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P2P Lending

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  • Registered Users Posts: 11,394 ✭✭✭✭Timmaay


    Timmaay wrote: »
    https://kristapsmors.substack.com/p/iban-wallet-review-100-scam-stay?fbclid=IwAR2HWJBWGYamHIJH4C87ZL6zMm1ni9XyDWc7d_D__pb8B5IpY_owrESdxKU

    Just incase anyone has been tempted! Ive seen plenty of fairly slick and convincing adds for them on my Facebook newsfeed etc.

    See above, IBAN wallet is 100% a scam. Personally I'd advise stay the hell away from p2p full stop.


  • Registered Users Posts: 119 ✭✭superd1978


    Folks, just said Id bump this thread rather than start a new one.

    Ive a sizeable amount of savings sitting in my account doing SFA at the minute, and thus looking at options like P2P loans.

    Mintos seems to get good reviews here. Has anyone any updated thoughts on Mintos / P2P loaning in general?

    Is it worth the risk?

    Are things imporving over time in terms of protection / regulation etc?

    I was also looking at an Irish company Propert Bridges - anyone any exporsure to these guys?

    Thanks, D.



  • Registered Users Posts: 13,952 ✭✭✭✭retalivity


    Like anything else, only invest what you can afford to lose.

    Mintos is probably the best of a bad bunch - I have/had money in it, I'm up overall with them but still have about €500 there which is defaulted or currently 'non-recoverable'. Plenty of P2P platforms turned out to be scams - Grupeer, Kuetzal, Envestio to name a few, and a few of the loan originators on mintos can be dodgy too....do your own due dilignece, etc...

    Never looked at property bridges.



  • Registered Users Posts: 2,780 ✭✭✭littlevillage


    There's numerous other threads in Investment & markets .... where participates are asking your exact question.


    "Have lump sum in bank, getting 0% interest, what are alternative s??"


    Boilerplate answer. Pay off all your loans, supercharge your pension.... sit back and count your blessings 🙏☺️



  • Registered Users Posts: 119 ✭✭superd1978


    Thanks mate...

    Ive checked those boxes already :) But thanks!!

    Im going to look at property bridges. Ill link back here with my experience.



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  • Registered Users Posts: 20,328 ✭✭✭✭dxhound2005


    Is Peer to Peer the same as Crowd Funding? Crowd Funding is going to be regulated by the Central Bank and EU wide. There was a piece on RTE Radio 1 Morning Ireland 09 Feb starting at 45 minutes 40. Also coverage in the papers over the last while.

    https://www.centralbank.ie/news/article/central-bank-announces-new-crowdfunding-regulatory-regime-13-Jan-2022

    https://www.irishstatutebook.ie/eli/2021/si/702/made/en/print



  • Registered Users Posts: 1,382 ✭✭✭FFVII


    Never again



  • Registered Users Posts: 119 ✭✭superd1978


    Thank you.... would this regulation automatically apply to all EU / IE crowd funding platforms, or how would one know if a platform is compliant, or not!?



  • Registered Users Posts: 1,040 ✭✭✭bcklschaps


    Have done really well on P2P. Mintos the biggest & best European (Euro denominated) P2P operation.... also used Twino, DoFinance, Linked Finance

    But the only word of warning I'll give you is Covid was tough on them, defaults went through the roof, soo don't expect returns like the old days (pre Covid)...and maybe even factor in some defaults



  • Registered Users Posts: 1,382 ✭✭✭FFVII




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  • Registered Users Posts: 119 ✭✭superd1978



    So what happens in the case of defaults. Do you just point blank absorb the loss? Does this new regulation offer some incumbency on the intermediary i.e. Mintos?



  • Registered Users Posts: 1,040 ✭✭✭bcklschaps


    Basically yes.


    They talk a good game about gauranteed buybacks, debt collection, legal actions etc. but at the end of the day, YOU as investor carry all loses.



  • Registered Users Posts: 11,394 ✭✭✭✭Timmaay


    I did terrible because of covid, after many stressful month's of trying to pull out my money I think I ended up accepting a 10% or so overall drawdown, but I was just happy to of got back that much of my original capital. I've said it many times before here, p2p the lenders are taking on 100% of the risk, the borrower's or facilitators can wriggle their way out far too easy, the 10% or so roi that you might get is nowhere worth the risk of losing a significant amount of your capital if your unlucky, stick to the likes of a mortgage trust fund if you want a simple stock market investment fund that is reasonably straight forward for tax, and dollar cost average into that, put your money in across like a year or so.



  • Registered Users Posts: 765 ✭✭✭jams100


    Agree with this.

    One of the main problems is also if a lender defaults on their loan you can't write of those losses against other gains. For that reason alone I wouldn't go near p2p lending if your a tax resident in ROI.

    I've gotten most of the principal I invested 2 years ago back but had I have put that money into "safe" equities I'd safely be up about 20% (before CGT obviously).



  • Registered Users Posts: 119 ✭✭superd1978


    When you say "safe equities", do you mean property, stock etc?

    I wasnt aware of that regarding the tax. That seems pretty ridiculous. Thanks for the insight.



  • Registered Users Posts: 2,251 ✭✭✭massdebater


    Do you have any more info about loan defaults not being tax deductible in Ireland? Is that across the board or just in certain situations?

    I remember looking this up before (not in Ireland), and loan defaults weren't tax deductible if it was a late payment, however, the moment legal action was taken against the defaulted party to recover the funds, they're considered "unrecoverable" and they're then tax deductible. And if the funds are recovered in the future, they would then be considered as if I earned interest at that time.



  • Registered Users Posts: 432 ✭✭notsocutehoor


    I have been investing in PropertyBridges pretty much from the beginning. In that time there has been one difficult loan which as far as I can see they are dealing with quite efficiently (not fully resolved yet). The fact that they have first call on the properties, with a relatively low LTV, should make the investment reasonably secure. Needless to say there will be some delays in finalising some repayments but you continue to receive interest on any late repayments. I have found them reasonably good.



  • Registered Users Posts: 119 ✭✭superd1978




  • Registered Users Posts: 113 ✭✭AnF Chuckie egg


    Looks like anyone who has Invested with Mintos holding Russian loans are going to get fried. Mintos cannot list these anymore



  • Registered Users Posts: 14,238 ✭✭✭✭callaway92


    Has anyone ever tried Flender as part of getting a Business Loan? Looking in the region of €40,000-€60,000



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  • Registered Users Posts: 463 ✭✭feelings


    I decided to dip my toe back into P2P.

    Mintos first up, still trying to get to grips with their switch to "notes".

    Is anyone still using the likes of PeerBerry, Swaper, TWINO, Viventor, Bondora etc? They gave a nice return in the past. Edit: ViaInvest is another.

    I must take a look at how the likes of Envestio, Grupeer, Fast Invest etc court cases are progressing. Maybe one of you has a brief update (without giving private legal group details)



  • Registered Users Posts: 1,040 ✭✭✭bcklschaps


    They gave fantastic returns back in the day, but tread carefully is my advice now, a lot of those P2P lenders got badly burnt by Covid and again recently by the Energy/inflation crisis



  • Registered Users Posts: 683 ✭✭✭brianomc


    While some I used struggled but kept paying through covid, the war in Ukraine has stumped them.

    Mintos, the guarantee wasnt a guarantee. Havent been paid a bean in around a year and a half now.

    Peerberry are still dripfeeding payments through, but no interest on these payments.

    Swaper and Robocash still going strong for me and I still reinvest with them, possibly throwing good money after bad in the long run if a recession kicks in.

    Of course you might find that loans outside Russia/Ukraine do fine. As do I with my Swaper/Robocash.

    i havent added new money since Jan 2020 and dont intend to either



  • Registered Users Posts: 275 ✭✭Salvadoor


    Who/Where did you invest with/in on Mintos? I've been paid regularly but slowly on Mntos with a large amount in "Pending payments" that is reducing week over week? I've a small amount classed as "In recovery" which is all Russia



  • Registered Users Posts: 463 ✭✭feelings


    Aye, I (mostly) got out in time just as COVID crisis started thankfully. Had a couple k left in mintos (Monego) but I've actually received about 95% of that back already.



  • Registered Users Posts: 683 ✭✭✭brianomc


    Finko, Minego and Alexcredit are the three I am stuck with. In the grand scheme of things its a small amount, €63 between the first 2 and €280 the third, which are Ukrainian loans so my hopes arent high on that one.

    Mogo and Delfin are 2 others I was invested in but was paid in full. I think Mogo buying back loans at high percentages and putting lower ones on sale helped me decide to stop too. It was a risky investment and one I always knew there was no real guarantee of seeing payments so I’m not upset.



  • Registered Users Posts: 463 ✭✭feelings


    Were/are there issues with Mogo or Delfin?



  • Registered Users Posts: 463 ✭✭feelings


    Looks like Lenndy is unable to act on behalf of Lenndy investors. You have to make your own claim to the insolvency administrator by 12th Nov.



  • Registered Users Posts: 463 ✭✭feelings


    Lenndy is unable to act on behalf of Lenndy investors against "Giantus Finance" (the previous notice was against "First Finance" only).

    You have to make your own claim to the insolvency administrator by 28th Nov. Notice on their blog. https://lenndy.com/blog/78



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  • Registered Users Posts: 463 ✭✭feelings


    DoFinance legal action has started for those who had money invest with dofinance. There is a public and private group on Telegram.



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