Peer-to-peer lending sites: MSE guide discussion

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  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    gallygirl wrote: »
    Anyone else have a loan(s) out with Lendy where the borrower is threatening legal action? I should be receiving some paperwork by email but haven't had anything yet.
    DFL16/17? Nobody has yet.
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    AdrianC wrote: »
    DFL16/17? Nobody has yet.
    Yes that's right. Only got £50 exposure to DFL17, but not a nice situation :(
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • takesyourchances
    takesyourchances Posts: 828 Forumite
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    I am pleased to see the Moneything secondary market moving more recently, I have finally sold out of more loans tonight and will transfer these funds over to my S&S ISA, I have my last £550 for sale in the Liverpool loan, which will take some moving to sell, but will leave it and hopefully it does sell in time or it repay's without problems.



    Bascially the last £1000 now in MT as £500 in defaults. It has been a very, very slow process.



    Getting there with the reductions out of P2P and then hold out on Collateral's drama :)
  • masonic
    masonic Posts: 23,245 Forumite
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    takesyourchances wrote: »
    I am pleased to see the Moneything secondary market moving more recently, I have finally sold out of more loans tonight and will transfer these funds over to my S&S ISA, I have my last £550 for sale in the Liverpool loan, which will take some moving to sell, but will leave it and hopefully it does sell in time or it repay's without problems.

    Bascially the last £1000 now in MT as £500 in defaults. It has been a very, very slow process.
    Not a bad outcome considering. Liverpool seems to be going to plan and will probably repay. I'm in the sale queue on that one too, but only because I couldn't Bed & ISA.
    Getting there with the reductions out of P2P and then hold out on Collateral's drama :)
    Forget about Collateral completely and set yourself up for a nice surprise.
  • takesyourchances
    takesyourchances Posts: 828 Forumite
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    masonic wrote: »
    Not a bad outcome considering. Liverpool seems to be going to plan and will probably repay. I'm in the sale queue on that one too, but only because I couldn't Bed & ISA.


    Forget about Collateral completely and set yourself up for a nice surprise.


    Yes I am very pleased with the overall outcome considering and will just let the last £1000 odd in MT take it's course now. Hopefully Liverpool remains fine as I went a bit heavy on that one at £550 for my holdings at the time.



    I feel at ease now my P2P is really reduced to be honest and I am much more comfortable investing in IT's etc in S&S based investments. I have gave it a good go and got my feet wet and learnt hands on so I feel the experience will help with my overall investing so I am taking this from it all.



    Thanks! I totally agree forget completely about Collateral and wait on a nice surprise :) outside of that I am really reduced now to my last £1000 odd left in P2P so I am pleased :)
  • short_butt_sweet
    short_butt_sweet Posts: 333 Forumite
    takesyourchances wrote: »
    I have gave it a good go and got my feet wet and learnt hands on
    but have you kept your eye on the ball, your ear to the ground, and your nose to the grindstone? :)
  • takesyourchances
    takesyourchances Posts: 828 Forumite
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    short_butt_sweet wrote: »
    but have you kept your eye on the ball, your ear to the ground, and your nose to the grindstone? :)


    Too much and it's not worth the effort haha :)
  • fun4everyone
    fun4everyone Posts: 2,339 Forumite
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    I must be crazy but i am actually increasing my exposure to p2p currently. Only slightly though, with low amounts you can get into some good loans (if you have the fastest finger first :D). Takes a substantial amount of time to get mid 4 figures into pawn at decent rates though.

    This borrower suing all the lenders in her loan on Lendy is just a mega lol. Surely that is the end for that platform? Who on earth would lend on there now, even if what she is trying to do is ridiculous. Other platforms must fear a fallout as well if it starts to make mainstream news, will definitely put potential new investors off hearing that. What is her argument anyway?

    Completely agree with forgetting about Collateral. One day we will all get a nice surprise.
  • masonic
    masonic Posts: 23,245 Forumite
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    fun4everyone wrote: »
    I must be crazy but i am actually increasing my exposure to p2p currently. Only slightly though, with low amounts you can get into some good loans (if you have the fastest finger first :D). Takes a substantial amount of time to get mid 4 figures into pawn at decent rates though.
    But where? I passed up on a recent FS pawn loan renewal secured on a whole bunch of gold jewellery - because I'd realised it had been rolling over for 3 years and I smell a default coming and difficulty shifting it as a job lot! I'm almost out of Unbolted now and not willing to reinvest at current rates.
  • fun4everyone
    fun4everyone Posts: 2,339 Forumite
    First Anniversary Name Dropper Photogenic First Post
    masonic wrote: »
    But where? I passed up on a recent FS pawn loan renewal secured on a whole bunch of gold jewellery - because I'd realised it had been rolling over for 3 years and I smell a default coming and difficulty shifting it as a job lot! I'm almost out of Unbolted now and not willing to reinvest at current rates.

    Unbolted slashing their rates was poor agreed. The borrowers there still pay the same astronomical rates don't they. It is FS for pawn for me. £25 a time, picking off stuff like the 12% rolex renewal yesterday. Have now got a few k extra in as I seem to always beat the mass refresh attempts at 11.00.01 or whatever time it is. The only one I missed out on recently was the £200 charm bracelet and I doubt any was actually available for that one. I did already have a portfolio on FS from all the italian book loans and stuff like that previous.

    That gold/watch one yesterday was weird. IIRC it wasnt actually a renewal but a new loan (at a lower rate) - however it was used to pay off the previous gold loan from the same borrower.

    Was in a default not so long ago though "Collection of Rings". An £8k loan but only 60% capital returned so it is not all roses. Perhaps some of the valuations are not what they should be.
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