ashtondav
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Post by ashtondav on Jul 15, 2019 9:50:50 GMT
Yeah sold today (14/07/2019). Orginally put up for sale on 4/5/19.
Not clear what percentage I managed to sell because I just hit the withdraw button without looking too closely (and it seems to only show the my withdrawal all time total and I've previously withdrawn), but it was most of them.
In fact, having had an account for less than a year, I'm staggered that I seem to have made a small profit!
I am also surprised you made a profit in less than a year when it’s a 5 year product. I don’t think you would expect to achieve estimated returns unless invested for 5 years and re-investing repayments. Well done! You must have had a good mix of loans.
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ashtondav
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Post by ashtondav on Jul 14, 2019 10:11:52 GMT
My wife’s getting 2.6% so some lucky sod must be getting north of 7%.
And it ain’t me!
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ashtondav
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Post by ashtondav on Jul 14, 2019 10:09:03 GMT
Paragraph 1. All investors share the same haircut, once PF is exhausted, regardless of the mix, number or value of loans.
Those more learned than me will have to answer your other points, and may even correct my view stated above.
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ashtondav
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Post by ashtondav on Jul 11, 2019 14:53:51 GMT
Pretty bad month for me this month in Invest. I have sold most of the loans except Classic ones. Not sure what the XIRR is at present but this month will be a bad one as I picked up 2 new defaults that will have wiped out the returns for the month and then some. I have to check but I can't have many more defaultable loans left so the account should pick up a bit with the classic. I am reinvesting returns and capital into the ISA side so the account will eventually slim down to just outstanding defaults. On the recent default sale its a little odd that they sold some loans that were still contributing interest and left some loans alone that have not paid anything for some 2 or more years. I need to review that still too.
We are both still in the ISA side at present.The buyer presumably insisted on a certain “mix”
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ashtondav
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Post by ashtondav on Jul 11, 2019 14:49:34 GMT
Personally, as a lender I am pleased by these updates. Demand is down (to be expected in a slowing world economy and Brexit uncertainty) and lending criteria tightened. Despite this FC now expect 20% growth in revenue. Not as good as 40%, but still pretty reasonable compared to most companies.
Of course this is Bad news for shareholders and those trying to ditch the cr@p cohorts. And I’m pleased FC aren’t selling those dodgy cohorts quickly and stuffing them to new, or reinvesting, investors. It means we get a better “mix” of loans. Good news (potentially) for those new to FC or reinvesting. Mug punters always sell out on the bad news and when blood is on the streets. Successful punters do the opposite.
I freely acknowledge I may be (very) wrong and will report back end of year on whether I have been dining on cat food or caviar.....
Either way 20% revenue growth pa ain’t bad.
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ashtondav
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Post by ashtondav on Jul 9, 2019 16:37:55 GMT
Me: core 3.9%, plus 4.1%. 7k core/classic 9k plus. That from a loanbook where I’ve been withdrawing repayments for 2 years or more.
Wife: core 3.6%, plus 2.6%. 10k in core, 3k in plus. Also been withdrawing repayments.
I have now resumed reinvesting repayments on the basis that I think Zopa have improved. I will review at year end but suspect RS and LW will be receiving my repayments if performance doesn’t pick up.
disclaimer I do receive the 1% early adopter bonus so i’m Not incandescent about my account, but 2.6% for my wife’s plus a/c - I can get more than that in a 5 year BS product! That is sh1te performance.
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ashtondav
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Post by ashtondav on Jul 9, 2019 7:05:19 GMT
The other P2P platforms don't have 2FA on top of other security steps and I'm not sure why AC insist on making matters as inconvenient as possible for investors. RS do, it is optional, but it is broken. They sent me a text once 5 years ago and I still type the same number every time I login. I think that the AC implementation is almost perfect. Entering it on change of contact details and withdrawals is fantastic. I used to have a lot more in AC and I did worry about security. (I have less in AC now as I am drifting away from P2P.) As a matter of interest where are you drifting to? Bond yields non existent, equities (esp. USA) look toppy, instant cash gets 1.5%, 5 year cash gets 2.8%. So where to drift?
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ashtondav
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Post by ashtondav on Jul 8, 2019 7:31:02 GMT
Even so, the insurance should cover the defaults. Unless it’s a fraudulent borrower.
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ashtondav
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Lending Works (LW)
The shield
Jul 7, 2019 16:42:30 GMT
Post by ashtondav on Jul 7, 2019 16:42:30 GMT
If loans are covered by accident unemployment and death insurance why is a PF required? And why is it going down? Does the insurance only cover say the capital repayments? I’ve mentioned this on a more general topic but thought I’d raise it here too.
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ashtondav
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Post by ashtondav on Jul 7, 2019 16:35:37 GMT
I’m with you on the PF but with LW they also take out accident, sickness and unemployment insurance on every loan. That must cover almost anything. If that were true, why has the cash in the PF been consistently falling in recent months instead of rising strongly with borrower contributions to the fund? Surely the earliest claims would have been settled by now. Perhaps Lending Works can answer that one? I’m assuming the insurance would just continue to pay monthly interest and capital in the same way as the borrower. I am now befuddled, confused, bemused, and at a loss as to why the PF is going down!!!! Are they fibbing about the insurance? Is it not as comprehensive as expected? It doesn’t make sense.
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ashtondav
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Post by ashtondav on Jul 7, 2019 13:21:29 GMT
Isn’t that because you’ve flogged all the other good(ish) loans, so you’re not getting the interest you would have done had you kept them.
for example in an extreme case if you sold all your sellable loans on April 4th and the unsellable loans were all non paying defaults you would have zero interest and 100% bad debt.
my own far from glorious ‘19/‘20 tax year to date is £700 interest net of fees, £726 bad debt.
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ashtondav
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Post by ashtondav on Jul 7, 2019 13:06:34 GMT
I’m with you on the PF but with LW they also take out accident, sickness and unemployment insurance on every loan. That must cover almost anything.
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ashtondav
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Post by ashtondav on Jul 7, 2019 9:26:15 GMT
I am sure, when I looked some months ago that 4th way gave Lending Works a risk score of 2. It now seems to be 5 - a massive change with no reasons provided. In fact the write up remains the same I think. Any ideas for the change?
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ashtondav
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Post by ashtondav on Jul 5, 2019 17:32:06 GMT
Hmmmmm. Yes and no. If you just click your “portfolio” and then “unmatched” you can only change not cancel. However if you do click change for any order on that screen, the next screen if you scroll down has “unmatched orders”. In this list you can cancel or change each order.
Strange. Very strange. Perhaps they’ve forgotten this 2nd screen?
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ashtondav
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General P2x Discussion
HNW Lending
Jul 5, 2019 9:13:59 GMT
Post by ashtondav on Jul 5, 2019 9:13:59 GMT
I think Ratesetter charge 1.5% to sell 5 year loans. Big Z is quite pricey as well.
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