Peer-to-peer lending sites: MSE guide discussion

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  • jamesd
    jamesd Posts: 26,103 Forumite
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    Various people on the other forums have voted for others to represent them on the committee, personally I don't understand the ramifications of this well enough so I didn't vote for anyone.
    The committee can influence the direction and costs of the administration through their votes. Dualinvestor has the background to help prevent things going in pointless but expensive directions, so is my preferred choice. Dualinvestor will be happy to say who he is and his background if you contact him privately before deciding.

    There are still legal constraints, though. If BDO can get the contracts and per-investor loan amounts they will be obliged to use them. And they have to at least try diligently to do so.
  • Dird
    Dird Posts: 2,702 Forumite
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    Yes, me too. I would be happy for my available funds to be re-invested but since this isn't happening I am withdrawing them as I don't want to see them sitting there earning no interest.
    LendingCrowd seems OK~ Signed up last year & most of my cash is loaned out there
    Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 11
    Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Dird wrote: »
    LendingCrowd seems OK~ Signed up last year & most of my cash is loaned out there
    Seriously?

    The one platform I've lost money on (if you ignore the bonus they were running at the time).
  • MallyGirl
    MallyGirl Posts: 6,617 Senior Ambassador
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    I haven't lost any with LC - touches wood - to date. Or any other P2P so far - I am sure that is likely to change but it has been fun while it lasted. I have used up all the join / recommend bonuses I could so now it is a case of keeping funds in each as long as required to retain those bonuses.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • edinburgher
    edinburgher Posts: 13,462 Forumite
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    AdrianC wrote: »
    Seriously?

    The one platform I've lost money on (if you ignore the bonus they were running at the time).

    I also have a negative rate of return for this particular turkey!
  • masonic
    masonic Posts: 23,271 Forumite
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    jamesd wrote: »
    The committee can influence the direction and costs of the administration through their votes. Dualinvestor has the background to help prevent things going in pointless but expensive directions, so is my preferred choice. Dualinvestor will be happy to say who he is and his background if you contact him privately before deciding.
    Agreed, DualInvestor is my preferred choice. He's a retired chartered accountant and insolvency practitioner and based on some lengthy and frank discussions we've had I think he has exactly the right attributes and perspective required of the role.

    The only other notable person having put themselves forward is Steve Findlay of BondMason. I think his being on the committee is pretty much a foregone conclusion due to BM's exposure to the platform and the other support he has. A number of others have also nominated themselves and perhaps have a few supporting their nomination.

    It seems very likely more than 5 people in total have been nominated, therefore there will be a vote among the wider creditor base - as I understand it the 5 with the largest share of creditor claims supporting them will be accepted onto the committee.
  • soulsaver
    soulsaver Posts: 5,969 Forumite
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    I noticed today I had 3 loans repaid early during June.

    I had email notification for one at the start of June but was not notified the two on the 18th - so the funds sat doing nothing for 2 weeks earning nothing.

    In contacting RS cs, the manager then admits I'm not the first customer reporting the problem.

    Maybe not a problem for many, but just heads-up if it could be...:(
  • Froggitt
    Froggitt Posts: 5,904 Forumite
    soulsaver wrote: »
    I noticed today I had 3 loans repaid early during June.

    I had email notification for one at the start of June but was not notified the two on the 18th - so the funds sat doing nothing for 2 weeks earning nothing.
    You don't use the auto-reinvest facility?
    illegitimi non carborundum
  • soulsaver
    soulsaver Posts: 5,969 Forumite
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    Froggitt wrote: »
    You don't use the auto-reinvest facility?
    I didn't (don't) want to auto invest at the moment as I feel I'm over exposed at their current rates & I have other plans for the cash.

    For those in the same/similar boat, they may wish to know it's possible loans have been repaid earlier than expected and they haven't been informed.
  • masonic
    masonic Posts: 23,271 Forumite
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    They also have an auto-withdraw facility, which I've made good use of.
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