P2P Lending

One More Toy

FFVII wrote: »

Taxed like you earned it.

https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0892018.aspx

Do mintos give an annual report showing interest earned and bad debts etc? Tia

FFVII

One More Toy wrote: »

Do mintos give an annual report showing interest earned and bad debts etc? Tia

They do. You box tick what you want and download.

They all do now I think. A few you had to request it from last year.

ct5amr2ig1nfhp

Viventor official statement here. Interesting read.

Shelflife

Good to see stuff like this coming out, let’s tell the punter that we’re not profitable yet but plan to be later this year, that it’s all part of the big picture.

That sounds so much better than someone “exposing” the fact that they aren’t making any money.

They are in the main young companies who have a lot to learn about the whole business world and the art of getting out in front of issues and explaining it on their terms rather than trying to explain the “exposè”

ct5amr2ig1nfhp

TWINO just added a new category called "Ventures" (link)

"TWINO Ventures is a investment offering by TWINO that provides broad investment opportunities in real-estate industry"

Edit: More information from TWINO. To summarize: Secured loan offerings, backed by collateral from borrower, launching later this month. First project is real estate in Latvia.

FFVII

Clara Sparse Windbreak wrote: »

TWINO just added a new category called "Ventures" (link)

"TWINO Ventures is a investment offering by TWINO that provides broad investment opportunities in real-estate industry"

Edit: More information from TWINO. To summarize: Secured loan offerings, backed by collateral from borrower, launching later this month. First project is real estate in Latvia.

Q1,
Whats repo like over there?

Shelflife

So in light of the latest update from Mintos and Viventor on Aforti , is anyone tempted in the Aforti loans on Viventor wth up to a 27% discount ?

ct5amr2ig1nfhp

I thought I posted yesterday asking the same question. There were 40% discounts on loans yesterday, my question was... is it worth the risk?

sk8board

Clara Sparse Windbreak wrote: »

Viventor official statement here. Interesting read.

I'm more surprised that their registered investors is only 7,500, with active investors being far lower.
Mintos have about 250,000 now (215k last November), and Grupeer say they have 26,000.

It makes me wonder how long those smaller platforms can survive without running out of cash or being consolidated.

Minto's biggest plus-point is its scale.

mike_cork

https://www.iuvo-group.com/en/iuvo-ceases-work-with-bbg/?utm_source=email&utm_medium=campaign&utm_campaign=en&utm_source=%5B12.09.2019%5D+EN+All+Subscribers&utm_campaign=ae7d11183d-EMAIL_CAMPAIGN_2020_02_11_03_13_COPY_01&utm_medium=email&utm_term=0_05181820d2-ae7d11183d-234568509

IUVO CEASES WORK WITH BUSINESS BANK GROUP, GEORGIA
FEBRUARY 12 2020
Iuvo ceases work with the Originator BBG due to delayed payments on the side of the Georgian company.

After a serious accident with the person in charge the company is hindered to operate with its funds and to function normally for a long period of time. As a consequence, BBG has suspended payment of its obligations towards iuvo at the moment, which is the reason for our decision.

Another factor is the complicated business situation on the non-bank lending market in Georgia, as well as the significant depreciation of the local currency. The National Bank of Georgia implemented variety of restrictions for the non-bank financial institutions, among which is an APR limit, which created serious difficulties for all companies on the market.

BBG’s share in iuvo’s wallet is minimal – under 0.4%. The investors that are directly affected are under 1.7%. All leagal measures have been taken in order to refund their invested amount. Meetings with representatives of the company are taking place at the moment to discuss the next steps.

Ivaylo Ivanov, CEO of iuvo: “We have taken all needed actions to protect the interests of our investors. Our team is here to personally answer all additional questions and to provide all affected investors with any information.”

Iuvo is the P2P platform with the strictest rules for accepting Loan Originators on its Market. As a result, the number of similar cases and their consequences are reduced to a minimum.

Iuvo started its activity in 2016, and since then has established itself as a trusted partner to over 18 000 investors from over 130 countries who have generated over 100 million Euro turnover on the platform. The average annual return of our investors is 9.2%.

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.

sk8board

(Duplicate post)

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

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.

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

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?

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.

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

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?

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.

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.

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!

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?

ct5amr2ig1nfhp

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

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

ct5amr2ig1nfhp

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

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

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?

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.

Shelflife

No problem with me, fully invested.