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Post by Deleted on Apr 11, 2017 17:51:28 GMT
stevefindlay thanks for the continued replies in the face of a no doubt expected backlash Despite some disappointment I am still eager to stay/return but only if my funds can be held in an IFISA. Is this something you are still planning/hoping to offer?
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ben
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Post by ben on Apr 11, 2017 18:51:34 GMT
I can understand why you do not want new smaller customers, but I can not understand why you can not lot the current ones stay as a thankyou for them helping you grow and supporting you. I think myself and a lot of other investors would be happy to stay and see how it goes if this was the case.
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Post by dan1 on Apr 11, 2017 21:44:43 GMT
I'm obviously not the only one who feels uneasy about the change to the terms and conditions. I understand the need to run a profitable business and that means evolving once the business reaches a certain size but, to alienate a proportion of early adopters can not good for business. I'm always wary about platform fees when investing in stocks and shares - I always consider the exit strategy because invariably the fees are tweaked every year or two. At least the fees on BM are transparant rather than hidden in the return figures. One thing in particular irritates me and that is the repeated statement that BondMason is best considered a 6-12+ months investment, yet we receive less than 8 weeks notice of an up to 50% increase in fees. I've just liquidated my holding, am I alone? Yesterday evening I submitted a withdrawal & liquidation request. So, I was pleasantly surprised to see my full holding plus paid interest deposited in my current account this evening. I was expecting a few working days before receiving any payment so well done BM.
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ben
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Post by ben on Apr 11, 2017 21:59:17 GMT
I'm obviously not the only one who feels uneasy about the change to the terms and conditions. I understand the need to run a profitable business and that means evolving once the business reaches a certain size but, to alienate a proportion of early adopters can not good for business. I'm always wary about platform fees when investing in stocks and shares - I always consider the exit strategy because invariably the fees are tweaked every year or two. At least the fees on BM are transparant rather than hidden in the return figures. One thing in particular irritates me and that is the repeated statement that BondMason is best considered a 6-12+ months investment, yet we receive less than 8 weeks notice of an up to 50% increase in fees. I've just liquidated my holding, am I alone? Yesterday evening I submitted a withdrawal & liquidation request. So, I was pleasantly surprised to see my full holding plus paid interest deposited in my current account this evening. I was expecting a few working days before receiving any payment so well done BM. I suppose that shows how much money they have that has not been deployed, good news for investors that stay.
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baz657
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Post by baz657 on Apr 11, 2017 23:21:49 GMT
Just went to liquidate and after six months slowly topping up it appears that I'm getting back less than I put in.
Deposited £2200.00. Net return to date £31.11. Amount to liquidate £2198.82.
Luckily there are other options where the money will actually earn some.
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ben
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Post by ben on Apr 11, 2017 23:23:43 GMT
Just went to liquidate and after six months slowly topping up it appears that I'm getting back less than I put in. Deposited £2200.00. Net return to date £31.11. Amount to liquidate £2198.82. Luckily there are other options where the money will actually earn some. Did you have any uninvested cash as that will not show in the amount to liquidate bit.
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baz657
Member of DD Central
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Post by baz657 on Apr 11, 2017 23:32:43 GMT
Yeah, there is £20.52 uninvested. How silly of me assuming that clicking on Liquidate your funds would have included the uninvested. It's those uninvested funds that stopped me adding more over the past six months.
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ben
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Post by ben on Apr 12, 2017 0:07:57 GMT
Yeah, there is £20.52 uninvested. How silly of me assuming that clicking on Liquidate your funds would have included the uninvested. It's those uninvested funds that stopped me adding more over the past six months. after tax you might get out about even if your lucky.
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Greenwood2
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Post by Greenwood2 on Apr 12, 2017 5:14:56 GMT
Do you have accrued interest still to come?
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Greenwood2
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Post by Greenwood2 on Apr 12, 2017 6:37:59 GMT
....As discussed elsewhere on this forum, we've identified that clients with bigger balances have less volatile returns and are more likely to achieve investment performance in line with the target return. We want all of our clients to have a fantastic investment experience through BondMason, and for this reason we are increasing the minimum account balance to £5,000.... If the reason larger investors get returns closer to the average is because they get a diversification of less than that chosen, because the larger bites may not always be available (as discussed somewhere, but I can't find it at present) surely the solution is to give an option of a lower percentage diversification of 0.5% or even 0.1% as has been suggested and discussed on this forum frequently. I would invest more if I could get greater diversification, without requiring 'luck' to give me less than 1%. I would have thought it would be very easy to add extra options to the % dropdown.
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Post by stevefindlay on Apr 12, 2017 6:50:37 GMT
Yeah, there is £20.52 uninvested. How silly of me assuming that clicking on Liquidate your funds would have included the uninvested. It's those uninvested funds that stopped me adding more over the past six months. Liquidate means selling your positions. Withdrawing means removing your funds (cash). You don't need to liquidate money which is sat as cash, only withdraw. The funds that will be returned will be your liquidated positions (which excludes anything that may be held in defaulting loans) and your cash. Your accrued interest will be paid back to you at the end of each month when the underlying loans make their interest payments. All of this is confirmed in an account closing email. Since starting in 2015, every client has been able to fully liquidate and withdraw within 24-48 hours. Despite the extent of the withdrawing comments on the forum, there is actually just a small proportion of funds being liquidated at the moment (many clients are increasing from below £5k to above £5k), so we don't expect these timescales to change.
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gnasher
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Post by gnasher on Apr 12, 2017 10:40:25 GMT
I have only been on BM for just over a month. 4k added. Rate of deployment of capital is running at just over £2000 per month, not many slices of £80 (max at 2%) dealt out. So if I happened to have in excess of £100k to put into BM and I wanted to do that I to get to the 1% fee level for any additional funds I added, that would take me, um ..... getting on for 5 years - so rather a long term project! Yes I could add more money and have it sat doing nothing just to get a few bigger slices - but that makes no sense. And I am still paying 1.5% on 25k, 1.25% on 75k etc. The incentive for anyone to add large amounts of money to BM to get the lower fees seems very poor indeed.
So BM want to have fewer lenders but a greater % of HNW individuals, however their rate of deployment of capital and fee structure is not going to attract such people IMHO. To succeed something else needs to change.
I will progress to the 5k minimum then sit and watch.
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Post by stevefindlay on Apr 12, 2017 16:13:32 GMT
I have only been on BM for just over a month. 4k added. Rate of deployment of capital is running at just over £2000 per month, not many slices of £80 (max at 2%) dealt out. So if I happened to have in excess of £100k to put into BM and I wanted to do that I to get to the 1% fee level for any additional funds I added, that would take me, um ..... getting on for 5 years - so rather a long term project! Yes I could add more money and have it sat doing nothing just to get a few bigger slices - but that makes no sense. And I am still paying 1.5% on 25k, 1.25% on 75k etc. The incentive is ve for anyone to add large amounts of money to BM to get the lower fees seems very poor indeed. So BM want to have fewer lenders but a greater % of HNW individuals, however their rate of deployment of capital and fee structure is not going to attract such people IMHO. To succeed something else needs to change. I will progress to the 5k minimum then sit and watch. The rate of deployment is constrained by the volume of loans not the value. So regardless if you invest £5k,£50k or £500k you would be at a similar percentage deployment - e.g. half way though. Our fee is only charged on deployed capital, so if it's not deployed and earning you a return then there is no fee.
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fp
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Post by fp on Apr 12, 2017 22:41:25 GMT
Picking up on some other comments made of late, I can see some sense in higher minimum balances. These will mean bigger slices of loans, which will enable BM to hunt out those whole loans mentioned previously. I've given BM a try, more as an experiment than anything else, my account is now liquidated which was a decision I made last month, but I haven't written BM off and will still be keeping an eye on proceedings for future.
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ben
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Post by ben on Apr 12, 2017 22:51:38 GMT
Picking up on some other comments made of late, I can see some sense in higher minimum balances. These will mean bigger slices of loans, which will enable BM to hunt out those whole loans mentioned previously. I've given BM a try, more as an experiment than anything else, my account is now liquidated which was a decision I made last month, but I haven't written BM off and will still be keeping an eye on proceedings for future. I can understand the reasons behind it and it makes sense my only issue is that they have decided to basically kick customers out who have helped them grow and give them advice when they do not need to. Also what happens when then decide they want the min to be £10,000 or £20,000 do they just kick them customers out again.
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