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Post by uksoul on Jul 27, 2019 7:52:28 GMT
I'm selling all and getting out. Hopefully before the monthly fee... by which time I will have no money left in my account anyway
I have (had) a range of high and low yield properties, and surprisingly to me it is the low yield stuff that has sold first. Maybe because it is at a discount already.
I also found that email pretty cheeky.
Aug 5th i think is when the MF kicks in. I found the opposite my higher yield properites went first one with no loss the others a bit of loss. The low yield ones i had to sell at a signifcant loss which has been overturned by being quickly reinvested.
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bigfoot12
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Post by bigfoot12 on Jul 27, 2019 9:00:19 GMT
The email did come across as cheeky and arrogant. It reminded me of the BS we used to get from Lendy. I have sold off 90% so should be out completely in the very near future. Tip: don’t withdraw sums greater than about 10k at a time because it triggers their additional checks which delays things a little. Well done, I've still got nearly 25%. I have one large holding in an impaired property that is probably worth waiting a few months for the next update, a couple of holdings with less than 2 years to go, and a couple with not much of a bid at the moment. Some of the buyers feel like large players - bids for size at certain prices, (and would make sense with the new fee structure). If that is the case and they got a 4-5% SM discount in addition to the 15-20% discount I would expect them to be very keen to exit at the five year point. One thing I didn't really concentrate on before is how large the rental income drops are. When I saw a 1% drop in rental income I didn't focus on that was from 2.9% to 1.9% so, for example, £29k per year to £19k per year. How can rent have fallen that much?
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beh
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Post by beh on Jul 27, 2019 13:19:25 GMT
One thing I didn't really concentrate on before is how large the rental income drops are. When I saw a 1% drop in rental income I didn't focus on that was from 2.9% to 1.9% so, for example, £29k per year to £19k per year. How can rent have fallen that much? The dividend adjustments reductions deserved their own email. Along with how they framed the recent "Resale Market update" it's rather too much spin for me.
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hazellend
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Post by hazellend on Jul 27, 2019 19:56:24 GMT
That’s me fully out. Cost me all my unrealised and 95% of my realised capital gains, walking away with the dividends only.
Total return before fire sale 35k Total return after fire sale 18k
Oh well. At one point I was thinking about putting much more in to PP so could have been worse
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Post by uksoul on Jul 28, 2019 12:44:56 GMT
That’s me fully out. Cost me all my unrealised and 95% of my realised capital gains, walking away with the dividends only. Total return before fire sale 35k Total return after fire sale 18k Oh well. At one point I was thinking about putting much more in to PP so could have been worse A big hit but like you said it could have been worse. You reinvesting in another platform or a different investment?
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hazellend
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Post by hazellend on Jul 28, 2019 14:11:27 GMT
That’s me fully out. Cost me all my unrealised and 95% of my realised capital gains, walking away with the dividends only. Total return before fire sale 35k Total return after fire sale 18k Oh well. At one point I was thinking about putting much more in to PP so could have been worse A big hit but like you said it could have been worse. You reinvesting in another platform or a different investment? Good question. I’m wanting to move my portfolio to almost 100% global equities but have hesitated due to the market (and thus my portfolio) being at yet another all time high. I think my willingness and need to take risk has decreased so I am considering allocating some of my portfolio to cash/premium bonds/gov bonds. In saying that , I’ll probably end up shoving it all into equities anyway. I do enjoy the roller coaster ride (but not in P2P, which I think I have had enough of for the rest of my lifetime.
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Post by uksoul on Jul 28, 2019 15:51:05 GMT
A big hit but like you said it could have been worse. You reinvesting in another platform or a different investment? Good question. I’m wanting to move my portfolio to almost 100% global equities but have hesitated due to the market (and thus my portfolio) being at yet another all time high. I think my willingness and need to take risk has decreased so I am considering allocating some of my portfolio to cash/premium bonds/gov bonds. In saying that , I’ll probably end up shoving it all into equities anyway. I do enjoy the roller coaster ride (but not in P2P, which I think I have had enough of for the rest of my lifetime. Spreading it among high-low risk is best. You invested in other p2p platforms aside from PP?
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hazellend
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Post by hazellend on Jul 28, 2019 16:13:45 GMT
Good question. I’m wanting to move my portfolio to almost 100% global equities but have hesitated due to the market (and thus my portfolio) being at yet another all time high. I think my willingness and need to take risk has decreased so I am considering allocating some of my portfolio to cash/premium bonds/gov bonds. In saying that , I’ll probably end up shoving it all into equities anyway. I do enjoy the roller coaster ride (but not in P2P, which I think I have had enough of for the rest of my lifetime. Spreading it among high-low risk is best. You invested in other p2p platforms aside from PP? Yep, am in a few P2P and I’m probably exiting all of them aiming for 0% within the next 2 -3 years. I
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Post by uksoul on Jul 28, 2019 16:45:34 GMT
Spreading it among high-low risk is best. You invested in other p2p platforms aside from PP? Yep, am in a few P2P and I’m probably exiting all of them aiming for 0% within the next 2 -3 years. I I think there are some good p2p platforms but the next few years will see less. The PP fiasco makes it clear to spread your money and its better to be safe than sorry ie saving a good sum in low risk holdings.
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Post by easterbunni on Jul 29, 2019 15:54:33 GMT
I am out and freeeee! Just waiting for the funds I have requested to be withdrawn to turn up in my bank account now...
I have got back 91.5% of what I put in, so not too bad I suppose?
Regarding the monthly fee, it says "This fee is only applicable to clients with investments or deposits on account." so if I own no shares and have no money in the account then I am OK just to let the account exist in the ether until I am possibly interested again.
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Post by uksoul on Jul 30, 2019 5:51:25 GMT
I am out and freeeee! Just waiting for the funds I have requested to be withdrawn to turn up in my bank account now...
I have got back 91.5% of what I put in, so not too bad I suppose?
Regarding the monthly fee, it says "This fee is only applicable to clients with investments or deposits on account." so if I own no shares and have no money in the account then I am OK just to let the account exist in the ether until I am possibly interested again.
91.5% back is great and you'd have got less if you waited for sure so enjoy your freeeeedom! Yeah, the MF applies to investments/cash in the account. If they take note of the feedback they'd drop the fees.
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IFISAcava
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Post by IFISAcava on Jul 30, 2019 6:10:27 GMT
I am out and freeeee! Just waiting for the funds I have requested to be withdrawn to turn up in my bank account now...
I have got back 91.5% of what I put in, so not too bad I suppose?
Regarding the monthly fee, it says "This fee is only applicable to clients with investments or deposits on account." so if I own no shares and have no money in the account then I am OK just to let the account exist in the ether until I am possibly interested again.
91.5% back is great and you'd have got less if you waited for sure so enjoy your freeeeedom! Yeah, the MF applies to investments/cash in the account. If they take note of the feedback they'd drop the fees. Why are you sure it would be less if one were to wait? If the properties are sold in a couple of years then the current 10-20% discounts needed to sell disappear. Property prices may fall by that amount in the interim, but "for sure"?
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hazellend
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Post by hazellend on Jul 30, 2019 6:39:18 GMT
91.5% back is great and you'd have got less if you waited for sure so enjoy your freeeeedom! Yeah, the MF applies to investments/cash in the account. If they take note of the feedback they'd drop the fees. Why are you sure it would be less if one were to wait? If the properties are sold in a couple of years then the current 10-20% discounts needed to sell disappear. Property prices may fall by that amount in the interim, but "for sure"? I think if you are prepared to wait till the 5 year point you will probably do better than selling out now. Some of mine only had 1 year left but I found PPs behaviour so repulsive, untrustworthy and greedy I had to get out. If they had said “sorry, our business model isn’t working and we need to do this to stay in business long enough to sell the properties” I would have been happier. The way they tried to put a positive spin on things is disgusting (to me)
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Post by uksoul on Jul 30, 2019 7:47:30 GMT
Why are you sure it would be less if one were to wait? If the properties are sold in a couple of years then the current 10-20% discounts needed to sell disappear. Property prices may fall by that amount in the interim, but "for sure"? I think if you are prepared to wait till the 5 year point you will probably do better than selling out now. Some of mine only had 1 year left but I found PPs behaviour so repulsive, untrustworthy and greedy I had to get out. If they had said “sorry, our business model isn’t working and we need to do this to stay in business long enough to sell the properties” I would have been happier. The way they tried to put a positive spin on things is disgusting (to me) You must have been disgusted to forego potential profit next year. Yeah the spin is out of order for sure. I joined 2018 so had 4 years left to exit. Im not 50% confident PP will exist 5 yrs from now coupled with the likelihood of further fee increases and the ability to earn more than i lost quicky led me to exit my properties. I just have a bond left with PP maturing 2020 which im ok with as it is a fixed rate My 'sure' should have been i think.
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invester
P2P Blogger
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Post by invester on Jul 30, 2019 8:06:02 GMT
What is this stuff about the FCA restricting selling prices?
It feels like a con if I have to sell at 10% off the latest share valuation.
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