littleoldlady
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Post by littleoldlady on May 16, 2017 12:35:41 GMT
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Post by wengyeeRelendex on May 17, 2017 13:15:47 GMT
Maybe most of our existing lenders aren't forumnites (there are definitely a couple lurking around). Rest assured we do have quite an active lender base! littleoldlady do let me know if you have any questions about the platform. Regards, WengYee
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littleoldlady
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Post by littleoldlady on May 18, 2017 7:50:43 GMT
Maybe most of our existing lenders aren't forumnites (there are definitely a couple lurking around). Rest assured we do have quite an active lender base! littleoldlady do let me know if you have any questions about the platform. Regards, WengYee I like the look of the platform in terms of risks and returns but I do find the operation rather complicated compared to some other platforms. You do have a good FAQ but IMO what the site needs is a comprehensive overview of how it works. In the FAQ under "How do I begin to bid" the link does not work and in any case should be called "Auctions Marketplace" to avoid confusion. The site should state that auto-lend is temporarily disabled to save people searching for it. What proportion of loans are dynamic and set rate? In the Resale Marketplace can one bid for a portion of a loan part? I was considering waiting for your ISA offering before starting to invest, but if that is some way off maybe I will get going sooner. Can you give us any idea on timing? When the ISA is available will it be permitted to put loan parts not in the ISA on the Resale Marketplace and then buy them back, if still there, in the ISA account. Is there any minimum time they should be offered to others before buying back to satisfy the FCA that it is an arm's length transaction? The answer to this will also affect my decision on when to start.
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Post by wengyeeRelendex on May 18, 2017 9:00:04 GMT
Morning littleoldlady, Thanks for your questions. Yes a website revamp to make the platform offering clearer is definitely in the works. In the FAQ under "How do I begin to bid" the link does not work and in any case should be called "Auctions Marketplace" to avoid confusion. Thanks for pointing that out. I've informed IT to fix it. What proportion of loans are dynamic and set rate? We mainly run set rate auctions now we've found that lenders prefer the certainty. In the Resale Marketplace can one bid for a portion of a loan part? No I'm afraid you must buy the whole loan part. Auto-partitioning of loan parts is on our list of improvements to make. How does one manage auto-lend? I'm afraid the auto-lend function is currently turned off.
I can't give you a definite date re ISA, but subject to final testing it could launch towards the end of May. I will have to clarify the point about buying own loan parts through the ISA account with my director. Regards, WengYee
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Post by wengyeeRelendex on May 22, 2017 16:03:52 GMT
Hi littleoldlady, With regards to buying Loan Parts on the Resale Marketplace, my director has confirmed that the HMRC rule on this says that if Loan Parts are offered to others via market it's okay. There is no guarantee that you will be able to buy your own Loan Part back. Regards, WengYee
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shimself
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Post by shimself on May 26, 2017 19:32:14 GMT
Conwy loan for which you sent me an email today
It doesn't seem to exist in the marketplace?? Just in the box document store Just a desktop valuation? Is there going to be a "proper" valuation please?
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IFISAcava
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Post by IFISAcava on Jul 31, 2017 18:34:19 GMT
Morning littleoldlady , Thanks for your questions. Yes a website revamp to make the platform offering clearer is definitely in the works. In the FAQ under "How do I begin to bid" the link does not work and in any case should be called "Auctions Marketplace" to avoid confusion. Thanks for pointing that out. I've informed IT to fix it. What proportion of loans are dynamic and set rate? We mainly run set rate auctions now we've found that lenders prefer the certainty. In the Resale Marketplace can one bid for a portion of a loan part? No I'm afraid you must buy the whole loan part. Auto-partitioning of loan parts is on our list of improvements to make. How does one manage auto-lend? I'm afraid the auto-lend function is currently turned off.
I can't give you a definite date re ISA, but subject to final testing it could launch towards the end of May. I will have to clarify the point about buying own loan parts through the ISA account with my director. Regards, WengYee Has this changed yet? In order to diversify I'd only join if I could buy portions as many are just too big for non-BHs. And as it isn't a flexible ISA, if one cant use the secondary market, there is going to be just too much cash drag if one wants to get a diversified portfolio on this platform.
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Post by wengyeeRelendex on Aug 1, 2017 8:46:08 GMT
Hi IFISAcava, The auto-partitioning is a feature that we are working on but it is not ready yet. There will definitely be an announcement made to all registered on our platform when the feature goes live. Regards, WengYee
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IFISAcava
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Post by IFISAcava on Aug 2, 2017 8:15:15 GMT
Hi IFISAcava , The auto-partitioning is a feature that we are working on but it is not ready yet. There will definitely be an announcement made to all registered on our platform when the feature goes live. Regards, WengYee Thanks, look forward to hearing when it's ready!
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littleoldlady
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Post by littleoldlady on Aug 3, 2017 10:35:20 GMT
wengyeeRelendex Good news that you have reduced the minimum transfer in to £1k. The (better) alternative would have been to have made it flexible. I will now start feeding cash in from a prior year cash ISA but it is a lot of admin for you, me and the previous ISA holder as a separate form has to be done for each transfer and a cheque produced, posted and banked. If it was flexible I could do one large transfer, invest some and withdraw the rest then feed that back in as loans become available by simple bank payments. Apart from the admin saving you would benefit from the certainty that the full amount would have to be invested or put back in cash by the end of the year in order to preserve the tax status.
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kaya
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Post by kaya on Aug 14, 2017 12:59:53 GMT
Rates are noticeably lower than other places, with nothing I can see even getting to the advertised 'up to' rate of 10%. Would existing lenders consider the risks to be lower too? Safer loans than FS, MT etc?
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Nomad
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Post by Nomad on Aug 14, 2017 15:56:31 GMT
Rates are noticeably lower than other places, with nothing I can see even getting to the advertised 'up to' rate of 10%. Would existing lenders consider the risks to be lower too? Safer loans than FS, MT etc? Not aware of any dramas with their loans, such as appear regularly on this forum regarding other platforms. That has encouraged me to make substantial investments. That's not to say dramas are not brewing unbeknownst to me... They have done one loan above 10%; most of the pending ones are 8.75% and 9%.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 16, 2017 21:58:31 GMT
Rates are noticeably lower than other places, with nothing I can see even getting to the advertised 'up to' rate of 10%. Would existing lenders consider the risks to be lower too? Safer loans than FS, MT etc? As a rule of thumb the higher the rate the higher the risk. If in any particular case the risk was a bit lower the borrower could borrow at a lower rate. Any borrower who has to pay 15-20% (in order for lenders to get 12%) is unlikely to be a good risk. You have to diversify across a number of loans and hope that the higher amount of interest earned will cover the defaults and leave a profit. Personally I would rather earn x% with little or no losses than x+y% with y% losses.
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hantsowl
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Post by hantsowl on Dec 17, 2017 18:52:58 GMT
Hi. I am considering opening an IFISA with Relendex but have certain concerns and would welcome feedback from other investors about their experiences here. I have dabbled with a non-ISA account and found the following...
- Depositing funds seem to take a while to become available for investment. Sending mid-afternoon with no acknowledgement until the following day AFTER I chased up with a PM. Compare with Col or MT or LI or ABL where funds are available within minutes.
- Difficult to spread risk unless investing 10's thousands due to minimum £500 per loan. Even £500 minimum would be acceptable if loans on the SM could be bought in chunks of this size. Unless you are lucky and someone lists a £500 loan you want, then building a diversified portfolio could take a long long time.
- Buying on the SM seems straightforward, but traffic seems minimal compared to other platforms. There rarely seems more than about 10 items available, and some are for thousands which again make diversification difficult. It would REALLY help if items on the SM could be bought in £500 chunks or better still, allow sell/buy of any amount as on most other platforms. This limitation in particular concerns me because it implies a very simplistic approach of creating fixed size loan chunks at issue and having no mechanism to do anything other than buy/sell them.
- There does not appear to be a news or feedback facility to update the status of loans. Len, Col, MT, ABL all have this facility (though some may argue they don't use it as frequently as they should). This lack has been highlighted recently by another posting to this forum asking about missing interest payments in the Gr Manchester Br Loan. Why should we need to rely on forum postings to get a status update of something unusual?
- That last point about the GMBL brings up another concern. Both that poster and another have both tried to contact Relendex via their online query form and in both cases appear to have got no response. This makes me wonder about the customer service being offered. The good news is that there seems to be prompt response to PM queries, but not every investor uses this forum and many probably think PM means getting Theresa May involved somehow 😊
- One final question. The IFISA FAQ states that you cannot transfer funds from nonISA account to ISA account (HMRC rule). I don't think this is correct. You CANNOT transfer LOANS because other investors need the opportunity to buy them. You need to sell from none-ISA and buy in ISA. HOWEVER, you CAN transfer funds which are uninvested. I have done this at ABLRATE, so either they are breaking HMRC rules or this is allowed.
Don't misunderstand me here, I am not trying to slate Relendex and am indeed thinking of opening an IFISA. I am simply trying to get some opinions on other user experiences before I decide to commit.
Thanks in advance for any feedback on any of this...
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james21
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Post by james21 on Dec 17, 2017 19:30:20 GMT
I am happy with relendex; solid loans, not the best % return but acceptable at about 9%
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