Peer-to-peer lending sites: MSE guide discussion

firestone

choochootrain wrote: »

From https://www.orcamoney.com/faqs

'If Orca were to become insolvent, your funds will not be directly impacted. The funds held in your own individual Modulr Account are held in your own name at all times and all investments on underlying P2P platforms are held in your own name, not Orca's. This means that in the event of Orca failing, you still have the rights to your funds and your investments.

If Orca was to fail, you will be given the option to withdraw from your investments and have the proceeds paid back into your bank account or to take control of your accounts at the underlying P2P platforms.'

But if the funds are in your name it feels like you may as well join direct with no fee but granted some people may not want to spend the time spreading across the platforms

richardjmcdougall

Ok thanks the £100 was the only thing that tempted me, l am a bit dubious investing a lot in in the smaller p2ps with not much track record, l have kuflink autoinvest at 3.99% but thats for a year. l have lot invested with zopa. l am now running down my zopa investment a bit, whats peoples views on the safest p2p? l may well move some into another one, possibly one that has secured loans rather than all with zopa.

firestone

richardjmcdougall wrote: »

Ok thanks the £100 was the only thing that tempted me, l am a bit dubious investing a lot in in the smaller p2ps with not much track record, l have kuflink autoinvest at 3.99% but thats for a year. l have lot invested with zopa. l am now running down my zopa investment a bit, whats peoples views on the safest p2p? l may well move some into another one, possibly one that has secured loans rather than all with zopa.

With regards the £100 cashback not sure if i am allowed to do links but there are 2 long running P2P blogs Financialthing & p2pblog both who have cashback links but you don't invest through them.There is also 4thWay and the P2Pindependent forum for reviews etc.
As to what is safe is any ones guess but i have used Octopus Choice & Landbay secured on property and with what seem like investment behind them.(but who knows)
Lending Works seems more popular with some as unsecured like Zopa or RS but with provision fund etc

keyboardworrier

I was checking some P2P platform reviews and Lendy is taking an absolute battering on TrustPilot - https://uk.trustpilot.com/review/www.lendy.co.uk . They've also been cold calling investors which is extremely worrying! I personally can't wait until I get out of this platform.

[Deleted User]

I think all platforms are struggling due to defaults etc - money being side up in Collatoral, MT Defaults etc.

The amount of '1 or 2% Cashback' offers I've been emailed has been staggering

Someone emailed me 3% cashback the other day, may have been Lendy!!

I think some platforms are just dealing with the apparent shortage of investor funds/confidence in a better way than others. Not neccesarily something to be worried about - but it doesn't look great for those platforms that appear somewhat desperate!

agent69

keyboardworrier wrote: »

I was checking some P2P platform reviews and Lendy is taking an absolute battering on TrustPilot

You appear surprised

[Deleted User]

Spent a bit of time reading those reviews.... they're even worse than I expected.

I remembered the £4.2m that turned into £2m (surely the valuer is getting done for that?!). But the rest of the comments. Just wow.

Extending a loan for a YEAR.

Technically, they can - same with MT and their new rollover practice.

But ONE YEAR extra as a starting point! I'd expect a few months max.

"You can use the secondary market" hardly constitutes an exist opportunity!

shoi

Somerset_La_La_La wrote: »

...

Extending a loan for a YEAR.
Technically, they can - same with MT and their new rollover practice.
But ONE YEAR extra as a starting point! I'd expect a few months max.
"You can use the secondary market" hardly constitutes an exist opportunity!

What would you do if it was you? If you believe they will actually get the job done then why go another route, which would mean finding another developer to take over, which would create a delay of 6 months plus wouldn't it, and leave you forever vulnerable to the new developer finding new ways to blame the old one. I'm no fan of Lendy, never have been, but in this case it seems to me they have made the right call

Fatbritabroad

These property ones always seem to be the issue but at the end of the day these are high risk investment and capital is at risk although completely agree some of these practices dont look great. . One of the many reasons i only habe a few hundred in each loan atm with ablrate and the property ones ive reduced to a couple of hundred max and have diversified with lending works. Assume lendy isnt fca authorised and doesn't offer an isa?

AdrianC

Fatbritabroad wrote: »

Assume lendy isnt fca authorised and doesn't offer an isa?

They are (have to be) authorised - albeit still under interim permission.
http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=654326


IFISA after full auth.