Peer-to-peer lending sites: MSE guide discussion

soulsaver

@Tushkary How much interest did/will you lose?
I'd tell them £20 is not enough for the time and frustration and loss of interest.
See if they up the offer.

masonic

tushkary wrote: »

Has anyone else lost interest through funds sitting in their holding accounts because Ratesetter made a 'business decision' to no longer send notifications when capital is repaid. I'm referring to the 'old' 1 and 5 year investment options.

No, because I've set up a weekly withdrawal of any money in my holding account. I have no intention of reinvesting at current rates, but should you wish to do so, it is very easy to pay the money back into RS.

In terms of what to ask for, the FOS usually goes on the principle of putting you back into the situation you'd have been in if the problem hadn't occurred (as above how much interest you actually lost, and what costs you have incurred trying to put it right yourself), and a payment based on the impact this problem has had on you (which perhaps you could stretch to £50)

tushkary

Thanks for the replies.
I did say I was not happy with the £20 offered but the complaints officer was having none of it "I will not be changing my decision in relation to compensation or my outcome to the complaint"
I'll let you know the outcome of my FOS complaint

keyboardworrier

Interesting message from Landbay today, they've stopped P2P lending and have had their loan book bought by a bank.



LB only had an interest rate of about 3.5% , I suspect that is the price of safety in the P2P world.

firestone

they were only about 10% retail with the rest being institutional so guess they only want the big hitters now

NeilB

This is why I was unable to log in yesterday or this morning.
I also rang support this morning to be told they had 'found some bugs' which they were addressing which was why their login was down for maintenance, and that I should be able to log in this afternoon.

10 minutes later I get the truth about the reason, i.e the P2P business ceasing.

At least it appears we should all be able to withdraw all funds without issue. Once they validate my bank account details (that they were happy to receive money from without issue!).

drphila

NeilB wrote: »

This is why I was unable to log in yesterday or this morning.
I also rang support this morning to be told they had 'found some bugs' which they were addressing which was why their login was down for maintenance, and that I should be able to log in this afternoon.

10 minutes later I get the truth about the reason, i.e the P2P business ceasing.

At least it appears we should all be able to withdraw all funds without issue. Once they validate my bank account details (that they were happy to receive money from without issue!).

You'd be well advised to download your tax statements urgently.


See:
http://p2pindependentforum.com/thread/16211/landbay-closing-retail-investors-today?page=2&scrollTo=359448

nickelchick

Does anyone have any recommendations for a P2P lender now Landbay has closed that side of the business? I always found them reliable and they've given back all my money so am looking to put it somewhere else!

Zero_Sum

nickelchick wrote: »

Does anyone have any recommendations for a P2P lender now Landbay has closed that side of the business? I always found them reliable and they've given back all my money so am looking to put it somewhere else!

Probably ratesetter or lending works. Both have provision funds to reduce risk of defaults. Both have also reduced their rates in last few weeks.

keyboardworrier

Lending Works lowered the rates to prop up their provision fund, something to be aware of.