ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,870
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Post by ilmoro on May 2, 2022 19:04:49 GMT
Nope ... 100% genuine customers ... not a valid excuse. Fully acknowledged by the FCA in Lendy case as submitted issues in relation to consumer law I thought to be a consumer/customer you usually have to pay for some service or object, the borrowers pay fees so are easily defined as customers of the platforms. I haven't seen the Lendy case bit you are referring to, I hope this does clarify lenders as customers any link? FCA asked for court to consider directions in relation M2 investors & 'unfair terms' under the Consumer Rights Act mouseinthecourtroom.files.wordpress.com/2021/08/itmo-lendy-ltd.pdf par 37. Clients is actually the key word
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eeyore
Member of DD Central
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Post by eeyore on Apr 9, 2024 17:06:56 GMT
Proplend's Tax Statement April 2023 - April 2024
I noted the text in the annual Tax Statement: "Whilst every effort is made to ensure the accuracy of this information, we recommend that you reconcile the data against your own records." So I downloaded all the entries in the Banking Statement for 6-Apr-2023 to 5-Apr-2024 and summed all the loan interest credits (plus penalty interest, pre-draw-down interest, late redemption & early exit charges, etc) in a spreadsheet.
Proplend's warning is pertinent: on a total interest of just over £3k, my calculation of the total interest is £40-odd less than Proplend's figure on the Tax Statement. It's almost 1.2%; on checking another (smaller) account, there was a similar discrepancy but this time 2.5%.
Has anyone also noticed this discrepancy or have an explanation? It's not the accrued interest on loans sold during the year - I've checked that and the values don't match. Proplend's 10% fees do match the interest credited.
When completing my Self Assessment for HMRC, I'll be using my figures, not Proplend's!
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qwakuk
Member of DD Central
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Post by qwakuk on Apr 12, 2024 12:39:49 GMT
Finally got round to checking mine, less than £2 difference so not bothered investigating further
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