bugs4me
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Post by bugs4me on Nov 25, 2014 14:51:26 GMT
I'd imagine that AC have been told by some lawyer that they should not engage, under any circumstances, with any matters related to taxation. We'll probably have to wait until ISAs becomes available, see what "tax free" benefits that offers, and thus infer how non-ISA accounts should be treated. Don't see why not. All that is required is clarification. Will the interest to be declared to HMRC (as shown on the annual AC tax statement), be based on the 7% or the original return of say 9.5% or 9.75% or whatever.
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oldgrumpy
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Post by oldgrumpy on Nov 25, 2014 14:59:05 GMT
Reviewing the GEIA proposition it states that the Lender return of 7% P.A. gross. Minimum borrower loan interest rate of 7% P.A. gross on individual loans and Loan interest above the 7% rate, less any contractual fees due to Assetz Capital, will be used to fund the Provision Fund. The provision fund is funded through a part of the interest rate coupon paid by the borrower. ........ That's good to see. Stupid that anything at all appears in people's statements labelled "payment to provision fund", however infinitesimal.
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sand2880
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Post by sand2880 on Nov 25, 2014 14:59:08 GMT
I'd imagine that AC have been told by some lawyer that they should not engage, under any circumstances, with any matters related to taxation. We'll probably have to wait until ISAs becomes available, see what "tax free" benefits that offers, and thus infer how non-ISA accounts should be treated. Don't see why not. All that is required is clarification. Will the interest to be declared to HMRC (as shown on the annual AC tax statement), be based on the 7% or the original return of say 9.5% or 9.75% or whatever. Total agree, its not tax advice we are after its simply a factual statement of how gains will be taxed so we can make an informed decision.
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niceguy37
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Post by niceguy37 on Nov 25, 2014 15:05:11 GMT
I reckon Ratesetter is the current best choice for the risk averse (garish website notwithstanding). Ahem, PM me if you'd like a referral link  Thanks, but I'm already a member there - I'll be getting her referral bonus for myself  (Incidentally, also one of the reasons I'm swerving away from AC's Green Monster, because their customer services tell me they wouldn't give me a referral bonus even though it could be for a considerable 5 figure sum. With both Zopa and RS when you take into account the bonuses paid to both parties it can amount to quite a percentage increase on the first year's investment.) Hopefully AC will iron out these GEIA teething troubles promptly, then perhaps they might consider a marketing campaign which might include a refer-a-friend and / or introductory bonus. After all, the GEIA is a different market to regular AC. IMHO they'd be well advised to fix their investment algorithm, interest/provision fund allocation, add a pretty current holdings display and any other fixes, and then let us hardened veteran lenders test it for a week or two before a marketing launch.
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niceguy37
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Post by niceguy37 on Nov 25, 2014 15:47:34 GMT
... I suspect questions are being asked "upstairs". It is uncharacteristically quiet from AC just at the moment. Perhaps they're all away drumming up new loans, or perhaps they're all working on a solution (but don't want to say until it's been tested and approved).
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oldgrumpy
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Post by oldgrumpy on Nov 25, 2014 15:58:09 GMT
They do have regular lengthy important meetings, I think, when the forum can not be attended to.
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Steerpike
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Post by Steerpike on Nov 25, 2014 16:06:15 GMT
I reckon Ratesetter is the current best choice for the risk averse (garish website notwithstanding). Ahem, PM me if you'd like a referral link Thanks, but I'm already a member there - I'll be getting her referral bonus for myself (Incidentally, also one of the reasons I'm swerving away from AC's Green Monster, because their customer services tell me they wouldn't give me a referral bonus even though it could be for a considerable 5 figure sum. With both Zopa and RS when you take into account the bonuses paid to both parties it can amount to quite a percentage increase on the first year's investment.) At the moment, along with Zopa and Ratesetter, I am classifying Wellesley as comparatively low risk. Perhaps, Archover, Lendinvest, and Lendingworks may fit in to this category. Abundance is probably fairly low risk but involves long terms. Interestingly, and very much contrary to my first impressions, I am starting to view Funding Circle as relatively low risk, simply because the volume of loans available enables wide diversification with small sums allocated to each loan.
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Post by yorkshireman on Nov 25, 2014 17:02:38 GMT
They do have regular lengthy important meetings, I think, when the forum can not be attended to. A number of firms I’ve worked for had regular lengthy meetings, it was usually the person that convened the meeting who thought it was important for management to be sat round a table doing sweet FA.
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baz657
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Post by baz657 on Nov 25, 2014 17:34:40 GMT
I've had my first bits of green interest yet it appears that 5 + 4 now equals 6!
Original investment £200.00
My income account statement goes like this...
yet my dashboard goes like this...
It's only a difference of 3p but it surely shows that the system is broken.
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Post by yorkshireman on Nov 25, 2014 17:38:13 GMT
I've had my first bits of green interest yet it appears that 5 + 4 now equals 6! Original investment £200.00 My income account statement goes like this... yet my dashboard goes like this... It's only a difference of 3p but it surely shows that the system is broken. And some of us complain about FC’s website.
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Post by batchoy on Nov 25, 2014 17:47:22 GMT
I've had my first bits of green interest yet it appears that 5 + 4 now equals 6! Original investment £200.00 My income account statement goes like this... yet my dashboard goes like this... It's only a difference of 3p but it surely shows that the system is broken. Don't forget these are the truncated numbers (maybe rounded up, maybe rounded down or maybe just truncated depending on what the flavour of the month is) you need to mouse over them to get the figures to 20 decimal places to get a better idea of what the system is doing and how far out the dashboard totals are.
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baz657
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Post by baz657 on Nov 25, 2014 17:56:07 GMT
Don't forget these are the truncated numbers (may be rounded up, rounded down or just truncated depending on what the flavour of the month is) you need to mouse over them to get the figures to 20 decimal places to get a better idea of what the system is doing. I should have added that all figures were rounded down. 25th Nov 2014 at 15:30 Provision fund payment to Green Energy Investment Account Provision Fund £0.00 (£0.01222419354) 25th Nov 2014 at 09:29 Interest payment for loan Aberdeenshire Wind Turbine (93) £0.04 (£0.04330322580) 24th Nov 2014 at 16:25 Provision fund payment to Green Energy Investment Account Provision Fund £0.00 (£0.014929099) 24th Nov 2014 at 15:37 Interest payment for loan Swansea Wind Turbine (106) £0.05 (£0.05293044354) The provision fund payments should have shown £0.01. This account is aimed at "the man in the street". What is he going to say when he sees he's lost out on his first months interest?
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sand2880
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Post by sand2880 on Nov 25, 2014 18:03:51 GMT
25th Nov 2014 at 15:30 Provision fund payment to Green Energy Investment Account Provision Fund £-0.02
25th Nov 2014 at 09:29 Interest payment for loan Aberdeenshire Wind Turbine (93) £0.12
But hovering over the provision fund amount, it states 3.56p and the difference between 12 & 3.56 would bring the return to 7%, so Im guessing that 2p was deducted taking into account prior rounded payments.
I didn't expect to have to create a spreadsheet to understand what is happening within this account due to the inaccuracies within the transaction statement.
Hope they sort these issues soon.
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Post by batchoy on Nov 25, 2014 18:11:02 GMT
Interesting, a pattern seems to be forming here with the platform displaying PF payments a penny short when summarizing them
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mikes1531
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Post by mikes1531 on Nov 25, 2014 18:29:12 GMT
I had interest paid from Aberdeen WT today with no deductions for the provision fund. : Was your investment in the Aberdeen WT made directly? Or via the GEIA. If it was made directly there should be no deduction for the PF because it has no PF coverage. EDIT: My apologies, I hadn't seen that a few minutes ago you had clarified your earlier message. And I hadn't realised that the time gap between the interest being posted and the PF deduction being made was a full six hours -- yesterday it was less than one hour.
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