muh3
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Post by muh3 on Apr 6, 2018 15:00:42 GMT
laidbackgjr is correct. You can't move the loans over, the only option is to sell and buy, but you are able to move money from one account to the other.
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muh3
Posts: 52
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Post by muh3 on Aug 23, 2017 15:46:01 GMT
Wow - it appears LC have made significant Recovery, almost 3% of several loans from 2015! I guess that will please many people tied in to those defaults, and several accounts can now be wound up? The concurrent timing seems quite a coincidence, although the reason for that is unclear to me. Like you I guess, I also noticed in their statistics that the default rate for loans origination in 2015 had suddenly dropped from nearly 6% to 2% . I asked LC direct how that had happened and got the following answer: he Actual Arrears rates and Actual Lifetime Bad Debt Rate on our Statistics page had previously been expressed as a rate over the full term of the loans in that cohort. Following a review of our Statistics page, we have now changed these figures to express them as an annual rate to show a comparison with the Estimated Lifetime Bad Debt Rate which was always expressed annually. So as far as I understand this it means that the approx 6% default rate of loans originated in 2015, is now shared out over the average length of the defaulted loans, which is probably around 3 years, so 2% a year . Seems like smoke and mirrors to me and is just kicking the can down the road. Just another example of P2P companies playing with default statistics I guess? One would think that this means 2% for 2016 and 2% for 2017, but it shows 0.
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muh3
Posts: 52
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Post by muh3 on Aug 23, 2017 12:11:02 GMT
I had 2 marked as loss today.
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muh3
Posts: 52
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Post by muh3 on Aug 7, 2017 8:29:31 GMT
Is the Self Select IFISA still available? I was just browsing when I received a link to the new bonus offer, but it only offered the other three (SS & Growth accounts, plus Growth IFISA) and despite further investigation I couldn't find the fourth combination - strange! Yes still available.
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muh3
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Post by muh3 on Aug 4, 2017 20:13:03 GMT
You can basically no longer withdraw if you balance is £2650. You could buy loans, get the 150 (takes up to 30days) and sell all loans again and sit with a cash balance of 2650 until the year has passed.
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muh3
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Post by muh3 on Aug 4, 2017 16:29:51 GMT
This is in my opinion no longer the case. For example i hold 140 loans at the moment, you only got 5x on the SM, so 90 will normally sale within a day. The other could take a bit longer but are normally gone in a view weeks tops.
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muh3
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Post by muh3 on Aug 4, 2017 14:51:13 GMT
Although I am still lending on LC , I am only buying on the PM at the higher rates, and only about one in five loans that come up ( being as careful as possible following the previous comments on this forum ) So although I have registered for the promotion, I have decided that to lend £2,500 in one month, that it would have to be sprayed about too indiscriminately , assuming the usual diversification of lending funds. But good luck to muh 3 anyway, and will be interesting to compare notes at the end of the year maybe. According to the loan book , no loans originated in 2017 are in arrears ( maybe still some late payers though ?) and there are more loans than all of 2016 , so maybe will be a lucky year You can buy at a lower interest rate on the SM, if new loans come up you are interested in then you sell the lower percentage ones and replace with the higher percentage ones. I done this with the Autumn promotion which was £5000. Selling a loan is only 0.5% fee. I checked this morning and someone must have sold his portfolio, 108 loans on the SM, some with good rates. To be fair i have gone for diversity over selecting, however I don't invest in everything and the wobbly ones I only put £20 in.
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muh3
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Post by muh3 on Aug 4, 2017 8:43:08 GMT
Congratulations! You have qualified for the £150 cashback. Your Self Select Account - M000xxxx will be credited with £150. I have a feeling I will regret this
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muh3
Posts: 52
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Post by muh3 on Aug 2, 2017 10:54:09 GMT
Hi annie , I haven't seen the email, but in Ts & Cs it states it must be new Lender Funds, (specifically excluding any interim withdrawals) and lent before the end of the month. That probably means buying up more from the SM to maintain diversificafion, with the potential drawbacks involved there. HtH This is actually not bad, in real terms you probably 2% worse of buying on the SM but you get 5% free money and you can reinvest the return payments in new loans.
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muh3
Posts: 52
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Post by muh3 on Aug 1, 2017 19:24:02 GMT
Good spot about the negative assets but in fact I never got past the profit and loss account . £400 K profit one year and then £10K the next year and now £200K . All on a similar turnover but with wildly changing costs of sales/operating costs. Plus a lot of existing debt , so nogo on this one. The other one currently on offer looks better, and in the last 5 minutes another one has appeared. Strangely these three are all up for a few days, whilst recent ones have been much shorter. No idea why this happens ? Just noticed, the current Dr. loan was due for payment on the 30.07. and has just paid today. Encouraging sign this is Yep I got some money on the other one but have not looked at the new one.
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muh3
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Post by muh3 on Aug 1, 2017 10:31:30 GMT
I now only hold what I can't sell. I delete new loan emails without looking at them. Ditto. Although I do have a quick squint at the new emails. I look forward to the forum furore when a low ltv resi bridge has no bid limit Haha, like the S******** H****, Carlisle which just came through
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muh3
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Post by muh3 on Aug 1, 2017 8:49:45 GMT
Anybody noticed the recent Dr. loan borrowed 75.6k 3 months ago and now asking for £381.5k with a net asset of over 1 million in the minus (it actually showed positive until today, typical LC).
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muh3
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Post by muh3 on Jul 29, 2017 12:03:58 GMT
I'm of the opinion that your local hardware/software is not the limiting factor here. I run W7 on a 2nd hand bog standard laptop with no fibre connection and managed to grab 3/3 renewals a few weeks back prompting a bot post. I believe it's really down to your connection latency, network connections to, and the performance of, the Col servers. So long as you have a 'reasonable' setup (hardware, software & broadband) you probably have as good a chance as the rest of us. You are probably right, I've got nothing to compare to. I run snow leopard OS, which is too old for any browser updates, so my Firefox is not performing as well as it should. I thought that could be one of the reasons, but it is probably not. I've tried to refresh the page at 8:59 many times. I had some luck on several occasions when the process took between 60 and 70 seconds. If it takes longer or less, there is no chance for me to get anything of under £1000 available. Windows 7, old work desktop pc and i managed to get 2 out of the 3 renewals i was after.
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muh3
Posts: 52
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Post by muh3 on Jul 27, 2017 7:32:36 GMT
Regarding using ISA allowance/first part of interest tax free allowance in safer areas, rather than for P2P lending.It's sound advice but I looked at it the other way, in that the risk/reward balance of P2P lending is significantly improved if you don't then lose tax on the net earnings ( assuming there are some of course !) . I am exposed to shares enough via my pension funds and existing cash ISA's only paying 1%, if that, so... On a slightly different tack , I have some old inflation linked national savings bonds and I was pleased to see they are now paying >3 % tax free as they are still linked to the RPI. Glad I hung on to them ! Regarding LC themselves I have become more cautious after reading the comments and noting the sketchy info with some of the 'opportunities ' Time will tell... Lower DD standards to get more borrowers, is always a potentially weak spot for lenders of all types, and not exclusive to LC /P2P . Anyway seems to be working as seems to be a steady supply of new loans , about 5 a week , is that more than in the past ? ., Yes the amount of new loans has increased quite dramatically over the last 2 months, it used to be 1 every 1-2 weeks.
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muh3
Posts: 52
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Post by muh3 on Jul 22, 2017 20:30:12 GMT
I am relatively new to LC and have noted various negative comments on the forum. ( Previously loans too slow to fill and now too fast !) However with the big hitters ( or LC associates of some kind ) willing to fund the majority of new loans at the bottom end of the rate range , it is easy to take a smaller amount at a much better rate on a new loan than you can get on the SM, which gives you an average rate . So the logic is only to buy new loans , or am I missing something ? Hello, it is quite easy to take a small amount for a good rate on a new loan, best are the higher value loans. The lower loans under 30k get over subscribed so the rate drops. The 50k+ loans you normally get away with 0.1% under the maximum rate. The SM does not give you an average rate, I can't tell you how they match up loans exactly but on various loans you will find you get a better rate buying £21 instead of £20. LC also seems to have a bad track record on recovering money, so beware in which loans you invest.
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