P2P: Saving Stream (AKA SavingStream)

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  • Startup1985
    Startup1985 Posts: 107 Forumite
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    jamesd wrote: »
    To make it easier to find the discussions related to a few platforms without having an unduly large number of topics discussing things.


    Hi, still waiting on you to expand on what you said in your OP

    Cheers
  • Biggles
    Biggles Posts: 8,209 Forumite
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    Startup1985 wrote: »
    Hi, still waiting on you to expand on what you said in your OP
    See the main Peer-to-peer discussion below, where he did so a few weeks ago (http://forums.moneysavingexpert.com/showthread.php?t=4313323)
  • nushnush
    nushnush Posts: 81 Forumite
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    as jamesd hasnt explained himself yet i thought i would just that SS is one of the P2P sites that i use and would happily recommend it. if those are his reasons for not using SS in the post above i would suggest people read read the replies and make up your own minds.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    nushnush wrote: »
    as jamesd hasnt explained himself yet i thought i would just that SS is one of the P2P sites that i use and would happily recommend it. if those are his reasons for not using SS in the post above i would suggest people read read the replies and make up your own minds.

    I'm quite ambivalent on Savingstream, I don't think they covered themselves in glory with the quoted episode and squirmed a bit when questioned, they'd have been better saying we made a mistake, learned from it and have amended our operations now going forward.

    I'm probably a bit more suspicious of their offerings than say that offered by Moneything but wouldn't rule them out, just give investments with them a bit more thought.
  • Dan83
    Dan83 Posts: 672 Forumite
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    If you want to know anything about P2P, the P2P forum is the best place to go. As far as P2P goes, it's loads better then here.
  • Aberdeenangarse
    Aberdeenangarse Posts: 1,258 Forumite
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    A leading peer-to-peer lending platform exposed ordinary investors to a company linked to a twice former bankrupt who has a string of failed companies behind him, The Times can reveal.

    Saving Stream lent millions of pounds of consumers’ money against assets linked to Desmond Phillips, whose companies have been accused in parliament of using “fraudulent valuations” to cheat farmers out of their land.

    http://www.thetimes.co.uk/edition/business/lending-platform-linked-to-ex-bankrupt-rwr7s37gl
  • masonic
    masonic Posts: 23,278 Forumite
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    Aberdeenangarse wrote: »
    http://www.thetimes.co.uk/edition/business/lending-platform-linked-to-ex-bankrupt-rwr7s37gl
    Nice summary of the meat of this story and a weeks worth of subsequent discussion at: http://p2pindependentforum.com/post/131217/thread

    It wouldn't surprise me if this was the source material used to put the Times story together.
  • Malthusian
    Malthusian Posts: 10,944 Forumite
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    What I find mindbending is the number of comments on the p2pindependentforum thread that go like this:
    <redacted>.pdf This might help.
    MOD Comment: No - you cannot identify a borrower.
    PBL056 - B**** FARMS LIMITED (Incorperated August 2014)
    PBL064 - A************ PROPERTIES LIMITED (Incorperated July 2014)

    The above two companies are connected by a common director (Victor P*******)
    MOD Hat on - While we all appreciate that there are some potentially serious issues here, I would re-iterate that the survival of this forum depends on no naming of a borrower or direct links.
    These people are giving the borrower their money. How can they not have the right to name them or know who they are? Is this investing or Guess Who?

    Even I'd heard of Desmond Phillips.
  • nushnush
    nushnush Posts: 81 Forumite
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    Malthusian wrote: »
    What I find mindbending is the number of comments on the p2pindependentforum thread that go like this:

    These people are giving the borrower their money. How can they not have the right to name them or know who they are? Is this investing or Guess Who?

    Even I'd heard of Desmond Phillips.


    its an open forum so no names are used, everyone that wants to know more needs only look on the SS live loans or pipeline loans page to get more info. someone borrowing money doesnt want their competition to know how they are getting the cash together. not all info is available on SS and that causes some angst. sometimes you have to trust the platform to do its job or dont invest. same with fund managers really.
  • jamesd
    jamesd Posts: 26,103 Forumite
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    edited 9 August 2016 at 12:16PM
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    Malthusian wrote: »
    Is this investing or Guess Who?
    It's guess who over there but not over here. The rules there don't allow proper due diligence.
    nushnush wrote: »
    everyone that wants to know more needs only look on the SS live loans or pipeline loans page to get more info.
    Unfortunately the firm has been showing that it can't be trusted to provide all relevant information so anyone investing there who is prudent has to check the information provided before investing. Which is why it's a big deal over there, because the P2PIF is blocking people from doing that while providing a link to the loan marketing. So you can link to a misleading valuation via the marketing site that identifies the borrower but not to the sale record showing the recent purchase price was far lower because that identifies the borrower.
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