bulletbill
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Post by bulletbill on Oct 2, 2019 3:58:32 GMT
I’d reckon all platforms have alienated, bankrupt or otherwise destroyed their trust and relationship with their first cohort of investors. I’m in that camp. Even if I was offered a loan at 20% interest and 20% LTV I wouldn’t touch it. I’m wiser to all the tricks, games and deceit in these so called investments. I’m wiser but also significantly poorer. Where is the next wave of fresh investors coming from? P2P is suffering so much bad press and backlash you’d have to be brave to invest. I think many borrowers will be anticipating platforms giving up the ghost and then a long period of interest free lending followed by a deal with Administrators to buy back their asset at a fraction of what they pawned it for. The industry is in a downward spiral.
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radar
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Post by radar on Oct 2, 2019 8:50:30 GMT
Update on web site
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corto
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one-syllabistic
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Post by corto on Oct 2, 2019 11:51:52 GMT
The borrower is partying. The new contractor does who-knows-what. The lender is standing in the corner. Let's hope the new year doesn't see repayment glitsh much further.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Oct 2, 2019 11:54:09 GMT
I’d reckon all platforms have alienated, bankrupt or otherwise destroyed their trust and relationship with their first cohort of investors. I’m in that camp. Even if I was offered a loan at 20% interest and 20% LTV I wouldn’t touch it. I’m wiser to all the tricks, games and deceit in these so called investments. I’m wiser but also significantly poorer. Where is the next wave of fresh investors coming from? P2P is suffering so much bad press and backlash you’d have to be brave to invest. I think many borrowers will be anticipating platforms giving up the ghost and then a long period of interest free lending followed by a deal with Administrators to buy back their asset at a fraction of what they pawned it for. The industry is in a downward spiral. Unfortunately for MT, the above comments exactly match my own thinking. The golden goose, which P2P appeared, noted I wrote appeared, to be in it's heyday is long since dead, and most long term lenders know this. New loans I believe would only be of interest to naïve new lenders. This position has been brought about by platforms, through their wanton profit chasing, having brought some appalling quality offerings which lenders have brought on good faith, and now have now turned out to have no viable exit options, other than relying on over inflated valuations which platforms used to 'sell' the loan in the first place. As an aside over inflated valuations were never a problem with quality offerings. Who cares what the initial valuation/LTV was/is if the loan repays without the valuation needing to be tested. As lenders we must accept our responsibility for making the decision to lend. Myself I believe I am lucky because I saw the writing on the wall relatively early, but have been appalled at how MT have 'can kicked', accepting feeble excuses for broken borrower promises. Despite having the ability to default a load, and cut off a borrower's 'credit', they meekly hoped things would work out. A last thought, and with hindsight, who else identifies the time when MT changed their T&Cs, to introduce enforced rollovers rather than optional rollovers, as the point where MT crossed the line and the beginning of the end started? How many people reading this did not know a MT loan always ended at the end date, and lenders got their money back, 100% guaranteed?
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boundah
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Post by boundah on Oct 2, 2019 15:41:03 GMT
I’d reckon all platforms have alienated, bankrupt or otherwise destroyed their trust and relationship with their first cohort of investors. I’m in that camp. Even if I was offered a loan at 20% interest and 20% LTV I wouldn’t touch it. I’m wiser to all the tricks, games and deceit in these so called investments. I’m wiser but also significantly poorer. Where is the next wave of fresh investors coming from? P2P is suffering so much bad press and backlash you’d have to be brave to invest. I think many borrowers will be anticipating platforms giving up the ghost and then a long period of interest free lending followed by a deal with Administrators to buy back their asset at a fraction of what they pawned it for. The industry is in a downward spiral. I'm still with 4 platforms (incl MT). Despite 2 of them going into administration and several loans in default I'm still up overall. If someone offers you a loan at 20% interest with 20% LTV please let me know - I'm still happy to take the risk, subject to my own DD.
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bulletbill
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Post by bulletbill on Oct 3, 2019 15:34:38 GMT
I’d reckon all platforms have alienated, bankrupt or otherwise destroyed their trust and relationship with their first cohort of investors. I’m in that camp. Even if I was offered a loan at 20% interest and 20% LTV I wouldn’t touch it. I’m wiser to all the tricks, games and deceit in these so called investments. I’m wiser but also significantly poorer. Where is the next wave of fresh investors coming from? P2P is suffering so much bad press and backlash you’d have to be brave to invest. I think many borrowers will be anticipating platforms giving up the ghost and then a long period of interest free lending followed by a deal with Administrators to buy back their asset at a fraction of what they pawned it for. The industry is in a downward spiral. I'm still with 4 platforms (incl MT). Despite 2 of them going into administration and several loans in default I'm still up overall. If someone offers you a loan at 20% interest with 20% LTV please let me know - I'm still happy to take the risk, subject to my own DD. For me trust is a factor. I trust none of the parties in this so called value chain. From the valuers to the platforms to the Administrators they’re all out to line their own pockets, no one has the lenders’ interests as a primary objective. Your decision to continue to invest is up to you of course. I wish you well. Personally I’ve never seen another industry where the customer (lenders) is seen as an irrelevant nuisance.
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easylender
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Post by easylender on Oct 3, 2019 21:43:39 GMT
Borrowers are the customers in this industry. They are where the profit comes from. Lenders are the equivalent of suppliers. Why can't you see that?
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bulletbill
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Post by bulletbill on Oct 4, 2019 12:07:33 GMT
Borrowers are the customers in this industry. They are where the profit comes from. Lenders are the equivalent of suppliers. Why can't you see that? Well, I can see that, but they still shouldn’t treat their suppliers as an irrelevant nuisance. If the supply dries up then the profit dries up. I’m not being vindictive, for those who are making gains, feel the risk is worth the reward and believe platforms are providing an acceptable level of performance and integrity then I genuinely am happy for you.
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rocky1
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Post by rocky1 on Oct 4, 2019 13:14:36 GMT
i must be one of them suppliers then.and this supplier has called time on [investing] gambling my money on a few platforms.having good results at moment on a few others but have learnt a very expensive lesson.
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upperdeane
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Post by upperdeane on Oct 4, 2019 20:15:11 GMT
Update on MT platform
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upperdeane
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Post by upperdeane on Oct 21, 2019 10:35:21 GMT
Update on MT platform (extension given, taking longer than expected)
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neeps
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Post by neeps on Oct 30, 2019 13:58:42 GMT
No interest credited so far this month. Should we be concerned?
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11025
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Post by 11025 on Oct 30, 2019 14:55:45 GMT
No interest credited so far this month. Should we be concerned? I already was before you mentioned this !
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radar
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Post by radar on Oct 30, 2019 15:55:11 GMT
It is listed as 31/10/2019 end date, perhaps tomorrow?
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corto
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one-syllabistic
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Post by corto on Oct 30, 2019 21:37:24 GMT
Update on site, 1w delay; interest payment suggested to borrower
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