Meet The Team: Collections
When it comes to money, the word ‘Collections’ can be pretty scary – but here at Kuflink, our cheerful Head of Collections Nattalie is anything but! Take a glimpse at how her department operates in our latest ‘Meet the Team’…
What is your role at Kuflink?
In short, we are here to ensure our borrowers repay their loan! In the collections team we keep track of all loan payments, chase payments and recover debt if need be.
What does a typical day look like for you?
A typical day usually consists of checking on any incoming payments, adding or updating the borrowers loan profile on our system, chasing delayed payments and liaising with solicitors.
I’m also one of the Directors here, so I’m a part of the credit committee and have responsibility for helping to vet and approve new loan applications.
Which teams do you work with the most?
I’m in regular contact with almost all other teams, and I don’t think there is one internal team we work with more than another. We work alongside different teams for different reasons, such as passing information to marketing so that they can update our investors or speaking with cases to keep track of new loans.
I also keep a great relationship with solicitors, who help us and our borrowers to communicate more effectively.
What skills do you need to make a good collections officer?
We deal with numbers all day, so you’d have to be good at maths. You also need to understand risk and be able to look at new enquiries with a ‘common sense’ approach – if it seems too good to be true, it probably is.
Collections can obviously be quite a sensitive job, so I think it’s also important to be firm but fair.
What is the biggest challenge you face in your role?
I’m sure we’re all tired of hearing it, but Brexit uncertainty really is the biggest factor weighing on the housing market right now. Buyers and sellers are hesitant to act until we know more about what’s going on, so we have to factor that in to all our decisions.
What do you love about your job?
That’s easy: when a loan repays in full, the satisfaction that my job has been done!
Get to know the people behind your investments with our new weekly ‘Meet the Team’ posts. Have a question you’d like us to ask? Email your suggestions to hello@wp1www.kuflink.com
Warwick Crescent: Sneak Peek
Each time you lend to a deal on the Kuflink platform, you’re not only earning fantastic returns but also helping to fund an exciting business project somewhere in the UK.
Since we released the first tranche of Warwick Crescent way back in January 2018, you guys have been eagerly supporting our borrower each step of the way. We’re now just a few months away from completion, and wanted to share the amazing progress your funds have facilitated so far…
Let us refresh your memory
Warwick Crescent is a brand-new waterfront housing development of 9 high spec, 4-bedroom homes, all complete with their very own private garage, driveway and garden. It is based in the historic Kentish town of Rochester and has an anticipated gross development value of £5,075,000.00.
From hard work, to house, to home
As of 15th January 2019, independent valuers certified that works to the value of circa £2,291,000.00 have taken place on site. So, what does a little over two million pounds get you when you’re constructing a brand new housing development?
- We started with a vacant site, that had been cleared ready for works to start
- First up, the access road was resurfaced, drainage installed and foundations laid for all nine properties
- Structural brickwork was then completed and roof structures added for all nine properties
- Next, the houses were made wind and water tight
- The builders then set about finishing the first fix of electrics and plumbing
- In February 2019, the homes were finally listed for sale!
No stopping us now!
Thanks to a bout of bad weather, our clients had to adjust their construction program with a slightly later completion date. However, after a lot of hard work, they are now approximately 3 weeks in front of their adjusted program!
Like this development as much as we do? Keep your eyes peeled for more exclusive opportunities to invest in Warwick Crescent, coming soon
Managing Tax For Your Investments
Even the simplest of investments can be a lot to get your head around at first – we understand that.
Most of us focus on learning the risks and rewards on offer and, whilst that’s a great place to start, it’s really important that you don’t forget about tax. As with all income, you may have to pay tax on the returns you earn from your investments.
Thankfully, it’s not as difficult as you might think!
Here’s our quick guide to managing tax for your Kuflink investments…
You Have A Personal Allowance
Thanks to your Personal Savings Allowance, you may not need to pay any tax at all on your investment income. The amount of allowance you have depends on your income tax bracket:
Basic rate tax payer – £1,000
Higher rate tax payer – £500
Additional rate tax payer – £0
This means that if you are a basic rate tax payer, you could earn up to £1,000 in interest from your Kuflink investments before you need to start paying tax.
Earned More Than Your Allowance?
Clever you! For the income you do need to pay tax on, the following amounts will apply:
20% income tax if you are a basic rate taxpayer
40% income tax if you are a higher rate taxpayer
45% income tax if you are an additional rate taxpayer
Our Innovative Finance ISA Pays Tax-Free Returns!
Kuflink’s IF-ISA lets you use your annual ISA allowance to invest in peer to peer opportunities and earn up to 7% interest pa*, completely tax free. For the 2019/20 tax year, that means you can invest up to £20,000 and keep every penny you earn!
Ultimately, your tax liabilities are dependent on your individual circumstances. All investments are subject to HMRC requirements and if you are in any doubt as to your responsibilities, you should seek independent advice.
*Capital is at risk, not covered by the FSCS.
Kuflink launches secondary market
Peer to peer lending platform Kuflink has launched a secondary market to provide liquidity for investors in their property-backed loans.
Staying power
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https://www.kuflink.com/wp-content/uploads/2020/12/Staying-power-_-Peer2Peer-Finance-News.pdf
Kuflink’s ‘Practical, Common Sense Approach’ Funds Complex Deal
“Throughout the process Kuflink were contactable, honest and worked through every issue alongside us to get the result that the client needed.”
– Loans Warehouse
At A Glance
Location: Forest Hill SE23
Loan amount: £217,920
Term: 6 months
Purpose: To repay money borrowed to purchase the security
Security: 1st Legal Charge on a Commercial Property – garage workshop, MOT testing bay, reception, office and a small yard to the front
Loan to Value: 65% LTV
How Kuflink Helped
The Kuflink Bridging team was recently approached by Loans Warehouse with a complex, time-sensitive client that urgently needed funds to repay existing indebtedness. Christmas was only weeks away and the client was worried that no lender could complete fast enough to help them. The client is an experienced property professional who is currently in talks with the council to secure planning permission in order to convert the commercial security into seven residential properties.
Kuflink took the time to carefully assess the application and find an affordable solution for the borrower that not only provided fast funding, but also took a weight off their mind and meant they could enjoy Christmas without worrying about business!
Feedback from Loans Warehouse
“When I first picked up this case, I knew that it was going to be a difficult deal to complete, as the purchase of the property was dragged out over a few years and included so many different parts that it was difficult to comprehend. The client needed to complete a refinance of the property to repay existing debts before Christmas and thought that it could not be done due to the complicated situation.
I cannot praise Kuflink enough for their practical, common sense approach to lending that took a very complicated case and completed it in a relatively short timespan. The importance for a lender to be able to take a view on a project and see it for what it is, rather than rejecting a deal based on a tick box, cannot be reiterated enough. Throughout the process Kuflink were contactable, honest and worked through every issue alongside us to get the result that the client needed.”
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7 Top Peer-to-Peer Finance Blogs
As the UK peer-to-peer industry continues to boom, it can be difficult to stay abreast of all the latest news, offers and products. However, lucky for investors, there are a number of dedicated blogs that do the hard work for you! Kuflink has scoured the internet to bring you 6 of the best industry influencers, making it easy for you to grow your peer-to-peer portfolio as well as your money:
Explore P2P publishes essential updates and interesting interviews from a huge variety of European platforms. They regularly catch up with CEOs to discover the specific benefits each platform offers, such as their recent interview with Kuflink’s very own Narinder Khattoare!
- Interviews with renowned CEOs
- Industry analysis reports
This blog is great for those with some existing knowledge of P2P, and its international lending volume analysis makes it easy to map what’s going on across the industry. P2P Banking is always quick to cover any big platform news, so it’s worth keeping an eye on their page to make sure you’re in the know!
- International lending volume analysis
- Latest peer-to-peer industry news
The Kuflink blog offers a unique mix of P2P news, property market updates and easy-to-read guides to investment trends such FinTech and cryptocurrencies. Whether you’re an experienced investor or just starting out, head over to Kuflink for user-friendly articles that offer simple tips to make your money work harder for you!
- Easy-to-read investment guides
- Breaking peer-to-peer, property and investment news
If you’re always on the lookout for cashback deals and special offers, P2P blog could be your new go-to site! They share the best opportunities from across the industry, as well as being a great source of information to learn about Innovative Finance ISAs.
- Special offers
- Everything you need to know about IF-ISAs
P2P Finance News posts frequently and covers a wide range of topics, which makes it a favourite of P2P enthusiasts! It’s a great blog for those who like ‘the bigger picture’ and detailed explanations of how things impact the P2P market.
- Frequent posts
- In-depth explanations of the market
To give readers an insight in to how each platform works, P2P money publish emails from different lenders, so it’s easy to imagine being a customer of several platforms before you commit. They’re also quick to share news of offers and tips for optimising your investments.
- See how platforms communicate with their investors
- Up-to-date with product launches
P2PMarketData offers a fresh and detailed view of the P2P market through its statistical analysis. This is the perfect blog for anyone with a keen eye for number-crunching as well as a proclivity for the international lending market.
Sign up to Kuflink today to view exclusive property-backed investment opportunities and earn up to 7.2% interest pa gross! *
*Capital is at risk. Rate correct as of March 2018. You should seek independent financial advice.