|
Post by birdie on Jan 6, 2023 10:19:28 GMT
I have a number of 12 month loans that were due to mature on the 16th Jan this year and this morning I notice they are all now in the queue to be re-lent. No information to me whatsoever as to re-investment or withdrawal.
|
|
Greenwood2
Member of DD Central
Posts: 4,241
Likes: 2,686
|
Post by Greenwood2 on Jan 6, 2023 10:40:27 GMT
I have a number of 12 month loans that were due to mature on the 16th Jan this year and this morning I notice they are all now in the queue to be re-lent. No information to me whatsoever as to re-investment or withdrawal. As I understand it they haven't matured yet, just repaid, and they won't be re-lent, since there is less than a month to go. You could withdraw the funds and then pay back in and re-lend (if it's worth the hassle) or wait till they mature.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
|
Post by ilmoro on Jan 6, 2023 13:48:42 GMT
I have a number of 12 month loans that were due to mature on the 16th Jan this year and this morning I notice they are all now in the queue to be re-lent. No information to me whatsoever as to re-investment or withdrawal. It's the way it works ... they start removing the money from the market in advance of the expiry date so that it's available at term. Capital & accrued interest will be available to withdraw on the expiry date. Note that loans actually run for up to 13m to allow an uninvested period at the end
|
|
|
Post by df on Jan 6, 2023 15:14:29 GMT
I have a number of 12 month loans that were due to mature on the 16th Jan this year and this morning I notice they are all now in the queue to be re-lent. No information to me whatsoever as to re-investment or withdrawal. As I understand it they haven't matured yet, just repaid, and they won't be re-lent, since there is less than a month to go. You could withdraw the funds and then pay back in and re-lend (if it's worth the hassle) or wait till they mature. Just to add - you won't get notification, you need to diarise maturity dates, log in and manually move your money to where you want them to go. Otherwise you'll have idle cash sitting on the platform.
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on Nov 22, 2023 10:24:58 GMT
Accounts overdue
Next accounts made up to 31 December 2022 due by 30 September 2023
28 Nov 2023 First Gazette notice for compulsory strike-off. This document is being processed and will be available in 10 days.
Email sent.
|
|
|
Post by Penny Pincher on Nov 22, 2023 11:11:29 GMT
Thanks treeman . I wonder if this has been discussed on Seedrs. Are there any investors in EM who can shed any light on this?
|
|
djpix99
Member of DD Central
Posts: 115
Likes: 62
|
Post by djpix99 on Nov 23, 2023 10:12:00 GMT
I hope this is okay to post, nothing confidential in my opinion. I've not invested in this round, but do lend with Elfin so was interested to hear their response.
Reply to a question on Seedrs:
'We're aware of this notice. We're working with our accountants on wrapping up the 2022 accounts which are currently overdue, and we expect them to be uploaded shortly on Companies House. We've reached out to Companies House to have the notice withdrawn.'
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on Nov 29, 2023 22:48:10 GMT
An apologetically slow response from EM yesterday. Basically: "Our accounts will be released shortly"
followed by a CH update today:
29 Nov 2023 - Compulsory strike-off action has been discontinued. This document is being processed and will be available in 10 days.
No accounts filed as yet......
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on Dec 22, 2023 10:43:04 GMT
Accounts now filed.
|
|
benaj
Member of DD Central
Posts: 4,855
Likes: 1,591
|
Post by benaj on Dec 22, 2023 16:32:05 GMT
How much has Elfin Market has raised recently? and how much cash do they need to survive another 3 years?
|
|
|
Post by Ace on Dec 22, 2023 18:07:56 GMT
How much has Elfin Market has raised recently? and how much cash do they need to survive another 3 years? They do seem to have burnt through a lot of cash in 2022. Their net assets went from £1,298,917 at the end of 2021 to £663 at the end of 2022. They raised a further £1.7m on Seedrs towards the end of 2023. Don't know how long that would last them. It's not unusual for a new business to burn through a lot of cash during a rapid growth phase. I don't recall seeing any recent forecast of when they might become profitable.
|
|
|
Post by jono75 on Apr 9, 2024 10:50:52 GMT
Just looking at Elfin with view to using their ISA account, I dabbled with £100 last year in standard to test the water, seemed to get a reasonable rate overall, very opaque really but that does mean I'm not spending time analysing things.
However, there are some reviews on Trust Pilot from borrowers saying that their rates have gone up, seems to be around a 7-8% increase. One reply from Elfin says they are the new rates for borrowers but they can opt to run down their accounts at their existing rate. From a selfish point of view it means there could be more defaults and fewer borrowers if they are not as competitive, but to me that kind of hike seems unfair on borrowers who may already have financial difficulties.
Admittedly, I don't have much of a handle on credit card rates as I rarely use them, if I do it's just for the extra protection you get. I pay off automatically by DD each month so I don't pay attention to rates and never pay interest.
Not sure if the increase is related to the amount of cash they have burned through, I'm in two minds whether to invest now.
What's the current feeling wise ones?
|
|
|
Post by Chimponaughty on Apr 9, 2024 13:49:47 GMT
Their IF-ISA agreement/terms & conditions are out of date. They're still showing 23/24. They need to be updated for tax year 24/25, also allowing for multiple IF-ISAs, etc. I emailed them on Sunday 6th April, but still have had no reply.
|
|
|
Post by Ace on Apr 9, 2024 14:33:13 GMT
Their IF-ISA agreement/terms & conditions are out of date. They're still showing 23/24. They need to be updated for tax year 24/25, also allowing for multiple IF-ISAs, etc. I emailed them on Sunday 6th April, but still have had no reply. I noticed that too. I was too lazy to inform them. I signed up anyway and have deposited funds, which seems to have worked.
|
|
|
Post by Ace on Apr 9, 2024 15:00:13 GMT
Just looking at Elfin with view to using their ISA account, I dabbled with £100 last year in standard to test the water, seemed to get a reasonable rate overall, very opaque really but that does mean I'm not spending time analysing things.
However, there are some reviews on Trust Pilot from borrowers saying that their rates have gone up, seems to be around a 7-8% increase. One reply from Elfin says they are the new rates for borrowers but they can opt to run down their accounts at their existing rate. From a selfish point of view it means there could be more defaults and fewer borrowers if they are not as competitive, but to me that kind of hike seems unfair on borrowers who may already have financial difficulties.
Admittedly, I don't have much of a handle on credit card rates as I rarely use them, if I do it's just for the extra protection you get. I pay off automatically by DD each month so I don't pay attention to rates and never pay interest.
Not sure if the increase is related to the amount of cash they have burned through, I'm in two minds whether to invest now.
What's the current feeling wise ones?
I'm not really a fan of unsecured consumer Credit lending, but Elfin are my one exception. I've been a lender on Elfin for over 4 years now. I'm happy with my experience as a lender, with annual net returns of 8.95% XIRR over that time. My forecast return for this month is now an annualised equivalent of 11.25% (I'm only in 3 year products). The borrower page on ElfinMarket website states that average rates to borrowers are 14.8%. That seems reasonable to me in order for the platform to earn a living, and much cheaper than average credit card rates (There's also a much more expensive product for those with poor credit scores). It sounds like the platform are treating customers fairly when rates rise, by allowing them to rundown their accounts at the old rates. I'm not wise enough to comment on whether it will lead to higher defaults.
|
|