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  • jamesd
    Some might be interested in the current good supply of loans on the Ablrate secondary market. Nine loans at or below original issue price and a few more not much above it. A nice chance to get a fairly diversified start.

    It's unlikely that any of the loans will be bought from me, though maybe it'll help any future sales I might want to make.
    • MoneySavingUser
    • By MoneySavingUser 22nd Sep 16, 9:32 PM
    • 1,508 Posts
    • 600 Thanks

    1. the ultimate borrower was described as an individual when it was in fact a limited company
    Originally posted by jamesd
    Doesn't look like this has been mentioned but the linked company (Eco Warrior Resorts Ltd) is in administration!

    Looks like Lendy Limited asked for them to put into administration. Lendy Ltd being the company that runs Saving Stream.
  • jamesd
    Yes, if I recall the discussions correctly the three non-Lendy owners of the limited company started trying to wind it up at about the same time as three relatives formed a new company of similar nature. My guess is that they would try to buy the place out of administration for a price lower than the amount advanced in the loan and maybe even lower than the price the first firm paid for it. Apparently an offer has been made by someone but it's not known who. More ... less than desirable stuff .. if it turns out that it is the new limited company set up by the relatives.

    On the more positive side of things, Ablrate's new developer team is in place and doing assorted updates to the platform at the moment.
    Last edited by jamesd; 13-10-2016 at 8:11 PM. Reason: typo
    • smjxm09
    • By smjxm09 9th Oct 16, 7:30 AM
    • 442 Posts
    • 125 Thanks
    Zopa V Ratesetter - micro loans
    I have read that Zopa basically puts investors money into a big pot and then lends it out in many loans to spread the risk but does Rate Setter do the same? Reading their blurb it seems to be the case that an individual lending money is matched to a borrower. Is that really the case or am I missing something?
    • Froggitt
    • By Froggitt 9th Oct 16, 10:20 AM
    • 5,730 Posts
    • 3,033 Thanks
    I think Zopa divide your stake into 100 portions and then match with other investors to a borrower.

    Ratesetter appear not to do so, so all your money may end up with one borrower. However, they still have the contingency fund if that borrower goes down. If the contingency fund is overwhelmed and goes down, they then put ALL loans into runoff, and everyone then gets a share of any losses.
    illegitimi non carborundum
    • DavidJS
    • By DavidJS 13th Oct 16, 7:51 PM
    • 1 Posts
    • 0 Thanks
    I have some money lent through RebuildingSociety over the last 12 months and I am disappointed. I lent on 25 loans of which three have gone belly up - 2 after only 1 and 2 repayments being made, and currently 3 more are suspended from trading. I have "sold off" all the others and hope I get something back from the bad and suspended loans but I do not hold my breath.
    I am happy with Saving Stream(even with the Garden Centre fiasco) and Moneything and Ablrate. I also have money with Funding Circle and Zopa although I am gradually withdrawing from these.
    • verybigchris
    • By verybigchris 17th Oct 16, 7:04 PM
    • 335 Posts
    • 389 Thanks
    RateSetter have messed up again - 7pm and repayments due this morning still haven't been paid, and judging from the thread on p2pindependentforum I'm not the only one.

    This sort of thing is happening far too often with RS.
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