We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Peer-to-peer lending sites: MSE guide discussion

Options
1…203204206208209…310

Comments

  • Albermarle
    Albermarle Posts: 27,843 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Ah, LC.

    The one and only platform I've outright lost money on to date. Fortunately, the sign-on bonus (just) covered it. Not one single penny of recovery on the loans that went south.
    I joined Lending Crowd a couple of years ago, and then after looked at their board on the P2P forum and it was full of negative comments like this , so I trod carefully but so far going OK..Not perfect but OK .
    In the last 12 months the flow of loans has increased a lot and it appears at least they are more active chasing late payments , defaulters etc than in the past
  • Albermarle
    Albermarle Posts: 27,843 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    How can we track the overall amount of default and ability to recover across different platforms. Is this published anywhere it can be compared.
    The problem is that you can not rely on any info on this subject, as each platform takes a different view of what are arrears, defaults and how to report them.
    The main tricky point is when is a very late/non paying borrower is declared a default. A very very long time/never on some platforms.
  • shoi
    shoi Posts: 168 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 19 November 2018 at 12:25PM
    dont_use_vistaprint wrote: »
    Is there a forum for P2P or just this one thread for all of it ?

    ...
    On the other platforms I am very choosy, but not getting above 7-8%
    p2pfrank.com
    and I suppose I should mention p2pindependentforum.com but just today it's my turn to be banned with no notice no appeal and no idea why, but many people have been banned similarly (I think by mrclondon the admin who seems to enjoy his powers overmuch). CORRECTION it was an accident and I am UNbanned


    7-8% after defaults is pretty good. Have you seen what happens to the 12% sites?
  • justme111
    justme111 Posts: 3,531 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Sometimes it happens if you try to access it on mobile - something to do with IP address and mobile provider , not real ban.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    shoi wrote: »
    7-8% after defaults is pretty good. Have you seen what happens to the 12% sites?
    So what pre-default rate are you looking at, for 7-8% after defaults?
  • dont_use_vistaprint
    dont_use_vistaprint Posts: 784 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Albermarle wrote: »
    The problem is that you can not rely on any info on this subject, as each platform takes a different view of what are arrears, defaults and how to report them.
    The main tricky point is when is a very late/non paying borrower is declared a default. A very very long time/never on some platforms.

    They should be able to provide this, its basic credit control debtor reporting of amounts outstanding in each of 0-30, 31-60 late etc. No different really from unpaid invoice reports. With larger P2P outfits like LCF you get a monthly report
    The greatest prediction of your future is your daily actions.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    dont_use_vistaprint wrote: »
    They should be able to provide this, its basic credit control debtor reporting of amounts outstanding in each of 0-30, 31-60 late etc. No different really from unpaid invoice reports. With larger P2P outfits like LCF you get a monthly report
    They can provide it. It's just that different platforms use different criteria.
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Anyone else have a loan(s) out with Lendy where the borrower is threatening legal action? I should be receiving some paperwork by email but haven't had anything yet.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    gallygirl wrote: »
    Anyone else have a loan(s) out with Lendy where the borrower is threatening legal action? I should be receiving some paperwork by email but haven't had anything yet.
    DFL16/17? Nobody has yet.
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    AdrianC wrote: »
    DFL16/17? Nobody has yet.
    Yes that's right. Only got £50 exposure to DFL17, but not a nice situation :(
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture