Peer-to-peer lending sites: MSE guide discussion
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Without hope of recovery is typically misrepresentation as well. Beyond the interest rate margin many P2P platforms make secured loans. That security can be commercial or residential property, land, goods, guarantees from various parties or even insurance at one platform. So if the borrower defaults those forms of security can be called on as part of debt recovery. For the platforms doing unsecured lending the recovery methods open to normal lenders can be used.0
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Fellow Collateral posters...
As was pointed out a few pages out there is some quite significant evidence the FCA failed us. There are screenshots of their website showing collateral as authorised, video clips of an FCA dude claiming being listed on their site means everything is ok, screenshots of database entries that have been altered after he fact etc etc. Their is a good thread with all this information on the P2P collateral forum and several posters are complaining via a form to complain about the FCA themselves and also by emailing the Treasury Select Commitee. There are even suggestions the FCA could be liable for any financial loss that comes about when the dust settles.
Have any of you done this? I am sure it is possibly worthwhile but with all the complaints already in if the FCA are eventually deemed liable would this not be applied to all investors rather than just the ones who complained? I could be persuaded to put mine in but I dunno....0 -
fun4everyone wrote: »What is this mystical site you speak of?0
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fun4everyone wrote: »Have any of you done this? I am sure it is possibly worthwhile but with all the complaints already in if the FCA are eventually deemed liable would this not be applied to all investors rather than just the ones who complained? I could be persuaded to put mine in but I dunno....0
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Ablrate stands out on the point of managing recoveries. Despite having to deal with a particularly unscrupulous borrower in the early days, it has at least been thorough and persistent in pursuing that recovery. Since then it has had a good track record of managing defaults through to a successful outcome.
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I've put in a complaint about the FCA. I haven't bothered to raise the matter with the TSC as I think a sufficient number of people have already done so. Failing to put in a complaint would mean losing out on any redress should it be decided the FCA has some responsibility for losses.
How did you put in a complaint about the FCA? I might do the same.0 -
Yes, I remember you used my sign-up when the thread was still active - I probably will still go in with any 7% self-selects but these seem rare. And I don't do second charges or development loans generally. When I first joined when they got going 7% was the rule, rather than the exception.
I'm favoring Assetz Capital at the moment for new money in - still can get 8%+ in numerous loans. I don't do anything less than 8% on Assetz if investing manually. With some many more loans on Assstz it's easier getting diversified.
Sounds like you and I have similar approaches - second charges I totally avoid and yes, I have seen mostly 6% odd loans on Kuflink as compared to when I joined mostly 6.8% to 7.2%.
Also favouring Assetz, have done from the moment I started using their platform, only thing is I dont want to be too heavy in one single platform but havent seen any others that I like as much. Love the way the MLA ticks over through the month.0 -
Jordan_Stodart wrote: »What financial publications do people generally read on this forum?
Are there any specific ones where I can find good information on P2P?
I know of the P2P Independent Forum and some other sites that provide useful comparison, but actual online magazine publications...?
The website financialthing is pretty good, the chap who does that is invested in about 20 different p2p platforms, interestingly I have just looked and my two highest invested p2p are the same as his.
He also does a good guide and I think he has done video interviews and tours of some of the p2p companies.0 -
itwasntme001 wrote: »How did you put in a complaint about the FCA? I might do the same.0
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