daveb4
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Post by daveb4 on Jul 19, 2019 16:35:41 GMT
My initial note of disatifaction asked for funds invested in non drawn down properties be refunded.
They have confirmed they will do this.
Next stage how to complain properly.
Not a happy chappy.
3 years a customer and slowly been increasing funding. If I sold out today would probably make a loss and not thinking I will make much after the 5 year period term of my properties. Issue is, will it be 5 years, as some properties on large decreased valuations may be difficult to sell off or get rid of.
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benaj
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Post by benaj on Jul 19, 2019 17:19:36 GMT
I emailed them right after the email came in earlier this week. They do say they try to respond within 5 working days so not there yet but has anyone had anything back from them related to the announcement? So did I, and I got a reply this morning saying tough, you'd better sell up by 5th August to avoid the account fee or 31st January to avoid the AUM fee.That's not too bad for me, I have more time to sell to avoid AUM fee if I don't want to have any more equity on PM. The account fee is reasonable for those who have larger investment. Account fee for 25k non equity investment is only 0.05% pa
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hazellend
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Post by hazellend on Jul 19, 2019 17:53:47 GMT
My initial note of disatifaction asked for funds invested in non drawn down properties be refunded. They have confirmed they will do this. Next stage how to complain properly. Not a happy chappy. 3 years a customer and slowly been increasing funding. If I sold out today would probably make a loss and not thinking I will make much after the 5 year period term of my properties. Issue is, will it be 5 years, as some properties on large decreased valuations may be difficult to sell off or get rid of. I’d rather sell for market value on the open market even if it is lower than valuation than sell to vultures on the SM in drugs and drabs .
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bigfoot12
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Post by bigfoot12 on Jul 19, 2019 18:16:00 GMT
I’d rather sell for market value on the open market even if it is lower than valuation than sell to vultures on the SM in drugs and drabs . Why are they vultures? I wish there were more of them. I've been selling anything with more than 3 years to go, and anything with a really low yield (post revaluation) even at a 10-15% hit; about 30% gone so far. How confident are you that PP will still be "alive" in 5 years?
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hazellend
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Post by hazellend on Jul 19, 2019 21:06:16 GMT
I’d rather sell for market value on the open market even if it is lower than valuation than sell to vultures on the SM in drugs and drabs . Why are they vultures? I wish there were more of them. I've been selling anything with more than 3 years to go, and anything with a really low yield (post revaluation) even at a 10-15% hit; about 30% gone so far. How confident are you that PP will still be "alive" in 5 years? Yes, I do agree with you actually. They’re not vultures. I have 100k to shift so maybe I should just bite the bullet and get out at a big discount. Will test the waters.
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p2ploser
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Post by p2ploser on Jul 19, 2019 21:07:30 GMT
Once the panic selling is done then more sensible prices will resume, albeit most are not likely to be as good as prior to the announcement. My initial note of disatifaction asked for funds invested in non drawn down properties be refunded. They have confirmed they will do this. Next stage how to complain properly. Not a happy chappy. 3 years a customer and slowly been increasing funding. If I sold out today would probably make a loss and not thinking I will make much after the 5 year period term of my properties. Issue is, will it be 5 years, as some properties on large decreased valuations may be difficult to sell off or get rid of. I’d rather sell for market value on the open market even if it is lower than valuation than sell to vultures on the SM in drugs and drabs .
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hazellend
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Post by hazellend on Jul 19, 2019 22:55:11 GMT
I've been doing a bit of fireselling tonight.
Extreme volatility doesn't bothering me but I just can't face staying with this company so I'll take the hit.
Half way there will hopefully be out within a couple of weeks.
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IFISAcava
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Post by IFISAcava on Jul 20, 2019 7:46:25 GMT
I've been doing a bit of fireselling tonight. Extreme volatility doesn't bothering me but I just can't face staying with this company so I'll take the hit. Half way there will hopefully be out within a couple of weeks. I think I am going to wait it out until 5 years and hope the properties will sell for a decent price despite the looming Brexit induced property value falls. Hoping the latter ends up realising a better price than a firesale would be now. But it's probably close, so understand your move completely.
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IFISAcava
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Post by IFISAcava on Jul 20, 2019 7:49:59 GMT
just looking at selling prices - precipitous drops in the SM price in all my properties.
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Post by easterbunni on Jul 20, 2019 8:44:54 GMT
I've only had my account a couple of months so none of my properties have paid for themselves yet, and the time that they will keeps stretching further into the future. Might just ask for all my money back in full and cancel everything...
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benaj
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Post by benaj on Jul 20, 2019 8:45:00 GMT
If I decide to sell all my equity now, I could break even after holding 219 days and overall realised gain is reasonable above 6%. Latest valuation of my equity indicates may be better to wait until the "exit".
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hazellend
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Post by hazellend on Jul 20, 2019 10:01:15 GMT
I've only had my account a couple of months so none of my properties have paid for themselves yet, and the time that they will keeps stretching further into the future. Might just ask for all my money back in full and cancel everything...
I would definitely cancel any orders that haven’t gone through yet.
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bigfoot12
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Post by bigfoot12 on Jul 20, 2019 16:05:06 GMT
Once the panic selling is done then more sensible prices will resume, albeit most are not likely to be as good as prior to the announcement Really interested to hear why you think that it is panic selling, rather than a market moving to reflect new information? For example, my median property used to yield me 3.1%, but due to softer rental market in blah blah, that has fallen to 2.2% - that is a remarkable fall in rent. Now I am now going to get about half of that because of AUM. So my income has dropped by over 60%. What is the correct drop in price to reflect that? I was surprised with some of my early sales that the discount was so small. It might be the case that there are investors with £325k+ already invested who will increase that an buy up some bargains, take the rebate on the secondary market - I don't know.
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p2ploser
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Post by p2ploser on Jul 20, 2019 16:19:56 GMT
All about opinions I guess and only time will tell. My thoughts were based on the fact that just now the property values are still the same as they were prior to the announcement, only the income level has changed. With the large markdown on a lot of the secondary market sales the increased yields are making up for the aum fees plus some. I accept that the trend for income is down, and has been for some time, and that will have an effect on the confidence in the platform but looks to me on some properties that people are panicking and selling at crazy discounts to current values. Who knows they may be right. I am getting out but only at what I think are sensible prices. Annoying thing is that the platform is making money out of the people losing money by getting out
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daveb4
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Post by daveb4 on Jul 21, 2019 4:47:54 GMT
Annoying thing is that the platform is making money out of the people losing money by getting out Yep definitely a bit cheeky, increase fees, people want to sell due to forced fee increase/reduced dividends and take a turn on their misery! That is a FOS complaint in itself, surely? Get they have to make money but it should be on NEW properties not old. Eg if you do not buy any more properties, in new or secondary market no fee! This surely could be an easy fix as this woukd only be a small amount of clients in reality who will not make any real diffience to overall profitability.
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