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P2P Lending

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Comments

  • #1002
    sk8board
    Registered Users, Registered Users 2 Posts: 3,402 ✭✭✭sk8board


    It’s amazing the change in platform behaviour and especially transparency in the past few weeks, as they all realise they are only one mess-up away from a run on funds and bankruptcy.

    One thing for sure, the market is self-regulating more in the past 2-3 months that ever before, which is welcome.


  • #1003
    sk8board
    Registered Users, Registered Users 2 Posts: 3,402 ✭✭✭sk8board


    (Duplicate post)


  • #1004
    One More Toy
    Registered Users Posts: 3,813 ✭✭✭One More Toy


    Just on the issue of tax, I'm already self assessed due to being employed but also have a sole trade side gig

    Is it just a case of having another case 1 income on my tax return annually? I assume bad debts are allowable expenses? Ty


  • #1005
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    One More Toy wrote: »
    Just on the issue of tax, I'm already self assessed due to being employed but also have a sole trade side gig

    Is it just a case of having another case 1 income on my tax return annually? I assume bad debts are allowable expenses? Ty
    Dunno about the sole trade part, bad debts are tough luck as far as i know.


    https://www.boards.ie/vbulletin/forumdisplay.php?f=1208


    Ask there if you don't get an answer.


  • #1006
    sk8board
    Registered Users, Registered Users 2 Posts: 3,402 ✭✭✭sk8board


    FFVII wrote: »
    Dunno about the sole trade part, bad debts are tough luck as far as i know.


    https://www.boards.ie/vbulletin/forumdisplay.php?f=1208


    Ask there if you don't get an answer.

    ‘Losses’ means you filed a loss for the full tax year, while a bad debt is an individual intra year loss, but you may have still made a profit for the year overall


  • #1007
    Supercell
    Registered Users, Registered Users 2 Posts: 15,483 ✭✭✭✭Supercell


    I had been taking my money out of Envestio as soon as my loans matured. Still had €1196 which is obviously gone forever now. Its pretty upsetting but I could see this a mile off but still got suckered in. Is there any way to offset this loss against tax somehow that anyone knows of?
    https://www.loughlinstown.ie/

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • #1008
    sonyvision
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭sonyvision


    Started peer 2 peer journey with Mintos in 2016 will small amounts. I was up to €5k at one point. Over the last 12 months have been withdrawing funds to invest in a SAYE scheme through work.

    Currently have 700-800 invested for up to 24 months, some of the loans were 50months and still paying back nicely. When they are finished I will be stepping away all together.

    My experience has been very positive little defaults 60 day buy back always working but potentially been lucky.


  • #1009
    One More Toy
    Registered Users Posts: 3,813 ✭✭✭One More Toy


    Supercell wrote: »
    I had been taking my money out of Envestio as soon as my loans matured. Still had €1196 which is obviously gone forever now. Its pretty upsetting but I could see this a mile off but still got suckered in. Is there any way to offset this loss against tax somehow that anyone knows of?

    Probably write it off as a bad debt under your tax return? Ask the guys at tax


    I'm starting my journey with mintos, I aim to invest no more than 1 per cent of my net worth in it


  • #1010
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    That's a pity Supercell. Are you going to bother joining the legal case?
    Supercell wrote: »
    I had been taking my money out of Envestio as soon as my loans matured. Still had €1196 which is obviously gone forever now. Its pretty upsetting but I could see this a mile off but still got suckered in. Is there any way to offset this loss against tax somehow that anyone knows of?


  • #1011
    Shelflife
    Registered Users, Registered Users 2 Posts: 3,075 ✭✭✭Shelflife


    Im open to correction on this, but atm this is how Im treating my Envestio default.


    Figures are examples only.

    Mintos Total invested 10,000 interest 1000 Current value 11,000

    Grupeer Total invested 5,000 Interest 500 Current value 5,500

    Peerberry Total invested 4000 Interest 400 Current value 4,400

    Linked Total Invested 10,000 Interest 800 Current value 10,800

    Envestio Total invested 1000 Interest 200 Current value 0


    So Total invested at start of year = 30,000 value at end of year 31,700 so Income from P2P is €1,700

    I've effectively taken the interest for the year of €2700 and written off the initial investment of €1,000 that was lost in Envestio giving a net income of €1,700 which I will declare to revenue.

    In the unlikely event of any getting any money back from Envestio I will declare that as income in the tax return for the year that I get it.


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  • #1012
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    Shelflife wrote: »
    Im open to correction on this, but atm this is how Im treating my Envestio default.


    Figures are examples only.

    Mintos Total invested 10,000 interest 1000 Current value 11,000

    Grupeer Total invested 5,000 Interest 500 Current value 5,500

    Peerberry Total invested 4000 Interest 400 Current value 4,400

    Linked Total Invested 10,000 Interest 800 Current value 10,800

    Envestio Total invested 1000 Interest 200 Current value 0


    So Total invested at start of year = 30,000 value at end of year 31,700 so Income from P2P is €1,700

    I've effectively taken the interest for the year of €2700 and written off the initial investment of €1,000 that was lost in Envestio giving a net income of €1,700 which I will declare to revenue.

    In the unlikely event of any getting any money back from Envestio I will declare that as income in the tax return for the year that I get it.

    Someone around here said you can't do that so check. You don't want those revenue dickheads coming in a few years.

    Big fish get a pass, you won't.


  • #1013
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,419 Mod ✭✭✭✭Jim2007


    Shelflife wrote: »
    So Total invested at start of year = 30,000 value at end of year 31,700 so Income from P2P is €1,700

    And this is a bumper year for stocks... being charitable, if you had put the 30k in say the F&C Investment Trust PLC, a typical investment for average joe - you'd be sitting on about 33,750 or so... The opportunity cost of taking on extra risk: -2,050!


  • #1014
    sk8board
    Registered Users, Registered Users 2 Posts: 3,402 ✭✭✭sk8board


    Jim2007 wrote: »
    And this is a bumper year for stocks... being charitable, if you had put the 30k in say the F&C Investment Trust PLC, a typical investment for average joe - you'd be sitting on about 33,750 or so... The opportunity cost of taking on extra risk: -2,050!

    What’s next weeks top gaining stock from the major indices?


  • #1015
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Mintos mobile app is now live in the play/app store. Yippee :rolleyes:


  • #1016
    One More Toy
    Registered Users Posts: 3,813 ✭✭✭One More Toy


    Clara Sparse Windbreak wrote: »
    Mintos mobile app is now live in the play/app store. Yippee :rolleyes:

    Not working for me, won't let me past the login it just freezes

    Edit: finally worked, not much you can do via the app yet you can't invest for example


  • #1017
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Has anyone managed to get clarification from Lendermarket on why Irish residence cannot invest on the platform?


  • #1018
    mike_cork
    Registered Users Posts: 602 ✭✭✭mike_cork


    Clara Sparse Windbreak wrote: »
    Has anyone managed to get clarification from Lendermarket on why Irish residence cannot invest on the platform?

    Nope, they gave no indication on why.
    Its especially weird considering they are HQ'D in Dublin


  • #1019
    ganmo
    Registered Users, Registered Users 2 Posts: 7,748 ✭✭✭ganmo


    mike_cork wrote: »
    Nope, they gave no indication on why.
    Its especially weird considering they are HQ'D in Dublin

    maybe they don't want ppl who would be able to sue them easily investing?


  • #1020
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    For anyone invested in PeerBerry, are you seeing as much cash drag as I am lately? There are plenty of loans available when I log in and I end up having to invest manually. Bit of a PITA.

    Also, I came across a post on the p2pindependentforum. It lists the financials* of the Aventus Group of companies (link). The information does not come from an official source. I have fired PeerBerry an email to see if they'll confirm the information.


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  • #1021
    Shelflife
    Registered Users, Registered Users 2 Posts: 3,075 ✭✭✭Shelflife


    No problem with me, fully invested.


  • #1022
    Timmaay
    Registered Users, Registered Users 2 Posts: 11,394 ✭✭✭✭Timmaay


    18 hrs from hitting withdraw on my Bondora go and grow to back into my bank account, not bad.


  • #1023
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Why did you exit the go and grow timmaay


  • #1024
    Timmaay
    Registered Users, Registered Users 2 Posts: 11,394 ✭✭✭✭Timmaay


    Mix between needing afew quid in my current account, and putting more into stocks to take advantage of the current drop.

    All in all its a very quick process to send money to bondona from my debit card (basically instantly), and then withdrawing back to my account, so moving forward I'll use it for when I have any surplus money that I will need in the medium term.


  • #1025
    One More Toy
    Registered Users Posts: 3,813 ✭✭✭One More Toy


    Has anyone had any problems with mintos deposits?

    I made a transfer on Friday night and it still hasn't appeared in my account. Previous deposits have went through fine, almost same day


  • #1026
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    One More Toy wrote: »
    Has anyone had any problems with mintos deposits?

    I made a transfer on Friday night and it still hasn't appeared in my account. Previous deposits have went through fine, almost same day

    No, but withdrawals are fine. Only one way I'm going.


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  • #1027
    One More Toy
    Registered Users Posts: 3,813 ✭✭✭One More Toy


    FFVII wrote: »
    No, but withdrawals are fine. Only one way I'm going.

    Why's that if you don't mind me asking?


  • #1028
    Lazy Bhoy
    Registered Users Posts: 215 ✭✭Lazy Bhoy


    Just had an email from Mintos saying that UK loan company Peachy has filed for administration.


  • #1029
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    One More Toy wrote: »
    Why's that if you don't mind me asking?
    Lazy Bhoy wrote: »
    Just had an email from Mintos saying that UK loan company Peachy has filed for administration.
    Thats the main reason right there.


    Secrets.


    Lazy must have loans with peachy so got an email. Nothing on the site.


  • #1030
    Lazy Bhoy
    Registered Users Posts: 215 ✭✭Lazy Bhoy


    FFVII wrote: »
    Thats the main reason right there.


    Secrets.


    Lazy must have loans with peachy so got an email. Nothing on the site.


    I actually dont have any loans with Peachy at the moment. I did have a small amount in the past (about 6 months ago). So maybe that is why I got the email.



    Like you have said, they have not posted anything in the news section on Mintos yet, which I find strange.


  • #1031
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Amazingly, you can still sell them on the secondary market at the moment.

    Get rid of those Peachy loans on the secondary market quickly!

    Thankfully didn't have any thanks to explore P2P ratings.


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  • #1032
    Lazy Bhoy
    Registered Users Posts: 215 ✭✭Lazy Bhoy


    Clara Sparse Windbreak wrote: »

    Thankfully didn't have any thanks to explore P2P ratings.


    That's exactly why I got rid of them a few months back too.


    I was scaling down my portfolio after the last couple of loan originators went bust and Peachy was one of the first I sold off. I only had a small amount with them anyway but I got rid of them and the other lower ranked LO's on P2P ratings.


  • #1033
    Timmaay
    Registered Users, Registered Users 2 Posts: 11,394 ✭✭✭✭Timmaay


    Only got 2 loans worth 80e in peachy, threw them up on the 2ndry market with a 1% discount, will see how quickly they shift.

    I took out some of them 18% Russian loans in rubles afew weeks ago, exchange rate was 69rub to the euro then, got to 76rub now, so I would be loosing out big-time if I had to convert them back to euros to exit it at the min.


  • #1034
    Salvadoor
    Registered Users Posts: 278 ✭✭Salvadoor


    Lazy Bhoy wrote: »
    Just had an email from Mintos saying that UK loan company Peachy has filed for administration.


    Didn't get that email - was it only sent to investors with Peachy loans?


  • #1035
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Mintos seem to do that alright. Only those with loans from an LO get the emails.

    LLP Z-Finance on RoboCash is gone. Another company will continue to service the existing loans.


  • #1036
    Salvadoor
    Registered Users Posts: 278 ✭✭Salvadoor


    Clara Sparse Windbreak wrote: »
    Mintos seem to do that alright. Only those with loans from an LO get the emails.


    So the buyers on the secondary market would be none the wiser then and potentially at a disadvantage


  • #1037
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    Salvadoor wrote: »
    So the buyers on the secondary market would be none the wiser then and potentially at a disadvantage

    Usually mintos stop this exact thing. They suspend secondary for LO involved.

    But now they are doing this.

    They've been asked many many many times to just put the info up and let people decide what they'll do.

    Worse it's getting.


  • #1038
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Yes.
    Salvadoor wrote: »
    So the buyers on the secondary market would be none the wiser then and potentially at a disadvantage


  • #1039
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Peachy loans now suspended on both primary and secondary markets. Mintos did a piss poor job handling the announcement.


  • #1040
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    How do you think p2p look in the a few months time, given the corona virus problem? People are going to struggle to repay their loans if they cannot get to work etc.

    I have already started to reduce my p2p portfolio. Most of my AI portfolios are now disabled.


  • #1041
    mike_cork
    Registered Users Posts: 602 ✭✭✭mike_cork


    Clara Sparse Windbreak wrote: »
    How do you think p2p look in the a few months time, given the corona virus problem? People are going to struggle to repay their loans if they cannot get to work etc.

    I have already started to reduce my p2p portfolio. Most of my AI portfolios are now disabled.
    Are you totally withdrawing from p2p?


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  • #1042
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    Clara Sparse Windbreak wrote: »
    How do you think p2p look in the a few months time, given the corona virus problem? People are going to struggle to repay their loans if they cannot get to work etc.

    I have already started to reduce my p2p portfolio. Most of my AI portfolios are now disabled.
    Wouldn't worry me.

    Most countries are making allowances.

    Check age of borrower maybe


  • #1043
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Nah, I'll keep a few k split between the platforms in my sig.


  • #1044
    Spencer Winterbotham
    Registered Users, Registered Users 2 Posts: 99 ✭✭Spencer Winterbotham


    Cash out now.


  • #1045
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    Spencer Winterbotham wrote: »
    Cash out now.

    Why?

    I see someone changed their name and bailed out off the site. Wonder what happened there


  • #1046
    Peter File
    Registered Users, Registered Users 2 Posts: 1,026 ✭✭✭Peter File


    The message I get when placing loans for sale
    "Please be aware that due to current changes of the overall market dynamics, loans submitted for the Secondary Market take longer than usual to be processed and placed. We are working to improve the speed. Possible queue time up to 30 hours, until further notice."


  • #1047
    Shelflife
    Registered Users, Registered Users 2 Posts: 3,075 ✭✭✭Shelflife


    FFVII wrote: »
    Why?

    I see someone changed their name and bailed out off the site. Wonder what happened there

    What do you mean by that FFVII ?


  • #1048
    retalivity
    Registered Users, Registered Users 2 Posts: 14,508 ✭✭✭✭retalivity


    Shelflife wrote: »
    What do you mean by that FFVII ?

    ProjectMoose appears to be gone


  • #1049
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    I didn't want to say name


  • #1050
    FFVII
    Registered Users Posts: 1,382 ✭✭✭FFVII


    Peter File wrote: »
    The message I get when placing loans for sale
    "Please be aware that due to current changes of the overall market dynamics, loans submitted for the Secondary Market take longer than usual to be processed and placed. We are working to improve the speed. Possible queue time up to 30 hours, until further notice."

    FFS, more secrets.


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  • #1051
    Peter File
    Registered Users, Registered Users 2 Posts: 1,026 ✭✭✭Peter File


    FFVII wrote: »
    FFS, more secrets.

    MINTOS!


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