Peer-to-peer lending sites: MSE guide discussion

takesyourchances

:rotfl:

fun4everyone wrote: »

:rotfl::rotfl::rotfl:that'll be 60K please for that :T

takesyourchances

Is it correct the administration for Collateral ends in April 2019? this was posted in reply to another poster on the p2p forum.



"Only if you consider years to be another 6 months. Administration ends in April 2019 and they dont plan to extend it".

Malthusian

I haven't read the administrator's report, but if I understand correctly, when the administration period ends the proposal is to move into liquidation.

So if you think that means you will get your money back (whatever is left) by April 2019 that's not the case. By April 2019 the administrators propose to move to liquidation, i.e. selling whatever can be sold and returning whatever is left after paying the administrator's fees to creditors.

But I'm going by second hand reports so I could be wrong about the timescale.

During the administration period the administrators establish the assets and liabilities and consider whether there are better options than liquidation, e.g. to sell the business to another, or keep it as a going concern. If there are no better options the adminstration proceeds to liquidation, which is when the fire sale starts.

masonic

Malthusian wrote: »

During the administration period the administrators establish the assets and liabilities and consider whether there are better options than liquidation, e.g. to sell the business to another, or keep it as a going concern. If there are no better options the adminstration proceeds to liquidation, which is when the fire sale starts.

As I understand it, other options have already been discounted and the Creditors Committee has approved the Administrators' proposal to move into liquidation when they have sufficient information to be able to do so.

AdrianC

Malthusian wrote: »

I haven't read the administrator's report

Nor, it seems, have most of the paranoid shriekings.

But I'm going by second hand reports so I could be wrong about the timescale.

No, you're bang on. And the report explains that, as well as explaining that process has always been the case, and was formally deemed to be agreed by investors and creditors in July.

elephantrosie

so sad about this

Nardge

Apologies for going off topic, but I'd welcome confirmation by one of the p2p Big Guns here!

In the context of p2p, both 1) Referral Bonuses AND 2) Cashback are taxable - unless absorbed into an ISA?

Thanking you in advance,

Kind Regards

AdrianC

I'm neither a "big gun" nor a tax accountant. But that's my understanding.

Nardge

AdrianC wrote: »

I'm neither a "big gun" nor a tax accountant. But that's my understanding.

Thanks!

By "Big Gun" I mean one of the regular names that has cropped up on this thread repeatedly for many years...
I largely take for granted that you know what you're talking about, you included...

masonic

Nardge wrote: »

In the context of p2p, both 1) Referral Bonuses AND 2) Cashback are taxable - unless absorbed into an ISA?

Cashback (a discount or partial refund applied to a purchase) is not taxable. Referral bonuses, however, would normally be taxable income. There has been discussion in the referrer's board about people splitting referral bonuses with people they refer and not leaving enough for themselves to satisfy their tax liability.