Peer-to-peer lending sites: MSE guide discussion
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They are (have to be) authorised - albeit still under interim permission.
http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew?accId=654326
IFISA after full auth.
As i say i was only using isas to shelter for tax but feel much happier with the platforms with full fca authorisation. As much as s you can be with these things!0 -
Fatbritabroad wrote: »That didnt work out well with collateral now did it.
Quite why the FCA had transferred it in the first place is the interesting question.0 -
Yes will be interesting to see if that comes out0
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What would you do if it was you?
Appoint administrators to wind up the borrowing company in an orderly fashion and maximise recoveries for creditors?
Presumably they haven't got the job done, otherwise the loan wouldn't have defaulted when repayment of capital fell due. What would you do if the job still isn't done after another year? Give them another year's extension? How does this end?Somerset_La_La_La wrote:"You can use the secondary market" hardly constitutes an exist opportunity!
Isn't that what the secondary market is supposed to be?0 -
A "true" secondary market is one like ABLs. Any loan has a price and can be sold on there. Lendy and others who have secondary markets are not really true secondary markets as they can only be sold at "par" value - which is why you sometimes have 0 liquidity.
Theres no reason why the other can not have a true secondary market like ABLs. I suspect its because if they did have secondary markets like ABL, many of the loans on for eg Lendy would be trading heavily discounted vs par and would show how much of a loss you can make with the likes of Lendy.0 -
anyone with LW IFISA?Aim to retire by 45.0
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thenewcomer wrote: »anyone with LW IFISA?
Update received from the Collateral administrators, which now states investors are creditors which wasn't what the first update said. I think there was a cut off point for creditors to put a claim in which is now gone. I hope the FCA get their way and these people are removed from their position.0 -
Update to the collateral situation in a letter received from Refresh Recovery. They consider us "creditors". I would hope that makes us specifically secured creditors and NOT unsecured but what would the other option be?
Legal war looms and it appears Refresh will not get to decide this anyway.0 -
Lendy and others who have secondary markets are not really true secondary markets as they can only be sold at "par" value - which is why you sometimes have 0 liquidity.
Utterly bonkers. God knows why all stockmarkets don't institute the same rule - if nobody's allowed to sell the shares at less than par value then nobody can lose money. The late lamented Sergei Mavrodi would be proud.0 -
I read the Collateral update today, we will have to sit tight and await the outcome of the 27th of April. I have mostly put it out of my mind and hopefully it starts to solve in some shape or form following the court date.
I am still re-investing payments and interest with Ablrate and with drawing interest and any re-payments from Moneything, it will take time to run MT down and for any defaults to solve as well.
My P2P level is more maintained rather than fresh money going in at the moment and I have been working on increasing some of my Investment Trust holdings in my S&S ISA and raising my cash buffer a little.
So far I have been happy with the hands off / auto accounts P2P with Lending Works, Growth Street and Unbolted and once some money gets out of MT etc I will spread it over to these accounts. I am happy with the rates of these accounts for much less time involved than I was spending last year on Collateral, MT and Ablrate combined.0
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