Peer-to-peer lending sites: MSE guide discussion

Psyduck1980

Trying17 wrote: »

Hi, just sold my small holding in Funding circle,
they all sold in seconds, I think they have a shortage of loans.

They certainly do. I sold approximately £1k of loans recently and was told I might need to wait a week or so until they were sold but they sold in seconds. Unless things pick up soon I might look to close out my position (or withdraw unused funds once a month and let my investment dwindle).

takesyourchances

67 page PDF Collateral update in, I have scanned through it and will read better tomorrow. Some comments already on the P2P forum

http://p2pindependentforum.com/thread/12808/joint-administrators-proposals-creditors-june?page=1&scrollTo=272693

Seems to be very positive progress so fingers crossed for all involved.

taylornj

takesyourchances wrote: »

67 page PDF Collateral update in, I have scanned through it and will read better tomorrow. Some comments already on the P2P forum

http://p2pindependentforum.com/thread/12808/joint-administrators-proposals-creditors-june?page=1&scrollTo=272693

Seems to be very positive progress so fingers crossed for all involved.

I had mine also, looked through quickly and been reading comments on the P2P forums. What I will be interested in are comments from Moorfields, Money Thing, Bond Masons, and any others.

masonic

Most people who lent through Collateral have now received a proof of debt form pre-filled with their total balance as known to the Administrators. From comments on P2PIF and Frank, most were accurate but a few claim discrepancies that may or may not be the result of investing in certain un-drawn down loans.

One point from the report to creditors is that the Administrators have invited the nomination of a Creditor Committee of 3-5 members. So far only a couple of individuals have put themselves forward, but it seems the formation of this committee will be inevitable, so lenders here may wish to take an interest in the last few pages in the following discussions:
http://p2pfrankdiscussion.freeforums.net/thread/3/collateral-administration
http://p2pindependentforum.com/thread/12756/creditors-committee

takesyourchances

I got my Collateral proof of debt through this afternoon and it is bang on for my amount which is good to see. Roll on this saga coming to an end and wait on the next development.

jamesd

Looks as though the ecopark loans at Ablrate (1000039, 1000049, 1000078) will be repaying next week. The borrower has requested redemption price statements. Ablrate have closed the secondary market for them pending developments. Looks as though the recent positive news may have allowed them to get cheaper funding.

fun4everyone

takesyourchances wrote: »

I got my Collateral proof of debt through this afternoon and it is bang on for my amount which is good to see. Roll on this saga coming to an end and wait on the next development.

Just back from holiday and had a look at mine. I reckon the amount they quote for me is pretty close - cannot check without access to the website. If it's out, it's only out by the amount of cash I had in the account+unpaid interest so pretty small beer either way. If I got the amount they quote in a cheque and that was the end of it I would be happy anyway.

Due to the FAQ on the website saying

"Investors do not need to return the proof of debt forms to the Joint Administrators at this time, unless they wish to participate in the voting process as outlined in Section 16 of the Joint Administrators’ proposals dated 21 June 2018 (“the Proposals”). Whilst the Joint Administrators welcome investors’ participation, investors’ rights (including rights to recover sums owing to them) will not be prejudiced if they do not participate in the voting process."

I have not returned the form or done anything, what have yourself and any others done with this? Have you returned the form?

keyboardworrier

Various people on the other forums have voted for others to represent them on the committee, personally I don't understand the ramifications of this well enough so I didn't vote for anyone. At some point BDO will ask us to return the proof of debt form, but so far I haven't done anything.




Also, is anyone an investor on JustUs (https://www.justus.co/invest) and if so can they share their experiences ? I am considering signing up to increase platform diversification

jamesd

keyboardworrier wrote: »

Various people on the other forums have voted for others to represent them on the committee, personally I don't understand the ramifications of this well enough so I didn't vote for anyone.

The committee can influence the direction and costs of the administration through their votes. Dualinvestor has the background to help prevent things going in pointless but expensive directions, so is my preferred choice. Dualinvestor will be happy to say who he is and his background if you contact him privately before deciding.

There are still legal constraints, though. If BDO can get the contracts and per-investor loan amounts they will be obliged to use them. And they have to at least try diligently to do so.

Dird

MarkFromCornwall wrote: »

Yes, me too. I would be happy for my available funds to be re-invested but since this isn't happening I am withdrawing them as I don't want to see them sitting there earning no interest.

LendingCrowd seems OK~ Signed up last year & most of my cash is loaned out there