david42
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Post by david42 on Dec 27, 2016 20:37:01 GMT
I have also had a quick look at the offers page. It appears at first sight that the "live loans in the market" section (I am unsure if this is loans made or waiting to be made) indicate some 25 £250 loans (mainly 12 weeks) 2 £500 loans and 6 £1000 loans. After some initial confusion I have concluded that "live loans in the market" must be a count of the loans that have already been made, because the count increases after a loan has been assigned to me.
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david42
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Post by david42 on Dec 21, 2016 11:45:43 GMT
It was £2,000 maximum allocation. I asked for £3,000 and was allocated £2,000
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david42
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Post by david42 on Dec 14, 2016 14:00:24 GMT
There are quite a few loans on various platforms with the same borrower, the football stadium borrower has 17 different loans across MT and SS totalling just over £18m that I am aware of. Any chance of listing those 17 please ? These are the 9 linked loans that I am aware of. I don't know how fp gets to 17 loans: MTAG554 - B*** Football Club - Tranche 1 of 5 MTAG555 - B*** Football Club - Tranche 2 of 5 MTAG306 - Development in B******* MTAG563 - B******* Land with Planning for Student Accommodation MTAG575 - B******* Land with Planning for Student Accommodation - Additional Advance DFL006 - Student Accommodation C****** DFL003 - Student accommodation block B, H*********** PBL135 - Student Accommodation Block A, H*********** PBL085 - Student accommodation block C, H*********** On Moneything I go by the initial letters which aim to show the borrower, and on SS I go by the borrower linking that ilmoro maintains in his useful index
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david42
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Post by david42 on Dec 7, 2016 17:01:56 GMT
As of earlier today they had a total of £33,750 loans in place. Hardly a viable volume for lenders or for the platform. But that has doubled since I last checked on 17th November, which is encouraging.
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david42
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Post by david42 on Dec 7, 2016 9:28:18 GMT
I found idealing.com one of the most woeful, incompetent & arrogant companies I've ever had the misfortune to deal with, and I have a selftrade account too! I had the same disappointment with iDealing. They failed to even complete the account opening process after taking my money. After several weeks of waiting I eventually got my money back and gave up.
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david42
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Post by david42 on Dec 6, 2016 23:26:17 GMT
Example of a Funding Circle tax statement. They ignore capital gains, even though they say profits and losses on secondary market trades at a premium or discount are capital gains.
Tax Statement – April 6 2015 - April 5 2016
The information provided assumes that you are a UK tax resident individual and wish to take advantage of the new bad debt relief available on loans defaulted since 6 April 2015. If you have previously been able to take advantage of capital loss relief under TCGA 1992 (which is only available if you do not claim bad debt relief and is not available in respect of loans that become irrecoverable on or after 6 April 2016) and wish to do so for this tax year, please speak to your tax advisor and contact us separately for the relevant information.
Investment Income Total interest paid by borrower: £368.66 Funding Circle servicing fee: -£25.77 Income payments made to you: £342.89
Bad Debt Principal Defaulted and not recovered in period: -£583.85 Discounts on acquisitions of above bad debts on secondary market: £0.00 Total eligible bad debt in period: -£583.85
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david42
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Ablrate (ABL) in Administration
Tax 2015/2016
Dec 6, 2016 0:23:17 GMT
Post by david42 on Dec 6, 2016 0:23:17 GMT
In essence: 1) Individuals are liable to income tax on interest earned for the period that they own the loan (so not on accrued interest they pay for when buying on the SM) Individuals are liable to income tax on the accrued interest they receive when selling on the SM. To quote from What is the tax position " Where a seller of loans receives interest, paid by the incoming buyer for a sale, for the period within the month, that interest would attract tax as per the normal interest on a primary trade." I have yet to discover the accurate way to calculate my taxable interest from the figures Ablrate publishes in the investment history. It is complicated because Ablrate makes a charge when a bid is placed as well as a charge when the bid is later accepted.
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david42
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Post by david42 on Nov 28, 2016 23:33:53 GMT
Well I've dipped my toe in and will report back what happens over the coming months. One thing I did notice if I'm not mistaken, is that if the borrower repays early, then the lender gets daily interest paid up until that point (fair enough). But as I understand it, the platform gets their full whack 33% paid since it is classified as an "administration fee". Would seem a lot fairer to me if that fee was also shared with the lender. So if a borrower repays 5 days into a 15 day loan, the lender gets zero? I think Michaelc's interpretation is the most likely. From the terms and conditions: " 6.5 Early Repayment: You may make any Repayment(s) early under the Loan Contracts free of any charge, except for interest payable to the date of repayment and the loan set-up fee" The loan set-up fee is not defined so I can only assume they mean the loan administration fee, which is defined here: " 4.6.1 first to pay to us a fee equivalent to 35% of the interest payable under the Loan Contract to cover the set-up and administration of each Loan Contract entered into by that Borrower at or about the same time (“Loan Administration Fee”); "
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david42
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Post by david42 on Nov 27, 2016 12:01:36 GMT
Also I have not voted in the poll above and cannot see the results as not to blur them in our favour. Welcome on board Kyle. I hope you have a thick skin as I look forward to some helpful responses to the difficult questions while Rebs work through the challenges of the defaults we are all suffering from. If you want to see the results of a poll without voting, you can vote temporarily then remove your vote by clicking a second time on the voting button.
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david42
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Post by david42 on Nov 17, 2016 8:30:43 GMT
Adding funds was a bit tricky, I put debit card details in and clicked save, but the website just went back to the empty wallet page with no error or explanation. I didn't know if there was a problem with the website, my card, or something else. After the third attempt to enter the card, I got an automated call from Santander's fraud department asking to confirm the Mangopay transaction. I know it warns about that, but it would be helpful if the transaction fails to go to a page that suggested waiting before trying again rather than back to the card details form that encourages another try! It also says that it will make a test transaction of 50p, but I suspect it actually deducts £50 because the message asked me to confirm a £150 transaction (presumably my 3 attempts lumped together). Anyway, after confirming that transaction, the next attempt went smoothly. I had the same problem and the Money Platform told me to contact my bank, who unblocked the transaction. The Money Platform have told me they will add an error message when the debit card registration fails, which should reduce the confusion. What I can't seem to do, and I'd like to do, is add more than one offer to the same amount/duration. If I deposit £1000, I may like to offer, say, 4 lots of £250 12 week loans, for diversity reasons. But it seems once I've added a £250 12 week loan, attempting to add another one deletes the first one. Once an offer has been matched, the offer remains in place. So your single offer of £250 12 week loans could get matched four times. But I don't think there is any way to make offers at multiple rates for the same amount and time period. Also, at the moment it says that there are 8 loans in the 0.3%/£250/12 week market, and 3 offers (including mine), but none of the offers seem to be matching to the loans. Am I misunderstanding something here? This confused me. I have concluded that the count of loans is not a count of loan requests that are waiting to be filled, but a list of loans that are in place having already been filled. I no longer think there is a queue of loan requests waiting to be filled because I deposited £5,000 3 days ago and placed offers against all loan sizes of 6 weeks or longer, but I have had only one loan matched so far. I would have deposited a lot less if I had realised that I could make offers that exceeded my funds. I don't think they have many borrowers yet. Yesterday they had a total of 26 loans in place for a total of £16,750, and 52 unfilled offers from lenders for a total of £19,250. In the absence of any statistics from the platform I have no idea what default rate to expect or what rate I should offer loans for to make a reasonable return after defaults. Unless more information is provided I am unlikely to continue investing in this platform after my initial experiments.
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david42
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Post by david42 on Nov 14, 2016 10:18:32 GMT
I registered yesterday to try this out. Questions for The Money Platform. I need this information to assess whether my expected return after defaults is higher by lending at higher or lower rates: 1. How is the borrower rate decided? Is it based on borrower credit rating alone, or is there an element of competitive bidding depending on what lenders want to offer? 2 What are the default statistics to date, against borrower interest rate and loan term? 3 What default rates does your credit model expect, against borrower interest rate and loan term? 4 The offers list has two columns headed "Loans in the Market" and "Offers in the Market". Which column is listing the lender offers and which column is the borrower requests? 5 Why I can see both a borrower request and a lender offer available at the same time for the same amount, rate, and term? Surely these should have been matched? Enhancement Request Currently to find the best borrower requests I need to open 20 separate screens to look behind each of the green crosses. Please rewrite this screen to list all borrower requests, with options to sort and / or filter by interest rate, loan length, and loan amount.
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david42
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Post by david42 on Nov 6, 2016 22:56:40 GMT
This is a tremendous help. Your instructions were easy to follow and the script makes life so much easier. I used to rely on visually scanning for loans I wanted. Very distracting. I might even be able to get on with other things now. Thank you
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david42
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Post by david42 on Nov 6, 2016 10:29:26 GMT
You need to be quick but you know exactly when you are putting the loan up for sale. I use two PCs. I prime both PCs so that I can sell on one PC and buy on the other PC about a second later. The biggest risk is being too quick for the platform, meaning my purchase attempt hits the platform before the loan part is available to buy. I very rarely lose a loan part to someone else. I'm intrigued now as to why you are currently employing this technique unless you just enjoy the thrill of the chase? Moving money and loans between accounts enables me to manage the loans more optimally. For example if I need to take cash out of my personal account, but the loans I least want to keep happen to be in my company account, I prefer to sell the worse loans from the company account, then sell some of my personal loans to the company account to move the cash into the personal account for removal.
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david42
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Post by david42 on Nov 6, 2016 0:23:09 GMT
Saving Stream, Moneything, and Ablrate all have free secondary markets. The specific approach is different on each platform but with a bit of care you can identify your own loan parts on the secondary market and buy them back in another account. I am hoping a similar technique will enable us to sell existing loans to our ISA account once ISAs are available. Similar techniques also work on Funding Circle and Rebuilding Society, but those platforms charge for the secondary market. I don't think there is a way to transfer loans between accounts on Assetz or Ratesetter. You'll be needing fast trigger fingers to prevent anyone else picking them up or are you planning a 4am transfer when everyone else is 'hopefully' asleep! You need to be quick but you know exactly when you are putting the loan up for sale. I use two PCs. I prime both PCs so that I can sell on one PC and buy on the other PC about a second later. The biggest risk is being too quick for the platform, meaning my purchase attempt hits the platform before the loan part is available to buy. I very rarely lose a loan part to someone else.
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david42
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Post by david42 on Nov 5, 2016 23:59:22 GMT
... how do you most easily and on which platform, enable the interest on £100,000 (say 7000pa) to become tax free, saving maybe 40% of £7000 pa. Saving Stream, Moneything, and Ablrate all have free secondary markets. The specific approach is different on each platform but with a bit of care you can identify your own loan parts on the secondary market and buy them back in another account. I am hoping a similar technique will enable us to sell existing loans to our ISA account once ISAs are available. Similar techniques also work on Funding Circle and Rebuilding Society, but those platforms charge for the secondary market. I don't think there is a way to transfer loans between accounts on Assetz or Ratesetter.
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