toffeeboy
Member of DD Central
Posts: 530
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Post by toffeeboy on Jul 1, 2021 13:13:47 GMT
Another loan repaid today, one for four watches that started early June so only a short one this one. Still always nice to receive capital and interest back assuming it doesn't take too long to get lent out again.
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jcb208
Member of DD Central
Posts: 829
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Post by jcb208 on Jul 1, 2021 18:34:44 GMT
I recon they are priming us for property loans and these short term loans help to build confidence. If that is the case they are going to have to be low risk for me to invest
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Post by df on Jul 1, 2021 21:03:15 GMT
I recon they are priming us for property loans and these short term loans help to build confidence. If that is the case they are going to have to be low risk for me to invest I doubt it. It's not up to CL, but up to borrowers if they want to repay early. I think it's simply a case of somebody needed a very short term loan and they repaid it as soon as they can.
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trium
Member of DD Central
Posts: 383
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Post by trium on Jul 7, 2021 14:53:56 GMT
Just opened account despite being spooked by bad experiences on FS. Can't see me investing in property until I see a track record in managing these loans. The 6-month term was never appropriate for property on FS and I hope they don't try to do the same here.
Anyhow, I have a massive £250 awaiting the forthcoming deluge of loan offers. I get more reckless as I get older.
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Post by Ace on Jul 7, 2021 15:39:35 GMT
Just opened account despite being spooked by bad experiences on FS. Can't see me investing in property until I see a track record in managing these loans. The 6-month term was never appropriate for property on FS and I hope they don't try to do the same here. Anyhow, I have a massive £250 awaiting the forthcoming deluge of loan offers. I get more reckless as I get older. Welcome to the circus. BTW, you don't normally need to fund the account upfront as there is normally a warning email 24 hours before new loans are released, though there have been a couple without warning.
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trium
Member of DD Central
Posts: 383
Likes: 304
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Post by trium on Jul 7, 2021 17:10:03 GMT
Just opened account despite being spooked by bad experiences on FS. Can't see me investing in property until I see a track record in managing these loans. The 6-month term was never appropriate for property on FS and I hope they don't try to do the same here. Anyhow, I have a massive £250 awaiting the forthcoming deluge of loan offers. I get more reckless as I get older. Welcome to the circus. BTW, you don't normally need to fund the account upfront as there is normally a warning email 24 hours before new loans are released, though there have been a couple without warning. Like I said. Reckless. It wasn't earning anything in my current account anyway. I know the secondary market hasn't opened yet, but isn't it likely that the tax treatment of resold loans will be the same as it was at FS, ie the tax liability lies with the ultimate holder? In which case the platform will attract HNW investors who dump their holdings prior to redemption, which I don't think is particularly healthy.
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Post by Ace on Jul 7, 2021 18:16:41 GMT
Welcome to the circus. BTW, you don't normally need to fund the account upfront as there is normally a warning email 24 hours before new loans are released, though there have been a couple without warning. Like I said. Reckless. It wasn't earning anything in my current account anyway. I know the secondary market hasn't opened yet, but isn't it likely that the tax treatment of resold loans will be the same as it was at FS, ie the tax liability lies with the ultimate holder? In which case the platform will attract HNW investors who dump their holdings prior to redemption, which I don't think is particularly healthy. I've no idea on that one. I was lucky enough not to have invested with FS, so haven't experienced their SM tax issue.
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Post by df on Jul 7, 2021 22:14:52 GMT
Welcome to the circus. BTW, you don't normally need to fund the account upfront as there is normally a warning email 24 hours before new loans are released, though there have been a couple without warning. I know the secondary market hasn't opened yet, but isn't it likely that the tax treatment of resold loans will be the same as it was at FS, ie the tax liability lies with the ultimate holder? In which case the platform will attract HNW investors who dump their holdings prior to redemption, which I don't think is particularly healthy. I expect this to be the case, the mechanics of CL seems to be a copy of FS (except ABC tranches), but I don't think this lot will be chasing small pawn loans. When/if it comes to property they will probably assess the liquidity prospect first. I do hope CL will differentiate. Everyone must have learned by now that these two are not compatible. Can't have the same structure for both.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 775
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Post by p2pfan on Jul 7, 2021 23:10:05 GMT
I know the secondary market hasn't opened yet, but isn't it likely that the tax treatment of resold loans will be the same as it was at FS, ie the tax liability lies with the ultimate holder? In which case the platform will attract HNW investors who dump their holdings prior to redemption, which I don't think is particularly healthy. I expect this to be the case, the mechanics of CL seems to be a copy of FS (except ABC tranches), but I don't think this lot will be chasing small pawn loans. When/if it comes to property they will probably assess the liquidity prospect first. I do hope CL will differentiate. Everyone must have learned by now that these two are not compatible. Can't have the same structure for both. Is this the case for all P2P platforms? So, if you invest into a loan and then sell it prior to 'selling' it on a secondary market, you legitimately don't have to pay tax on any profit you may make as it gets passed onto the buyer of your loan?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
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Post by ilmoro on Jul 7, 2021 23:31:53 GMT
I expect this to be the case, the mechanics of CL seems to be a copy of FS (except ABC tranches), but I don't think this lot will be chasing small pawn loans. When/if it comes to property they will probably assess the liquidity prospect first. I do hope CL will differentiate. Everyone must have learned by now that these two are not compatible. Can't have the same structure for both. Is this the case for all P2P platforms? So, if you invest into a loan and then sell it prior to 'selling' it on a secondary market, you legitimately don't have to pay tax on any profit you may make as it gets passed onto the buyer of your loan? No, most platforms either pay accrued interest pro rata based on time held or the buyer purchases the loan 'cum interest' and pays the seller the interest accrued at point of purchase. Basically if you receive interest at any point you pay any tax due on it.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
Likes: 11,404
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Post by ilmoro on Jul 7, 2021 23:49:09 GMT
Welcome to the circus. BTW, you don't normally need to fund the account upfront as there is normally a warning email 24 hours before new loans are released, though there have been a couple without warning. Like I said. Reckless. It wasn't earning anything in my current account anyway. I know the secondary market hasn't opened yet, but isn't it likely that the tax treatment of resold loans will be the same as it was at FS, ie the tax liability lies with the ultimate holder? In which case the platform will attract HNW investors who dump their holdings prior to redemption, which I don't think is particularly healthy. Seems likely but they could go for a pro rata interest on time held or where the buyer pays for the interest accrued. Have to wait an see. The tax treatment is determined by when & how interest is paid.
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Nomad
Member of DD Central
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Post by Nomad on Jul 14, 2021 13:27:30 GMT
New loan live now.
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jcb208
Member of DD Central
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Post by jcb208 on Jul 14, 2021 15:20:16 GMT
That never took long to fill unlike the early ones
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toffeeboy
Member of DD Central
Posts: 530
Likes: 378
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Post by toffeeboy on Jul 14, 2021 15:53:20 GMT
That never took long to fill unlike the early ones A few £5k investments and the majority of it was gone.
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Post by mfaxford on Jul 14, 2021 17:26:10 GMT
That never took long to fill unlike the early ones Well that's annoying, email received this afternoon and all gone by the time I was home (and no sign of anything upcoming when I looked yesterday afternoon/evening)
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