 23:38:40 GMT
Consider this event - by not declaring promptly irrecoverable investments (and thus not being able to offset interest received from a current tax year against these losses), you are then left with a load of irrececoverable debts to declare to HMRC but at this time you decide to quit P2P (for whatever reason) in which case you rececve no P2P interest against which to offset your tardily declared irrecoverable loans, in which case all you can now do is offseet it against any £11k+ capital gains (which you probably don't have). I am in this very position. I started to exit from Ly about a year ago. I now have only a small 4 fig sum invested in DFL001 and PBL094, but I have only earned £76 in interest. I don't suppose I can claim against last year's interest by resubmitting last year's SA? I believe you can do by filling out an SA101 form but I'm no expert.
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Mousey
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Post by Mousey on Apr 2, 2018 21:00:16 GMT
Has anyone compiled a list of such loans?
My investments include:
DFL017 - Receivership
PBL167 - Administration
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 2, 2018 22:01:43 GMT
Has anyone compiled a list of such loans? My investments include: DFL017 - Receivership PBL167 - Administration On my to do list but potentially most of the loans listed as in default except PBL164, 163, 103, 120, 027. PBL155, 065, 056 have partial losses claimable, then PBL157,158, DFL017, DFL016, PBL167 also seem to qualify. Not advice.
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