Peer-to-peer lending sites: MSE guide discussion
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An official statement from AC is now available on their website. It includes this:"..As soon as the new system is live in the coming days, new Access Account withdrawal requests can be submitted to join the queue. All existing QAA, 30 Day Access Account and 90 Day Access Account withdrawal requests are still queued in the order they were requested, and their position will be honoured..."
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drphila said:keyboardworrier said:could cause considerable issues for platforms
It's certainly going to be interesting to see who gets through this with the least amount of difficulty.
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keyboardworrier said:It's interesting that Ratesetter are no longer taking loan applications. I'm glad I got out of there when I did as well!
This week has been an extraordinary week for investments around the world, with reaction to coronavirus developments leading to record falls in stock markets and aggressive interest rate cuts.
The performance of investments with RateSetter is uncorrelated to the stock market. We have kept interest rates unchanged and our portfolio is continuing to deliver steady returns to investors. There is no change in the credit performance of our portfolio and we continue to believe that the Provision Fund is sufficient to cover all future expected credit losses.
Given the context of the wider investments environment, it is understandable that we have received a spike in requests to release invested money. This has meant that we have not been able to process requests as quickly as usual.
We have taken action to prioritise these requests by materially reducing lending while taking into account ongoing obligations on the borrower side.
We are continuing to process ‘release investment’ requests as quickly as possible. Our guidance is that this is likely to be more than a week as opposed to our usual one day. Withdrawals from your Holding Account to your bank account are unaffected by current events and are being processed as normal in one working day.
You will understand that we are acting in this way in response to extraordinary circumstances. We have experienced something similar once before in our ten year history and we delivered all of our investors their money with a short delay.
We aim to return to our regular speed of processing 'release investment' requests as soon as possible and in the meantime, we thank you for your ongoing support
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The RateSetter website says "We are temporarily not accepting new loan applications due to high levels of demand."0
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I have a few k spread around three or four P2P sites.
This is probably a totally naive comment, but I hope the PSP firms are considering giving their borrowers a repayment holiday (perhaps a bit like the government is giving mortgage payers). I would much rather extend the periods of the loans I have provided than drive a good number of businesses to the wall.0 -
These Peer to Peer sites are all operating at a loss. I fear for investors.
I invested in Ratesetter but pulled out when they got into trouble with a large lender. I stopped investing in Zopa when they
decided to turn into a Bank. In my view an overambitious move for a loss making company. I stayed invested in Funding Circle. but when my A listed companies started to default, I realised their lending criteria and credit checks were not as comprehensive as claimed. I got my money out with a number of defaults still in place.
The warning signs have been there for Peer to Peer to Peer months ago, if not earlier.. As an industry currently it is in danger of total collapse in my opinion. Corona Virus is simply the last straw for these companies. I hope for the sake of investors on this Forum that I am wrong.0 -
__cookiemonster__ said:I have a few k spread around three or four P2P sites.
This is probably a totally naive comment, but I hope the PSP firms are considering giving their borrowers a repayment holiday (perhaps a bit like the government is giving mortgage payers). I would much rather extend the periods of the loans I have provided than drive a good number of businesses to the wall.0 -
I deposited £500 with Ratesetter almost 13 months ago as there was an offer of £50 if the funds were invested for 12 months.
My funds were invested the next day and have been ever since, I understand the £50 bonus will be paid up to 31 days after the 12 months are complete, that will be next Thursday.
I would like to withdraw my funds but have been waiting for the bonus and hoping I will still get it.
I am unable to find the original text where I signed up, is it anywhere on the Ratesetter website.
Just in case I need to prove I am entitled to the bonus.
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__cookiemonster__ said:I have a few k spread around three or four P2P sites.
This is probably a totally naive comment, but I hope the PSP firms are considering giving their borrowers a repayment holiday (perhaps a bit like the government is giving mortgage payers). I would much rather extend the periods of the loans I have provided than drive a good number of businesses to the wall.0 -
bluenun said:I deposited £500 with Ratesetter almost 13 months ago as there was an offer of £50 if the funds were invested for 12 months.
My funds were invested the next day and have been ever since, I understand the £50 bonus will be paid up to 31 days after the 12 months are complete, that will be next Thursday.
I would like to withdraw my funds but have been waiting for the bonus and hoping I will still get it.
I am unable to find the original text where I signed up, is it anywhere on the Ratesetter website.
Just in case I need to prove I am entitled to the bonus.
Problem is now theres a decent queue to release cash.0
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