surby
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Post by surby on Feb 10, 2015 18:31:21 GMT
It's messy. When a new loan is about to draw down, a lot of people will be selling off all sorts of "little/moderate surpluses" which they have been secreting away in their other loans as a method of "parking cash". These may well be the loans in which you are topping up. While you are waiting for the new loan to actually drawdown and become available, all these bits and pieces will be gobbled up by your topping up instructions, thus dispensing with all your money which is meant for the new loan ... unless you disable them all. What is needed in MLIA is a "reserve facility" whereby a set amount of money waiting in MLIA cannot be used except on a specified loan. For instance, if I have £2005.99 awaiting investment, I want to reserve £1000 to fund Bloggses Donuts loan which is drawdown imminent. That would mean only £1005.99 is available for other MLIA activity. chris Can it be done? I like the idea of a reserve fund for new issues, but sometimes there is more than one loan about to drawdown so it could get complicated....! What is really needed is good information on when drawdown will occur, with perhaps a minimum of 24 hours notice to enable us to get our funds (re)organised.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Feb 5, 2015 13:24:00 GMT
I've invested in almost all of the properties offered by Property Moose since its launch last Summer. Most of these have been residential buy to let, but one had a commercial lease too. Rental yields have varied from 5.6 - 7.0% and are paid monthly into your PM account. Total projected returns for the two year projects offered to date have ranged from 19% to 34% after providing for all expected costs and tax in the SPV. There is no further tax for basic rate taxpayers to pay.
Hope that helps.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Jan 20, 2015 14:11:13 GMT
I guess what I am asking is that if you have a negative figure overall on the tax statement I.e. Due to a minus entry next to the Net Microloan Sales Gains entry - what/where do you enter on a self assessment form? I believe the losses on purchases can be set against any Capital gains made (e.g. on sales of loans, or sales of shares not held in ISAs). If you don't have any capital gains you can roll the losses over for a couple of years I think. The losses do not have to entered on the standard SA form if you can certify you have not made disposals or gains above the relevant thresholds.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Jan 20, 2015 10:17:53 GMT
I suspect there are as many views on this question on here as there are investors. FWIW my own strategy (as a long term income investor) is to limit my exposure to a maximum of 2% of my investment total per loan, and a maximum of 30% per platform, so putting 10% of the total into a single FS loan would be a bit too racy for me. Like debeast I prefer loans with asset backing and would suggest you consider including Ablrate and Saving Stream in your list of candidate platforms. Hope that helps.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Dec 12, 2014 13:29:56 GMT
The transfer option is enabled from what I hear. Please try to keep your rate the same as the previous loan, I want to start pushing the rate down if possible. I noticed the risk category has increased from A to B and therefore decided to make a new bid at a higher rate rather than transfer at a rate that seemed too low for a B loan. It will be interesting to see how other lenders react to the offer.
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surby
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Post by surby on Dec 11, 2014 15:45:44 GMT
I'm also positive. The new software has enabled me to increase my diversification and headline yield. Being able to reinvest my interest almost immediately, no matter how small the payment, is probably equivalent to getting an extra half a per cent on my overall annual return. It is also great to be able to invest new money in old loans at a reasonable speed, even when there are no units openly available.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Dec 4, 2014 18:33:04 GMT
<abbr>It's a pain about tax deducted at source for some of us (living overseas for example)</abbr> I note the Government plans to consult with a view to introducing the change in April 2017. I will be responding to that consultation to suggest they allow exemption for people who can currently complete the R85 form.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Nov 27, 2014 18:22:46 GMT
To echo sand2880 and one of the reasons why I'm 'wound up' about the statements is that having seen the hoops that HMRC make people jump through and the level of information they want, not just tax statements but the transaction statements that go behind them, when they do a random and fine tooth comb investigation of someone's tax affairs, I don't want to be in the situation of having to explain why my accounts don't match the statements provided by AC and why AC's statements don't balance. Batchboy I have just joined the party and sold of some of my holding, now heading towards four figures fast!. I had already started to reduce my holding by nearly a third. I will now cash in the rest over the coming week if there are buyers out there some however will stick as they are already in trouble FF to name one and other on the point of default loans. I used to monitor everything, but now I've reconfigured my spreadsheets to track my total holdings rather than every cash movement. I plan to use the AC statements for my tax return in the same way as I use statements from other financial service providers. If HMRC has any questions about accuracy, they can put them to the providers. I'm still adding to my holdings in selected older loans when I can get them.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Nov 13, 2014 15:20:20 GMT
I can see the scenario where a new member comes along and drops £5k into his/her automatic account. The system would buy the 8-10 loans on the market at that time. Another new member joins six months later and does something similar, but by then the 8-10 loans available are mostly different. They would both be happy to swap half their positions. Obviously in reality it is likely to be a more gradual process, but I think it might be significant. One feature that I would like, and which could help all manual investors (as I guess we will become known) would be an indication of the total demand for loans that don't currently have units available. That could provide a pointer to anyone wanting to raise a bit of cash and could also be useful information for someone wanting to set, or review a target for such loans.
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surby
Minor shareholder in Assetz Capital
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Assetz Capital (AC)
repayments
Nov 6, 2014 10:57:41 GMT
Post by surby on Nov 6, 2014 10:57:41 GMT
I'm really surprised this isn't the case. It's also a long time since I had any loans to service, but I do pay rent and I didn't have the option of not setting up a standing order. Back in the day when I had property to rent out myself, I also insisted on that. I know it's a different thing, but taking out a loan on which regular interest payments is part of the deal is still a commitment to pay money to someone. Well be fair it is the case with some of the newer loans although chasing them up isn't at the top of my list of priorities given it's considerably easier to forward on an email that says the same thing every month.
If (when!) I get some help on the credit side then this will be something I'll be able to look at (or more likely get my new colleague to!)
I suspect that borrowers would be less likely to need chasing if AC were able to charge borrowers interest by the day as commonly happens on mortgage contracts. Something to consider for AC's future contracts if not already in place?
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surby
Minor shareholder in Assetz Capital
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Post by surby on Oct 28, 2014 12:09:24 GMT
Thanks David. I would also like to see a single updates document, presumably in the pink board, which lists the current state of play for all of the loans that have passed their original redemption date. Ideally to be updated weekly in a similar way to Ton's excellent work on drawdowns.
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surby
Minor shareholder in Assetz Capital
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Assetz Capital (AC)
Action Vote
Oct 24, 2014 17:26:52 GMT
Post by surby on Oct 24, 2014 17:26:52 GMT
I favour only unit holders having a vote, as pre T&Cs. But I would like AC to get much better at posting information and responding when it says it will, even if that is only to revise the timeline and explain its own delay. I am hoping the UX person will address this sooner rather than later.
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surby
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General P2x Discussion
P2P ISAa
Oct 19, 2014 9:56:28 GMT
Post by surby on Oct 19, 2014 9:56:28 GMT
...Since there is no limit on the number of ISAs that can be simultaneously held with money from past years, part 1 seems extremely useful since it should keep overhead costs low, particularly compared to ISA platforms that might want to charge 0.5% a year for just holding the investment. What makes you think that the p2p platforms won't make a similar charge? I also doubt that P2P ISAs will be free. The consultation document indicates a number of requirements that will have to be met by ISA providers and these will all have a cost. IMHO that cost should be allocated to those using the ISA and not paid by non-ISA investors.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Sept 25, 2014 13:48:49 GMT
Thanks for your comments shimself, lots of interesting insights! Does anyone else have any differing thoughts? Similar thoughts. The track record of the platform and sponsor (if any) are foremost in my consideration. How transparent are they? Do they keep investors informed when things do not go to plan, as well as when they do? Are loans drawn down on time or not and are repayments made on time. If not, is there a mechanism for paying compensation to investors? I like lots of information to assess the proposition and, as shimself says, the ability to ask questions and review (timely) answers is really useful. Asset-backing is obviously a plus but I'm sceptical about PGs. A solid trading record and an experienced management team is worth far more IMHO.
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surby
Minor shareholder in Assetz Capital
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Post by surby on Sept 22, 2014 15:17:14 GMT
Hi beasti Awesome feedback, tablet/mobile friendly is our next mission - it doesn't render to badly on other devices but like you have pointed out the functionality falls over. This is something that we are working on for another addition. You will see some major output changes next week, but this kind of feedback is great for the next round. As an aside - and on your 6th point - would a dedicated app for mobile and tablet be used? We were thinking of a version that was very 'skinny' - meaning that you can monitor loans, make a bid etc but with little or no other menu items. It would pretty much be designed for users who know us and just want to cut to the chase on loans etc. We have some other ideas that would be integrated into mobile but we are interested on feedback as to whether it would actually be used? Regards Ablrate Personally i wouldn't as i do everything through the browser and don't use hardly any single purpose applications . But i may simply be the only one. I just find them more annoying than useful Thanks /beastie I also prefer to use a browser. I don't trust the security of tablets or phones for major financial transactions myself but many others seem happy to do so. Fear of missing out could mean there is a demand for a simple app that enables clients to invest funds that are already sitting in their client account into new loans? Hope that helps.
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