Peer-to-peer lending sites: MSE guide discussion

Albermarle

123mat123 said:

One solution, maybe flawed, take a loan from Ratesetter, declare you can't make payments, and have them work out a repayment scheduled, based on when they will pay back your investment...
What could possibly go wrong with that....

(spoiler : yeah I know t&c's are different for loans and investments, they can just stop paying interest  /capital, you can't just stop repaying loan - though for them to get in this state many people must have done just that..)

Or you could set yourself up as a small property developer and get a dodgy valuer to give an inflated value of the assets .
Borrow a shed load of money from a P2P platform and never pay it back . Make sure a clever solicitor means you never have to give back any money personally . Then take the money as compensation for the money you lost as a lender with Lendy, Collateral etc 

quirkydeptless

Albermarle said:

Well sort of - you have a choice on some platforms between

Yes, the platforms are managing the crisis in different ways. Some may get through it. Some may not. Them's the breaks, that's part of the risk. I have a 3rd option to add, my Kuflink withdrawal is going though as normal, so that just leaves my last P2P being part of the Growth Street lock in, but they are still paying my 5% interest, it's just that I'm forced to keep lending, so it's now down to if their particular survival plan works to determine if I see the fruits of my investment. 

itwasntme001

Albermarle said:

123mat123 said:

One solution, maybe flawed, take a loan from Ratesetter, declare you can't make payments, and have them work out a repayment scheduled, based on when they will pay back your investment...
What could possibly go wrong with that....

(spoiler : yeah I know t&c's are different for loans and investments, they can just stop paying interest  /capital, you can't just stop repaying loan - though for them to get in this state many people must have done just that..)

Or you could set yourself up as a small property developer and get a dodgy valuer to give an inflated value of the assets .
Borrow a shed load of money from a P2P platform and never pay it back . Make sure a clever solicitor means you never have to give back any money personally . Then take the money as compensation for the money you lost as a lender with Lendy, Collateral etc 

Don't forget to use the clever solicitor to also sue the lenders for lending you the money in the first place.

bigadaj

itwasntme001 said:

Albermarle said:

123mat123 said:

One solution, maybe flawed, take a loan from Ratesetter, declare you can't make payments, and have them work out a repayment scheduled, based on when they will pay back your investment...
What could possibly go wrong with that....

(spoiler : yeah I know t&c's are different for loans and investments, they can just stop paying interest  /capital, you can't just stop repaying loan - though for them to get in this state many people must have done just that..)

Or you could set yourself up as a small property developer and get a dodgy valuer to give an inflated value of the assets .
Borrow a shed load of money from a P2P platform and never pay it back . Make sure a clever solicitor means you never have to give back any money personally . Then take the money as compensation for the money you lost as a lender with Lendy, Collateral etc 

Don't forget to use the clever solicitor to also sue the lenders for lending you the money in the first place.

Though it does make you wonder how clever the solicitor might be to take an instruction from a client with no easily available assets and little prospect of success.

masonic

bigadaj said:

itwasntme001 said:

Albermarle said:

123mat123 said:

One solution, maybe flawed, take a loan from Ratesetter, declare you can't make payments, and have them work out a repayment scheduled, based on when they will pay back your investment...
What could possibly go wrong with that....

(spoiler : yeah I know t&c's are different for loans and investments, they can just stop paying interest  /capital, you can't just stop repaying loan - though for them to get in this state many people must have done just that..)

Or you could set yourself up as a small property developer and get a dodgy valuer to give an inflated value of the assets .
Borrow a shed load of money from a P2P platform and never pay it back . Make sure a clever solicitor means you never have to give back any money personally . Then take the money as compensation for the money you lost as a lender with Lendy, Collateral etc 

Don't forget to use the clever solicitor to also sue the lenders for lending you the money in the first place.

Though it does make you wonder how clever the solicitor might be to take an instruction from a client with no easily available assets and little prospect of success.

If you're not a very clever solicitor, you could try out this scheme yourself and then represent yourself in court.

https://www.casemine.com/judgement/uk/5da43eff2c94e03615774b5f

KeepOnKnitting

KeepOnKnitting said:

Just in case anyone else is searching for the answer as I was almost a fortnight ago, the loan sale from Zopa I requested on April 1st is now being actioned. Effectively it has taken about 6.5 weeks to withdraw from Zopa and sale costs are about 4.7% of the withdrawal amount.

My loan sale has now been stopped with about 80% of what I requested having been sold. As I would still like to use the money in the near future for my house purchase, I have put through a new sale request today. Let's see how long this will take, because science.

Durban

I have money in Kufflink , Ratesetter and Mintos.  

For the past couple of months I have been trying to get out all of my money.

Kufflink have been excellent and have got out most of my money - just £1000 due to mature at the end of next month

Mintos have been excellent - £400 left in there coming out in dribs and drabs as loans paid off.

Ratesetter absolutely dire £20 stuck in there and in a queue.

I think that there is still a place for P2P as interest rates are so dire at the moment and only a very small part that you can afford to lose. Having said that , due to the current situation , I would rather not.

Mintos was by far the best P2P platform that I have invested in.  UK citizens have been prevented from using it now because they cannot get FCA approval for it.

quirkydeptless

Durban said:

Kufflink have been excellent and have got out most of my money - just £1000 due to mature at the end of next month

Yes my bonus chasing little loan was easy to withdraw from Kuflink last week, message said up to 5 working days, but it was there the next day.

Albermarle

Some unusual activity with my Lending Crowd account ( smaller version of Funding Circle , lending to very small businesses), with a number  of loans being suddenly fully repaid by borrowers. Presume they are using emergency loans from the government to pay off more expensive loans ( just a guess) .
Still I am not complaining ( or reinvesting !) 

masonic

Albermarle said:

Presume they are using emergency loans from the government to pay off more expensive loans ( just a guess) .

That would certainly be a welcome side effect of that loan scheme.