Peer-to-peer lending sites: MSE guide discussion

buyhighselllow

Snow_Dog wrote: »

So, as 2018 draws to a close how did everybody get on with their p2p?


Any platforms an outstanding success for anybody?


Mine is a pleasant result - will end the year 13% up (including referral bonuses, one platform accidentally crediting too many bonuses and Assetz bonus/cashbacks).


Favourite platform - Assetz for the MLA

Gradually reducing my exposure/reallocation to new P2P platforms and drip feeding more into S&S ISA.

Funding Circle withdrawn
Abundance Withdrawn
Zopa Withdrawn
Ratesetter reducing
Assetz Reducing
Unbolted increased to comfortable optimum
Kufflink invested to take bonuses will, review 2019
Growth Street Invested to take bonuses will review 2019

I was not comfortable with the amount I was in, and not confident in many of the choices of who is lent money too by some of these lot.I was not invested with the lot that went bust but it certainly focuses the mind that whilst in these low inflation times, rewards can be attractive, things can go south very quickly.

Snow_Dog

buyhighselllow wrote: »

Gradually reducing my exposure/reallocation to new P2P platforms and drip feeding more into S&S ISA.

Funding Circle withdrawn
Abundance Withdrawn
Zopa Withdrawn
Ratesetter reducing
Assetz Reducing
Unbolted increased to comfortable optimum
Kufflink invested to take bonuses will, review 2019
Growth Street Invested to take bonuses will review 2019

I was not comfortable with the amount I was in, and not confident in many of the choices of who is lent money too by some of these lot.I was not invested with the lot that went bust but it certainly focuses the mind that whilst in these low inflation times, rewards can be attractive, things can go south very quickly.

I have seen more loans on Assetz that im not so interested in of late, but it seems to wax and wane.


Only running at about 1.5% in p2p so not in too heavy and if every platform went tomorrow it would have been an experiment.

Alexland

Snow_Dog wrote: »

So, as 2018 draws to a close how did everybody get on with their p2p?

No problems with our Ratesetter or Kuflink investments but the proof will be on withdrawal and closure once the bonus period has expired.

We made a modest cashback profit after interest from being new borrowers at Zopa (our first personal loans ever) and quickly repaying which was handy to get our ISAs filled at the end of last tax year. We have a plan to fill our ISAs this tax year but might need to borrow again from Zopa, etc to fill them at the end of next tax year.

Alex

keyboardworrier

I haven't responded to the BDO email yet, giving someone powers with no limitation doesn't sit right with me. I think they should have provided us with more details. Perhaps being involved with the Lendy situation has made me ultra paranoid.

taylornj

Collateral has previously undertaken recovery from Borrowers on behalf of Lenders, it seems rather strange to be asking for the same again. Part of Collateral fees paid by the borrower were to cover costs in possible recovery. BDO have a lot to live up to, 100% Loan Capital and interest recovered from borrowers by Collateral, and very fast action was taken to resolve things at the time.

Retrospective agreement is sort, here I have difficulties as no details, yet are those details difficult to supply, surely BDO know when and which loans. While a matter of week or so maybe considered acceptable, longer would suggest delays in approaching Lenders for this agreement.

Undue urgency is something scams use. With Xmas holidays the urgency causes difficulty in seeking advice from other sources. However as BDO are a FCA regulated company, I've e-mail my agreement, but really not feeling easy about it.

AdrianC

taylornj wrote: »

Collateral has previously undertaken recovery from Borrowers on behalf of Lenders, it seems rather strange to be asking for the same again.

But it isn't Collateral asking now. It's the administrators, asking to be allowed to do what Collateral could do under the lending Ts & Cs. No more, no less.

Have a read of Monetus' posts on P2PIF - he's on the creditor committee, and knows an awful lot that NDA prevents him disclosing.

In the unlikely event BDO don't get permission, they will need to go to court for explicit permission to do any recovery. Who does that help?

masonic

keyboardworrier wrote: »

I haven't responded to the BDO email yet, giving someone powers with no limitation doesn't sit right with me. I think they should have provided us with more details. Perhaps being involved with the Lendy situation has made me ultra paranoid.

Yet this is exactly what you granted Collateral. Withholding the same from BDO would be rather irrational when they have additional legal obligations that would prevent them from abusing such powers.

With additional details comes additional liability should a borrower decide to repeat the actions seen over at Lendy.

Daz2009

keyboardworrier wrote: »

I haven't responded to the BDO email yet, giving someone powers with no limitation doesn't sit right with me. I think they should have provided us with more details. Perhaps being involved with the Lendy situation has made me ultra paranoid.

They're the administrators,if they don't have the powers to act on your behalf who's going to do it for you ?
This should be a given and if they needed to ask permission they should have done it at the start of the process.

masonic

taylornj wrote: »

Collateral has previously undertaken recovery from Borrowers on behalf of Lenders

No, it threatened a borrower with potential recovery action, which is not the same as following through. The loans were then repaid voluntarily.

AdrianC

Daz2009 wrote: »

...and if they needed to ask permission they should have done it at the start of the process.

There are apparently good reasons why this wasn't done.