ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 19, 2018 15:44:56 GMT
(Also posted this on The Other Place) Very impressive one hour webinar last night by the MD Leo Tyndall on their credit control and recovery procedures. He often engages with Lenders like this. Marketlend gets on the case fast, and hard, and it produces results. Their robust systems and checks are astounding and puts all UK P2Ps in the dark, let alone the shade. Disclosure: I have investments with Marketlend but no other connection whatsoever. More Disclosure: I will carry on investing with Marketlend while they continue to be so transparent. And as long as I'm earning of course!  |
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zlb
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Post by zlb on Sept 20, 2018 18:17:32 GMT
Is this a new romance (like I've had on occasion), or should we campaign for the UK opening? |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 21, 2018 11:24:57 GMT
I have no idea of their plans but sincerely hope Marketlend stick to their knitting and remain firmly in The Lucky Country.
I would view any expansion overseas as potentially very negative and would have to seriously consider winding down if they did.
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Vero
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Post by Vero on Sept 24, 2018 13:24:46 GMT
I joined Marketlend in March 2015, happy so far. Just sad that the 26% loans have all repaid in full now.
A recent loan I could not resist was to my sister's local vet - Dr Paws - glad to help.
I am disappointed that the "Discussion" tab is not used (except by me), no-one seems interested in participating in crowd DD, which I find useful on UK P2P platforms.
Stupidly, my only default is a loan I recognised & purchased in a hurry on the Loan Exchange (SM) without checking it out first. I later realised I only recognised it because months earlier I had questioned credit report redaction under the Discussion tab, to no response, so I had blacklisted it!
Pfff! Totally my own fault.
Legal proceedings commencing, so lets see what happens.
Even so, my dashboard is showing 17.92% gross yield to date.
I tend to avoid the wholesale lending (lending to lenders), but that's just a personal thing.
Just tiptoeing a bit for now, as the Aus economy is starting to look bearish.
UPDATE - 12 November 2018:
- the defaulted loan mentioned above was repaid in full on 2 November 2018, including interest (20%)
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Post by funtimedave on Sept 27, 2018 8:34:48 GMT
(Also posted this on The Other Place) Very impressive one hour webinar last night by the MD Leo Tyndall on their credit control and recovery procedures. He often engages with Lenders like this. Marketlend gets on the case fast, and hard, and it produces results. Their robust systems and checks are astounding and puts all UK P2Ps in the dark, let alone the shade. Disclosure: I have investments with Marketlend but no other connection whatsoever. More Disclosure: I will carry on investing with Marketlend while they continue to be so transparent. And as long as I'm earning of course! Are UK residents able to invest in this platform? I looked on the website but could not see anything in the FAQ.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 27, 2018 10:07:18 GMT
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james100
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Post by james100 on Sept 27, 2018 15:22:32 GMT
Looks interesting. Do you know if there's a withholding tax applied for non-residents? Or would I have to submit tax return (and pay tax due) to the ATO? I have a *big bag* of AUD shamefully languishing in a third country on 0% interest (for reasons of administrative simplicity). It would be good to put it to work if not too much hassle.
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Vero
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Post by Vero on Oct 3, 2018 20:21:50 GMT
james100 I could not find details on the MarketLend site, but I've been with them since 2015, no mention or sign of withholding tax. (to my knowledge it's not usually a thing in Aus).
For the record though, I did find details on ThinCats Aus website:
I hope that helps.
PS I've been with ThinCats Aus since 2014, & happy there too (no defaults so far, my average IR 16.14%pa, principal + interest paid monthly).
PPS Even banks pay a bit of interest in Aus (base rate is higher than UK) & they are online, perhaps look at moving that *big bag* of AUD you have at 0%?
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james100
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Post by james100 on Oct 3, 2018 22:18:53 GMT
james100 I could not find details on the MarketLend site, but I've been with them since 2015, no mention or sign of withholding tax. (to my knowledge it's not usually a thing in Aus).
For the record though, I did find details on ThinCats Aus website:
I hope that helps.
PS I've been with ThinCats Aus since 2014, & happy there too (no defaults so far, my average IR 16.14%pa, principal + interest paid monthly).
PPS Even banks pay a bit of interest in Aus (base rate is higher than UK) & they are online, perhaps look at moving that *big bag* of AUD you have at 0%?
Thanks a lot. I'm an Aussie btw...it's the liability for non residents to pay income tax in Oz on interest from assets in Oz I'm concerned about; this one: www.ato.gov.au/Individuals/Data-matching-letters/Types-of-letters/Interest-income/Non-residents/ looks like I'd need to pay 32.5% (no personal allowance for non residents) via self assessment to ato...again on a different tax year basis to HMRC (with interest payments converted to gbp on their Forex tables), then under double taxation etc. Will admire from afar I think but look forward to diving in when I get back!
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Vero
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Post by Vero on Oct 3, 2018 22:54:36 GMT
james100 I hope I have not missed anything here, but I just go by the UK/AUS tax treaties.
I am UK resident so I do my tax here, and declare Aus income to HMRC in my self assessment tax return (property, interest, capital gains)
HMRC is happy with this... I don't deal with the ATO at all.
I am also domiciled here, perhaps that is a differentiator?
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Vero
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Post by Vero on Oct 3, 2018 23:34:06 GMT
I just re-checked the ATO link you posted and realised that income from investments, interest etc is covered by a different link in the same section (which refers to the tax treaties):
I've not read much of the tax treaty docs, as my accountant (and HMRC) assured me it covers my situation.
(yours might differ, I guess?)
I'm not sure if that helps, or confuses the issue further!?
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Vero
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Post by Vero on Nov 12, 2018 23:43:06 GMT
Update:
My only ML loan in default (which I mentioned in an earlier post) was repaid in full, with interest (20%) last week.
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tomp
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Post by tomp on Nov 13, 2018 8:15:23 GMT
Sounds interesting. Last time I looked at p2p in Australia it was impossible to remotely open a bank account for UK resident. Has anything changed?
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ozboy
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Post by ozboy on Nov 13, 2018 10:39:05 GMT
It varies, some banks as you say make it impossible, whilst with others it's relatively easy. I vaguely recall BankWest was straightforward but that could have changed by now.
btw I have just seen a short two minute video clip of Leo the Marketlend MD explaining their Collections procedures. Very impressive stuff, he/they don't hang about in Oz, on the case immediately. To paraphrase Leo, "Experience has shown us that you must get straight onto it the moment a Direct Debit payment fails, the longer you leave it the chances of getting paid vastly reduce."
Well I never! Shame Lendy & FS haven't learned this by now, they've only had years.
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Post by wiseclerk on Nov 13, 2018 14:03:14 GMT
Sounds interesting. Last time I looked at p2p in Australia it was impossible to remotely open a bank account for UK resident. Has anything changed? Opening a Transferwise Borderless Account which has a free Australian account is zero effort.
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