Liz
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Post by Liz on Aug 25, 2017 17:29:49 GMT
As if to emphasise the point above..an email just in informs me that theres a renewal for Taunton tomorrow @ 11am...£20k..43.6 % LTV..think I'll find better things to do Edit...In the interests of 'fairness' I note there is a £250 bid restriction (on new bidders) for this renewal....Good luck sir or madam  I expect the vast majority of people will renew, so only a handful will be able to get a bit tomorrow. Why wouldn't you renew? At worst(if you need/want the cash) you can sell for a profit on the SM.
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rogerthat
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Post by rogerthat on Aug 26, 2017 10:25:17 GMT
ummm...I think you missed my drift...its not the cash I want out...its the cash I want to invest, or at least as fair a chance as anyone else...btw I actually got a piece of Taunton a few mins ago....just..nobody more surprised than me so id be interested to know how many were new bids against the rollovers..
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Liz
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Post by Liz on Aug 26, 2017 15:49:44 GMT
ummm...I think you missed my drift...its not the cash I want out...its the cash I want to invest, or at least as fair a chance as anyone else...btw I actually got a piece of Taunton a few mins ago....just..nobody more surprised than me so id be interested to know how many were new bids against the rollovers.. I think you misunderstood me  Sorry if I wasn't being clear. I was talking in general and was wondering why anyone wouldn't renew, may they forgot, anyway some people didn't renew and I was surprised to get £250 in this. If you want more on this, there are several other trances, bigger tranches too, if you have cash when they renew. Not that I will be letting go of my five figure sum 
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rogerthat
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Post by rogerthat on Aug 26, 2017 21:14:33 GMT
I accept your apology  for now ..I haven't ventured into the secondary market yet, as I tend to prefer to rely on my own judgement rather than someone elses rejection of their own and I'm still transferring funds across to FS..Ive recently jumped ship  (almost) from another P2P because they have moved the goalposts (again) and the changes this time, have been enough for me to seek pastures new. Btw a five figure sum could be £100.00  but if you do decide to let go of it, do PM me..im sure ive got something under the mattress that will suffice  |
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Liz
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Post by Liz on Aug 27, 2017 15:26:46 GMT
rogerthat The Secondary Market is no longer a buyers market, it was about a month ago. It is worth keeping an eye on the SM because you can get some bargains, especially in certain situations, ie someone liquidating quickly or underwriters/FS(not sure if they underwrite somehow) dumping a big chunk of a new loan at a big discount. Sometimes you can profit, I bought some loans at 1% discount and am selling/sold at between -0.1% and 0.2%. Edit: If you do use the SM it is important you understand the tax implications. Read this link and the FS website: p2pindependentforum.com/thread/7642/sm-interest?page=1
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rogerthat
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Post by rogerthat on Aug 27, 2017 19:40:30 GMT
Maybe that was a deliberate attempt at confusing me further ..as the link you posted was to some obscure comments about I'm not sure what. I do however understand that when you buy on the SM you also have to purchase the interest that's already accrued on it up to that point..which in itself might defeat the object of the exercise. I'm still in the shallow end at the moment so will keep the water wings on for now but will give it more thought over the next few days |
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adrian77
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Post by adrian77 on Aug 28, 2017 13:38:49 GMT
you also have to purchase the interest that's already accrued on it up to that point..which in itself might defeat the object of the exercise.
I checked the above with FS - if I am understanding them correctly you do indeed pay for the accrued interest but you get the entire loan interest when the loan is redeemed.
Like Rogerthat I too am very quickly depleting my holding with the same p2p rival who keep changing the goalposts. I may throw in £20 into the new system but only to see a) just how well the new system runs (or doesn't) and b) to see what the actual rate of return is- I will be very surprised if it is what they claim but time will tell. Well the other p2p sure made a right mess of lending to developers etc (not that they are complaining!) and with the one hotel exception I think all of said loans will be swept under the carpet....
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mikes1531
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Post by mikes1531 on Sept 13, 2017 18:57:26 GMT
you also have to purchase the interest that's already accrued on it up to that point..which in itself might defeat the object of the exercise. I checked the above with FS - if I am understanding them correctly you do indeed pay for the accrued interest but you get the entire loan interest when the loan is redeemed. The above isn't the problem in itself -- it's the tax implications. Example: You buy a £100 part of a 12% loan that's five months old at par value. You pay out £100 plus £5 for the interest accrued to that point. All goes well, and a month later the loan matures and you receive your £100 back plus £6 of interest. If you're a non-taxpayer, or your account is an ISA or a business account, you've made £1 of profit. Great. If you're a 20% rate taxpayer, however, you have £6 of income to report and therefore owe £1.20 of tax. So your return on the part is a negative 20p. If you're a higher-rate taxpayer, the result after tax is even worse, so investors in that position generally don't want to purchase parts on the SM. PS. This is not advice!
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Post by brummiefred on Sept 13, 2017 19:07:24 GMT
Which is why I can never buy on the SM!
But, following information in an earlier post, sell loan parts before maturity and accrue capital gains instead of taxable interest.
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mikes1531
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Post by mikes1531 on Sept 13, 2017 21:01:46 GMT
Which is why I can never buy on the SM! But, following information in an earlier post, sell loan parts before maturity and accrue capital gains instead of taxable interest. I was under the impression that the perceived wisdom was that if the parts were acquired by someone when the loan was first offered then, because these are 'simple debts', there was no capital gain created when they are sold on the SM. Has the situation changed?
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upland
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Post by upland on Sept 14, 2017 6:59:41 GMT
Just noticed this thread. I have had trouble for a few weeks now , when the loan becomes available the FS website becomes unresponsive to me for ages and I will be unable to bid.
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james21
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Post by james21 on Sept 14, 2017 7:45:22 GMT
Found the same, started a month or so back, think its because everyone is madly refreshing the screen just before the loan goes up; dont think it will get any worse though
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upland
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Post by upland on Sept 14, 2017 7:50:40 GMT
Hopefully , it was not like this a few months ago. I suspect that there is a bit of a dearth of loans generally at the moment.
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locutus
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Post by locutus on Sept 14, 2017 9:11:52 GMT
The FS website needs some serious optimisation. For example, going to "All active and past loans" loads details for all 1500 loans. There is no server side pagination and the database is thrashed for the full dataset before being sent over the pipe. It doesn't even look like caching is used as it takes a few seconds every time you click the link. This is web development 101 and suggests other areas of the website probably suffer from similar design issues.
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spyrogyra
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Post by spyrogyra on Sept 15, 2017 10:40:29 GMT
I would argue that well-thought bidding limits would be a cost-free solution. Never had trouble to get into a loan where there was a sensible a restriction (apart from jewellery renewals which is understandable). FS are playing deaf to feedback about the need of bidding restrictions. They hope that's not dumb. There's always a pathetic excuse like the last one I got from Susie who said FS thought that a recent 14% small loan does not need restriction because there were no bonuses attached.  The other pertinent question that FS can't answer honestly without upsetting the majority of the forum readers is how come that the glitches never affect the £50k and the £25k bidders. I am not saying their system doesn't need optimisation just pointing out that bidding restrictions will eradicate crushing the website at launching new loans. |
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Sorry if I wasn't being clear.
for now ..I haven't ventured into the secondary market yet, as I tend to prefer to rely on my own judgement rather than someone elses rejection of their own and I'm still transferring funds across to FS..Ive recently jumped ship 
(almost) from another P2P because they have moved the goalposts (again) and the changes this time, have been enough for me to seek pastures new. Btw a five figure sum could be £100.00 
but if you do decide to let go of it, do PM me..im sure ive got something under the mattress that will suffice 
The other pertinent question that FS can't answer honestly without upsetting the majority of the forum readers is how come that the glitches never affect the £50k and the £25k bidders. I am not saying their system doesn't need optimisation just pointing out that bidding restrictions will eradicate crushing the website at launching new loans.