pom
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Post by pom on Jan 10, 2018 9:04:17 GMT
Hmm so as well as cash drag getting invested into the bonds, there would appear to be quite a bit once you have the bonds too, looks like they're perhaps treated as totally separate issues (well I hope that's the case as if my first months growth is the average of everyone on the platform then the eventual return isn't going to be good!) Hi pom Many thanks for your post. I'd like to clarify how our July bond's investment funds were deployed and how the repayments are structured and subsequently reflected in your online account. The cash drag for last month's investment run was minimal since it launched with nearly all of the bond's capital invested in the first few weeks and with 99.99% of the bond's funds currently deployed. The reason your growth to date figures may appear lower than expected is because we only recognise income on receipt of repayments, unlike some platforms, and so a delay in updating the figures is a natural part of the loan repayment process. As an example, if we invested in a 3-month loan at the end of July, we would only input the interest repayment when it came in around the end of October. It would only be then that you would see that growth reflected in your account. We are working hard to continually improve the way we communicate with our investors and ensure all information about the structure of our investments is absolutely clear and transparent so your feedback is extremely appreciated. Additionally, we are constantly looking for and deploying improvements in our customer experience. We will take on board the impact delays in investment cycles have on investors and hope that the product improvements we aim to release in the near future will address these concerns. As always, feel free to contact us at customersupport@gojip2p.com or give us a call on 0203 865 3710 if you have any questions. Kind regards Michal So the gains have improved a lot, and after 5 months I'm now at 1.74% - still feels low but not unfeasible that a sudden rush of repayments towards the end won't then meet expectations. But that has got me thinking about the end, and how promptly the bonds will repay...because we all know how reliably p2p loans pay back on time!! Methinks I may not have considered clause 8.2 sufficiently, as the more I think about it the more it seems there's a pretty high probability there will only be a partial redemption on the repayment date. So what happens then? Even if you want to reinvest, then unless Goji change the min investment amounts for returning investors there might not be enough to do so, and topping it up again isn't necessarily going to be possible in an IFISA. And it certainly isn't likely to be possible to reinvest later payments. Which for an IFISA with transfer out charges could end up being a right pain, and perhaps even impossible to close the account. Well we shall see when the first bonds start paying back - I hope I'm wrong. In hindsight I wish I'd tried their regular account and got a good feel for it before going for the IFISA.
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Post by Michal on Jan 10, 2018 14:26:26 GMT
Hi pom
Many thanks for your post.
We'll get back to you shortly on your queries regarding the wider maturity process and potential reinvestments within your ISA account.
In the meantime please feel free to contact us at customersupport@goji.investments or give us a call on 0203 865 5243 if you have any questions.
Best wishes,
Michal
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Post by skint4achange on Jan 11, 2018 9:47:55 GMT
But, on the upside, they have a nice new fresh looking homepage now on the platform!!  |
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Post by Michal on Jan 11, 2018 10:37:26 GMT
Hi pom Many thanks for your post. I'd like to clarify how our July bond's investment funds were deployed and how the repayments are structured and subsequently reflected in your online account. The cash drag for last month's investment run was minimal since it launched with nearly all of the bond's capital invested in the first few weeks and with 99.99% of the bond's funds currently deployed. The reason your growth to date figures may appear lower than expected is because we only recognise income on receipt of repayments, unlike some platforms, and so a delay in updating the figures is a natural part of the loan repayment process. As an example, if we invested in a 3-month loan at the end of July, we would only input the interest repayment when it came in around the end of October. It would only be then that you would see that growth reflected in your account. We are working hard to continually improve the way we communicate with our investors and ensure all information about the structure of our investments is absolutely clear and transparent so your feedback is extremely appreciated. Additionally, we are constantly looking for and deploying improvements in our customer experience. We will take on board the impact delays in investment cycles have on investors and hope that the product improvements we aim to release in the near future will address these concerns. As always, feel free to contact us at customersupport@gojip2p.com or give us a call on 0203 865 3710 if you have any questions. Kind regards Michal So the gains have improved a lot, and after 5 months I'm now at 1.74% - still feels low but not unfeasible that a sudden rush of repayments towards the end won't then meet expectations. But that has got me thinking about the end, and how promptly the bonds will repay...because we all know how reliably p2p loans pay back on time!! Methinks I may not have considered clause 8.2 sufficiently, as the more I think about it the more it seems there's a pretty high probability there will only be a partial redemption on the repayment date. So what happens then? Even if you want to reinvest, then unless Goji change the min investment amounts for returning investors there might not be enough to do so, and topping it up again isn't necessarily going to be possible in an IFISA. And it certainly isn't likely to be possible to reinvest later payments. Which for an IFISA with transfer out charges could end up being a right pain, and perhaps even impossible to close the account. Well we shall see when the first bonds start paying back - I hope I'm wrong. In hindsight I wish I'd tried their regular account and got a good feel for it before going for the IFISA. Hi pomRegarding your gains, we prudently recognise returns on a cash receipts basis, therefore we typically see returns accelerate later in the bond term as loans repay. We see this return acceleration particularly from bullet-only loans as the entire interest gain is recognised on repayment. Our processes are designed to repay all matured capital and interest on the maturity date of the bond, of which we expect this to be the vast majority of amounts (original investment and interest upside) owed to investors. As you rightly note, some loans do run over their term, or go into recovery. We have included clause 8.2 to allow for circumstances where an exceptional proportion of the underlying loans within the bond are overdue at the maturity date. All subsequent loan repayments and recoveries are due to the bondholders and we will return these to investors in additional top up payments. We’ll also allow any amount to be re-invested if, for example, a customer’s original £1,000 minimum investment had not been fully redeemed on maturity. We would manage this ourselves and ensure when the final amount becomes available it is placed into the re-invested bond, so it won’t lose out on the ISA wrapper benefits. I hope this helps but again please feel free to contact us at customersupport@goji.investments or give us a call on 0203 865 5243 if you have any questions. Best wishes Michal
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Post by Michal on Jan 11, 2018 10:37:46 GMT
skint4achange Thanks for the feedback! We'll be doing a lot of work on the website to make it more and more user friendly in the near future so please keep an eye out.
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Post by skint4achange on Jan 11, 2018 10:45:35 GMT
skint4achange Thanks for the feedback! We'll be doing a lot of work on the website to make it more and more user friendly in the near future so please keep an eye out. I must confess that I do like the fact that I can see exactly where my IFISA has been invested.
Hopefully there will be a large "Skyscraper" bar chart (Only in the up direction! ) showing incoming profits!
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Post by Michal on Apr 23, 2018 20:32:36 GMT
Hi everyone A quick post to let you know that we've just launched our latest website redesign! Please do check it out. We think it's much cleaner, crisp and functional - but you're the best judges of that, so all feedback welcome! And to go with it, we have our latest ISA early bird offer! www.goji.investments/isa-early-bird-offer/If you invest before May 31st 2018, we’ll give you 2% of the value of your investment at the end of the term. Terms & conditions apply.As usual, we'll be monitoring the forum regularly so please post any feedback or queries you may have. We're always grateful to hear your comments and happy to help! All the best Michal |
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Post by Michal on May 14, 2018 10:01:17 GMT
Hi all. We are eager to continue to receive your feedback and commentary to ensure our product development is tailored to meet the needs and challenges of our investors. We have therefore generated a very short questionnaire that we would love you to complete. It should just take a few minutes and who knows, if you give us a great new idea, we might name our next product in your honour! Please access our survey here - your feedback would therefore be greatly appreciated. A separate, more customised survey will be sent to existing customers by email. Many thanks again for all your support. Michal |
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on May 29, 2018 17:53:58 GMT
Hi everyone A quick post to let you know that we've just launched our latest website redesign! Please do check it out. We think it's much cleaner, crisp and functional - but you're the best judges of that, so all feedback welcome! And to go with it, we have our latest ISA early bird offer! www.goji.investments/isa-early-bird-offer/If you invest before May 31st 2018, we’ll give you 2% of the value of your investment at the end of the term. Terms & conditions apply.As usual, we'll be monitoring the forum regularly so please post any feedback or queries you may have. We're always grateful to hear your comments and happy to help! All the best Michal I started a transfer on 1st May and still not (quite) arrived in my account, it's in a sort of limbo, greyed out in 'Transactions'. I assume Goji have received the cheque from the Building Society but it has not yet cleared. Will this count towards the 2% bonus even if it does not clear before Thursday?
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Post by Michal on May 29, 2018 19:26:40 GMT
Hi littleoldladyThanks for your post. The fund clearing time normally depends on the type of transfer and we usually have to wait a minimum of five working days before we can clear cheques (which unfortunately many ceding ISA managers love to give us!). Please get in touch with us directly on our Customer Support Email if you have any concerns about your specific case so that we can have a review. In answer to your query on the bonus - absolutely it will apply! It applies to any transfers started before midnight 31 May 2018. As we acknowledge the speed of the transfer in itself is not entirely in our control, as long as the funds from the ISA transfer are eventually received and invested, the investment will be eligible for the bonus. This is of course subject to our usual terms and conditions (they're just a short paragraph so please do have a read). Let us know if you have any other questions at all. Many thanks Michal |
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 15, 2018 21:25:39 GMT
My ISA transfer has been queued for 2 weeks now. Any idea on how long it will take to get invested? I guess the delay is due to a surge of cash to get the 2% bonus?
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Post by Michal on Jun 18, 2018 10:00:42 GMT
Hi littleoldladyThanks for your query. We schedule our Bonds to run at around the end of every month. The next Bond will be run on 22 June 2018. At this point new Bonds will be issued to fulfil any applications for the Bonds that have been made and accepted in that month. I hope that makes sense, but please get in touch if you have any questions at all! Many thanks Michal |
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pom
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Post by pom on Jan 23, 2019 17:42:52 GMT
Jake Wombwell-Povey Michal So I've just had good news - some additional residual interest from loans that couldn't be liquidated at the end of my bond have been distributed. But apart from an invitation to get in touch if I have any questions there's no guidance whatsoever as to what happens next....it's not much this time but could be a lot more next time, and is pretty key when it's an ISA account. This concern really shouldn't be a surprise given I raised it over a year ago, but perhaps Michal's assurances have been forgotten? We’ll also allow any amount to be re-invested if, for example, a customer’s original £1,000 minimum investment had not been fully redeemed on maturity. We would manage this ourselves and ensure when the final amount becomes available it is placed into the re-invested bond, so it won’t lose out on the ISA wrapper benefits.
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Post by Michal on Jan 24, 2019 10:45:40 GMT
Hi pomIt's great to hear from you. Sorry for any confusion here. Through our learnings over the past year, we've understood that it's not possible to retrospectively apply residual income to a historically invested bond. Given the relatively small amounts these residual payments make up, it would not make sense from a diversification point of view to include it in another bond. The position we've taken is that if a small amount is not repaid at the point maturity and leaves the investor slightly shy of their original £1,000 investment, we would allow this to be reinvested (e.g. £990). Any subsequent residual payments made could either be withdrawn or topped up to meet the minimum investment amount. Reinvestments following a bond maturity do not impact the subscription amount of your ISA (as these amounts will already have been previously subscribed). Was there any other concern you had relating to the fact the funds belonged to an ISA account? As long as the funds, whether invested or held as a cash balance, remain in the ISA account they will retain all their ISA wrapper benefits. If you'd like to get in touch with us directly (either on our customer support email or by calling us on 0203 865 5243) we can go through security and be able to discuss your personal account in more detail. Many thanks Michal
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pom
Member of DD Central
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Post by pom on Jan 24, 2019 14:26:41 GMT
... Any subsequent residual payments made could either be withdrawn or topped up to meet the minimum investment amount. Reinvestments following a bond maturity do not impact the subscription amount of your ISA (as these amounts will already have been previously subscribed). Was there any other concern you had relating to the fact the funds belonged to an ISA account? As long as the funds, whether invested or held as a cash balance, remain in the ISA account they will retain all their ISA wrapper benefits. Thanks for the reply Michal OK I get that practicalities are now better understood etc... But....I don't think I want to withdraw it - can't remember if it's a flex ISA or not but as I've not been able to find anything on your site saying it is, I have to assume not ( please confirm), and so if I did it'd be lost to my ISA wrapper. (well actually this time around I guess I could as its only £2 - assuming there isn't a minimum withdrawal anyway - but I have to assume at some point in the future there could well be larger amounts affected). I can't top it up, because that would require new ISA funds and I've already made a subscription elsewhere this year and don't currently have any I could transfer in. I can't transfer it out because in this case there's not enough to cover the transfer fees...and there'd have to be a LOT repaid in this manner for that to ever be worth it anyway. So I probably need to leave it there for 6 months until my reinvested bond matures and then either reinvest it alongside the maturing funds ( assuming you'll offer this as an option and not just rollover the matured funds? I certainly wouldn't want to have a growing balance of uninvested cash each year) or transfer the whole lot out (except I wonder how much of this years will be awaiting recovery?). Currently I expect I'll want to re-invest, but we're still 6 months away. So I really think you need to be clearly presenting options, either somewhere in the FAQ or as part of the "you have recovered funds" mail - sure I've contacted customer support although no response yet other than a "we'll investigate" rather suggesting to me no-ones really considered it yet. Which is fine, maybe this is the first time theres been recoveries - but please make it a priority!!
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