IFISAcava
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Post by IFISAcava on Jun 19, 2019 14:12:37 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 ? email them! I think the protection in the autolend is the directors' first loss skin in the game - but do confirm that, there may be something additional I am not aware of.
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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Post by IFISAcava on Jun 20, 2019 13:17:55 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 ? Using an ISA so that it's only £5000 per loan? (and tax free of course) I have seen number of available loans vary from less than 10 to 40. So current number (20-odd) is about average.
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Post by queenvictoria on Jun 26, 2019 18:13:10 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 ? I've been with HNW for over a year now and can recommend. As you say the entry point (£10k or £5k in an ISA) is high but the availability of loans is good. The downside to the platform is that it is not as developed and as transparent as some others. On the other hand you can email the CEO (Ben Shaw) with a question and often he answers you within the hour. I found withdrawals to be easy and fast and the ISA is flexible so you can move money in and our during the tax year without impact on your annual ISA allowance. Some loans have gone bad but HNW are quick to react and, as I understand it, no-one has yet suffered a loss.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 26, 2019 18:41:05 GMT
Been with HNW for about 18 months, Ben does indeed get back to you reasonably swiftly, even when he's in Spain sucking Sangria.  Professional & businesslike attitude with late payers (ie hard) and most other Platforms could learn from this. Except most couldn't care less. Valuations seem to be within reasonable tolerances. Website is basic & old fashioned, hard to get to grips with, takes time to understand. £500 minimum Withdrawal though which is a real pain. And £75 Fee (I think) if you move your IFISA away from them. Otherwise I am happy. This is most definitely not investment advice, do your own Due Diligence you lazy fornicators.  |
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IFISAcava
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Post by IFISAcava on Jun 26, 2019 19:55:29 GMT
Been with HNW for about 18 months, Ben does indeed get back to you reasonably swiftly, even when he's in Spain sucking Sangria. Professional & businesslike attitude with late payers (ie hard) and most other Platforms could learn from this. Except most couldn't care less. Valuations seem to be within reasonable tolerances. Website is basic & old fashioned, hard to get to grips with, takes time to understand. £500 minimum Withdrawal though which is a real pain. And £75 Fee (I think) if you move your IFISA away from them. Otherwise I am happy. This is most definitely not investment advice, do your own Due Diligence you lazy fornicators. Yes to the ISA transfer out fee - it's a pain (but common to several other platforms). The other annoying fee is a 1.5% charge to sell on the SM. And unless you are using autoinvest, the minimum £5 k per loan means that you need a sizeable investment (within the platform and/or P2P as a whole) to ensure enough diversity.
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smee
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Post by smee on Jun 27, 2019 8:55:01 GMT
I’m hoping the FCA will do something about removing/reducing transfer out fees. I have decided to get out of HNW’s IFISA but one loan has gone bad and it looks as if recovery is a long way off. So, either I pay the £75 twice, or reinvest the cash holding in the hope of synchronising recovery. I suppose there is a third option. Since it is a flexible IFISA it would be possible to withdraw the cash(no charge), invest it elsewhere (not in an isa), and either return it whenever the remaining loan pays back, or before the end of the tax year to repeat the process the following year. Come on FCA, do something about it please!
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Mousey
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Post by Mousey on Jul 4, 2019 15:50:06 GMT
Not too sure where this belongs or to whom it relates but anyway:
In the High Court of Justice - Business and Property Courts of England and Wales Chancery Appeals (ChD) The Rolls Buildings, Court 16 Before MR JUSTICE M*** Friday 5 July 2019 At 10:30 AM PA with Appeal to follow CH-2019-000035 **** & *** v HNW Lending Ltd
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alibaba
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Post by alibaba on Jul 4, 2019 18:07:38 GMT
Next hearing in September, I suspect that it will be a protracted outcome.
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lobster
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Post by lobster on Jul 5, 2019 6:37:58 GMT
Wow - just checked, and that is one truly horrible website. However, I guess it's the quality of the loans that really matters.
Is it really 1.5% to sell on the SM ? That sounds like a helluva fee to me - it's free on most P2P platforms. I can't see the 1.5% fee explicitly stated anywhere.
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ashtondav
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Post by ashtondav on Jul 5, 2019 9:13:59 GMT
I think Ratesetter charge 1.5% to sell 5 year loans. Big Z is quite pricey as well.
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Nomad
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Post by Nomad on Mar 29, 2020 22:36:42 GMT
49 listings on the SM today; usually there are none.
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IFISAcava
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Post by IFISAcava on Mar 29, 2020 22:51:49 GMT
49 listings on the SM today; usually there are none. Only 2 of them with discounts though (0.5% and 1%) and those are both for the diversified autoinvest
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Post by overthehill on Jul 31, 2020 18:08:37 GMT
1. I wish the forum owners would create a separate folder for HNW Lending, there are plenty of other P2P company folders with little to no activity.
2. Does anyone know if HNW Lending levy the 1.5% selling fee for taking money out of the autoinvest product. It would be very unjust given the investment has no natural expiration unlike an individual loan, I'm guessing the answer is no !
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Post by leafkicker on Aug 15, 2020 20:14:44 GMT
I saw the below restriction for HNW on the FCA register. Does anyone know anything mored about it?
"Closed to new business effective 6/07/2020
06 JUL 2020
CLOSE
The requirements which HNW applies to be imposed upon it with immediate effect are:
- That it will not promote or accept any new applications for lending by retail customers
through the operation of its Electronic Lending System, nor allow existing retail
customers to fund the Auto_invest feature, including the automatic reinvestment of
interest or capital repaid by borrowers.
- That it will limit any secondary market facility on the Electronic Lending System, so that
retail customers can only sell P2P Portfolios.
- That it will continue to facilitate the repayment of capital and interest from borrowers to
retail customers until all agreements have been repaid or recovery action has been
completed.
- That it will review and implement a risk management framework to meet FCA
Handbook requirements including SYSC 7.1.2(R), SYSC 7.1.3(R), SYSC 7.1.4 (R) and
COBS 18.12.18(R) and COBS 18.12.20 (R)"
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tomp
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Post by tomp on Aug 16, 2020 11:00:17 GMT
I saw the below restriction for HNW on the FCA register. Does anyone know anything mored about it? "Closed to new business effective 6/07/2020 06 JUL 2020 CLOSE The requirements which HNW applies to be imposed upon it with immediate effect are: - That it will not promote or accept any new applications for lending by retail customers through the operation of its Electronic Lending System, nor allow existing retail customers to fund the Auto_invest feature, including the automatic reinvestment of interest or capital repaid by borrowers. - That it will limit any secondary market facility on the Electronic Lending System, so that retail customers can only sell P2P Portfolios. - That it will continue to facilitate the repayment of capital and interest from borrowers to retail customers until all agreements have been repaid or recovery action has been completed. - That it will review and implement a risk management framework to meet FCA Handbook requirements including SYSC 7.1.2(R), SYSC 7.1.3(R), SYSC 7.1.4 (R) and COBS 18.12.18(R) and COBS 18.12.20 (R)" Could it be anything to do with this article: www.p2pfinancenews.co.uk/2020/07/23/hnw-lending-ready-to-resume-new-loans/ ?
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