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Post by jordan on Jul 20, 2016 13:40:33 GMT
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Post by Deleted on Jul 20, 2016 15:22:23 GMT
do you have a view of the value of director's guarantees? Is £100k worth £100k at the death of a company?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jul 21, 2016 10:23:20 GMT
No.
I Ignore Personal Guarantees as security, they may show commitment from the PG provider, but if the company does go down the assets supposedly supporting the PG seem to evaporate.
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ben
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Post by ben on Jul 21, 2016 10:47:16 GMT
When a business goes down usually either the owners plow everything into it to try to save it so nothing left or they try to get as much money out of it as possible and hidden so for the both of these reasons I avoid a PG like the plague. If they have hidden the money well can easily cost a large amount to try to get it back.
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Post by wickedxuk on Aug 27, 2016 14:29:08 GMT
I'm registered and tempted to start dipping my toes into this site. With the advantage of the IFISA and my.interest payments, even spread across me and my wife, are close to breaking the tax thresholds. Has anyone got any experience with this platform so far? From emails and site guidance the following points are worthy of note:
1) Interest is only paid after drawdown and these period can be quite long. So it may take a while to invest substantial amounts if wanting to diversify. I personally will wait until close to drawdown before investing as to prevent having money sat in the wallet not earning interest.
2) Monthly returns are interest and capital repayments (amortising)
3) I'm waiting on email confirmation from the site (as this is only detailed om the Orca guide) but I believe fee's are 1% of your monthly payment from borrowers (capital and interest) only charged when borrows pay each month.
4) Not a lot of loans available so again it may be slow to build up a large amount of funds however the tax shelter may mean although it's low down in my priority list I will probably drip feed small amounts as and when loans come to the end of the funding period.
Hope that helps others and would love to hear feedback from any current investors.
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Post by wickedxuk on Sept 19, 2016 20:20:02 GMT
I've now invested in 2 of their recent 'opportunities' only small amounts but I will report how I get on. As more opportunities arise I plan to slowly use the IFISA allowance.
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jonah
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Post by jonah on Sept 19, 2016 20:39:30 GMT
1% of monthly payments of capital and interest (two posts up) seems very expensive. 1% of capital would really impact on post tax rates of return.
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Post by wickedxuk on Sept 20, 2016 5:40:40 GMT
1% of monthly payments of capital and interest (two posts up) seems very expensive. 1% of capital would really impact on post tax rates of return. Edit - exact fee wording is "Investor fees We collect a 1% annual fee on interest and capital payments to the investor, which is collected on receipt of the payment from borrowers." Also, remember this is tax free in the IFISA.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 20, 2016 7:39:02 GMT
Just browsing the site, surprised to find on the success stories a company with a defaulted loan on another site. Can't really name it, since even disguised it would be obvious which one because there aren't many listed. Not to mention breaching confidentiality on the other site.
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Post by wickedxuk on Sept 20, 2016 7:51:04 GMT
Just browsing the site, surprised to find on the success stories a company with a defaulted loan on another site. Can't really name it, since even disguised it would be obvious which one because there aren't many listed. Not to mention breaching confidentiality on the other site. PM me the details please buddy would be nice to confirm as I think I know which one you are talking about.
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nick
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Post by nick on Sept 25, 2016 22:29:42 GMT
I'm looking for a place to park my ISA cash until IFISA's are launched by some of the more established platforms. At the moment several year's worth of allowances are sitting as cash parked in a equity ISA account waiting to transfer to FC's IFISA (silly me thought that the FCA would have dished out authorisations by now - they must have been caught by surprise.......).
Is there much loan volume on the site and it there any significant SM liquidity - both in the context of building up a loan book and subsequently liquidating one? How much could one reasonably invest on the site within a 3 month time frame and how long would it take to liquidate that position (ignoring concentration risks etc). I'm just trying to get a sense on whether it is worth opening up an IFISA with these guys or just wait patiently for the FCA to pull their finger out........
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Post by wickedxuk on Sept 26, 2016 8:52:20 GMT
I'm looking for a place to park my ISA cash until IFISA's are launched by some of the more established platforms. At the moment several year's worth of allowances are sitting as cash parked in a equity ISA account waiting to transfer to FC's IFISA (silly me thought that the FCA would have dished out authorisations by now - they must have been caught by surprise.......). Is there much loan volume on the site and it there any significant SM liquidity - both in the context of building up a loan book and subsequently liquidating one? How much could one reasonably invest on the site within a 3 month time frame and how long would it take to liquidate that position (ignoring concentration risks etc). I'm just trying to get a sense on whether it is worth opening up an IFISA with these guys or just wait patiently for the FCA to pull their finger out........ There isn't a huge loan book, I have opened the IFISA and have 3 loans in there at the moment and will increase this as loans are close to closing and I get more comfortable with the platform. There is a steady stream of loans but they remain open for funding for a while and no interest paid during this time. I only invest when funding is almost closed so as not to have money sat there not earning interest. I did query this with them and highlighted that a lot of investors would not be willing to leave money sat earning 0% for long periods. Note opening one IFISAs will not restrict you opening one with another provider (it will just mean you have to declare it and your allowance will be spread across them). There is probably 1-3 loans a month from my estimate so it's not a lot. I have't seen anything on the SM and they claim this is because they sell so fast and because most hold to term. I have been in communication with them over email and they are generally good at responding. I have alerted them to this forum and this thread but I do not think they have signed up yet but they seemed very keen and thankful for alerting them to it. So hopefully we will see some communications with them on here soon.
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arbster
Member of DD Central
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Post by arbster on Sept 26, 2016 9:36:37 GMT
Note opening one IFISAs will not restrict you opening one with another provider (it will just mean you have to declare it and your allowance will be spread across them). Are you sure about this? I've not seen anything to that effect, and all the online guidance I've found still states a single IFISA is permitted. I think the only way to invest across multiple platforms is via an aggregator that is authorised to provide IFISAs.
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Post by jordan on Sept 26, 2016 10:13:51 GMT
Note opening one IFISAs will not restrict you opening one with another provider (it will just mean you have to declare it and your allowance will be spread across them). Are you sure about this? I've not seen anything to that effect, and all the online guidance I've found still states a single IFISA is permitted. I think the only way to invest across multiple platforms is via an aggregator that is authorised to provide IFISAs. We created an infographic on the topic of the IFISA some months ago and having sought consultation we are of the belief that you can subscribe your annual allowance to (only) one IFISA in the year. You can open as many IFISAs as you wish and transfer old ISA money into them, but you may only subscribe your annual allowance to one IFISA in the year. Unless the rules have changed... You can open an IFISA with a 3rd party provider and spread your funds across multiple P2P products, but we are unaware of any 3rd party currently offering this due to regulatory set backs. Hope this helps!
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Post by justdabbling on Sept 26, 2016 10:15:04 GMT
My understanding is that you are allowed to start only one IF ISA a year but you can transfer previous years' cash isas to any number of if isas.
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