merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 28, 2013 14:31:59 GMT
Just been pruning some of my fruit trees following a massive crop this year and a lot of new growth on my apples, pears, raspberries and gooseberries. During the process my mind wandered towards my ever decreasing holdings and FC and I thought perhaps it was time to do some further pruning there. Over the last couple of days I have succeeded in chopping out anything that was the slightest bit suspect and have been amazed at the speed with which they sold in the FC secondary market. Later I realised that there were very few live auctions running on FC and all at tight prices. So perhaps this is the source of the sudden hunger for my second-hand loans. So if as I suspect there are others out there in the wild and woolly investment jungle seeking to downsize their holdings this might well be the moment to do it!
Happy New Year.
Merlin
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oldgrumpy
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Post by oldgrumpy on Dec 28, 2013 15:39:43 GMT
I've been throwing out a lot of parts bought earlier in the year where the rates were low. This has included A+ risk at below 6%, A at below 7%, B at well below 8% and C at 8.4-9.0%. I decided to take the 0.25% hit and sell at par. I have been astonished at the speed with which people took them at far below the rates they could get on current offerings.
I have immediately reinvested at much higher rates (2-4% higher than before). Despite horror stories from some people, my twelve months in FC (600+ businesses) have been spoilt by just a few defaults (most of the total is still the breath of fresh u-no-wot, and that is bringing some offers in so might all be lost), amounting to 7.7% of my interest. Without B of FA that default rate would have been 2.2% of my interest, which shows the FC can't be doing everything wrong. Time consuming, but I'm reducing that.
I no longer put new money in FC, preferring Assetz in bigger chunks with asset security (and higher rates too!).
All repayments are being withdrawn from Zopa. They can stuff 4.5% (they say) LESS 1% for their cut! For the whole of August I was give 3.85% net - and was told on the forum that the sample was too small. From their forum since , it appears they have no intention of improving rates because they WANT to be cheapest lenders. They force lenders' rates down without reducing the amount interest that they pick off the top.
I'm happy with RS but try to (re)invest only when the rate is 5.7-6.0% on five year.
Nationwide gave me a Super 5 year bond offer the other day. 2.5%. Why should they (or any other bank, or the government - Nat savings) make profit from our money while making sure we actually LOSE value.
Wasn't going to write so much, but 2014 will arrive soon, and I have been one year and a few days in P2P and P2B, and haven't lost money yet (which overall I have in the stock market since 2000 ... waste of time).
I think I'd better declare a bit of income to the tax man for 2012-2013, before he asks me!
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 28, 2013 17:24:31 GMT
.............. Wasn't going to write so much, but 2014 will arrive soon, and I have been one year and a few days in P2P and P2B, and haven't lost money yet (which overall I have in the stock market since 2000 ... waste of time). I think I'd better declare a bit of income to the tax man for 2012-2013, before he asks me! Regarding the Tax Man. If you think investing on FC is time consuming, think again, I can assure you that a full blown Tax investigation would leave you gasping for air with all the form filling and microscopic examination of where every penny came from in this life and the last! On top of that, if they found anything worth taxing you would feel like you had been raped and pillage by the Vikings by the time they had finished with you. I had one three years ago, had to spend £3.5k with an accountant, all to prove that I had only done the tax man out of a measly £110.
As some say its great fiddling the tax man until they who ever they are get caught. Then I am told it feels like you are having your wedding tackle passed extremely slowly through a mincer. I was spared that but spent many hours finding all the bits of paper etc. that the revenue needed to see, as there starting point is to assume that you are guilty until you or your accountant can prove way beyond reasonable doubt that you are innocent.
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bugs4me
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Post by bugs4me on Dec 28, 2013 18:46:20 GMT
.............. Wasn't going to write so much, but 2014 will arrive soon, and I have been one year and a few days in P2P and P2B, and haven't lost money yet (which overall I have in the stock market since 2000 ... waste of time). I think I'd better declare a bit of income to the tax man for 2012-2013, before he asks me! Regarding the Tax Man. If you think investing on FC is time consuming, think again, I can assure you that a full blown Tax investigation would leave you gasping for air with all the form filling and microscopic examination of where every penny came from in this life and the last! On top of that, if they found anything worth taxing you would feel like you had been raped and pillage by the Vikings by the time they had finished with you. I had one three years ago, had to spend £3.5k with an accountant, all to prove that I had only done the tax man out of a measly £110.
As some say its great fiddling the tax man until they who ever they are get caught. Then I am told it feels like you are having your wedding tackle passed extremely slowly through a mincer. I was spared that but spent many hours finding all the bits of paper etc. that the revenue needed to see, as there starting point is to assume that you are guilty until you or your accountant can prove way beyond reasonable doubt that you are innocent.
Agree with Merlin on this. They came after me - guess I was just the unlucky name out of the hat. Took them 18 months - apparently this stretched out timing is deliberate on their part. I finished up with a 2k tax rebate as my accountant decided to put in some amended claims that he had forgotten about. Yep, that's the law, if they want to investigate a particular tax year then you can go over the figures again and put in an amended return - or so my accountant told me. Cost me a grand for the accountancy but that 1k 'profit' just wasn't worth it. I'm of the opinion that if your name is on the bullet then there's not a lot you can do about it. Just make sure they don't find anything amiss otherwise they can go back over previous years.
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agent69
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Post by agent69 on Dec 28, 2013 20:22:11 GMT
haven't lost money yet (which overall I have in the stock market since 2000 ... waste of time). You must have missed the 12% rise in the market this year! I sold about 50% of my holding in FC about 2 months ago and invested it in TC and AC. Here's hoping for a successful 2014
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oldgrumpy
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Post by oldgrumpy on Dec 29, 2013 12:04:09 GMT
"You must have missed the 12% rise in the market this year!"
No, I got it, but that was regaining ground lost over the previous years.... Stuff bought at various times 1999-2009ish while the FTSE went from 5400>6700>3400>today6700+.
Haven't lost - but haven't gained much.
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oldgrumpy
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Post by oldgrumpy on Dec 29, 2013 12:07:11 GMT
Cheers, Merlin and Bugsy! 
I'll let you know how I get on with the tax man.
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Post by batchoy on Dec 29, 2013 12:28:48 GMT
My basic rule with the taxman is fill in the forms and don't ask questions. A few years back in the run up to retirement my father discovered an anomaly in his NI record, reviewing his P60s we found that for a period of time in the middle of a period of employment with a particularly company all his PAYE deductions had been done against the wrong NI number. As the company concerned was by then no longer in existence my father in all innocence contacted the taxman for guidance. Their immediate response was to issue him with an £18k demand for the period in question, issue threats of dire consequences if he didn't pay up immediately and to instigate a full investigation into all his tax affairs for what appeared to be every year except the one with the issue. Luckily at the time I had access to free legal and accountancy advice from my employer and after what seemed to be a long battle the issue was resolved.
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bugs4me
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Post by bugs4me on Dec 29, 2013 12:53:29 GMT
Cheers, Merlin and Bugsy!
I'll let you know how I get on with the tax man. Don't go there grumpy - you'll need to write a book on your experiences. They ask a question which you answer and then repeat the same question several months later. Everyone is treated as guilty (or so it seems) until you somehow prove yourself innocent. Most victims just settle to get them off their backs - all part of the game the tax Gestapo play.
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jimbo
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Post by jimbo on Dec 29, 2013 13:01:59 GMT
"You must have missed the 12% rise in the market this year!"
No, I got it, but that was regaining ground lost over the previous years.... Stuff bought at various times 1999-2009ish while the FTSE went from 5400>6700>3400>today6700+.
Haven't lost - but haven't gained much.
I think the best time to buy into the stockmarket is after/during a crash, at the point where doing so makes you feel physically sick (press talking about the end of the World, etc), with the view that it's money you won't pull out for at least 3 years. People who can discipline themselves to do this and remain emotionally detached from their money are usually the ones who make the big returns. As an example, I recall watching a recent Jim Rogers interview where he stated he'd bought into Japanese stocks off the back of the tsunami and Fukishima crash. That was a good move. It's times such as now, where people and the press generally are bullish on the prospects for shares, that you should really be the most fearful of buying in. Just my opinion, but it's one I know I'm not alone in sharing. There are some pretty good quotes/homilies out there; Warren Buffet's for one.
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oldgrumpy
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Post by oldgrumpy on Dec 29, 2013 13:14:53 GMT
Yes - I did buy in several times in big dips, so although the FTSE is the same as it was a decade or so ago, my gains outweigh my fees etc (overall). I never buy near the top (since a couple way back 2001? when the FTSE was about 6000).
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bugs4me
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Post by bugs4me on Dec 29, 2013 13:15:37 GMT
"You must have missed the 12% rise in the market this year!"
No, I got it, but that was regaining ground lost over the previous years.... Stuff bought at various times 1999-2009ish while the FTSE went from 5400>6700>3400>today6700+.
Haven't lost - but haven't gained much.
I think the best time to buy into the stockmarket is after/during a crash, at the point where doing so makes you feel physically sick (press talking about the end of the World, etc), with the view that it's money you won't pull out for at least 3 years. People who can discipline themselves to do this and remain emotionally detached from their money are usually the ones who make the big returns. As an example, I recall watching a recent Jim Rogers interview where he stated he'd bought into Japanese stocks off the back of the tsunami and Fukishima crash. That was a good move. It's times such as now, where people and the press generally are bullish on the prospects for shares, that you should really be the most fearful of buying in. Just my opinion, but it's one I know I'm not alone in sharing. There are some pretty good quotes/homilies out there; Warren Buffet's for one. It's often this time of the year that all the experts crawl back out of the woodwork to give their predictions for the next 12 months. Some are (mostly) bullish and some are bearish. Look back at what they forecast a year ago and their crystal balls often proved to be way off the mark. But the same old faces appear, still claiming to be experts. Wish I could get paid time and time again for getting it wrong - 
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agent69
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Post by agent69 on Dec 29, 2013 13:16:47 GMT
"You must have missed the 12% rise in the market this year!"
No, I got it, but that was regaining ground lost over the previous years.... Stuff bought at various times 1999-2009ish while the FTSE went from 5400>6700>3400>today6700+.
Haven't lost - but haven't gained much.
I think the best time to buy into the stockmarket is after/during a crash, at the point where doing so makes you feel physically sick (press talking about the end of the World, etc), with the view that it's money you won't pull out for at least 3 years. People who can discipline themselves to do this and remain emotionally detached from their money are usually the ones who make the big returns. As an example, I recall watching a recent Jim Rogers interview where he stated he'd bought into Japanese stocks off the back of the tsunami and Fukishima crash. That was a good move. It's times such as now, where people and the press generally are bullish on the prospects for shares, that you should really be the most fearful of buying in. Just my opinion, but it's one I know I'm not alone in sharing. There are some pretty good quotes/homilies out there; Warren Buffet's for one. What is it they say about never try to catch a falling knife? Many years ago when I first got into stocks and shares I remember an expert saying " never try to sell at the top of the market and never try to buy at the bottom. Always leave the last 5% for the experts" Sound advice!
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jimbo
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Post by jimbo on Dec 29, 2013 14:02:00 GMT
I think the best time to buy into the stockmarket is after/during a crash, at the point where doing so makes you feel physically sick (press talking about the end of the World, etc), with the view that it's money you won't pull out for at least 3 years. People who can discipline themselves to do this and remain emotionally detached from their money are usually the ones who make the big returns. As an example, I recall watching a recent Jim Rogers interview where he stated he'd bought into Japanese stocks off the back of the tsunami and Fukishima crash. That was a good move. It's times such as now, where people and the press generally are bullish on the prospects for shares, that you should really be the most fearful of buying in. Just my opinion, but it's one I know I'm not alone in sharing. There are some pretty good quotes/homilies out there; Warren Buffet's for one. What is it they say about never try to catch a falling knife? Many years ago when I first got into stocks and shares I remember an expert saying " never try to sell at the top of the market and never try to buy at the bottom. Always leave the last 5% for the experts" Sound advice! There's a lot to be said for not trying to catch a falling knife when it comes to individual stocks, but when fear of loss is at it's greatest and the majority are too scared to buy, history shows this can often be the best time to buy markets as a whole; mainly because selling has been exhausted - there is nobody left to sell who hasn't already sold. As a current example, take a look at Gold over the last year and the investment media's general hatred for it as an asset class. How many are buying it now as opposed to a few years ago? How much do you read about it in the press these days? Speaking for myself, I suspect the first half of 2014 will end up turning out to have been a good time to buy if you take a 5 year view. As ever, catching the precise bottom will be down to luck and nothing else. If I buy within 30% of the bottom, I'll be very happy (given my own views of the metal and what I think the future outcome of the current global currency war will be - current main players being the US and Japan).
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 29, 2013 23:04:12 GMT
Still snipping away as I prune back my FC holdings. Must admit things have gone rather better than I had expected, to the point where I could even be tempted to become a flipper making 3% without much difficulty. Perhaps my good fortune is due to only 10 new loans now being available to bid on and then at pretty poor rates. At the rate that I am currently going at, I will have reduced my holding to less than 100 businesses by New Years Day and be comfortably back into four figures invested. My next worry is where to put all this spare cash?
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