Peer-to-peer lending sites: MSE guide discussion

AdrianC

Nardge wrote: »

No I haven't today, but I will aim to reattempt tomorrow... Thanks for letting me know

When I replied to Nardge earlier, I think he was on 13 posts. Later, he was up to about 25. Now... <10.

Nardge - are you deleting posts? Or are they being moderated...?

Nardge

AdrianC wrote: »

When I replied to Nardge earlier, I think he was on 13 posts. Later, he was up to about 25. Now... <10.

Nardge - are you deleting posts? Or are they being moderated...?

Adrian C - They’re probably being removed sadly. The whole thing was very daft. I asked a simple question, and instead of offering a short polite answer, three people decided I was a spammer and were rather rude. I closed matters with an amicable explanatory comment.

Those ugly characters spend their lives on the forums, and appear to consider anyone who doesn’t as unworthy. So now it seems I must write substance-less posts or comments just to please them, and just to get my numbers up... Ironically that in itself is spamming.

Ultimately I'm grateful I'd been party to reading all 95 pages here, so I knew there were some objective forumites too!

Nardge

Roland_Flagg wrote: »

I need some advice please.

At the moment my P2P funds are in:
75% Zopa
15% Ratesetter
4% Funding Circle
4% Lending Works
1% Lendy
1% Kuflink

I get a 0.5% early adoptor bonus from Zopa but they have moved most of my money into Core now, which I gather isn't safeguarded, and as you can see I have too much of my P2P money in there anyway.
So looking to shift half out.
I'm happy with 4.5% for quick notice or 5.5% or more longer term.
The main thing for me is that my funds are as safe as P2P can be, so not interested in newly formed P2P offering silly interest rates
I'm thinking more in Lending Works.

Opinions?

P.S P2P is around 8% of my money, and yes I've done all the normal things of opening bank account intro offers etc, so just want to concentrate on moving Zopa money into another P2P.
Cheers.

Having read the back-history of P2P, the main platforms to avoid were:

Collateral (fraud, and in administration), Moneything (lack of transparency), and Lendy aka Saving Stream (I've forgotten the exact reason now, you could do a forum advanced word-search, many here will surely know too)

I'd diversify the 75% with Zopa promptly


Best Wishes

Nardge

FAO Ratesetters:


A little note that today 05/09/18 is the date 'Ratesetter' will reintroduce the possibility of setting our own rate of reinvestment in the rolling market! It's yet to show on the website, but they've confirmed it will be today


Best Wishes

Fatbritabroad

Has anyone used crowd property? Trust pilot reviews are good but they don't show up much on many of the other p2p review sites. Returns seem good and they've paid back 20m so far

Ive about 15k spread across ablrate lending works and assetz capital.

I'm trying to build my p2p holdings very slowly while keeping them a relatively small part of my portfolio. Aim is for 5% plus returns currently (I'm just using the 30 day account in assets and 5 year investment with lending works) and ideally 8% plus as long as its asset backed and I can diversify well

I'm looking at this eventually as a second income stream that I can use to help feed my standard equity investments

I'm now looking at the property side of p2p as I like the idea of btl from the pov of passive income but not the idea of holding such a lot in a single asset and the hassle lol. Any advice appreciated

bxboards

Nardge wrote: »

Having read the back-history of P2P, the main platforms to avoid were:

Collateral (fraud, and in administration), Moneything (lack of transparency), and Lendy aka Saving Stream (I've forgotten the exact reason now, you could do a forum advanced word-search, many here will surely know too)

I'd diversify the 75% with Zopa promptly


Best Wishes

I use a LOT of P2P sites, and I've always avoided those. I think over-inflated valuations were the main reason I avoided the latter two, COL never passed my smell sense, clearly desperate when they were offering 3% cashback on top of 12% plus which I seem to remember earlier this year.

Usually if you see rates of 10%+ its a desperate borrower no one else will lend to - having said that, I'm holding some 11.5% on Assetz Capital via MLA, which is surprisingly paying reliably so its not always a red flag.

I'm in around 12 P2P sites, and I spread pretty equally, unless they have low rates (Landbay / Octopus etc)

fun4everyone

To whoever else is involved in the Collateral situation like me. Seems like nothing is happening doesn't it? Yet another month passes and I still have no idea what is going on. The communication has been very poor from the new administrators.

masonic

fun4everyone wrote: »

To whoever else is involved in the Collateral situation like me. Seems like nothing is happening doesn't it? Yet another month passes and I still have no idea what is going on. The communication has been very poor from the new administrators.

I think you need to bear in mind that the typical reporting schedule in an Administration is for the Administrator to make proposals within 8 weeks of being appointed and then provide updates every 6 months.

The Administrators' proposals were made on 21st June and approved on 11th July. The Creditor Committee was formed on 25th July and will meet on 26th September.

We should expect the next update to be before the end of the year. However, there is likely to be further news after the September meeting of the Creditor Committee. This might shed some light on one or more of the following issues:

• Whether the platform data has been or will be reconstructed.
• The status of monies intended for one loan but misdirected to another (if that has happened)
• Why there is a discrepancy in balance of the clients account and will it be treated differently to money recovered from borrowers?
• Was this P2P or an unregulated Collective Investment Scheme?
• The probable outcome of the collection of loans either individually or as a whole (this will likely be shared only with members of the Creditors Committee and subject to their confidentiality agreement)
• The conduct of the company's business as a whole and particularly in the final months (as above)
• Actions or inactions of Refresh Recovery.
• Possible outcomes for investors both as a whole and/or individually if original terms are able to be honoured.
• Provisional timescale and route by which lender money will be recovered (e.g. creditors' voluntary liquidation)

e1337prodigy

Nardge wrote: »

Having read the back-history of P2P, the main platforms to avoid were:

Collateral (fraud, and in administration), Moneything (lack of transparency), and Lendy aka Saving Stream (I've forgotten the exact reason now, you could do a forum advanced word-search, many here will surely know too)

I'd diversify the 75% with Zopa promptly


Best Wishes

Thanks, that's what the forum should be for. Telling us which ones to avoid and reasons why. Which ones people think are great to invest in etc. Anyone able to shed light on why Lendy is to be avoided? However, I do have some funds in there at the moment and seems to be ok. Only issue I have had so far is not many users when trying to sell.

Trentenders

e1337prodigy wrote: »

Thanks, that's what the forum should be for. Telling us which ones to avoid and reasons why. Which ones people think are great to invest in etc. Anyone able to shed light on why Lendy is to be avoided? However, I do have some funds in there at the moment and seems to be ok. Only issue I have had so far is not many users when trying to sell.

You should be able to find more than enough warnings here - http://p2pindependentforum.com/board/58/lendy