P2P Lending

watwag · 30-06-2020 1:12pm

Does anyone know if P2P losses can be offset against other investment gains or in any other way with Revenue? Got stung with Envestio unfortunately.

RevenueLand · 30-06-2020 3:38pm

watwag wrote: »

Does anyone know if P2P losses can be offset against other investment gains or in any other way with Revenue? Got stung with Envestio unfortunately.

As far as I know only in the UK this is (partially) possible. I am sorry not to have more details to provide you.

flycd · 08-07-2020 5:04pm

mountgomery burns wrote: »

Anyone familiar with IBAN wallet?

I have a family member contemplating using their service. The concern they had was around privacy and sending their identification to them, though I would expect this all falls under GDPR legislation. Would the CBI be able to identify the EMI the platform uses?

I'm skeptical about P2P lending though these are at least collateralised loans. I am a bit wary of the lack of transparency however as the money is held at an unidentified EMI who in turn use 3rd party underwriters for lending. On the surface doesn't seem like there is a high degree of visibility for the consumer as to where there money ultimately ends up.

I’ve been using since October 2019, nice to see the daily interest accumulating.
I have a few promo codes for additional interest for the first 30 days and bonus for the first deposit. PM me for details.

RevenueLand · 13-07-2020 5:26pm

flycd wrote: »

I’ve been using since October 2019, nice to see the daily interest accumulating.
I have a few promo codes for additional interest for the first 30 days and bonus for the first deposit. PM me for details.

So you don't mind if the CEO and management names are not public? You trust them anyway? I mean, you can do what you like but it is complicated to find out if they are reliable if even such trivial questions stay unanswered. I wrote them a couple of email with questions but still waiting for the answers.

breakingeven · 25-09-2020 12:20pm

Hi guys quick question.

I want to start investing in P2P lending and Ive been searching for this everywhere but there isnt a lot people talking about it.

1 - Is it worth it due to taxation?
2 - how bad does revenue taxes(%)?
3 - Can we claim those taxesback at some point in the future?
4 - in websites like Bondora they say we dont to deal with taxes untill the moment you withdrawl the money? Has anybody done this?

There's a huge GAP in the financial Liarecy in Ireland noone is alking about it.

Thank you all.

Jim2007 · 25-09-2020 2:49pm

breakingeven wrote: »

Hi guys quick question.

I want to start investing in P2P lending and Ive been searching for this everywhere but there isnt a lot people talking about it.

1 - Is it worth it due to taxation?
2 - how bad does revenue taxes(%)?
3 - Can we claim those taxesback at some point in the future?
4 - in websites like Bondora they say we dont to deal with taxes untill the moment you withdrawl the money? Has anybody done this?

There's a huge GAP in the financial Liarecy in Ireland noone is alking about it.

Thank you all.

Are you an expert in subprime lending? Do you recon you are better at risk management than the professional who will not touch these borrowers? Because that is what P2P lending is... a fancy name for subprime lending.

With P2P there are two sure winners - the person getting the loan and the loan facilitator and one potential looser should it all go wrong - you, the one making the loan.

The reason that the suggest payout is so high is because you are the one that knows the least about the transaction and the one taking on the bulk of the risk. It is not magic.

The rest is up to you.

FFVII · 25-09-2020 6:53pm

breakingeven wrote: »

Hi guys quick question.

I want to start investing in P2P lending and Ive been searching for this everywhere but there isnt a lot people talking about it.

1 - Is it worth it due to taxation?
2 - how bad does revenue taxes(%)?
3 - Can we claim those taxesback at some point in the future?
4 - in websites like Bondora they say we dont to deal with taxes untill the moment you withdrawl the money? Has anybody done this?

There's a huge GAP in the financial Liarecy in Ireland noone is alking about it.

Thank you all.

80%+ have lost money.

Just run away now.

Philbert · 26-09-2020 8:41pm

As an experiment I opened accounts with a handful of 'leading' European P2P lending services on the 01/01/2018. I enabled the auto bid feature (medium+ risk level) and then intentionally forgot about them.

About 33 months later my returns are as follows (annualised);

LinkedFinance - 10.08%
Twino - 10.46%
Mintos - 11.23%
Viventor - 10.50%
EstateGuru - 10.43%
[Average - 10.54%]

Yes there have been defaults which are already incorporated in the above figures.

Now, I am not a savvy investor by any means, and I stress that this was an experiment driven out of personal curiosity.

The results are interesting nevertheless. Of course everything may well change in the weeks and months to come.

But I'll let the experiment roll on...

bcklschaps · 27-09-2020 2:33pm

The returns from P2P useta be fantastic...upto 14 or 15% per annum. But the economic climate at the moment is pretty uncertain....soo factor in a higher level of defaults, now. Which probably means the returns are now single figures and may as low as 4 or 5%

Timmaay · 27-09-2020 3:40pm

Philbert your one of the lucky ones so that none of the companies you've invested in have defaulted. I've managed to withdraw nearly all of my money but have had to write some off, and amount that will be more than my interest, so overall I'll be at a loss, by now I just want out, as Jim says it's subprime lending, and the at best 10% roi is just not worth the risk of losing a significant amount of your capital.

Jim2007 · 27-09-2020 4:05pm

bcklschaps wrote: »

The returns from P2P useta be fantastic...upto 14 or 15% per annum. But the economic climate at the moment is pretty uncertain....soo factor in a higher level of defaults, now. Which probably means the returns are now single figures and may as low as 4 or 5%

The annualised return over a five year period was about 11%, the better funds were doing say between 14% and 18%.... and you are dealing with subprime lenders for 14/15%...

So that is not good, it is pathetic, you are taking on more risk than anyone else and you are not even getting paid for taking it on!

ShoulderChip · 28-09-2020 10:11pm

Jim2007 wrote: »

The annualised return over a five year period was about 11%, the better funds were doing say between 14% and 18%.... and you are dealing with subprime lenders for 14/15%...

So that is not good, it is pathetic, you are taking on more risk than anyone else and you are not even getting paid for taking it on!

OK let's just chill a minute for everyone's sake

Jim2007 · 29-09-2020 1:08pm

ShoulderChip wrote: »

OK let's just chill a minute for everyone's sake

What's to chill about when your the patsy take the all the risk and not getting well paid for it? It is not a game, interest rates are low and people are turning to alternative sources to get a better return without realizing the risks they are taking on.

Salvadoor · 02-11-2020 5:29pm

Email from Mintos:

Hi Salvadoor, come onboard!

Since our beginnings in 2015, Mintos has grown to become a global marketplace for investing in loans. Today, we have 340 000 investors from around the world who have funded a total of €5.7 billion in loans. With a 45% market share, we’re the leader in continental Europe by a far stretch.
We couldn’t have achieved any of this without you – our investor community. To say thank you, we are allocating a limited part of our next fundraising round for crowdfunding.

For the first time in Mintos history we’re inviting you to become a Mintos shareholder and join our journey.

For pre-registered investors, there will be an exclusive early access period to invest. You’ll be able to invest from as little as approximately €10 to own a part of Mintos. If you’re interested, make sure to pre-register for early access. We will share more details with you in the coming weeks.
I’m excited for what lies ahead, and look forward to welcoming you onboard as Mintos shareholders!

Best,
Martins Sulte
CEO and Co-Founder
Mintos

They need funds!!!

ganmo · 02-11-2020 6:56pm

I've never heard of selling shares as crowdfunding

RevenueLand · 09-11-2020 12:42pm

Jim2007 wrote: »

Are you an expert in subprime lending? Do you recon you are better at risk management than the professional who will not touch these borrowers? Because that is what P2P lending is... a fancy name for subprime lending.

With P2P there are two sure winners - the person getting the loan and the loan facilitator and one potential looser should it all go wrong - you, the one making the loan.

The reason that the suggest payout is so high is because you are the one that knows the least about the transaction and the one taking on the bulk of the risk. It is not magic.

The rest is up to you.

"Subprime lending" is a rather appropriate name for P2P lending in some specific countries, in others it is quite normal to receive consumer credit outside the banking circuit.
I don't think it is too difficult to earn money from this "subprime lending" but you need to study the subject at least a little bit. In short, P2P lending is debt, so you need to be well aware that you can lose a good part of the invested capital, but it is also an opportunity to earn money now that the rates are at zero.

RevenueLand · 09-11-2020 12:46pm

FFVII wrote: »

80%+ have lost money.

Just run away now.

That's true, many people lose money or don't make any using Bondora. Truth is that Bondora is "real P2P lending" without any safety net, so it needs more effort to figure out the best settings.
Go & Grow 6,75% users are not complaining (so far), but in that case you get 100% platform risk and not loan risk. I prefer loan risk most of the times.

RevenueLand · 09-11-2020 12:48pm

breakingeven wrote: »

Hi guys quick question.

I want to start investing in P2P lending and Ive been searching for this everywhere but there isnt a lot people talking about it.

1 - Is it worth it due to taxation?
2 - how bad does revenue taxes(%)?
3 - Can we claim those taxesback at some point in the future?
4 - in websites like Bondora they say we dont to deal with taxes untill the moment you withdrawl the money? Has anybody done this?

There's a huge GAP in the financial Liarecy in Ireland noone is alking about it.

Thank you all.

⚠️ The great taxation advantage for claimed by Bondora may be limited to Estonian users, so beware that it may NOT apply in your country.

RevenueLand · 09-11-2020 1:06pm

Jim2007 wrote: »

What's to chill about when your the patsy take the all the risk and not getting well paid for it? It is not a game, interest rates are low and people are turning to alternative sources to get a better return without realizing the risks they are taking on.

True. Sometimes people rush to the new gold without thinking there is risk. But it is also true that investing some money in P2P lending after taking some time to understand how to lower risk is not a bad idea.
Let's talk about Mintos...so much hate because a few loan originators did not honor the buyback guarantee. Ok, bad news, but there are websites that share valuable information about the health of the lenders and those who spared some time to setup Mintos properly are not losing money.

Timmaay · 20-12-2020 12:42pm

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.

FinanceDublin · 14-01-2021 9:24pm

WunnaYarzar wrote: »

Have you lent on Propertybridges, if so, has there been any late payments or defaults?

Bit of a curious one about this platform. I'm by no means a large lender at all. Withdrew 750eur at the weekend as it was sitting in the account and no bids live for a while.... money took one day to deposit from my bank account in the 'wallet' there, so presumably an ESTA transfer.... but 4 working days later, no sign of the money back in my account, which would presumably also be an ESTA transfer.

Kind of surprising and would make me a small bit concerned.

EDIT: Reply since received from PropertyBridges. Their payment gateway provider declined the transfer to me. Bit odd but fair enough, it's a reply at least.

feelings · 15-01-2021 1:37pm

How are LinkedFinance getting on? Still going?

Akavango · 15-01-2021 6:09pm

They are horrible, they not displaying payment daily anymore. I have been with them for 6 1/2 and I'm finally getting out . They run this site like a bunch of hungover student. Have we done every thing today? oh shoot we forgot to pay the loans to the investors. oh we can do it tomorrow it is good enough. On the bright side they claimed to have process my withdrawal fairly quickly but we will see once it gets into the bank.

I have not been able to get a bid in over a month!

I emailed them the other to ask them some pertinent questions and as usual when it may not look good for them they just don't respond. I'm still waiting for that answer. It is a shame it is great concept but run by incompetents morons.

Ryaner · 28-02-2021 10:01am

Given the number of bad loans currently, does anyone know of a way to get loss relief for the bad debt?

Previously I've seen that Revenue count each loan as an individual investment, so if you invested €50 into 10 loans earning 10% interest, then 1 goes bad on day 1, you net out back at your €500 in, put then have tax to pay on the €50 "profit".

Chuckie_Egg · 28-02-2021 11:35am

afaik losses on these loans cannot be offset against gains. So on Mintos when you get a report it does take the losses from the gains but Revenue will not see it that way

Shelflife · 28-02-2021 3:30pm

afaik a bad debt is seen as a capital loss and can be offset against any capital gain profits you may have.

feelings · 28-02-2021 3:50pm

what about funds in mintos (or any p2p lender) that are in "debt recovery" and not likely to be recovered ? At what point can you say the funds are lost?

Ryaner · 28-02-2021 4:05pm

Shelflife wrote: »

afaik a bad debt is seen as a capital loss and can be offset against any capital gain profits you may have.

Have you seen this anywhere in the Revenue docs? The only ebrief I can find only mentions some requirements for the borrowers, requirements that none of them abide by right now - https://www.linkedfinance.com/blog/ebrief-update/.

The UK does say you can offset the lost loan against other interest on the other loans, which IMO is very reasonable. https://www.gov.uk/guidance/peer-to-peer-lending#claiming-tax-relief-on-unpaid-loans

Shelflife · 28-02-2021 11:37pm

Hi, it’s the advice given to me by my accountant.

flycd · 24-05-2021 1:10pm

Anyone else invested in iban wallet?

I used to get emails twice monthly with topup offers but they haven’t come since 9th February. Anyone else in the same boat, or have they knocked me off their mailing list?

P2P Lending

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