IFISAcava
Member of DD Central
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Post by IFISAcava on Jun 28, 2019 7:05:42 GMT
This means I can't reinvest loan repayments. This is very frustrating. Although I am a British citizen I am not a UK resident and I am being differentiated against compared to fellow German residents which I suspect is against EU law. Fortunately your fellow UK citizens in 2016 decided that UK citizens ought to have fewer rights, such as the ease of residing outside the UK and the protection offered by these dastardly EU laws
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Jun 28, 2019 7:08:38 GMT
Question for other forumites: I would like to keep a lot of investments in Euros as I fear for the future of the pound and I need a currency hedge. What is the next best option after Mintos in people's experience?
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Post by geldregiertdiewelt on Jun 28, 2019 8:46:54 GMT
Question for other forumites: I would like to keep a lot of investments in Euros as I fear for the future of the pound and I need a currency hedge. What is the next best option after Mintos in people's experience? have a look at Viventor and Peerberry however, neither offers the choice and reputation Mintos has
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andy2001
Member of DD Central
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Post by andy2001 on Jun 28, 2019 14:10:54 GMT
This means I can't reinvest loan repayments. This is very frustrating. Although I am a British citizen I am not a UK resident and I am being differentiated against compared to fellow German residents which I suspect is against EU law. If the email sent is correct you should okay. As it only said "UK residents" But if you try to invest on their website it says citizen also. So one of the claims is wrong. I emailed Mintos about this. Here is there response. "Thank you for your message. The ban applies only to UK residents. If you have a current residence permit in a different country, please send it to us and we can activate investments for you again. Let us know if you have any other questions."
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mrk
Posts: 807
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Post by mrk on Jun 28, 2019 14:36:35 GMT
Question for other forumites: I would like to keep a lot of investments in Euros as I fear for the future of the pound and I need a currency hedge. What is the next best option after Mintos in people's experience? You could use e.g. spread betting for that. No need to actually keep investments in another currency.
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mrk
Posts: 807
Likes: 753
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Post by mrk on Jun 28, 2019 14:54:59 GMT
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Jun 28, 2019 17:20:32 GMT
Question for other forumites: I would like to keep a lot of investments in Euros as I fear for the future of the pound and I need a currency hedge. What is the next best option after Mintos in people's experience? You could use e.g. spread betting for that. No need to actually keep investments in another currency. except I can earn money on investments in foreign currency as well as have the holdings as a long term hedge. With a spread bet/futures contract I am just betting on currency movements. I'm going to invest the money either way, I just want some of those investments to be in hard currency.
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Post by casper on Jun 28, 2019 17:38:27 GMT
New on the mintos blog is that Novaloans (cash4unow) has joined as an originator. Novaloans is apparently FCA regulated, yet I'm not able to invest in their loans via the Mintos platform. Not sure where I'm going with this but I find it somewhat ironic that investors are not allowed to use said platform when a large 'regulated' originator is...
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ptr120
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Post by ptr120 on Jun 28, 2019 22:23:20 GMT
This means I can't reinvest loan repayments. This is very frustrating. Although I am a British citizen I am not a UK resident and I am being differentiated against compared to fellow German residents which I suspect is against EU law. If the email sent is correct you should okay. As it only said "UK residents" But if you try to invest on their website it says citizen also. So one of the claims is wrong. I've not received an email although I wonder if I've been geoblocked as I am currently back in the UK temporarily - the website message certainly said both UK citizens and residents.
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ptr120
Member of DD Central
Posts: 1,197
Likes: 1,346
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Post by ptr120 on Jun 28, 2019 22:36:34 GMT
This means I can't reinvest loan repayments. This is very frustrating. Although I am a British citizen I am not a UK resident and I am being differentiated against compared to fellow German residents which I suspect is against EU law. Fortunately unfortunately your fellow UK citizens in 2016 decided that UK citizens ought to have fewer rights, such as the ease of residing outside the UK and the protection offered by these dastardly EU laws I suspect that you miss typed so I corrected the above for you. However, Germany have kindly agreed to protect my rights, and Ireland have kindly offered to provide me with citizenship and an EU passport thanks to my Grandmother and the fact that she happened to be born in Dublin. They have understandably asked for a fairly decent processing fee and are unfortunately taking their time to provide the paperwork.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Jun 29, 2019 8:35:43 GMT
Question for other forumites: I would like to keep a lot of investments in Euros as I fear for the future of the pound and I need a currency hedge. What is the next best option after Mintos in people's experience? I am currently investing with Swaper Iuvo and Peerberry but have had to withdraw funds from Swaper for lack of reinvestment. I have also been with Robocash Twino Bondora Dofinance and Omaraha but have run those down for various reasons, often for lack of available loans at decent interest rates. Mintos was my favourite but I told them I moved to the UK so no longer available for me. Having been with Mintos since they began an explanation would have been appreciated but now I am withdrawing every day.
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Post by hoonercat on Jun 29, 2019 19:36:25 GMT
If the email sent is correct you should okay. As it only said "UK residents" But if you try to invest on their website it says citizen also. So one of the claims is wrong. I emailed Mintos about this. Here is there response. "Thank you for your message. The ban applies only to UK residents. If you have a current residence permit in a different country, please send it to us and we can activate investments for you again. Let us know if you have any other questions." Odd, I received an email from Mintos on the same day that the ban started (though I missed the email) stating that it affects UK citizens, no mention of residency. While I am a UK citizen, I am not a UK resident. Seems to be a lot of confusion within Mintos over this.
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andy2001
Member of DD Central
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Post by andy2001 on Jun 30, 2019 1:26:03 GMT
I emailed Mintos about this. Here is there response. "Thank you for your message. The ban applies only to UK residents. If you have a current residence permit in a different country, please send it to us and we can activate investments for you again. Let us know if you have any other questions." Odd, I received an email from Mintos on the same day that the ban started (though I missed the email) stating that it affects UK citizens, no mention of residency. While I am a UK citizen, I am not a UK resident. Seems to be a lot of confusion within Mintos over this. Here is a copy of the first email they sent. "Mintos is currently developing a new business model for the UK market. As a result, we've decided to temporarily stop new investments in loans from the UK residents starting from 27.06.2019. How does this affect you? You won’t be able to make new investments in loans on Mintos. You will continue receiving repayments from borrowers according to payment schedule for your existing loans. You will be able to access your account, sell your loans on the Secondary Market, and withdraw your money from Mintos at any time. We will update you immediately once we've worked out the best possible way to offer our services to you and other UK residents. We appreciate you as an investor, and we apologize for the inconvenience. If you have any questions, feel free to contact our Investor Service team at support@mintos.com. Kind regards, Your Mintos team "
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stevio
Member of DD Central
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Post by stevio on Jun 30, 2019 11:04:09 GMT
Question for other forumites: I would like to keep a lot of investments in Euros as I fear for the future of the pound and I need a currency hedge. What is the next best option after Mintos in people's experience? I am currently investing with Swaper Iuvo and Peerberry but have had to withdraw funds from Swaper for lack of reinvestment. I have also been with Robocash Twino Bondora Dofinance and Omaraha but have run those down for various reasons, often for lack of available loans at decent interest rates. Mintos was my favourite but I told them I moved to the UK so no longer available for me. Having been with Mintos since they began an explanation would have been appreciated but now I am withdrawing every day. May I ask why you are withdrawing now from Mintos? Do you not want to wait to see what might be proposed? There really has been no explanation for this sudden block to UK investors
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Jun 30, 2019 11:18:52 GMT
May I ask why you are withdrawing now from Mintos? Do you not want to wait to see what might be proposed? There really has been no explanation for this sudden block to UK investors I am not prepared to leave money uninvested on any platform, so will be investing it elsewhere, hopefully on a UK platform although it is hard to get a decent return for the risk.
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