Peer-to-peer lending sites: MSE guide discussion

AdrianC

Dird wrote: »

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

Seriously?

The one platform I've lost money on (if you ignore the bonus they were running at the time).

MallyGirl

I haven't lost any with LC - touches wood - to date. Or any other P2P so far - I am sure that is likely to change but it has been fun while it lasted. I have used up all the join / recommend bonuses I could so now it is a case of keeping funds in each as long as required to retain those bonuses.

edinburgher

AdrianC wrote: »

Seriously?

The one platform I've lost money on (if you ignore the bonus they were running at the time).

I also have a negative rate of return for this particular turkey!

masonic

jamesd wrote: »

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.

Agreed, DualInvestor is my preferred choice. He's a retired chartered accountant and insolvency practitioner and based on some lengthy and frank discussions we've had I think he has exactly the right attributes and perspective required of the role.

The only other notable person having put themselves forward is Steve Findlay of BondMason. I think his being on the committee is pretty much a foregone conclusion due to BM's exposure to the platform and the other support he has. A number of others have also nominated themselves and perhaps have a few supporting their nomination.

It seems very likely more than 5 people in total have been nominated, therefore there will be a vote among the wider creditor base - as I understand it the 5 with the largest share of creditor claims supporting them will be accepted onto the committee.

soulsaver

I noticed today I had 3 loans repaid early during June.

I had email notification for one at the start of June but was not notified the two on the 18th - so the funds sat doing nothing for 2 weeks earning nothing.

In contacting RS cs, the manager then admits I'm not the first customer reporting the problem.

Maybe not a problem for many, but just heads-up if it could be...:(

Froggitt

soulsaver wrote: »

I noticed today I had 3 loans repaid early during June.

I had email notification for one at the start of June but was not notified the two on the 18th - so the funds sat doing nothing for 2 weeks earning nothing.

You don't use the auto-reinvest facility?

soulsaver

Froggitt wrote: »

You don't use the auto-reinvest facility?

I didn't (don't) want to auto invest at the moment as I feel I'm over exposed at their current rates & I have other plans for the cash.

For those in the same/similar boat, they may wish to know it's possible loans have been repaid earlier than expected and they haven't been informed.

masonic

They also have an auto-withdraw facility, which I've made good use of.

agent69

jamesd wrote: »

The committee can influence the direction and costs of the administration

This isn't the case is it?



I thought the CC was a bit like the House of Lords - they can huff and puff a bit, but ultimately have no power to compel BDO to do anything (other than perhaps attend a meeting)

agent69

masonic wrote: »

Agreed, DualInvestor is my preferred choice

I think some are put off of DI by the suggestion that he is offerings advice to a private and select group of Col investors on one of the other forums.



A bit like Bond Mason, you would think they were more suited to the CC than the average man in the street, but you can't be certain that they don't have their own agenda to pursue.