Peer-to-peer lending sites: MSE guide discussion

fun4everyone

Anyone have money on collateral? The website is down for "upgrades" but it's been over 24hr now with no response at all from collateral themselves, several worried people on the p2p forum.

http://p2pindependentforum.com/thread/11802/platform-phone-answer

takesyourchances

fun4everyone wrote: »

Anyone have money on collateral? The website is down for "upgrades" but it's been over 24hr now with no response at all from collateral themselves, several worried people on the p2p forum.

http://p2pindependentforum.com/thread/11802/platform-phone-answer

Yes, I have money in collateral too, of course with today, goodness knows what is going on, I saw the homepage today never thought much else. Skimmed that topic a lot are worried, strange no update though in the email about their web site.

Guess lets see what happens, this is all making the recent stock drip look easy this :)

fun4everyone

takesyourchances wrote: »

Yes, I have money in collateral too, of course with today, goodness knows what is going on, I saw the homepage today never thought much else. Skimmed that topic a lot are worried, strange no update though in the email about their web site.

Guess lets see what happens, this is all making the recent stock drip look easy this :)

I also have money in collateral. It's not just today, the site's been offline since yesterday. If you look closer there are other bad signs. The rep stopped posting detailed replies a month ago for one. Fingers crossed.

economic

Thats another risk people should be aware of - platform risk. Remember the only thing the owners of the platforms care about is their profits. Us the lenders are second class to them. So be very careful about investing with any of these platforms.

I have a defaulted loan with MT, less then £100. I was expecting to get paid back this money mid-Feb but they keep delaying things, no idea why. I have a performing loan with Collateral, around a few hundred quid. It was expected to be paid by end of the month, with one more day to go and the site down i am not holding my breathe.

I just want the little money i have with MT and collat and want to just close my accounts with them. All this monitoring is a waste of time, just not worth the effort.

takesyourchances

fun4everyone wrote: »

I also have money in collateral. It's not just today, the site's been offline since yesterday. If you look closer there are other bad signs. The rep stopped posting detailed replies a month ago for one. Fingers crossed.

I read the whole topic there, it is all very strange and there is bad signs. Any wonder people are wondering with no updates if it is just web site problems, this is not good. Fingers crossed indeed.

takesyourchances

economic wrote: »

Thats another risk people should be aware of - platform risk. Remember the only thing the owners of the platforms care about is their profits. Us the lenders are second class to them. So be very careful about investing with any of these platforms.

I have a defaulted loan with MT, less then £100. I was expecting to get paid back this money mid-Feb but they keep delaying things, no idea why. I have a performing loan with Collateral, around a few hundred quid. It was expected to be paid by end of the month, with one more day to go and the site down i am not holding my breathe.

I just want the little money i have with MT and collat and want to just close my accounts with them. All this monitoring is a waste of time, just not worth the effort.

Yes that is the other thing, platform risk. Goodness knows what the coming days will bring, between MT defaults and Collateral I have a fair chunk in. Will see what happens.

Have to say, I am getting a bit fed up with all this monitoring too and large development loans and I can take the swings of the stock market as I don't need to worry about some of these types of issues either.

I managed to get £200 returned in MT today in some loan sales, I have withdrawn that and it'll be going into my S&S ISA.

Fingers crossed Ablrate keeps on track, MT and Collateral today has been enough

fun4everyone

It's a fair point about platform risk.

I did consider that myself when I got into p2p and spread my money around many sites. Still have a decent chunk in collateral sadly. I did think they seemed OK I have to admit. Beginning to get fed up with the whole p2p thing as well and this could be the start of me withdrawing my money.

keyboardworrier

I didn't even realise Collateral was down until reading this thread. It's very unprofessional of them not to let people know what is going on. If the site returns I will be trying to sell my loan parts ASAP (And I have a feeling I won't be the only one!) I just hope there's enough willing buyers.

takesyourchances

fun4everyone wrote: »

It's a fair point about platform risk.

I did consider that myself when I got into p2p and spread my money around many sites. Still have a decent chunk in collateral sadly. I did think they seemed OK I have to admit. Beginning to get fed up with the whole p2p thing as well and this could be the start of me withdrawing my money.

My P2P money is spread on several platforms, but I have a good shuck in Collateral. They did come across as professional to me and were highly thought of at one stage on the P2P forum.

It is starting to become a bit of hassle of of this. I was running MT down anyway with all the property, Collateral hopefully it comes back. Worse case, I will just write it off what else can we do, hopefully does not reach that stage.

takesyourchances

keyboardworrier wrote: »

I didn't even realise Collateral was down until reading this thread. It's very unprofessional of them not to let people know what is going on. If the site returns I will be trying to sell my loan parts ASAP (And I have a feeling I won't be the only one!) I just hope there's enough willing buyers.

I was not aware either to be honest, I was looking at the defaults on MT, that seems the least worry now Hopefully they come back and it is not what people are left wondering. Very unprofessional if they are in business still. Fingers crossed on it all.