|
Post by Jake Wombwell-Povey on May 4, 2017 10:04:06 GMT
If you would like to be kept in the loop regarding the SIPP can I please propose that you register your details on our website so that we can keep you updated? Please do let me know if you have any further questions. Many thanks Jake Wombwell-Povey could I ask you to notify us all (keep us in your loop) when IFISA transfers in become available? Do you have an approximate timescale when you expect this to be? jester absolutely. I can assure you that I don't think any platform had any idea as to how complicated it would be to reconcile Fintech platforms with the humble cheque! We're almost there...finalising due diligence and initiating intergration (which actually isn't too difficult) and we anticipate accepting transfers in June which will coincide with the launch of our wealth management capability. We will of course keep you all posted.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on May 5, 2017 8:32:09 GMT
I will probably open an ISA with you when transfers are possible. If I do, but do not subscribe any of this year's money, am I right in thinking that I can also open an ISA with someone else for this year's allowance?
Oh, and will a transfer without any current year's subscription qualify for the bonus?
On your fees: SCHEDULE - FEES AND CHARGES Goji charges a simple, low fee of 0.95% of the value of your invested funds, per annum. This fee is automatically taken once a month from the date your first bond certificate is issued. Goji will not charge its fee if investors do not earn returns.
How do you reconcile the last two sentences? Do you refund the fees already taken if there is no return?
|
|
|
Post by Michal on May 5, 2017 17:17:53 GMT
Hello Thanks for getting in touch. You're absolutely right. If your transfer does not contain any current year's subscriptions you will be free to subscribe into any other ISA type this year with your full £20,000 allowance available. To confirm on the fees point, Goji charges an annual management fee of 0.95% of the value of the investment, charged monthly. However, Goji advises that its fee will never exceed investor returns i.e. if investor returns (gross of fees) are less than 1.9%, then investors and Goji will share in the gross returns on a 50:50 basis. In the event of a fee rebate, the fee adjustment will be processed on maturity of the bond. As a further example on the calculation, if the investor return fell to 0.5%, Goji's maximum annual fee would represent 0.25%. If there are no returns Goji does not charge a fee. Let me know if this makes sense. Please feel free to respond here if you have any more queries or message us on customersupport@gojip2p.com. Michal
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on May 12, 2017 7:33:21 GMT
As i already pay a platform fee on a stocks & shares ISA the idea of a rebate in the unlikely event you do not make a profit is a welcome one.But have a couple of questions you say .95% monthly on the value of the investment,is this the initial payment or what its value is in that month? so to use your example of a .5% return and Goji taking .25% is it as simple as you returning .7%? Guess its not that simple as each months fee would be for a different amount of time. Maybe if you could put it into figures i.e £5000 @ .5% return on a year bond with the rebate it would be helpful - thanks
|
|
|
Post by Michal on May 12, 2017 10:01:48 GMT
As i already pay a platform fee on a stocks & shares ISA the idea of a rebate in the unlikely event you do not make a profit is a welcome one.But have a couple of questions you say .95% monthly on the value of the investment,is this the initial payment or what its value is in that month? so to use your example of a .5% return and Goji taking .25% is it as simple as you returning .7%? Guess its not that simple as each months fee would be for a different amount of time. Maybe if you could put it into figures i.e £5000 @ .5% return on a year bond with the rebate it would be helpful - thanks Hi macqThanks for your query. We charge an annual fee of 0.95%. This is applied evenly on a monthly basis to the value of your invested funds, for example if you initially invested funds of £5,000, but by month 6 your portfolio had made net gains of £150, our month end fee in month 6 would be £4.08, which is 1/12th of 0.95% applied to the month end value of £5,150. Please feel free refer to our fees guide on our website for more information: investments.gojip2p.com/investments/guide/feesLet me know if that makes sense. Many thanks Michal
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on May 12, 2017 10:20:18 GMT
hi-thanks make sense so far but you may lose me on the next bit what happens if in the next 6 months there is a loss of £200 so that takes care of the gain and leaves a loss for the year of £50.Assume there would be a rebate but for how much?is it for the year or only months where a loss was made? I know this is not likely but its always good to know going in.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,850
Likes: 11,078
|
Post by ilmoro on May 12, 2017 17:10:28 GMT
So you've got to put at least £5000 on the platform. Then the only thing you can buy are goji investment bonds in lumps of £100. The 'bonds' invest in p2p loans other sites but we don't know which ones nor can we choose. The bonds have be hold to term. But it doesn't say anywhere what the term is. It shows promise and I like the performance capped fee but I'm not really impressed so far with the sparse information on the site. Term is 1yr currently, 3 yr/5yr coming soon investments.gojip2p.com/investments/guide/lending-bonds
|
|
|
Post by Jake Wombwell-Povey on May 13, 2017 10:01:18 GMT
So you've got to put at least £5000 on the platform. Then the only thing you can buy are goji investment bonds in lumps of £100. The 'bonds' invest in p2p loans other sites but we don't know which ones nor can we choose. The bonds have be hold to term. But it doesn't say anywhere what the term is. It shows promise and I like the performance capped fee but I'm not really impressed so far with the sparse information on the site. paul123 Apologies for not responding sooner - I though I had and have now realised I have deleted my eloquently crafted response! I'll take your points in turn: 1. The minimum for retail investors is £1,000 (see ISA terms for detail on current promotion here ) . For Advised clients it is £5,000 2. Having spent a small fortune on legal fees to structure a multi-platform offering, the Bonds are the only structure (We believe) that enables us to offer a multi-platform ISA. 3. Bonds are issued each month by ring-fenced and bankruptcy remote vehicles...each bond is issued by a different vehicle so bond holder 'January' is not exposed to bond holder 'March's' performance - we call this protecting from cross-contagion and it is common in the investment banking world to protect bondholders. 4. Bondholders are exposed to whatever loans this vehicle then goes and acquires - we can't let people choose otherwise you would have different bondholders exposed to different investors strategies and risk appetites. I appreciate this isn't what everyone wants, but we have made the decision to target a new investor base; one that is slightly more passive and would appreciate the 'management' that Goji provides. This target base is best encapsulated by the wealth management sector who are Goji's primary target clients. 5. The bonds are held to term as ilmoro has correctly identified. We will be launching our longer term products over the summer when we launch our SIPP proposition. We will also shortly be introducing 30 day liquidity (after an initial 3 month 'lock in') to assist investors who need early liquidity, although we haven't yet settled on the terms of this. With regard to the information on the site I really appreciate your feedback that we could provide more insight. We are doing two things; we are updating some of the webpages shortly to include more information with regard to 'mechanics' and secondly we are releasing a short corporate video to introduce the concept more succinctly. I appreciate your feedback and I will revert if I may to get your views once we have released this? I would just add that, as a regulated business, we have to show investors the Offer Document before they invest. This offer document which can't be shown to site visitors who haven't registered in full, has a depth of information around how the investment process works. If you register for an account you will be able to see a lot more detail which I hope assists. I hope this helps, but if you have any other questions, I would be more than willing to answer them. You can email me at jake@gojip2p.com
|
|
|
Post by Michal on May 17, 2017 9:09:06 GMT
hi-thanks make sense so far but you may lose me on the next bit what happens if in the next 6 months there is a loss of £200 so that takes care of the gain and leaves a loss for the year of £50.Assume there would be a rebate but for how much?is it for the year or only months where a loss was made? I know this is not likely but its always good to know going in. Hi macqThanks for your follow up query. Apologies for the delay in getting back to you. To clarify, Goji’s fee will never exceed investor returns. By way of an example, if an investor only earns a gross return of 1.9% (Goji’s fee being 0.95% - leaving the investor with 0.95% after fees) then from this point on Goji will start to reduce its fee so that Goji is never making more in fees than the investor is making in returns. As a further example on the calculation, if the investor return fell to 0.5%, Goji’s maximum annual fee would represent 0.25%. If there are no returns Goji does not charge a fee. If an investor makes a loss, then Goji will start to rebate it’s fees. In the event of a fee rebate, the fees earned to that date will be rebated on maturity of the bond. Please let me know if this makes sense and please feel free to post any further queries you might have. Many thanks Michal
|
|
|
Post by Deleted on May 17, 2017 15:31:56 GMT
I liked the term "revert"
|
|
|
Post by Jake Wombwell-Povey on May 18, 2017 16:43:29 GMT
Still can't understand why there's no public information about what loans the bonds pick. Are goji supposed to be "smart" pickers like BondMason, is it random allocation from any old p2p platform, or something else? paul123 Goji does not have any reason to restrict disclosure of the platforms that it investors across. We invest across 7 lending platforms…P2P and non-P2P lenders. These lenders originate loans across; property development, bridging, buy-to-let, SME, receivables finance, public sector financing and equipment leasing. Goji will be releasing a full investor interface soon, which will also drive a lot of the public website interfaces which we hope will bring even higher standards of transparency to an already transparent industry. We haven't yet released a full investor interface because we have been developing complex distribution technology products such as our fully automated ISAs, SIPPs and Wealth Management platforms. We currently update investors on a monthly basis with detailed performance on investment exposure and performance - these resemble fund fact sheets that are used across the funds sector. For those who invest in our products, these are sent to you on a monthly basis. If you get in touch with customersupport@gojip2p.com, we would be able to provide you with detailed investment allocations and performance. If I may quote my earlier comment, there is a summary of Goji's credit strategy, diligence process, risk and portfolio management within our offer document that is available to download on our investor portal once you have created an account ( click here for ease)
|
|
|
Post by Jake Wombwell-Povey on Jun 16, 2017 15:56:38 GMT
Hi all,
I just wanted to inform you that we have now activated in our transfer in capability.
Feedback appreciated!
|
|
|
Post by Deleted on Jun 16, 2017 20:19:44 GMT
Hi all, I just wanted to inform you that we have now activated in our transfer in capability. Feedback appreciated! Cheers Jake Wombwell-Povey, quick query, is the sign up bonus still active? It displays on a gold banner on the home page but in the T&Cs it states "The offer is only open to eligible customers who are members of the Goji platform and who open an ISA and invest by 31 May 2017" Can you clarify? Thanks
|
|
|
Post by Jake Wombwell-Povey on Jun 17, 2017 16:26:12 GMT
jester I can confirm that the ISA offer is still open. It is merely an oversight that we updated the headline figure but didn't update the T&Cs. I hope that helps, but please don't hesitate to get in touch if you have any further questions at jake@gojip2p.com. Thanks for the spot!
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jul 13, 2017 9:51:53 GMT
Hi all, I just wanted to inform you that we have now activated in our transfer in capability. Feedback appreciated!Feedback: It is far too slow. 16/6 Posted form [edit: a cash ISA from a High Street Bank] 22/6 received email saying being processed. 5/7 received letter from sending bank that funds sent (they don't say when request received nor when funds sent but they have previously done several transfers to another company very quickly, so I suspect there was a delay before they received the request from Goji) 5/7 received email from Goji saying transfer funds received in form of cheque which needs clearing. 13/7 received email from Goji saying 'Your funds are now ready for investment.' however on trying to invest them find that funds are still 'pending' and on enquiry Goji say they are still waiting to be cleared I will update when the funds finally arrive. Edit 17/7 4.00pm: Phone call asking few innocuous questions and told funds would be released. But no sign of them yet. Edit 18/7 5.38pm: email saying funds received. Logged on and asked for funds to go into 1 year ISA. Now showing as 'queued'.
|
|