Latest platform update
I’d like to wish you a Happy New Year from all of us at Octopus.
Here’s the latest update on Octopus Choice, this month addressing our progress on returning money to investors, an update on investment performance and a reminder of how to automate monthly cash withdrawals or make an ISA transfer.
Returning Invested Money
Borrowers continue to repay loans to Choice investors, returning £12m in November, £11m in December and, so far, £2m this month. In total, since Choice suspended investment trading and lending last March, over £70m of money invested into Choice has been returned to investors. This is more than 25% of the total money invested at that time.
We have also been exploring alternative ways to return more money to investors, without waiting for each borrower to repay their loan. As soon as we have any confirmed steps, I will be in contact with you to provide further details.
I’ve previously written about payment holidays, which were initially made available last March in line with government legislation and FCA guidance.
108 Choice borrowers took a payment holiday, mostly for three months. We have worked hard with each borrower to recover the outstanding interest and as of today, 47 have fully caught up their payments (a total of £650,000 in interest due to Choice investors) while 37 are in the process of catching up. Only two borrowers have an ongoing payment holiday.
As soon as borrowers in your portfolio restart interest payments following a payment holiday, you will start receiving corresponding interest payments.
Bank details and ISA holdings
Providing we have your up-to-date bank details, we can automatically pay all available cash each month to your bank account.
You can view and edit your bank details by navigating to ‘My Account’, followed by ‘Your Account’ (this can be found at the top right of the page).
Please note that if held within an ISA, once funds are paid out, they will be deemed to have left the ISA wrapper. You can initiate an ISA transfer to another ISA provider at any time. To do so, please contact your chosen ISA provider who will outline the necessary steps (we cannot initiate an ISA transfer, the instruction needs to come from your chosen ISA provider).
Some risks to keep in mind