Peer-to-peer lending sites: MSE guide discussion

keyboardworrier

I was heavily involved with all of these defaults at one stage, then I diversified into Collateral! Out of the frying pan, into the fire.

I will be looking into corporate bonds,I am way too overexposed to P2P currently.

takesyourchances

keyboardworrier wrote: »

I was heavily involved with all of these defaults at one stage, then I diversified into Collateral! Out of the frying pan, into the fire.

I will be looking into corporate bonds,I am way too overexposed to P2P currently.

The defaults are very slow and then the Collateral situation. What I've reduced from P2P has went over to my investment trusts and I recently opened a couple of property IT's. I want to build up my income portfolio and reinvesting at the moment.

Another blow with p2p at the moment wouldn't really sit well and I'm not counting on Collateral money anytime soon or how much will ever come back and just letting it take it's course.

I'm getting on track again with my other investment goals.

taylornj

Ablrate, had problem along with others bidding for new loan. Got the bid in eventually. E-mail to say sorry.

MT mid day and no problem there, 3 new loans to same existing borrower. Bids taken first time on all three.

MT now in process of repaying 88.8% of Prestbury. There maybe more to come, waiting till finished to do some calculations.

Flobberchops

I'm getting "bidding on this loan is suspended" across the board on MoneyThing. Just me?

takesyourchances

Flobberchops wrote: »

I'm getting "bidding on this loan is suspended" across the board on MoneyThing. Just me?

Getting it too, unabke to withdraw the default payment at the moment, but will look forward to getting it out as well

msallen

Flobberchops wrote: »

I'm getting "bidding on this loan is suspended" across the board on MoneyThing. Just me?

No. Its everyone until they finish whatever they have to do to "tidy up" the partial recovery of the Prestbury loan.

I think its because (if you had any money in Prestbury) you currently have cash in your account that might not remain there if it has to be allocated to the new smaller loan covering the remaining part of the Prestbury money still in recovery. They had problems last year (I think) where they went through a similar process but didn't block withdrawals and purchases until they had finished, and then found that some users had spent/withdrawn cash that wasn't really theirs.

takesyourchances

Email just in, should be sorted by 8pm and will be dealing with withdrawals too

msallen

Email just rec'd from MT:

There was an issue with the platform whilst processing the partial repayment of the 'Hotel & Restaurant in Prestbury' loan this afternoon.
As such we need to rollback the system and process the repayments again.
This will be completed by 8pm tonight and you will be unable to invest in loans nor request withdrawals in the meantime.
The MoneyThing team are working extra hours tonight in order to be able to process the withdrawals once the repayments have completed successfully.
We apologise for the inconvenience.

thenewcomer

great news that prestbury on MT over 80% sorted out. this would increase investor confidence.

i am running away from higher rate platforms ie. MT and ABL. i want to stick with more solid and longer history companies like AC, RS, Zopa.

bxboards

I've added a couple of extra platforms.

I invested in Lending Works (thanks to a referal here), but so far the money is sat in a queue uninvested for over a week now.

Also tried Growth Street, seems similar to Ratesetter rolling, but around 1.5% higher. Money there was invested within 1 day or money arriving - I find bank transfer into them are slower than I'd expect though. A BT sent at about 12:30pm didn't arrive with them until about 7am next day, but had been invested by 7pm.

Regarding MT Prestbury - bearing in mind that LTV of 65%, only 90% was recovered which means losses for anyone who wasn't in at the start, as the interest so far won't cover the 90%. That indicts issues with valuations as I wrote a few posts back, many of the valuations appear to me to be written to favour the borrower to allow him to borrow at 70% LTV, rather than the actual open market 'worth'.

If there is a ever a P2P mis-selling scandal or similar, I'd bet money on it revolving around phoney LTVs...