Peer-to-peer lending sites: MSE guide discussion

fun4everyone

economic wrote: »

Dont forget the one canary in the mine is that when you get a mass exodus away from P2P, this increases chances of platform failures across the board, by a LOT.

I agree. I diversified my money across many p2p platforms but now I am worried about withdrawing from them all.

economic

I guess it does look very bad. If it really is a server upgrade surely the least that is done is that they post something on the independent forum or email everyone etc. It does look really dodgy indeed. Oh well, that's my £250 gone probably.

fun4everyone

economic wrote: »

Oh well, that's my £250 gone probably.

I am holding out hope that money fully invested in drawn down loans will just be passed to another admin.

What I am concerned about is cash in the account + money allocated to loans that had not been drawn down yet. I think according to their t&c plus lack of full FCA authorisation they could get their grubby hands on that money. I did have a small amount in this situation, but thankfully? most of my money was invested in active loans.

Adding fuel to the fire, collateral had several, very large, loans that were partially filled but not drawn down at the time they went offline.

takesyourchances

economic wrote: »

Yeh. The fact that the site says they are upgrading servers gives me some hope. But the fact they have been so good before and now they seem to ignore people who called in is very worrying.

So i am not sure if all this is just scaremongering or if it is genuinely something to worry about. 50-50 at this stage.

Totally agree, I am with you on it is 50 - 50 at this stage. A business not updating their investors who can't even log in to their account that holds sums of their invested money is going to get a hard reaction online. Lets hope for all this gets resolved.

takesyourchances

fun4everyone wrote: »

I am holding out hope that money fully invested in drawn down loans will just be passed to another admin.

What I am concerned about is cash in the account + money allocated to loans that had not been drawn down yet. I think according to their t&c plus lack of full FCA authorisation they could get their grubby hands on that money. I did have a small amount in this situation, but thankfully? most of my money was invested in active loans.

Adding fuel to the fire, collateral had several, very large, loans that were partially filled but not drawn down at the time they went offline.

I had no new money in Collateral loans for a while, the Bolton loan had enough of my funds and it was struggling like mad to fill the latest loans with 15% and I think cashback too. I was wondering at this point was bolton going to default soon or something.

Biggles

08:45 today: an Update telling us there will be an Update. Hmm.

COLLATERAL UPDATE

An update is being prepared and will be emailed to all lenders later today.

Thanks for your patience,
The Collateral Team

keyboardworrier

Biggles wrote: »

08:45 today: an Update telling us there will be an Update. Hmm.

COLLATERAL UPDATE

An update is being prepared and will be emailed to all lenders later today.

Thanks for your patience,
The Collateral Team

At least they haven't done a runner! The update will be interesting, hopefully they've just experienced a minor issue.

Biggles

keyboardworrier wrote: »

At least they haven't done a runner! The update will be interesting, hopefully they've just experienced a minor issue.

Well, we don't know that, it may just be a 'So long and thanks for all the fish' update.

Farmer_Palmer

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.

Its likely the rep stopped posting as a result of some lets say "unsavoury" attention from one of the moderators on there, the only platform who he doesn't really pick on is Assetz, of which he is a shareholder.

takesyourchances

Still no update past 5pm from Collateral, seems to be pointing to serious issues. I am starting to think the early morning short update from Collateral was a further delaying tactic. May come yet, but past normal business hours.

Others who hold in other platforms as well, has this whole experience so far changed how you will hold P2P with others?

See Ablrate have a property related loan up today, with my fill of property and defaults on MT and this Collateral mess, I am out on this one

I will have a think over the rest of my P2P, I am inclined to start to raise my stocks and shares more, P2P was creeping up in investment overall.

I will not hold my breath on a Collateral update tonight, but never know and I suspect it won't be server updates either.