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Post by slumberingaccountant on May 9, 2017 10:38:42 GMT
Just Spotted (in my Junk email) an email from Lendinvest. They have just changed their criteria, and i dont qualify (without lying) on any of them. The rules are fairly tight and even as a recently retired accountant i fall short. I was withdrawing funds anyway as i couldn't also reinvest my repayments at an acceptable interest rate.
With FC stopping property loans, my platform diversity is struggling a bit. Just hope that all the platforms dont go down this route.
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Post by dan1 on May 9, 2017 11:00:32 GMT
Just Spotted (in my Junk email) an email from Lendinvest. They have just changed their criteria, and i dont qualify (without lying) on any of them. The rules are fairly tight and even as a recently retired accountant i fall short. I was withdrawing funds anyway as i couldn't also reinvest my repayments at an acceptable interest rate. With FC stopping property loans, my platform diversity is struggling a bit. Just hope that all the platforms dont go down this route. Would it be possible for you to elaborate on the criteria?
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Post by MorphX00 on May 9, 2017 11:10:21 GMT
You and me too. FC and LendInvest were my primary property P2P platforms. Following FC's announcement to withdraw from the property sector I've opened accounts with FundingSecure and MoneyThing to 'test the water'. I'm also waiting for the big players to launch their IFISAs (but who knows when that may occur).
Welcome any suggestions of best alternatives.
Will some of the smaller platform look to move into FC and LI space?
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Post by timm2006 on May 9, 2017 11:10:49 GMT
Hi From 8th May, it won't be possible to invest in any more loans unless you are a HighNetWorth Investor, Investor Professional or Corporate. I don't quality unless lying, so am gutted as this was my favourite platform to invest with. Just hope all the other platforms don't go down this route, otherwise it will be a disaster.  |
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Post by slumberingaccountant on May 9, 2017 11:16:17 GMT
Basically you have to be Earning over £100k, or have liquid assets (so excluding pensions and houses) of over £250k or be working or just retired from niches of the finance industry. Also Co Directors are ok if the T/o is £1m plus.
So it excludes someone who might have a £100k P2p pot and £50k of ISAS and a good house and pension. But if you are the director of a co turning over £1m plus, but know nothing about finance, then thats ok !
It will exclude a good number of people active in P2p who have good knowledge and experience.
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archie
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Post by archie on May 9, 2017 11:16:28 GMT
You and me too. FC and LendInvest were my primary property P2P platforms. Following FC's announcement to withdraw from the property sector I've opened accounts with FundingSecure and MoneyThing to 'test the water'. I'm also waiting for the big players to launch their IFISAs (but who knows when that may occur). Welcome any suggestions of best alternatives. Will some of the smaller platform look to move into FC and LI space? Watch the tax issues on buying via secondary market on FS (unless investing via the ISA). MT is my favourite platform. Maybe look at ABL too, ISA should be available soon there.
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Post by slumberingaccountant on May 9, 2017 11:21:04 GMT
You and me too. FC and LendInvest were my primary property P2P platforms. Following FC's announcement to withdraw from the property sector I've opened accounts with FundingSecure and MoneyThing to 'test the water'. I'm also waiting for the big players to launch their IFISAs (but who knows when that may occur). Welcome any suggestions of best alternatives. Will some of the smaller platform look to move into FC and LI space? Im investing in Assetz, through the MLIA. I pick and choose what to invest in, but its possible over a while to invest in asset secured loans at sensible rates. Its worth opening an account and and playing around with £100 or so. Theres no minimum slice of loans, but the SM has got quite slow in the last few months.
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Post by MorphX00 on May 9, 2017 11:23:10 GMT
Thanks. I also opened an ABL account but I'd like to see a few more loans to spread my eggs.
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littonowl
Member of DD Central
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Post by littonowl on May 9, 2017 11:31:32 GMT
Hi From 8th May, it won't be possible to invest in any more loans unless you are a HighNetWorth Investor, Investor Professional or Corporate. I don't quality unless lying, so am gutted as this was my favourite platform to invest with. Just hope all the other platforms don't go down this route, otherwise it will be a disaster. I'm not a LI investor, but this seems a poor move and one that goes against the whole ethos, as I understood it, of P2P lending. I also hope it's not a move repeated elsewhere to squeeze out the small investor and pander to the institutions.
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archie
Posts: 1,866
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Post by archie on May 9, 2017 11:42:08 GMT
Hi From 8th May, it won't be possible to invest in any more loans unless you are a HighNetWorth Investor, Investor Professional or Corporate. I don't quality unless lying, so am gutted as this was my favourite platform to invest with. Just hope all the other platforms don't go down this route, otherwise it will be a disaster. I'm not a LI investor, but this seems a poor move and one that goes against the whole ethos, as I understood it, of P2P lending. I also hope it's not a move repeated elsewhere to squeeze out the small investor and pander to the institutions. A few years back you had to invest a minimum of 10k per loan. They gradually reduced it to the current £100 which obviously encourages the smaller players, to kick them out now seems particularly unfair.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 9, 2017 12:00:58 GMT
Its not true that small investors are excluded. I wouldnt be. They have moved towards only allowing FCA defined restricted investor classes rather than full retail market. This is proabably as much to do with the nature of their product and FCA regulation as a desire to get rid of small fry. They arent true P2P and are operating as an investment manager dealing in receivables.
There are many platforms that apply these criteria.
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archie
Posts: 1,866
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Post by archie on May 9, 2017 12:12:46 GMT
Its not true that small investors are excluded. I wouldn't be. They have moved towards only allowing FCA defined restricted investor classes rather than full retail market. This is probably as much to do with the nature of their product and FCA regulation as a desire to get rid of small fry. They aren't true P2P and are operating as an investment manager dealing in receivables. There are many platforms that apply these criteria. I could stay but not sure I want to. 
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Steerpike
Member of DD Central
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Post by Steerpike on May 9, 2017 12:15:29 GMT
Its not true that small investors are excluded. I wouldn't be. They have moved towards only allowing FCA defined restricted investor classes rather than full retail market. This is probably as much to do with the nature of their product and FCA regulation as a desire to get rid of small fry. They aren't true P2P and are operating as an investment manager dealing in receivables. There are many platforms that apply these criteria. I could stay but not sure I want to. Are you sure? A new 75% LTV 12 month loan @ 7% launched this morning!
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bigfoot12
Member of DD Central
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Post by bigfoot12 on May 9, 2017 12:17:00 GMT
It is easy to become a sophisticated investor - nothing sophisticated about it. As far as I can tell all you need is two unlisted investments. There are (equity) platforms out there which will let you invest from as little as £20 per investment. And strangely you don't need to be sophisticated to do so. You will have to promise to invest less than 10% of your wealth in such investments and then answer a few questions. No need to lie slumberingaccountant. I have a few such investments anyway, archie, so I can continue. I'm not sure I will continue, as I am concerned that something is changing. |
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upland
Member of DD Central
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Post by upland on May 9, 2017 12:20:06 GMT
Seems odd , as has been said , to temp in the smaller investors and then exclude them. Maybe they are out of their depth in some way. The free object lesson in how not to upgrade a website maybe indicated that. I have had trouble of late finding attractive loans and so shall not really miss them like FC property. Companies that treat their investors in an offhand way are perhaps best left. I imagine that rich big investors will be less aware of what they are buying and could be more profitable. The lack of liquidity was always for me a nice to have that I missed about this site.
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