P2P Lending

feelings · 22-12-2022 10:32am

Viventor has gone into insolvency, although it was flagged in early December. I presume to dodge any legal action.

feelings · 04-01-2023 1:25pm

Lenndy update - First Finance/SOS Credit insolvency has been approved. Creditors started getting emails yesterday. Looks like investors won't get very much back. 340k pot for nearly 12 million claim - ouch!

RCSATELLITES · 14-01-2023 6:16pm

Hi started investing in propertybridges last year. Overall experience is great. Just a quick question to anybody using them. Do you know where on the Tax return (Form 11) does this type of income go. Do my own form 11 for rental properties so know my way around it, but just can't make up my mind for propertybridges interest. Will contact revenue if can't get a clear answer.

feelings · 14-01-2023 6:30pm

https://www.boards.ie/discussion/comment/120108565#Comment_120108565

They are registered in Ireland? so I presume "untaxed income arising in the state". The interest is treated as income tax. Revenue info on P2P lending:

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-08/08-03-05.pdf

RCSATELLITES · 14-01-2023 6:42pm

https://www.boards.ie/discussion/comment/120108627#Comment_120108627

Thanks for the reply and the link. I have gone with this, which seems to be correct.

notsocutehoor · 14-01-2023 10:53pm

https://www.boards.ie/discussion/comment/120108565#Comment_120108565

I include it in 'Income from sources not shown elsewhere'

RCSATELLITES · 14-01-2023 11:57pm

https://www.boards.ie/discussion/comment/120109713#Comment_120109713

Ok thank you for the reply. What do you put in for details of Income sources? Thanks

notsocutehoor · 15-01-2023 1:21am

https://www.boards.ie/discussion/comment/120109970#Comment_120109970

PropertyBridges - it's only an explanation. Important thing is you are declaring it and it is being taxed appropriately. I think I asked someone in Revenue where I should put it backintheday.

RCSATELLITES · 15-01-2023 1:38am

https://www.boards.ie/discussion/comment/120110234#Comment_120110234

Brilliant, thanks for sharing.

feelings · 01-03-2023 10:45am

Wizz Air suspending flights in Moldova, tensions escalating in countries surrounding Ukraine. Might be time to sell off any loans in Moldova! 🤨

panoramix · 03-08-2023 6:10pm

Does anyone have any update on Grupeer?

Or how would I go about finding more about their current status?

feelings · 04-08-2023 4:52pm

Join the legal case. https://grp5612.org/

Lenndy just up and closed the website recently. Legal case ongoing.

DoFinance just closed their website this week as well. Legal case ongoing.

Did investors ever recover any funds from WiseFund or Envestio - I'm not sure if those cases are still ongoing.

Daddy Ireland · 13-08-2023 5:19pm

Anyone invest with Property Bridges ? Are they risky even though projects seem well covered through security ? Looks like just one project so far has turned sour.

Nody · 13-08-2023 7:05pm

https://www.boards.ie/discussion/comment/120973265#Comment_120973265

Ask yourself why are the projects borrwing from P2P at a higher rate rather than from a bank? Because the bank has turned them down in the first place. Hence do you feel comfortable to lend out money to a project that a bank has turned down for being to risky (or the investor refusing to accept the required collateral/interest rate)? If so; go right ahead.

RCSATELLITES · 13-08-2023 9:16pm

Look what happened to Banks, Insurance Companies and so on during the last recession. Do you avoid all of them now?

RCSATELLITES · 13-08-2023 9:27pm

https://www.boards.ie/discussion/comment/120973265#Comment_120973265

Your first question is does anyone invest with Property Bridges. So far no one has said they have.

So I will give you an honest answer, yes I do invest with them for the past 2 and half years. I find the platform great, they are very helpful when I contact them. The projects have all information needed for you to make your own financial decisions. There is risk involved but that goes with everything these days. I receive interest every 3 months in my account. I was paid back in full for 3 projects so far and sent my money back to my personal bank account within 2 days.

So projects are development and some are bridging loans.

They secure the loans against the land or other properties the borrower might have. They use a first fixed charge, like any bank does on a mortgage.

You pay income tax on the interest earned, file with with a form 11 or 12 depending on your own situation.

You can start off with €500 and see how it goes.

The old saying for any investments are don't invest money that you can't afford to lose.

Hope this helps.

notsocutehoor · 17-08-2023 7:56am

https://www.boards.ie/discussion/comment/120973265#Comment_120973265

I also have invested with them, pretty much from the beginning, and have found them very professional so far, as you say just one project turned partially sour, the LTV is generally pretty good which should give one some confidence. Needless to say I wouldn't be putting all my eggs in that particular basket but a useful and interesting (I can go round and look at how my money is coming along in the construction) odd egg hatcher nonetheless.

P2P Lending

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