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Post by vanessaiman on Oct 14, 2016 13:16:11 GMT
I am slowly building a position with Octopus Choice and have been keeping an eye on developments. Of course as time goes on and I (we) make some more deposits and receive some income then the issue of reporting comes to mind. I cannot see anywhere on the site where I can generate a report for a month, or a specific period or a tax year.
vanessaiman , is there a facility to do this on the site, or can we do this on an individual basis? Will a reporting tool option be developed?
Thanks.
Hi pauls, I hope you are well. I'm happy to hear you've invested with us. We currently show the total amount of interest earned to date in the dashboard together with your current rate. We have in our plans to work on a monthly and yearly reporting soon. Best, Vanessa
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james
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Post by james on Oct 14, 2016 15:29:58 GMT
if you're content with 5%, well, you will be receiving better rates than anywhere else, assuming you have a low risk profile and want to invest passively. If all you want is 5% then there are close to no risk options available for the first part of your money: 1. Nationwide current account, pays 5% fixed interest rate for the first twelve months on up to £2,500 and has full FSCS protection. 2. TSB current account, pays 5% until January 2017 then 3% on up to £2,000 and has full FSCS protection. If you are content to invest for five years then: 3. RateSettter is currently offering 5.5% with protection fund but no FSCS protection. but significant exit costs compared to Octopus Choice so personally I think that Octopus Choice is offering the better deal that his lower end of the interest rate range. 4. Zopa is currently projecting 6.5% after bad debt from their Zopa Plus account, with no FSCS protection and risk of not meeting their target. Significant exit costs but this is far enough above Octopus Choice that it may be a better choice from the lowish interest rate products unless easy access is required. For those who who have at least £50,000 there's perhaps 8-10% available on typically one month or so term from MarketInvoice and lots of supply, but the sophisticated or HNW investor requirement will exclude most, as will the amount threshold. Automatic investment tools mean that this can be a passive investment option once they are set up. Then come the range of 12% or so deals that offer charge free rapid access, normally with security taken over physical assets and other protective measures but these can't be regarded as passive. That sort of competition means that Octopus Choice looks quite well positioned for those who want or may want quite rapid access to their money, perhaps to over time invest at higher rates in places with more limited lending supply.
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Steerpike
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Post by Steerpike on Oct 14, 2016 15:50:42 GMT
Given that the underlying loans are longer term, there is liquidity only if other investors will buy your loans or Octopus has cash available and decides to do so this is similar to other sites such as the Landbay Tracker.
As far as I can see there are no specific buffers or guarantees, I think that Assetz did quote percentage of cash held at one stage for the QAA/30D accounts but I can't see a statement on their site about this now.
GKCapital offer a flexible cash out option and Growth Street should offer true liquidity as (some of) the loans are short term.
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upland
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Post by upland on Oct 18, 2016 6:53:41 GMT
vanessa , I seem to have had a few pounds stuck in pending for a few days now which is my interest for the month. Do I take it that this will not shift until it builds up to more than £10 ?
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pom
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Post by pom on Oct 18, 2016 7:21:24 GMT
vanessa , I seem to have had a few pounds stuck in pending for a few days now which is my interest for the month. Do I take it that this will not shift until it builds up to more than £10 ? It's never stopped them before (I've had pence reinvested previously) and now that I've looked I have £13 stuck....so must be another problem...
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upland
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Post by upland on Oct 18, 2016 8:33:11 GMT
vanessa , I seem to have had a few pounds stuck in pending for a few days now which is my interest for the month. Do I take it that this will not shift until it builds up to more than £10 ? It's never stopped them before (I've had pence reinvested previously) and now that I've looked I have £13 stuck....so must be another problem... Thats what I thought as I was sure that they re-invested 13p of mine from the last month.
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pom
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Post by pom on Oct 18, 2016 10:03:33 GMT
It's never stopped them before (I've had pence reinvested previously) and now that I've looked I have £13 stuck....so must be another problem... Thats what I thought as I was sure that they re-invested 13p of mine from the last month. I assume you've emailed them? I've not had a response yet...
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upland
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Post by upland on Oct 18, 2016 10:20:47 GMT
Thats what I thought as I was sure that they re-invested 13p of mine from the last month. I assume you've emailed them? I've not had a response yet... I had hoped that vanessa might enlighten us all here but I will email now.
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pom
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Post by pom on Oct 18, 2016 16:39:01 GMT
I assume you've emailed them? I've not had a response yet... I had hoped that vanessa might enlighten us all here but I will email now. Ugh - case of supply/demand imbalance apparently....cos the system wants to allocate across 10 loans and so there's a bit of a queue currently...
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Post by vanessaiman on Oct 18, 2016 16:59:39 GMT
Hi All,
Sorry for the delay in getting back to you all today! I see there are a couple of you wanting to know what’s happening with your interest payments. Well, I can assure you it’s not an IT problem and there’s nothing to worry about. Over the last few weeks Choice has proved very popular! So much so that some of the loans which were previously open for investment have now been filled – and we now have fewer than the 10 loan minimum needed for investments. As a result, investment requests and interest payments are currently in a queue. We don’t anticipate there being too long a wait – our lending team has had a record-breaking month in new agreements in principles which we expect to see coming through imminently.
Taking on your feedback, we’re going to be making this much clearer on the website – both on the statistics page and at the point of investment.
As always thanks for your support. If you have any further questions or would like to discuss further, please feel free to contact me at vanessa.iman@octopusinvestments.com Thanks Vanessa
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upland
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Post by upland on Oct 20, 2016 16:59:48 GMT
Thats me sorted now , I have 29 loans with the newest at £2.91 which is my re-invested interest (I thought that it was a £10 min ?) , worth waiting for no doubt. I have two loans at £64 (£1K now in total) so its quite lop sided.
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pom
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Post by pom on Oct 20, 2016 17:07:20 GMT
Thats me sorted now , I have 29 loans with the newest at £2.91 which is my re-invested interest (I thought that it was a £10 min ?) , worth waiting for no doubt. I have two loans at £64 (£1K now in total) so its quite lop sided. Yep just noticed that also.. Minimums only on the initial investment I think...otherwise reinvestment would be slow. I noted on the invest button that they currently have 36 loans on offer averaging 5.3% so I just topped up my investment while I was there..
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littonowl
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Post by littonowl on Oct 20, 2016 17:16:50 GMT
Thats me sorted now , I have 29 loans with the newest at £2.91 which is my re-invested interest (I thought that it was a £10 min ?) , worth waiting for no doubt. I have two loans at £64 (£1K now in total) so its quite lop sided. Yep just noticed that also.. Minimums only on the initial investment I think...otherwise reinvestment would be slow. I noted on the invest button that they currently have 36 loans on offer averaging 5.3% so I just topped up my investment while I was there.. I also spotted that and topped up at 9.30 this morning. Must be a fair old queue though, because I'm still not invested at close of play tonight (usually done within the hour on past experience)..
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Post by vanessaiman on Oct 21, 2016 9:57:01 GMT
Yep just noticed that also.. Minimums only on the initial investment I think...otherwise reinvestment would be slow. I noted on the invest button that they currently have 36 loans on offer averaging 5.3% so I just topped up my investment while I was there.. I also spotted that and topped up at 9.30 this morning. Must be a fair old queue though, because I'm still not invested at close of play tonight (usually done within the hour on past experience).. Hi Littonowl, I hope you are well. My apology for the delay, we are experiencing a very high demand but we are working extremely hard to get more capacity on the platform.
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Post by sidamo on Oct 21, 2016 10:42:57 GMT
Hi Littonowl, I hope you are well. My apology for the delay, we are experiencing a very high demand but we are working extremely hard to get more capacity on the platform. So what is meant by '36 loans currently open'?
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