andy1
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Post by andy1 on May 16, 2018 13:21:53 GMT
Wot a bummer!
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Post by df on May 16, 2018 13:22:34 GMT
Didn't put me off. Still a very good rates for the risk involved. While part of me agrees with you, it's exactly that sentiment being continually vocalized on this board which has led them to realise they can squeeze extra money out of us. I can't say I'm happy with this. The way I look at it: if I was a new investor on UB would I invest at these rates? The answer is yes. I can also potentially get larger allocations if many investors drop out as a result of this rate drop. Very selfish - I know
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michaelc
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Post by michaelc on May 16, 2018 13:26:33 GMT
This will teach us to sing their praises.
Funnily enough Lendy haven't reduced their rates for some time and on some loans have been putting them up.
Can't think why.
Interestingly I think the turn in sentiment for Lendy happened around the time they dropped the rates. It has been all downhill since then and putting the rates back up (and some) so far hasn't been enough to turn the tide.
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amwinv
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Rate drop
May 16, 2018 13:35:18 GMT
via mobile
Post by amwinv on May 16, 2018 13:35:18 GMT
While part of me agrees with you, it's exactly that sentiment being continually vocalized on this board which has led them to realise they can squeeze extra money out of us. I can't say I'm happy with this. The way I look at it: if I was a new investor on UB would I invest at these rates? The answer is yes. I can also potentially get larger allocations if many investors drop out as a result of this rate drop. Very selfish - I know Haha. But equally, you're gonna have to put all that extra money in just to get the same interest you used to get before the rates dropped!
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hendragon
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Post by hendragon on May 16, 2018 13:35:32 GMT
Unbolted must feel pretty confident about the strength of their investor base to do this. 7.8% down to 6% for the gold provision is a pretty savage cut in returns. I think I will be adjusting my auto-lending downwards if I continue at all. Ub is currently oversubscribed I wonder if this will continue.
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Post by df on May 16, 2018 13:37:38 GMT
That's upsettingly low. Glad I got some good chunks of the pawnbroker bling on moneything for 12%. Unfortunately, apart from recent 6 advances of the same loan, there weren't any new pawn offerings for about a year on MT. UB has a constant loan flow.
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Post by df on May 16, 2018 13:47:22 GMT
The way I look at it: if I was a new investor on UB would I invest at these rates? The answer is yes. I can also potentially get larger allocations if many investors drop out as a result of this rate drop. Very selfish - I know Haha. But equally, you're gonna have to put all that extra money in just to get the same interest you used to get before the rates dropped! Of course. It is a good place to house my returns from Zopa, RS and whatever comes from Ly, MT and what might come from COL one day. 7% average is not bad for low maintenance headache free investment.
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Post by dan1 on May 16, 2018 13:51:00 GMT
Couldn't agree more. Nothing we can do about it apart from decide whether to remain and if so what to set our auto-lends to and what cash to hold on the platform. Anyway, I have interest in a 911 and Delorean that require disposing of. If only we could go Back to the Future, eh?
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Post by lucas01 on May 16, 2018 13:55:49 GMT
Very disappointed ,but not surprised, they took the opportunity to drop rates, and boost their margins. Clearly they are oversubscribed from lenders. P2P flight to safety! In honesty, the interest rates never made much sense when unprotected business loans went out cheaper than provision loans. The only positive is the cash drag situation should improve as I doubt I'm the only one who wont be adding to my balance anymore.
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Steerpike
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Post by Steerpike on May 16, 2018 14:09:19 GMT
Until today Unbolted was just about the only P2P platform with which I was happy.
How annoying, the search begins again.
Perhaps Assetz will fix the sluggish performance, ridiculous reporting, and publish statistics that demonstrate that PF protected accounts actually deliver their target rates.
Maybe Lendy will introduce proper IMS and investor confidence will return.
Or, perhaps...
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amwinv
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Post by amwinv on May 16, 2018 14:15:10 GMT
Haha. But equally, you're gonna have to put all that extra money in just to get the same interest you used to get before the rates dropped! Of course. It is a good place to house my returns from Zopa, RS and whatever comes from Ly, MT and what might come from COL one day. 7% average is not bad for low maintenance headache free investment. Just beware platform apathy Df. I'm sure if COL cut rates a year or so back, when everyone seemed to be so enamoured with them, people would have been ok cos they were seen as so safe and well managed. Every cut to interest rates increases your risk of capital loss if things go wrong, and brings the average p2p marketrate down. Other platforms see and the average across all platforms may slide downward over the years (which by the sounds of it, I think is already happening since "the golden age" a few years back people mention sometimes.)
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ding
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Post by ding on May 16, 2018 15:04:05 GMT
I've not deposited for 4 weeks, and my cash balance is now over £2k. I wasn't to concerned as this would let me get larger loan parts.
But considering the drought over the last few weeks, I'm going to remove cash and put it in Assetz 30day.
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Post by rookyone on May 16, 2018 15:35:47 GMT
With P2P it's all about risk and reward... Having capital tied up in the Collateral farce, as well as little to no chance of selling on the secondary markets at Lendy or MoneyThing, Unbolted was one of the few P2P platforms not causing me any issues, well none I was aware of anyway... But now the risk against reward has changed significantly enough to make it less of a dumping ground (or is the word haven) for money pulled from other platforms. For now, I have set my auto-loans to zero, and withdrawn my cash balance whilst I consider my next move... Juggling P2P platforms can be so much fun
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amwinv
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Post by amwinv on May 16, 2018 16:04:32 GMT
By my very quick basic calculation (feel free to correct me if I'm wrong) but this equates to approx £18 less interest per year for every £1000 invested.
I only have 3g in, but that's around £54 a year unbolted have just taken off me.
I could understand if there was some reasoning. But they just seem to say that they are doing what they are supposed to do, invest my money and return the promised return... And that is a justification for decreasing rates?!?!
It's like the famous Chris Rock sketch about people wanting credit for taking care of their own kids. That's what your SUPPOSED to do.
It makes no sense and I hope a lot of people adjust their autolend settings to 0 over the next few days and force UNB to have a rethink.
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rgog
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Post by rgog on May 16, 2018 16:09:12 GMT
Didn't put me off. Still very good rates for the risk involved. I thought the old rates barely covered the inherent risks of this kind of lending, so no the new rates really are not good for the risk. No more money will be going in to Unbolted. Given the difference between what they allow investors and the considerable charges to borrowers and we carry all the risk, quite bluntly we are being treated as mugs.
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