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    • takesyourchances
    • By takesyourchances 28th Feb 18, 9:20 PM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    To be fair anyone who had huge amounts in this I would say was foolish or greedy. I Only have 4k in abl and am only reinvesting interest. Wouldn't be delighted to lose this but It wouldn't do anything other than royally p*as me off
    Originally posted by Fatbritabroad
    I have just over 5K in Ablrate, I got 20 re-payments today, it's sitting on my account. Won't react hasty with Ablrate, but won't be adding new funds at the moment either with this situation. Still nothing from Collateral, guess see what tomorrow brings.
    • TheShape
    • By TheShape 28th Feb 18, 10:10 PM
    • 1,425 Posts
    • 1,299 Thanks
    TheShape
    I wonder if all the other platforms faced huge withdrawal rates today
    Originally posted by fun4everyone
    I've been selling down some loans on both Ablrate and Moneything today. Sold approx 2.5k and 2k respectively so not huge amounts in the scheme of things. Others may be selling and withdrawing more

    There has definitely been plenty of activity on both Secondary Markets. Bid amounts on Ablrate Secondary Market were changing regularly, suggesting people taking the bids (and beating me to some of the better ones) and Moneything has been very busy with lots of availability for loans rarely seen on the SM.

    90% of my loans on Moneything are up for sale. 90% of those were already on sale for a week or two as I decided to join the sales queue. At current investment rates a few are likely to sell in days/weeks others a few months or will continue to maturity.
    • economic
    • By economic 28th Feb 18, 10:15 PM
    • 2,938 Posts
    • 1,586 Thanks
    economic
    Do you think the other platforms will be ok?

    Assetz, ratesetter, zopa, lending works, landbay?
    • fun4everyone
    • By fun4everyone 28th Feb 18, 10:18 PM
    • 1,149 Posts
    • 1,754 Thanks
    fun4everyone
    Do you think the other platforms will be ok?

    Assetz, ratesetter, zopa, lending works, landbay?
    Originally posted by economic
    I think zopa and landbay are linked? As in zopa bought landbay?

    None of us can know anyway. We can speculate though and from what I can gather none of these platforms have been making any money for quite some time.

    I would assume the ones with full authorisation (offering an ISA is an indication of that?) should be ok with segregated client money even in the event of platform failure. I wouldn't want to be on a platform without that at the moment.
    • TheShape
    • By TheShape 28th Feb 18, 10:21 PM
    • 1,425 Posts
    • 1,299 Thanks
    TheShape
    Do you think the other platforms will be ok?

    Assetz, ratesetter, zopa, lending works, landbay?
    Originally posted by economic
    I only have experience of Lending Works.

    Ratesetter, Zopa and Lending Works are offering, I think, consumer borrowing. Probably quite strait forward, not offering high-rates or chucking in cashback offers to attract funds. Landbay, I have no experience of. Assetz is where I almost invested before choosing Collateral.
    • economic
    • By economic 28th Feb 18, 10:23 PM
    • 2,938 Posts
    • 1,586 Thanks
    economic
    I think zopa and landbay are linked? As in zopa bought landbay?

    None of us can know anyway. We can speculate though and from what I can gather none of these platforms have been making any money for quite some time.

    I would assume the ones with full authorisation (offering an ISA is an indication of that?) should be ok with segregated client money even in the event of platform failure. I wouldn't want to be on a platform without that at the moment.
    Originally posted by fun4everyone
    Is there a list of platforms with full FCA authorization? Maybe a good idea to check so we dont worry as much.
    • fun4everyone
    • By fun4everyone 28th Feb 18, 10:31 PM
    • 1,149 Posts
    • 1,754 Thanks
    fun4everyone
    Is there a list of platforms with full FCA authorization? Maybe a good idea to check so we dont worry as much.
    Originally posted by economic
    It must be out there but I *think* (and its just from memory). Offering an ISA can't be done until full authorisation achieved.
    • keyboardworrier
    • By keyboardworrier 28th Feb 18, 10:33 PM
    • 124 Posts
    • 133 Thanks
    keyboardworrier
    Assetz Capital is a profitable platform with full FCA authorisation so I am quite happy keeping my money there for the time being (It's my second largest holding after Ratesetter)

    Ratesetter isn't currently profitable but the CEO says it should return to showing profits next year , I am quite comfortable with keeping money with them (Although it will be a reduced amount)

    MoneyThing has a very similar business model to Collateral which worries me slightly, though they are fully authorised so if they did go bust everything would be taken care of correctly.

    You can search for P2P companies and see their status here
    https://register.fca.org.uk/ShPo_Homepage
    • fun4everyone
    • By fun4everyone 28th Feb 18, 10:42 PM
    • 1,149 Posts
    • 1,754 Thanks
    fun4everyone
    Administration letter for Collateral received.
    • keyboardworrier
    • By keyboardworrier 28th Feb 18, 10:47 PM
    • 124 Posts
    • 133 Thanks
    keyboardworrier
    I'm very relieved to see that. It looks like we will not be taking 100% capital loss after all!
    • takesyourchances
    • By takesyourchances 28th Feb 18, 10:48 PM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    Administration letter for Collateral received.
    Originally posted by fun4everyone
    Just seen it, look deeper now
    • choochootrain
    • By choochootrain 28th Feb 18, 10:50 PM
    • 198 Posts
    • 144 Thanks
    choochootrain
    Why has this happened?
    The Company was operating in the belief that it was authorised and regulated by the
    Financial Conduct Authority under interim permission. It has transpired that this is not the
    case and consequently the Company has ceased lending.

    I have lent money via the Collateral platform do I need to do anything?
    No. Subject to the borrower continuing to make payments of interest and capital those will
    be returned to you in accordance with the Collateral terms and conditions.

    What is the future for Collateral?
    The Directors of the Company have recently appointed new external counsel and specialist
    compliance consultants with regard their business model and approach.
    In terms of the current business model and the Company's correspondence with you:
    a. The Company has ring fenced the existing loan book and will look to wind this down
    over the life of the loans in an appropriate way.
    b. The Company is reviewing how it might best continue the business, a number of
    potential routes forward have been identified but these are still being assessed.
    Last edited by choochootrain; 28-02-2018 at 10:52 PM.
    • economic
    • By economic 28th Feb 18, 10:52 PM
    • 2,938 Posts
    • 1,586 Thanks
    economic
    What happens to the blackburn loan? It was due to be repaid end of feb. What if it had been repaid, would it count as unsecured money lent to Col? And therefore unlikely to be recovered?
    • fun4everyone
    • By fun4everyone 28th Feb 18, 10:56 PM
    • 1,149 Posts
    • 1,754 Thanks
    fun4everyone
    First impressions : Looks about as good as we could have hoped for.

    Sit tight and loan repayments will come to us.

    Biggest unanswered question is what happens to the half filled loans that had not been drawn down yet.

    EDIT : Really hope they put the site back online so we can login and get exact figures and know what is what. No buying/selling/investing of loans will be allowed if that happens though clearly.
    Last edited by fun4everyone; 28-02-2018 at 10:58 PM.
    • takesyourchances
    • By takesyourchances 28th Feb 18, 10:59 PM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    I'm very relieved to see that. It looks like we will not be taking 100% capital loss after all!
    Originally posted by keyboardworrier
    I am relieved too there is hope of something back and not 100% capital loss. It could of been much, much worse, or no update at all tonight. We don't have anything until it happens, but at least we are in the picture. When your told the truth you can face it.
    • keyboardworrier
    • By keyboardworrier 28th Feb 18, 11:00 PM
    • 124 Posts
    • 133 Thanks
    keyboardworrier
    First impressions : Looks about as good as we could have hoped for.

    Sit tight and loan repayments will come to us.

    Biggest unanswered question is what happens to the half filled loans that had not been drawn down yet.

    EDIT : Really hope they put the site back online so we can login and get exact figures and know what is what. No buying/selling/investing of loans will be allowed if that happens though clearly.
    Originally posted by fun4everyone
    According to Collaterals T&C's that money can be taken by anyone who is owed money by Collateral.

    Tomorrow will be interesting , I also hope the site is put back up so I can start withdrawing interest at least.

    I am relieved too there is hope of something back and not 100% capital loss. It could of been much, much worse, or no update at all tonight. We don't have anything until it happens, but at least we are in the picture. When your told the truth you can face it.
    Originally posted by takesyourchances
    I agree, and I am still annoyed that Collateral lied to us by saying the site is simply undergoing server maintenance.

    I've learned a valuable lesson due to this saga and that is to keep a check on a P2P platforms financial health.
    Last edited by keyboardworrier; 28-02-2018 at 11:03 PM.
    • fun4everyone
    • By fun4everyone 28th Feb 18, 11:06 PM
    • 1,149 Posts
    • 1,754 Thanks
    fun4everyone
    Operating without an FCA licence lol. What a joke. I guess some medium risk debt investments via other means might be more appropriate for me going forward.
    • takesyourchances
    • By takesyourchances 28th Feb 18, 11:11 PM
    • 719 Posts
    • 481 Thanks
    takesyourchances
    First impressions : Looks about as good as we could have hoped for.

    Sit tight and loan repayments will come to us.

    Biggest unanswered question is what happens to the half filled loans that had not been drawn down yet.

    EDIT : Really hope they put the site back online so we can login and get exact figures and know what is what. No buying/selling/investing of loans will be allowed if that happens though clearly.
    Originally posted by fun4everyone
    Totally agree with you, it's as good as we can hope for when you have accepted it was lost. I would like to see our accounts back for viewing repayments and the situation.

    On another note, I sold out of ratesetter funds already transferred out to my bank. So that will be trimmed off my total P2P by 1500 and will earmark this for one of my investment trusts.

    I was thinking while taking a break I need to trim this P2P back after this lesson and prior to this I was getting uneasy with these large development loans too much is going wrong with them and can go wrong. There is a lifeline thrown here with this update, I would like to run MT down and will keep my Ablrate holding and I need my P2P to not run away like it had.

    I am sure we will all exchange ideas and thoughts, this topic and the forum members has been really helpful with these events
    Last edited by takesyourchances; 28-02-2018 at 11:13 PM.
    • TheShape
    • By TheShape 28th Feb 18, 11:13 PM
    • 1,425 Posts
    • 1,299 Thanks
    TheShape
    Hopefully the administration will proceed smoothly. However, on Monday when I put up for sale a loan part of an overdue diamond loan, I did think to myself that I very rarely see loans redeeming on the platform. I'd thought little of it previously but having recently (approx 6 mths) opened an account with Unbolted I notice loan repayments occurring regularly. I would expect to see plenty of defaults against individual pawn items, perhaps less so for group asset loans.
    • keyboardworrier
    • By keyboardworrier 28th Feb 18, 11:13 PM
    • 124 Posts
    • 133 Thanks
    keyboardworrier
    I do not believe that they were unaware that they were not FCA authorised, the emails I have show that the FCA info at the bottom got removed.
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