ahowlin
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Post by ahowlin on Dec 16, 2015 21:05:51 GMT
I am looking at using MarketInvoice to diversify away from other platforms. Has anyone on this board got any personal experience of MarketInvoice and care to comment? I am aware you need to put in £50K upfront unless that has changed recently.
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locutus
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Post by locutus on Dec 27, 2015 0:47:33 GMT
I think samford71 has invested here if I'm not mistaken. |
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bg
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Post by bg on Dec 27, 2015 8:50:27 GMT
Well I was accepted as a user on 16 Dec, have been waiting on the credit check since then (it's supposed to take 5 working days).
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ahowlin
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Post by ahowlin on Jan 6, 2016 11:23:02 GMT
Thanks BG, let us know how you get on.
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bg
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Post by bg on Jan 6, 2016 11:41:45 GMT
Thanks BG, let us know how you get on. My mistake, they had sent me a mail but I missed it. I'm up and running as of last night. Have been allocated to 5 invoices so far this morning so I'm 10% invested already. Returns seem ok and losses are very low in the historic statistics. The whole platform seems very slick and customer services are very responsive (reply to emails in minutes).
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Post by reeknralf on Jan 15, 2016 19:26:59 GMT
...(reply to emails in minutes). Not in my experience, I sent an email between christmas and new year, and haven't yet had a reply. It says you have to deposit £50k to open an account, but you don't have to invest it all. Does anyone know if there is a minimum balance you have to leave on the account?
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bg
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Post by bg on Jan 16, 2016 18:39:10 GMT
...(reply to emails in minutes). Not in my experience, I sent an email between christmas and new year, and haven't yet had a reply. It says you have to deposit £50k to open an account, but you don't have to invest it all. Does anyone know if there is a minimum balance you have to leave on the account? Try checking your junk mail. I don't think once you have the account open there is a minimum - but there is a tiered charging structure. The more you have in your account the less fees you pay.
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nick
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Post by nick on Jan 29, 2016 21:22:06 GMT
I started investing on Marketinvoice about 2 years ago but wound down my investment about a year ago because I wasn't hitting my target net yield of 10%+. My comments are:
-The charges are very steep, 30% of interest/profit if your account value is <£100k.
-Cash drag is significant. It was impossible to manually invest (unless you have an ultra fast connection and live next to their server - I never managed secure any manual bid, bids fill in less than 0.25s!!) so you are left with autobid (which is fine), but constrained by overall platform deployment rates of 60-85% (allocation of autobids were such to bring everyone's deployment rate up to the platform average). So whilst I was happy with my gross rate of circa 14%, after knocking off fees (-4.2%) and cash drag (-3%), my net return was around 8%.
-Default rate was low and the recovery rate for bad debts high, resulting a very low bad debt %, ie approx 1%/pa equivalent or less.
In summary I liked the platform, it was very hands off, well managed and low default rate. However, cash drag which was unavoidable if you wanted to be allocated invoices/loans, and the high charges, make the overall return unattractive. Maybe someone else can comment on whether there has been much change in the past year, but I hope the above is useful.
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ton27
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Post by ton27 on Aug 25, 2017 12:32:19 GMT
I have recently joined MI and have just managed to get 90% invested but it seems like hard work to keep it that way.
I note this is not a very popular board (perhaps because of the high minimum) but would be interested to hear the views of others re "cash drag"/use of autobid and any other relevant experiences.
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bg
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Post by bg on Aug 31, 2017 6:43:22 GMT
I have recently joined MI and have just managed to get 90% invested but it seems like hard work to keep it that way. I note this is not a very popular board (perhaps because of the high minimum) but would be interested to hear the views of others re "cash drag"/use of autobid and any other relevant experiences. I've been invested for around 20 months now. I use use autobid which (recently) keeps my deployment rate at around 70%. Last year for a period I was bidding manually which got my deployment rate up to 100% but it was real hard work and involved around 30 mins a day (12-12.30) trying to get into each auction. After a few weeks I decided life is too short so just stuck with the autobid. For what it's worth since I joined my return on deployed funds is 8.5% and return on total funds 6.5%, so not amazing. I did have a group of defaults around the same time (linked to BHS) which was a big blow but things have been ok more recently. I'm considering adding more cash but I spoke to customer services last week and they say they expect a return of 4-5% after fees and bad debts which is putting me off as is the cash drag.
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nick
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Post by nick on Oct 4, 2017 12:24:42 GMT
I have recently joined MI and have just managed to get 90% invested but it seems like hard work to keep it that way. I note this is not a very popular board (perhaps because of the high minimum) but would be interested to hear the views of others re "cash drag"/use of autobid and any other relevant experiences. I've been invested for around 20 months now. I use use autobid which (recently) keeps my deployment rate at around 70%. Last year for a period I was bidding manually which got my deployment rate up to 100% but it was real hard work and involved around 30 mins a day (12-12.30) trying to get into each auction. After a few weeks I decided life is too short so just stuck with the autobid. For what it's worth since I joined my return on deployed funds is 8.5% and return on total funds 6.5%, so not amazing. I did have a group of defaults around the same time (linked to BHS) which was a big blow but things have been ok more recently. I'm considering adding more cash but I spoke to customer services last week and they say they expect a return of 4-5% after fees and bad debts which is putting me off as is the cash drag. Interesting to hear that you managed to get manual bids in. When I was invested on the platform 2-3 years back it was impossible to win any manual bids - they filled in milliseconds making fastest finger on other platforms feel pedestrian in comparison. I do recall an email sometime over the past year saying that they had finally realised that this had been an issue with bots so it sounds like that they have addressed this issue and that you have at least a fighting chance if you have the time to commit. In the end the cash drag and high fees made me deploy my funds elsewhere, but if you are very hands off the return wasn't that bad. One way to boost deployment is to over fund your account so that your £ deployment is dragged up by the larger fund balance before withdrawing all excess funds to leave you 100% deployed at that point in time. I had to repeat this monthly as deployment declined with repayments and ultimately it became a bit of a time burgle redeploying withdrawn funds onto other platforms. However, this boosted my net returns to 9-10%pa of average cash on the platform.
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bg
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Post by bg on Oct 5, 2017 22:46:27 GMT
I've been invested for around 20 months now. I use use autobid which (recently) keeps my deployment rate at around 70%. Last year for a period I was bidding manually which got my deployment rate up to 100% but it was real hard work and involved around 30 mins a day (12-12.30) trying to get into each auction. After a few weeks I decided life is too short so just stuck with the autobid. For what it's worth since I joined my return on deployed funds is 8.5% and return on total funds 6.5%, so not amazing. I did have a group of defaults around the same time (linked to BHS) which was a big blow but things have been ok more recently. I'm considering adding more cash but I spoke to customer services last week and they say they expect a return of 4-5% after fees and bad debts which is putting me off as is the cash drag. Interesting to hear that you managed to manual bids in. When I was invested on the platform 2-3 years back it was impossible to win any manual bids - they filled in milliseconds making fastest finger on other platforms feel pedestrian in comparison. I do recall an email sometime over the past year saying that they had finally realised that this had been an issue with bots so it sounds like that they have addressed this issue and that you have at least a fighting chance if you have the time to commit. In the end the cash drag and high fees made me deploy my funds elsewhere, but if you are very hands off the return wasn't that bad. One way to boost deployment is to over fund your account so that your £ deployment is dragged up by the larger fund balance before withdrawing all excess funds to leave you 100% deployed at that point in time. I had to repeat this monthly as deployment declined with repayments and ultimately it became a bit of a time burgle redeploying withdrawn funds onto other platforms. However, this boosted my net returns to 9-10%pa of average cash on the platform. I basically clicked the mouse button as quickly as I could every time a loan went live and typically got in 50% of loans. Maybe I'm just lucky and on a fast connection or close to their server. Cash drag is a big problem. Deployment is down to 60-65% now. I'm basically treating it as a high interest (5-6%) instant access/30 day notice savings account. OK to store cash until you need it elsewhere as underplayed cash can be withdrawn straight away.
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nick
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Post by nick on Oct 6, 2017 10:31:34 GMT
Its worth noting that you cannot claim loss relief against income on bad debts incurred on MI (apparently their loans do not constitute Article 36H p2p loans and hence their non-eligibility). That said, the level of bad debt I experienced when I was on the platform was very low.
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bg
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Post by bg on Oct 6, 2017 16:24:34 GMT
Its worth noting that you cannot claim loss relief against income on bad debts incurred on MI (apparently their loans do not constitute Article 36H p2p loans and hence their non-eligibility). That said, the level of bad debt I experienced when I was on the platform was very low. I didn't know that, I have been claiming them. My bad debts are about a third of the interest I have earned.
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ton27
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Post by ton27 on Oct 7, 2017 13:56:58 GMT
Cash drag is a problem and it seems the only way to mitigate it is to be a very active (all sessions?) bidder. I am not sure bots have been eliminated because it is often very difficult to win a bid especially the ones with higher rates.
I am still trying but not sure if I will stick with it as the effort is considerable (and their fees are very high).
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