quidco
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Post by quidco on Jan 26, 2020 10:25:42 GMT
while that might be the case, you can offset across net interest from all other P2P qualifying investments, regardless of platform. I wonder what the default rate across the entire industry is at the moment though, I can't imagine there are many safe havens.
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Post by paul123 on Jan 29, 2020 12:39:47 GMT
From Lisa: (with permission) ***Fund Raise Commences Thursday at 9:00am GMT*** On Thursday January 30th at 9:00am GMT the following CrowdJustice link will be activated. www.crowdjustice.com/case/lendy-action-group-legal-fund/Once the link is active you can make your pledge. We are targeting £1 per £1,000 invested but appreciate any contribution. Let's make a huge splash and get the word out so that everyone knows this is happening. I'd appreciate if everyone on LAG FB, Website and and other boards could keep reposting the link every time you comment. The more people who see it, the better we'll do. |
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locutus
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Post by locutus on Jan 29, 2020 14:55:36 GMT
Fund raising probably deserves its own thread.
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ton27
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Post by ton27 on Jan 29, 2020 17:55:28 GMT
From Lisa: (with permission) ***Fund Raise Commences Thursday at 9:00am GMT*** On Thursday January 30th at 9:00am GMT the following CrowdJustice link will be activated. www.crowdjustice.com/case/lendy-action-group-legal-fund/Once the link is active you can make your pledge. We are targeting £1 per £1,000 invested but appreciate any contribution. Let's make a huge splash and get the word out so that everyone knows this is happening. I'd appreciate if everyone on LAG FB, Website and and other boards could keep reposting the link every time you comment. The more people who see it, the better we'll do. From the comments on the various threads, it would seem the percentage contribution from those "active participants" will be higher than 1%. I for one will be happy to contribute a bit more (£100 on my £40k investment) and would encourage all who can afford to, to do the same. It is likely we will only get one shot at this and it would be great if we could prevent Lendy from "screwing" us even more than they have already.
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flaccus
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Post by flaccus on Jan 29, 2020 20:59:51 GMT
I have a nailed on 40% recovery from offsetting interest against irrecoverable loans in the tax years 17/18 through 19/20. I've already claimed back 17/18, and 18/19 will go in during the next day or so. So realistically, for me, the only value in launching a legal challenge is if the recovery can be improved substantially above 40%. I know of quite a few others who are in the same position.
The original quantum of recovery was expected to average around 50-60% and, probably, less for those loans where enforcement action has already been taken to recover some amount of principal. This was pre-costs and those are always underestimated. So it's not clear to me that, even if the current interpretation of the waterfall was thrown out and a more sensible one enforced, that the actual recovery would exceed 40-50% as an average. Now these are averages so it might be the case that some have got better quality portfolios than the rather random spread of small bits of toxic waste I have left.
Nonetheless, the quickest and most guaranteed way to recover 20%/40/45% of the your principal is to use tax offset.
Hi Samford, are you sure that you can account for losses in previous tax years in this way? There is an HMRC document entitled SAIM 12000 which would suggest you can only offset P2P interest in the year the loan became deemed irrecoverable and in future years only. In the case of Lendy, if we assume their administration is the point at which the loans are deemed irrecoverable (although I'm not sure we can even assume this) then I don't think you can claim against tax paid in 17/18. I'm happy to be proved wrong on this point though as your method would allow me to offset a large proportion of my liability!
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Post by default on Jan 29, 2020 21:22:52 GMT
if you have invested in model 1 loans, i suspect that you can kiss your money goodbye irrespective of the outcome of any legal action over model 2 loans. What information do you base this on? i did say 'suspect'. to date i have seen nothing good come of this administration. far from it. the more i learn, the more i am completely horrified.
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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 Jan 29, 2020 21:25:36 GMT
I have a nailed on 40% recovery from offsetting interest against irrecoverable loans in the tax years 17/18 through 19/20. I've already claimed back 17/18, and 18/19 will go in during the next day or so. So realistically, for me, the only value in launching a legal challenge is if the recovery can be improved substantially above 40%. I know of quite a few others who are in the same position.
The original quantum of recovery was expected to average around 50-60% and, probably, less for those loans where enforcement action has already been taken to recover some amount of principal. This was pre-costs and those are always underestimated. So it's not clear to me that, even if the current interpretation of the waterfall was thrown out and a more sensible one enforced, that the actual recovery would exceed 40-50% as an average. Now these are averages so it might be the case that some have got better quality portfolios than the rather random spread of small bits of toxic waste I have left.
Nonetheless, the quickest and most guaranteed way to recover 20%/40/45% of the your principal is to use tax offset.
Hi Samford, are you sure that you can account for losses in previous tax years in this way? There is an HMRC document entitled SAIM 12000 which would suggest you can only offset P2P interest in the year the loan became deemed irrecoverable and in future years only. In the case of Lendy, if we assume their administration is the point at which the loans are deemed irrecoverable (although I'm not sure we can even assume this) then I don't think you can claim against tax paid in 17/18. I'm happy to be proved wrong on this point though as your method would allow me to offset a large proportion of my liability! Lendy administration is irrelevant. It is the entry of the borrower into legal recovery that determines the point that loans can be treated as irrecoverable under SAIM12000. Model 1 loans are not eligible as they do not fulfil SAIM criteria. There is a pinned thread on this which includes a table of loans & suggested dates for their eligibility (distressed loans thread) SAIM allows lenders to self determine loans as irrecoverable under those criteria rather than rely on the platform to declare loans as having become irrecoverable (though most platforms use the treatable rules to declare loans eligible) which Lendy has failed to do except for two loans
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ian
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Post by ian on Jan 30, 2020 4:50:23 GMT
Is there a list of which loans are now deemed as being non recoverable and can be offset against interest elsewhere ?.
Can these loans be offset against other income?
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Greenwood2
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Post by Greenwood2 on Jan 30, 2020 7:44:15 GMT
Is there a list of which loans are now deemed as being non recoverable and can be offset against interest elsewhere ?. Can these loans be offset against other income? Can only be offset against other eligible P2P income.
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Post by philhove on Jan 30, 2020 10:36:58 GMT
Done mine as well – plus the extra £20 promised. www.crowdjustice.com/case/lendy-action-group-legal-fund/Cannot thank Lisa and Committee enough for their magnificent efforts and wishing us all the luck in the world. Let us hope the Judge and common sense prioritise those providing the funds in the first place over failed Fund Managers, (who without consultation with us investors already in the pot), manipulated/changed the rules for themselves to receive our investments if they failed, via an illogical ‘waterfall’ reimbursement, making us funds providers face double jeopardy. Liam should have what is left after he paid us back our investment. |
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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 Jan 30, 2020 12:43:05 GMT
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flaccus
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Post by flaccus on Jan 30, 2020 22:19:10 GMT
Hi Samford, are you sure that you can account for losses in previous tax years in this way? There is an HMRC document entitled SAIM 12000 which would suggest you can only offset P2P interest in the year the loan became deemed irrecoverable and in future years only. In the case of Lendy, if we assume their administration is the point at which the loans are deemed irrecoverable (although I'm not sure we can even assume this) then I don't think you can claim against tax paid in 17/18. I'm happy to be proved wrong on this point though as your method would allow me to offset a large proportion of my liability! Lendy administration is irrelevant. It is the entry of the borrower into legal recovery that determines the point that loans can be treated as irrecoverable under SAIM12000. Model 1 loans are not eligible as they do not fulfil SAIM criteria. There is a pinned thread on this which includes a table of loans & suggested dates for their eligibility (distressed loans thread) SAIM allows lenders to self determine loans as irrecoverable under those criteria rather than rely on the platform to declare loans as having become irrecoverable (though most platforms use the treatable rules to declare loans eligible) which Lendy has failed to do except for two loans Thanks for this clarification ilmoro. My main point though was in relation to reclaiming tax paid on a defaulted loan in a previous tax year. So if a borrower enters legal recovery as you put in in the tax year 2018/19 I don’t think it’s possible to reclaim tax paid on that loan in the 2017/18 tax year for example. You can only reclaim tax on 2018/19 earning and beyond in this instance. Again I’m happy to be proved wrong though.
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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
Posts: 11,333
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Post by ilmoro on Jan 30, 2020 22:53:57 GMT
Lendy administration is irrelevant. It is the entry of the borrower into legal recovery that determines the point that loans can be treated as irrecoverable under SAIM12000. Model 1 loans are not eligible as they do not fulfil SAIM criteria. There is a pinned thread on this which includes a table of loans & suggested dates for their eligibility (distressed loans thread) SAIM allows lenders to self determine loans as irrecoverable under those criteria rather than rely on the platform to declare loans as having become irrecoverable (though most platforms use the treatable rules to declare loans eligible) which Lendy has failed to do except for two loans Thanks for this clarification ilmoro. My main point though was in relation to reclaiming tax paid on a defaulted loan in a previous tax year. So if a borrower enters legal recovery as you put in in the tax year 2018/19 I don’t think it’s possible to reclaim tax paid on that loan in the 2017/18 tax year for example. You can only reclaim tax on 2018/19 earning and beyond in this instance. Again I’m happy to be proved wrong though. Yes, correct. You cant claim a loss against interest earnt in a tax year prior to the loan being eligible. However, that wasnt what samford was referring to as AIUI. He is referring to going back & amending tax returns to claim losses that were eligible in the tax years but hadnt been claimed previously rather than wait until the platform declares them at some point in the future when there is no income to offset them against.
Plenty of loans potentially eligible in 2017-18, even a few the prior year
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Post by supernumerary on Aug 18, 2020 14:09:58 GMT
There has been an update... ...today at 14:42  An update on five loans, which lenders will see in their email accounts... PBL95 - It would appear that the lenders will receive 2.248% MORE than the Lendy Service fee (3%), which 6.745% of the loan... PLEASE correct me if my calculations and my understanding is incorrect... |
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Post by patright on Aug 18, 2020 14:16:20 GMT
Along with a 184 000 for third party cost...out of a 640 000 loan...seriously...
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