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Mintos (P2P Lending Platform)

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  • Closed Accounts Posts: 1,007 ✭✭✭Grecco


    Just over 10% of my loans are late now. Anyone else have a similar percentage?
    All covered under the 60 day guarantee, but I`m wondering now how exactly does this guarantee work and does it cover all the capital plus the interest?


  • Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Grecco wrote: »
    Just over 10% of my loans are late now. Anyone else have a similar percentage?
    All covered under the 60 day guarantee, but I`m wondering now how exactly does this guarantee work and does it cover all the capital plus the interest?

    I had around 20% of mine late at one stage, now im not to like 3/4%. They were all personal loans, were late. On the final 60th day I received interest and capital without a delay. Once you hit 60 days you get the full amount.


  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    Grecco wrote: »
    Just over 10% of my loans are late now. Anyone else have a similar percentage?
    All covered under the 60 day guarantee, but I`m wondering now how exactly does this guarantee work and does it cover all the capital plus the interest?

    About 15% are late in some form, with 5% being 31-60 days late. Seems to be mostly the personal loans with the 60 day guarantee which are late. Oddly enough, the unsecured loans are the ones which always repay on time for me.

    It seems that once 60 days is reached. under the guarantee I receive the initial capital, interest and usually additional late payment fee/interest - which is exceptional IMO.


  • Registered Users Posts: 1,308 ✭✭✭scheister


    anyone else thinking the mintos site is slow to update any details the last week.
    Just noticing and might be a total fluke i had 3 payments due all monday and all 3 are late. Normally one or two will pay on due day with one a few days later.

    Also notice the part of your dashboard showing weather your loans are on time or late is still slowing this loans as ontime rather then moving them into the 1-15 days late group


  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    scheister wrote: »
    anyone else thinking the mintos site is slow to update any details the last week.
    Just noticing and might be a total fluke i had 3 payments due all monday and all 3 are late. Normally one or two will pay on due day with one a few days later.

    Also notice the part of your dashboard showing weather your loans are on time or late is still slowing this loans as ontime rather then moving them into the 1-15 days late group

    I find this happens to me every Monday, with a huge influx of payments on Tuesday :confused:


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  • Registered Users Posts: 1,606 ✭✭✭djmarkus


    This has most likely been asked, but what tax is liable on the interest? DIRT or Cap Gains?


  • Registered Users Posts: 1,308 ✭✭✭scheister


    djmarkus wrote: »
    This has most likely been asked, but what tax is liable on the interest? DIRT or Cap Gains?

    your liable to income tax on any interest earned


  • Registered Users Posts: 1,606 ✭✭✭djmarkus


    scheister wrote: »
    your liable to income tax on any interest earned

    Ah bollox.


  • Registered Users Posts: 1,308 ✭✭✭scheister


    djmarkus wrote: »
    Ah bollox.

    its deemed income. depending on how much interest decided if you need to file a form 11 or 12


  • Closed Accounts Posts: 2,678 ✭✭✭lawlolawl


    When are you supposed to declare any interest earned on P2P platforms?

    I'll have a bit earned at the end of this year but I'll be leaving it in my P2P account rather than withdrawing it. Do I still have to submit the interest earned in 2016 on a form 12 next year or can I just leave it until whatever year I decide to actually withdraw my money from my P2P account?

    Basically is it taxed as it's earned or taxed when you actually get the money as an income?


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  • Registered Users Posts: 1,308 ✭✭✭scheister


    lawlolawl wrote: »
    When are you supposed to declare any interest earned on P2P platforms?

    I'll have a bit earned at the end of this year but I'll be leaving it in my P2P account rather than withdrawing it. Do I still have to submit the interest earned in 2016 on a form 12 next year or can I just leave it until whatever year I decide to actually withdraw my money from my P2P account?

    Basically is it taxed as it's earned or taxed when you actually get the money as an income?

    taxed when earned


  • Closed Accounts Posts: 1,007 ✭✭✭Grecco


    Plus any bad loans that you lose money on cannot be written off against the earnings


  • Registered Users Posts: 114 ✭✭mashed13


    scheister wrote: »
    taxed when earned

    Is there a minimum amount of which you should start declaring your income? Declaring 20e does not seem very logical, or its just me..?? :)


  • Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    mashed13 wrote: »
    Is there a minimum amount of which you should start declaring your income? Declaring 20e does not seem very logical, or its just me..?? :)

    Technically you should declare everything.

    But in the real world nothing will come of 20 euro.


  • Registered Users Posts: 391 ✭✭Yurple


    Grecco wrote: »
    Just over 10% of my loans are late now. Anyone else have a similar percentage?
    All covered under the 60 day guarantee, but I`m wondering now how exactly does this guarantee work and does it cover all the capital plus the interest?

    I'm worried and confused. I deposited 250 in total and 100 is late.

    1 to 15 days late: 40 euro

    16 to 30 days late: 30 euro

    And most worrying:

    31 to 60 days late: 30 euro

    I had 30 euro late 61 to 90 days this morning but now seems to be gone.


  • Registered Users Posts: 82 ✭✭Chiarrai92


    Are all your loans backed with a buyback guarantee?


  • Closed Accounts Posts: 2,678 ✭✭✭lawlolawl


    Yurple wrote: »
    I'm worried and confused. I deposited 250 in total and 100 is late.

    1 to 15 days late: 40 euro

    16 to 30 days late: 30 euro

    And most worrying:

    31 to 60 days late: 30 euro

    I had 30 euro late 61 to 90 days this morning but now seems to be gone.

    Pretty much normal with P2P. You'll either get it paid back by the borrower or the buyback will kick in anyway. I've had both happen. Always go for loans /sites with buyback.

    Don't worry about it too much. However, if you are finding that you need access to the money you put in in a hurry then maybe P2P lending isn't for you. Money can potentially get tied up for a good while depending on how things go.


  • Registered Users Posts: 21 Cathbadhian


    lawlolawl wrote: »
    It would appear that the tax on any interest earned is charged at the marginal rate (41% for me).

    So i'm going to be taxed 41% on money invested that was already taxed at 41% :confused:

    The Irish government really doesn't like the idea of people saving money for their future, does it?

    They're a joke. One of the stupidest decisions is, outside of pensions, taxing funds at 41%. If you buy US ETFs, those are magically treated as stocks (CGT rates are much lower). They really do not make it easy. Even the CGT free limit is, what, 20% or less of the UK's?


  • Registered Users Posts: 391 ✭✭Yurple


    Chiarrai92 wrote: »
    Are all your loans backed with a buyback guarantee?

    All with buy back thankfully! That's why the loans in the 60+ days on the overview page disappeared and i got the money back.

    I do not need to access the money quickly but it does make me hesitate to put more money into it.

    Are these buyback loans often late like this?

    --

    If i set up a second auto invest portfolio does the money get divided equally between them? Thinking about auto investing into invoice funding loans without buy back. Those wont be late i think as they have business reputations.


  • Registered Users Posts: 82 ✭✭Chiarrai92


    Yurple wrote: »

    Are these buyback loans often late like this?

    If i set up a second auto invest portfolio does the money get divided equally between them?

    The personal loans can be! Iv personally found the 1 month personal loans great with very few if any going over 15 days late

    Iv mostly split my money between 24 month car loans and 6 month loans seems to be going very well for me atm

    Also even if the loans are late you still get a good chunk of intrest on buyback! I think the safty of the buyback personal loans is much better than getting 1-2 % extra but posibly looseing the whole investment
    Regarding the two auto invests im not sure if it will split it evenly itself, i dought it but you can set the 2 portfolio limits to 50% of the total money!


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  • Registered Users Posts: 1,308 ✭✭✭scheister


    Yurple wrote: »

    If i set up a second auto invest portfolio does the money get divided equally between them? Thinking about auto investing into invoice funding loans without buy back. Those wont be late i think as they have business reputations.

    Was trying to figure this one out myself. Was looking to see can you que the auto investments so it will look at them in order but so far i cant their is never any of the 1st wallet loans on the market when i have the money to invest so have not truely been able to test yet


  • Registered Users Posts: 57 ✭✭galway321


    I have recently set up with Twino and Mintos - I've put the same amount in each and will track each fund a over 3/6/12 periods.
    Mintos is invested in secured car loans and personnel loans for max 12 months (all with buy back) and Twino invested in 1 month loans with buy back.

    Can anyone tell me for certain if a loan defaults on Mintos will you receive interest on the default period?

    I contacted Twino directly and they have confirmed that they do pay interest on the 30 day default period. As Mintos default period is 60 days before buyback not receiving interest for this period would impact significantly.


  • Registered Users Posts: 82 ✭✭Chiarrai92


    galway321 wrote: »
    Can anyone tell me for certain if a loan defaults on Mintos will you receive interest on the default period

    You do.


  • Registered Users Posts: 1,308 ✭✭✭scheister


    Yurple wrote: »
    All with buy back thankfully! That's why the loans in the 60+ days on the overview page disappeared and i got the money back.

    I do not need to access the money quickly but it does make me hesitate to put more money into it.

    Are these buyback loans often late like this?

    --

    If i set up a second auto invest portfolio does the money get divided equally between them? Thinking about auto investing into invoice funding loans without buy back. Those wont be late i think as they have business reputations.

    I sent Mintos an emailing asking about having 2 autoinvest wallets they said the system tries to split the money if that both meet the conditions


  • Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    € 56,556,065 in loans funded so far, but only €7,445 in default. Does anybody else find this astonishing?


  • Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    € 56,556,065 in loans funded so far, but only €7,445 in default. Does anybody else find this astonishing?

    Or simply untrue!

    At what point do they consider something defaulted? I guess because of the buy back they might not consider this a default.

    If they leave the unpaid loan outstanding for years pending legal collection attempts then it might be somewhat accurate.


  • Registered Users Posts: 1,308 ✭✭✭scheister


    Something interesting happened this morning with one of my loans. I logged into check my balance have a few loans that pay on the 1st of the month. The balance seemed higher then expected and noticed this on my statement "loan agreement amended: principal received" their was also a token interest payment. This was 7 months into 16 month loan and its now showing the loan has finished. Im assuming that i got back what ever principal i was owed and and future interest owned to me is lost.

    I have looked at my account a little deeper and notice this is the 3rd loan in last few weeks where this has happened

    As anyone seem this before.


  • Registered Users Posts: 57 ✭✭galway321


    Yes I have seen this also. If the loan terms are amended or the loan repaid early you receive your principal plus interest to amendment/early repayment date.

    I've only being using the site for just over 1 month and it has occurred to two of my loans already.


  • Registered Users Posts: 861 ✭✭✭tomwaits48


    can someone explain to me....why would you buy a loan from the secondary market that has a premium attached? I don't get the concept. Surely you are on the look out for loans with a discount.....what am I missing here?

    Thanks!


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  • Closed Accounts Posts: 1,887 ✭✭✭traprunner


    Transferred funds yesterday evening and they were available on the site today. Looks like the 2-3 days processing time is gone unless it's only for new accounts.

    I have a question on reinvesting. It's probably a very stupid question but my brain doesn't seem to work this morning. If I invest €100 in a 30 day loan at 11.5% and continue to reinvest the capital and interest at the same rate and term for 2 years, would it result in a much better return than investing the €100 for 24 months at 12%?


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