fasty
Member of DD Central
Posts: 1,038 
Likes: 388
|
Post by fasty on Mar 12, 2017 10:21:44 GMT
If Savingstream want to continue to play with the big boys, then they will have to ditch the slow, inherently error-prone manual system in favour of instant card funding like FC, Ablrate etc
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Mar 12, 2017 11:36:39 GMT
MT have a manual system, it works within a few minutes and as far as I know has never failed. It's down to the quality of the operators and (as has been rightly pointed out here) SS cannot be held responsible for errors at the banking end.
|
|
|
|
Post by intercepted on Mar 12, 2017 12:47:38 GMT
P2P Global Investments
This is a bog standard investment trust and qualifies for a standard ISA.
They invest in P2P loans all over the world and target a 6% dividend. They also invest a small amount in shares of P2P platforms.
The fund has paid dividends regularly but since they have not gone through any "bad times" and proved themselves their shares sell at 20% discount.
I plan to divert some SS money into this trust within this years ISA allowance. The 20% discount to the loan book seems fairly good value.
|
|
|
|
Post by Deleted on Mar 12, 2017 13:12:10 GMT
P2P Global Investments This is a bog standard investment trust and qualifies for a standard ISA. They invest in P2P loans all over the world and target a 6% dividend. They also invest a small amount in shares of P2P platforms. The fund has paid dividends regularly but since they have not gone through any "bad times" and proved themselves their shares sell at 20% discount. I plan to divert some SS money into this trust within this years ISA allowance. The 20% discount to the loan book seems fairly good value. Any idea why the very large discount?
|
|
jomantha
Member of DD Central
Posts: 177 
Likes: 63
|
Post by jomantha on Mar 12, 2017 14:02:31 GMT
P2P Global Investments This is a bog standard investment trust and qualifies for a standard ISA. They invest in P2P loans all over the world and target a 6% dividend. They also invest a small amount in shares of P2P platforms. The fund has paid dividends regularly but since they have not gone through any "bad times" and proved themselves their shares sell at 20% discount. I plan to divert some SS money into this trust within this years ISA allowance. The 20% discount to the loan book seems fairly good value. I am probably being dumb but shares at 20% discount - does this mean you can buy shares in it at this discount if you have the ISA?
|
|
|
|
Post by vithca on Mar 12, 2017 14:06:54 GMT
I am probably being dumb but shares at 20% discount - does this mean you can buy shares in it at this discount if you have the ISA? These are standard shares, an investment trust I believe, that can be purchased inside or outside of an ISA. The 20% discount refers to the discount against the net asset value. Current share price is 788p. Last NAV (1st March) was 997p per share.
|
|
jomantha
Member of DD Central
Posts: 177
Likes: 63
|
Post by jomantha on Mar 12, 2017 14:09:26 GMT
'todays events' - nothing has happened. The security of the loans is exactly the same as a few days ago. I suggest people that get edgy when a big loan is brought to a platform resulting in a wave of selling in the SM (as investors diversify) should maybe not be investing in P2P. It's just the balance of supply and demand in a simple market. If people who were new to investing didnt't invest in P2P there would not be such a large pool to invest in as the market wouldn't be growing the way it has, I have already decided FC was not for me. In my head as someone who used to work in accounts - if a huge transaction like that had gone missing from say a payroll batch there would be lots of questions being asked. I also noted one forum member saying his wife had been credited monies that weren't hers. These don't sound like nothings to me - and the minimal interaction from SS didn't help. The security of the loans is the same - being able to sell on a flooded SM, with people wanting to buy but not able - is not the same either, for me it is a wake up call.
|
|
|
|
Post by Deleted on Mar 12, 2017 14:26:21 GMT
Thanks samford, it was more of a buddhist question than anything, but the details are more or less what I remember.  |
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
|
Post by brianlom1 on Mar 12, 2017 17:30:50 GMT
As far as I can gather no-one had to wait much more than say 48 hours for their funds to appear. I disagree, my transfer from Thursday has still not appeared, I have no way of knowing if payment is delayed or lost, for me this is a big issue, I will limit my future exposure to SS accordingly.
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Mar 12, 2017 18:37:02 GMT
If people who were new to investing didnt't invest in P2P there would not be such a large pool to invest in as the market wouldn't be growing the way it has, I have already decided FC was not for me. In my head as someone who used to work in accounts - if a huge transaction like that had gone missing from say a payroll batch there would be lots of questions being asked. I also noted one forum member saying his wife had been credited monies that weren't hers. These don't sound like nothings to me - and the minimal interaction from SS didn't help. The security of the loans is the same - being able to sell on a flooded SM, with people wanting to buy but not able - is not the same either, for me it is a wake up call. Fair enough but it's worth bearing in mind that pretty much all the platforms have had some sort of IT glitch or another....you have to bear in mind that most of them are small organisations that are seeing exponential growth. Something like this does not mean that there is a risk of you (or anyone else) losing your deposits and also the IT/cash reconciliation side of a platform is completely distinct to their ability to bring a decent loan and dispose of the security if the borrower does not repay. All that has happened here is that the removal of INPL at the same time as a large supply of new loans has highlighted that SS's cash reconciliation process (or data feed) was not up to scratch when there is a large amount of deposits. Previously, presumably they would have had a bit more time to reconcile such differences under the 48 hour INPL window - but not anymore. I'm pretty sure they are working on procedures so that it does not happen again. The main reason the SM is flooded is because of the supply of new loans....this is not an uncommon occurrence and we see it on every platform to varying degrees when there is a large volume of new loans. Providing there is not another imminent batch of large loans due to hit the SM will clear itself up over the coming days/weeks and we will be back to an empty cupboard. I wouldn't translate this issue to anything more sinister going on behind the scenes. Having said that, I would not have a balance on any one platform that could jeopardise my (or my families) financial security if I were to lose it. I would also ensure that the balance of my P2P investments is at an appropriate ratio of my total investments.
|
|
bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
|
Post by bigfoot12 on Mar 13, 2017 11:55:11 GMT
It's also worth noting that some online brokers (but not all) have been known to hold back 20% of the income against a basic rate tax liability even inside an ISA or SIPP (II and Barclays have done this, AJBell doesn't seem to). They simply aren't familiar with "streaming income". This can be reclaimed but it's a faff since you need to lodge a form with P2PGI etc. I think that II pay it back eventually. For example, I own VSL in my II ISA and on 19/12/2016 I was paid the 1.5p dividend (listed as 1.5p on the statement, no mention of withholding, but paid 80% of the total). And then on the 17/02/2017 I was paid the other 20% listed as a tax reclaim. I didn't intervene to receive this.
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Mar 13, 2017 16:36:35 GMT
Any idea why the very large discount? The P2P investment trusts have been discussed on the General sub-forum, see link and link. There are some good reasons why P2PGI trades at a discount. Their performance has suffered from far higher than expected defaults, there has been significant cash drag from their inability to find enough loans to invest in, further cash drag from GBP/USD fx margin hedges, some negative PR from the LC debacle last year etc etc. P2PGI are intervening to prop up their share price and this seems to have stabilized them. They are changing their strategy to focus more on balance sheet investments rather than P2P securitizations (though I admit I don't really know what really means in specific terms). When you compare how badly P2PGI or VSL traded last year compared to well a high yield bond fund traded in 2016/17, the difference is very stark. I don't whether that means they are cheap or terminally ill. One thing to note is that they do not pay dividends. They reclassify it as "streaming income" so that outside of an ISA or SIPP it is taxed as income not as a dividend. It's also worth noting that some online brokers (but not all) have been known to hold back 20% of the income against a basic rate tax liability even inside an ISA or SIPP (II and Barclays have done this, AJBell doesn't seem to). They simply aren't familiar with "streaming income". This can be reclaimed but it's a faff since you need to lodge a form with P2PGI etc. As highlighted by samford71 , P2PGI's rolling 12 mth NAV return is currently 3.92% and the annualised return for the past 3 months is 2.51%pa which significantly below the target 6-8%. I'm currently trading in and out of the shares progressively buying when the discount goes above 21% and selling when it comes back in below 20%. Beyond trading the discount, I would be hesitant to buy and hold long term given current performance and the general expectation of a higher yield environment.
|
|
|
|
Post by magoo68 on Mar 13, 2017 19:20:05 GMT
P2P Global Investments This is a bog standard investment trust and qualifies for a standard ISA. They invest in P2P loans all over the world and target a 6% dividend. They also invest a small amount in shares of P2P platforms. The fund has paid dividends regularly but since they have not gone through any "bad times" and proved themselves their shares sell at 20% discount. I plan to divert some SS money into this trust within this years ISA allowance. The 20% discount to the loan book seems fairly good value. I am probably being dumb but shares at 20% discount - does this mean you can buy shares in it at this discount if you have the ISA? Hope it's ok to post this link, good background on P2P Global ..... and why it's struggling atm. Do your own research, but personally as an investment I wouldn't touch them with a barge pole right now, especially if you're new to this sort of investing. There are ways to achieve yields of 7% in an ISA with way less risk imho, but none of them are in the P2P sector. citywire.co.uk/money/investors-sneeze-at-p2p-trust-s-seasoning/a990653
|
|
jomantha
Member of DD Central
Posts: 177
Likes: 63
|
Post by jomantha on Mar 14, 2017 10:13:16 GMT
I am probably being dumb but shares at 20% discount - does this mean you can buy shares in it at this discount if you have the ISA? Hope it's ok to post this link, good background on P2P Global ..... and why it's struggling atm. Do your own research, but personally as an investment I wouldn't touch them with a barge pole right now, especially if you're new to this sort of investing. There are ways to achieve yields of 7% in an ISA with way less risk imho, but none of them are in the P2P sector. citywire.co.uk/money/investors-sneeze-at-p2p-trust-s-seasoning/a990653Thanks - to be honest I don't care where my money is - so long as it is making some, it was only when interest rates plummeted I started looking elsewhere. 7% in a tax free ISA sounds fine to me - I am not sure if you are allowed to tell me more about where to look.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Mar 14, 2017 11:03:52 GMT
I suspect that low risk c7% tax free could be very popular!
|
|
