ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168 
Likes: 4,859
|
Post by ozboy on Nov 1, 2018 21:36:04 GMT
Also, if you withdraw <£500 there's a £5 Charge.
This little gem is in HNW's General Ts & Cs but not mentioned at all in their IFISA Ts & Cs under 4. Withdrawals, *where of course you would expect it to be mentioned.
I got somewhat of a surprise.
* When you only have an IFISA with them.
|
|
|
|
Post by Ace on Nov 1, 2018 21:51:33 GMT
Thanks for the updates. Glad I gave this a miss now.
|
|
tomp
Member of DD Central
Posts: 144
Likes: 75
|
Post by tomp on Nov 10, 2018 11:02:30 GMT
I am just looking at HNW website and they have 56 loans available for investment - total amount available 11M. Is that normal?
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Nov 10, 2018 17:34:33 GMT
I am just looking at HNW website and they have 56 loans available for investment - total amount available 11M. Is that normal? usually 35-40 loans available, so not too unusual. Availability is new loans, directors holdings and SM sales. Not sure how 11M compares with "usual" though.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Nov 10, 2018 17:36:15 GMT
Would anyone like to give an update on how things have been going since February? I have been investing into a HNWL ISA for 18 months now, which is currently spread out over 9 loans, and it pains me to say that I recently discovered (they don't volunteer the information!!) that over 50% of those loans are in default! It's starting to remind me of my investments in AC, BC, FC, FS, Lendy, MT........ Historically their defaults have turned out OK, so let's see. Agree that info is less forthcoming than might be.
|
|
|
|
Post by markaldrich on Jan 3, 2019 22:47:26 GMT
I have one or two questions on hnw who we have just started with. If anyone has experience-
1. Why is the secondary market page clear? Is it not active?
2. Any experience of how easy to sell on secondary market if necessary?
3. A number of loans over term - any first hand experience of their approach to communications, lenders votes and recovery? I have read through the site and understand how meant to operate but interested in first hand experience. In particular liquidity is not a major issue for me but would like to know that I should be able to get my money back within a reas period of end of term
At first sight rates v risk look v.good. Does experience live up to promise?
Many thanks
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Jan 4, 2019 10:53:22 GMT
After FS, losses, and the low rates for the apparent safety of RS, the dearth on loans on PL, I have concluded Autoinvest is the easy option and see the interest comes in regularly each quarter. Have a few direct investments, but trying to get a nibble on RS 1yr between 4.6 - 5.2%, I am very happy with the Autoinvest 7%.
All info requested has been provided by Ben by phone or email.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Jan 4, 2019 11:48:07 GMT
After FS, losses, and the low rates for the apparent safety of RS, the dearth on loans on PL, I have concluded Autoinvest is the easy option and see the interest comes in regularly each quarter. Have a few direct investments, but trying to get a nibble on RS 1yr between 4.6 - 5.2%, I am very happy with the Autoinvest 7%. All info requested has been provided by Ben by phone or email. Well.... for a similar size upper 5 figures investment on both platforms I have a spread of 25 loans on PL and 12 on HNW - so I feel default risks a bit higher on HNW. Also secondary market more liquid and cheaper (0.5% v 1.5% selling fee) on PL than HNW Both have good records on default rates (so far) though one of my recent loans on HNW has repaid capital but looks like a loss of 1 year's interest, and two more in recovery/repossession as we speak, so 3/12 in a degree of trouble (balanced against 12 more exited sucessfully since I started investing). My ave net interest rate after fees but before losses is 8.84% on PL and 10.13% on HNW (but note the cautions on the loss of interest and higher rate of loans in difficulty on HNW). It isn't entirely clear to me how the HNW autoinvest works in terms of losses and whether the 7% comes with some provision fund protection of sorts. Clearly the risk is spread better in HNW autoinvest for sums under £50K (10% max in one loan, vs £5K minimum for self-invest). PL autoinvest doesn't really work except for very low amounts as will put 20% of your portfolio in all new loans. (note to PL - you should allow investors to specify what % of portfolio they want) There is more loan availability on HNW, though pipeline for PL seems to be increasing for Jan. I like both platforms, they along with AC and ABL are my biggest 4, but I wouldn't write off PL.
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Jan 4, 2019 21:01:42 GMT
Personally I think the PL Autoinvest is a disaster, and not fit for purpose, it dumped £6k into one uninvestible loan that hung about for ages. I did not want 20% in a loan I already had as much as I wanted. Other loans have been pulled very early, or filled within moments. I hope the 6 for January actually materialise. Other than that I am happy with PL. you must have been with PL to get all those loans! Yes with HNW, Autoinvest is the only way to get it diversified for smaller sums invested, but at 7%, so far paid on time, and with skin in the game I feel it is as safe as the rest of the best platforms.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Jan 4, 2019 21:11:58 GMT
I would not invest via "Auto Invest" with any Platform. I mean, do you trust any Platform (and/or its algorithms) that much?! If so, then do please go right ahead.  |
|
ding
Member of DD Central
Posts: 238
Likes: 132
|
Post by ding on Jan 5, 2019 10:41:11 GMT
Invested for 18 months. They don't provide loan updates to the site which I dislike. I've emailed them a few times when loans are in arrears and got a fast response. They don't always email you when a loan completes. 5 loans have repaid with all interest. One was in arrears but they removed person from property and sold it.
7 active loans now. 3 performing. 3 slightly behind (Oct-Nov paid up to). Though one was a new loan that hasn't paid anything, but I had a previous loan with him. So I'm not to worried (yet) about these...
And the worst one a 50% LTV taken out 8 months ago has paid 0 interest. Received email from HNW to expect a 10% loss. And that is after the directors first loss of 10%! The main blame seems to be 1st charge holder imposing 10% interest/month!
|
|
|
|
Post by markaldrich on Jan 5, 2019 11:15:31 GMT
Thanks Ding. Your post was very helpful. The emerging picture is good at reactive communication less good at proactive comms.
Your last example worried me somewhat but I will be steering clear of 2nd charge loans.
My simple logic is the ltv is good and the rate is fair. With first charge secured property we should be into a surveyors negligence claim territory or economic Armageddon for their to be a shortfall.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Jan 5, 2019 12:06:59 GMT
Personally I think the PL Autoinvest is a disaster, and not fit for purpose, it dumped £6k into one uninvestible loan that hung about for ages. I did not want 20% in a loan I already had as much as I wanted. Other loans have been pulled very early, or filled within moments. I hope the 6 for January actually materialise. Other than that I am happy with PL. y ou must have been with PL to get all those loans! Yes with HNW, Autoinvest is the only way to get it diversified for smaller sums invested, but at 7%, so far paid on time, and with skin in the game I feel it is as safe as the rest of the best platforms. ISA opened July 2017 Patience and gradual transfers in of +/-£5K at a time to avoid excessive cash drag
|
|
huxs
Member of DD Central
Posts: 300 
Likes: 218
|
Post by huxs on Jun 14, 2019 13:50:45 GMT
Anyone have any recent updates on HNW, how many new loans per month and is there a way to only select 1st charge loans via autoinvest?
|
|
huxs
Member of DD Central
Posts: 300
Likes: 218
|
Post by huxs on Jun 19, 2019 13:37:18 GMT
Ok, have signed up and was pleasantly surprised by the number of loans available but have a few questions which maybe someone knows the answer to
it seem a fair few new loans this month, is this normal?
for AutoInvest is there a way to find out the provision fund that has been built up? what extra protection are you getting for taking a fixed 7%?
Is there anyway to tell the status of open loans ?
I am struggling to see the negatives apart from the high entry cost of 10,000 per loan? What am I missing ?
|
|
