Peer to Peer Lending - Anyone managed to get Money Out?

Hagar_uk

I was wondering if anyone has managed to get their money out of some of the peer to peer lending companies.
I have small investment in one of the major personal peer to peer loan companies, which has good track record for people able to get their money out (In normal times 1 day) but it is now about 2.5 weeks since my request was placed, Are other people writing off their P2P investments? 

eskbanker

There are plenty of stories on here of similar issues, try searching for the name of the one you're obliquely referring to and chances are you'll find threads with others experiencing the same....

nick1234

I have a small amount with funding circle where since early 2019 the time to exit has taken 6-12months and it slowly pays back.  Not sure why you would write it off unless the lender goes bust, but even then the loans get managed by a 3rd party

Kendall80

I've managed to get almost all of mine out of funding circle. Still have a 4 figure sum stuck in that Lendy car crash though.

Maybe P2P lending will have its second wind with the current economic climate. A lot of small businesses will possibly be needing short term loans. At that point I expect a string of 'new' companies to emerge probably run by the same 'crooks' who have taken our money this time.

Albermarle

At the current time you will be wasting your time trying get money out of most P2P platforms .
However this does not necessarily mean that you never will, although some kind of haircut will probably be necessary . That will not be exclusive to P2P debts though over the coming period. 

EdGasketTheSecond

P2P was a car crash waiting to happen. The returns never looked worth the risk.

Hagar_uk

nick1234 said:

I have a small amount with funding circle where since early 2019 the time to exit has taken 6-12months and it slowly pays back.  Not sure why you would write it off unless the lender goes bust, but even then the loans get managed by a 3rd party

It is with ratesetter, reasons why was thinking it may be a write off , is I understand they lend to personal loans guessing the holders of these loans were not flush before Covid 19, so with current issues I would expect a high rates of defaults before I am guessing ratesetter sell of the debts to 3rd party for peanuts.
With others that say the returns are too low, have to agree, but I was sucker for the £100 joining bonus, which in theory meant after 1 year my 1k was £1140 give or take.  Don't like loosing money but it was always a chance, hence only a small and only investment

Alexland

Hagar_uk said:

I was sucker for the £100 joining bonus, which in theory meant after 1 year my 1k was £1140 give or take. 

Assuming you started the account before the current situation the bonus would have made it a risk worth taking so you didn't make a bad decision. Ratesetter seem to be one of the better platforms so I wouldn't mentally write off the whole investment but just wait and see what happens and get your money out at the earliest opportunity.

drphila

I wouldn't worry too much about RS. On the p2pindieforum there are reports of individual investors receiving 6 figure sums ( to me that's a huge amount to invest in a single p2p platform) into their holding accounts at least, and I don't have any reason to believe this will not be withdrawable to their bank.

RS say the majority of their investors have not tried to withdraw. They also publish a daily update on the amounts released and a statement of progress and at the moment the delay is around 3 weeks.

All of this in complete contrast to the utter mess at Assetz Capital

Rudyson

drphila said:

I wouldn't worry too much about RS. On the p2pindieforum there are reports of individual investors receiving 6 figure sums ( to me that's a huge amount to invest in a single p2p platform) into their holding accounts at least, and I don't have any reason to believe this will not be withdrawable to their bank.

RS say the majority of their investors have not tried to withdraw. They also publish a daily update on the amounts released and a statement of progress and at the moment the delay is around 3 weeks.

All of this in complete contrast to the utter mess at Assetz Capital

Yes, money in the RS holding a/c is available for next day withdrawal

rentaquote

I've withdrawn funds from Ratesetter twice this year with no difficulty at all.