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Post by angrykittens on Mar 7, 2018 15:35:25 GMT
I would like to gauge general thoughts on MT here, given the recent collapse of COL I am now looking for another Platform to invest my comparatively small amount of spare cash (talking 4 figures). As I don't have vast amounts to invest I'm generally happy to chase the Pawn / small property type loans that have limits, but still pay 10%+. I'm already in FS (along with some others) and continue to pick up their Pawn loans but generally stay away from anything else. MT seems to tick all of the boxes for me, they communicate well, have a decent selection of loans and from what I can tell from looking at loan updates, especially those in default seem to have a robust recovery process and don't accept too much BS from borrowers. Looking at completed loans it seems the only loan that has ever not paid any interest was withdrawn 2 weeks after going up. Bar any ongoing recoveries there have never been any historic losses?! Or are loss making loans hidden away somewhere else? Looking at Live loans there are also none past due date - nothing overdue hasn't already been placed into default? I do note some extensions here though. Do my initial impressions ring true? The default and recovery process I am especially interested in, loans currently in default - the start and end dates look a little weird to me, I'm guessing a new loan is created for a default and all tranches are collapsed into it. I look around this forum and do see a few negative comments on individual loan threads, but certainly nothing on the scale I am used to with FS  . I appreciate any comments or insight you can give me before I get my wallet out! Thanks for taking the time to read. |
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elliotn
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Post by elliotn on Mar 7, 2018 15:41:34 GMT
No losses. Ongoing recoveries per default thread, the end dates are more theoretical just to consolidate the old tranches and keep on platform.
No overdue loans, MT will either agree extension with borrower or move to default (ie there were some cars that didn't extend but soon re-paid after moving to default page).
Hardly any pawn...and then 3 turn up for tomorrow!
Unbolted is unadulterated pawn. But not quite FS/Coll/MT rates.. These are bullet loans without SM but do have provision fund/gold price insurance.
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archie
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Post by archie on Mar 7, 2018 15:48:21 GMT
Still my favourite platform despite the defaults.  |
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Post by Badly Drawn Stickman on Mar 7, 2018 21:35:46 GMT
Due to my affection and trust in the platform, I exceeded my max exposure per loan by several times thinking MT couldn’t put a foot wrong. But regardless, loans can and do default and now I have far far too much of my loan book in defaulted loans. Until I see some recovery I’m forcing myself to not put any more on MT even though I’m probably missing some cracking loans. Just a warning to not think nothing can go wrong, to not over expose yourself to one borrower and that we are yet to see MT recover any loan. I think there has been at least one recovery, a car loan from memory. I don't get any attachment to platforms, I'm sure to them I am just a number, consequently to me they are a means to an end. I must confess I found today's offer tempting enough to transfer money in, otherwise it will just be recycling/withdrawing until some funds get freed up from Moneything or Collateral. Oddly I had always considered them much the same, at least until Collateral completely lost the plot with it's ambition. (Recent events obviously suggest I was wrong and Moneything was a bit better)
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Jeepers
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Post by Jeepers on Mar 7, 2018 21:37:37 GMT
Moneything is the best p2p platform.
That said, I'm still winding down my p2p holdings in general.
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sarahcount
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Post by sarahcount on Mar 7, 2018 22:09:36 GMT
MT have loans going live tomorrow from two different borrowers.
As it happens both borrowers have quite prestigious names.
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Post by Deleted on Mar 7, 2018 22:18:48 GMT
I'm a fan of MT but that standpoint comes mainly from their open and communicative method of operating which builds a certain level of trust, but as mentioned above don't allow this to create faith beyond common sense. I find my current default status highlights this warning!
On Lendy who take a pretty constant battering on here and often quite rightly, my default to interest earned to date ratio is 53%
Compared to MT who are often the darling of the forum, where my default to interest earned to date is an eye-watering 183%
I've been on both platforms for the same amount of time and have committed the same amount both financially and in time making investment decisions. Perhaps this figure is even more worrying given MT have yet to recover anything from a property default at this stage in their own development!
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easylender
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Post by easylender on Mar 7, 2018 23:03:39 GMT
Althoug a long time lender elsewhere I've only been investing through MT for 11 months now. To test the water I've cautiously dribbled in £20k over that time, always trying to do some DD and maintain my diversification targets. Diversification has been difficult due to the poor flow of new loans over this period, and getting multiple loans from the same borrower. In many ways the platform and the people running it appear to be providing a much better than average service to lenders, but loan flow has been awful. However, like many others, I now have 33% of my investment in default. Even though other platforms might classify some of these as late it is still way too much, and so further investment is on hold until my confidence has been restored by effective recoveries. Looking at the histories of some older platforms I see that they too experienced surges in defaults at around the same time in their development, and I expect that MT too will learn from the experience and get defaults under control.
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IFISAcava
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Post by IFISAcava on Mar 7, 2018 23:05:27 GMT
Moneything is the best p2p platform. That said, I'm still winding down my p2p holdings in general. And putting the money where?
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Jeepers
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Post by Jeepers on Mar 7, 2018 23:17:37 GMT
Moneything is the best p2p platform. That said, I'm still winding down my p2p holdings in general. And putting the money where? Paying off my mortgage. Done p2p for 3 years, was on to a winner, borrowing at 1.7% and lending out at 12/13% but don't feel comfortable doing so anymore.
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IFISAcava
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Post by IFISAcava on Mar 7, 2018 23:45:56 GMT
And putting the money where? Paying off my mortgage. Done p2p for 3 years, was on to a winner, borrowing at 1.7% and lending out at 12/13% but don't feel comfortable doing so anymore. Good luck! I am trying not to pay off early my 0.49% above base rate flexible tracker as it has not been worth my while while interest rates have been so low.
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Post by angrykittens on Mar 8, 2018 7:31:46 GMT
I am already invested in Unbolted so have that one covered!  I feel the general consensus is you would recommend MT but don't go head over heels, so that sits fine with me. Shame the deal flow isn't that great, after joining on Tuesday and seeing 3 different pawn loans 2 days later I thought I had been missing out for a while! Thanks for the comments everyone. |
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seb8072
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Post by seb8072 on Mar 8, 2018 7:43:57 GMT
I'm not sure "general thoughts" or even recommendations means much given how quickly things can change. Until recently Col would have been top of many peoples lists.
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jlend
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Post by jlend on Mar 8, 2018 7:59:19 GMT
For me it is all down to how a platform does when a loan defaults and how much money is then recovered.
There will be defaults, it is what it is.
So personally I will have a better idea when the current defaulted loans have crystalised losses if needed.
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Post by angrykittens on Mar 8, 2018 9:04:28 GMT
I'm not sure "general thoughts" or even recommendations means much given how quickly things can change. Until recently Col would have been top of many peoples lists. The alternative would be to come into the platform completely blind (apart from my own rudimentary DD and looking around at past loans), whilst past performance is of course not indicative of future performance I don't have a crystal ball so this is about the best I can think to do besides just sticking some funds in and grabbing some loans. Col was indeed at the top of my list, Platform failure was very low on my list of anticipated risks - such is life I guess; expect the unexpected. But I'm not chasing 10%+ returns thinking I'm running a risk free venture. I do appreciate your comment though, I had 80% decided to dip a toe into MT already unless any red warning flags were posted here.
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