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Post by davids on Nov 15, 2019 8:27:39 GMT
Hi all,
Just wondering if people were increasing or decreasing their investment in Growth street.
Personally I'm adding a but more each month and growth street is my second largest p2p investment currently
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Post by Ace on Nov 15, 2019 9:11:06 GMT
PEDANT ALERT: Did you really mean what the poll says? I.e. Tick YES if you are either increasing or decreasing your investment, and NO if you are leaving your investment as it is. I presume this was not your intention as it seems to be of little value to me.
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Post by davids on Nov 15, 2019 9:17:46 GMT
Yeah sorry, I wrote it whilst half asleep. Note to self to not post anything before 9am,
Maybe should have just put increasing/ decreasing
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Post by p2plender on Nov 17, 2019 2:31:25 GMT
Surprised thus far. Whilst not time to run for the hills, I'm surprised investors are adding more funds in. I suppose you can look at things two ways, backers have shown willingness to take on bad loans, or another view, what the hell are they investing our hard earned in to have enabled to defaults which under normal circumstances would have wiped out the PF
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rogedavi
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Post by rogedavi on Nov 17, 2019 9:36:58 GMT
There is a lot to like about Growth Street and is one my larger holdings
- 30d loans @ 5.3%
- Provision Fund
- Good UI and Comms
- Loans always redeem at the stated maturity (so far)
- Ridiculously high welcome offer (+ 4-5% on investment of up to £50k for 1 year)
- Platform is well funded / backed
Against that
- Lack of information on borrowers (quite 'black box')
- Riskier borrower profile than peers (business lending)
- Low Provision Fund capitalisation (3.87%) albeit higher than peers at AC / LW / RS
- High concentration risk (small loan book)
- Poor recovery rate
On balance one of the better platforms but not without its own nuances and risks. Currently holding.
In order to increase I would like to see 1) higher PF ratio 2) loan book growth 3) better statistics.
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pom
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Post by pom on Nov 20, 2019 19:25:30 GMT
I'm waiting to see if they rollover the xmas bonus again before I decide whether to invest more
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Post by p2plender on Nov 30, 2019 7:02:11 GMT
I'm nearly all out now. Have to say it's a relief given the last 'news'. It's annoying leaving 5.3% monthly access but basically when your investment is at the mercy of founders throwing money into covering defaults then that's not a wise investment. Similar to RS situation but they've took action by slashing rates in the hope of making the business profitable. Good luck all.
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mrk
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Post by mrk on Dec 2, 2019 20:18:07 GMT
I'm waiting to see if they rollover the xmas bonus again before I decide whether to invest more There is a "Festive Bonus" now... how did you know? Did they do the same last year?
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Post by gravitykillz on Dec 3, 2019 10:19:25 GMT
I agree that unless growth street takes drastic action to change its business model it is at risk. The wise form of action would be to reduce rates to 4.5% and pay the difference into the provision fund. This would upset some people but in the longer term would make the business more viable.
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pom
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Post by pom on Dec 3, 2019 10:41:14 GMT
I'm waiting to see if they rollover the xmas bonus again before I decide whether to invest more There is a "Festive Bonus" now... how did you know? Did they do the same last year? No that's a new one - and interesting to see it only applies to the classic account...I'm also waiting to see if my 2 bonuses about to mature are going to get screwed up by having moved some of my money to the ISA..a winter bonus due in a couple of weeks, and the other was the one I was referring to, in itself a rollover of the December 2017 bonus. Had to increase amount invested by 20% but the bonus was on the WHOLE amount not just the increase, so I suspect they may not offer it again. The Festive one looks better than last years winter bonus tho I think, as that was tiered. But irritatingly based on last years timings that will be over before I find out if they are going to roll over the December one again, so I'll probably end up with neither!
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marky
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Post by marky on Dec 3, 2019 15:47:05 GMT
I think it might be time to be a little cautious with this Festive Bonus....... it looks too good to be true ... and it possibly is ... (see below).
I notice that the terms and conditions of the festive bonus are different to all the previous bonuses Growth Street offered in that :
"No bonuses will be payable, and any right to any bonus will be lost, on the occurrence of a Resolution Event in accordance with clause 6 of the Investor Terms. In accordance with the Investor Terms, you will be notified as soon as possible and by no later than 5 working days where a Resolution Event is declared."
Given that we would have had a Resolution Event during November had the founders not pumped more money into the provision funds to cover the loss .... I was startled to see this additional term and condition appear in the festive bonus Ts and Cs.
I've decided to run down my Growth Street investment .....
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pom
Member of DD Central
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Post by pom on Dec 3, 2019 16:05:38 GMT
I think it might be time to be a little cautious with this Festive Bonus....... it looks too good to be true ... and it possibly is ... (see below). I notice that the terms and conditions of the festive bonus are different to all the previous bonuses Growth Street offered in that : "No bonuses will be payable, and any right to any bonus will be lost, on the occurrence of a Resolution Event in accordance with clause 6 of the Investor Terms. In accordance with the Investor Terms, you will be notified as soon as possible and by no later than 5 working days where a Resolution Event is declared." Given that we would have had a Resolution Event during November had the founders not pumped more money into the provision funds to cover the loss .... I was startled to see this additional term and condition appear in the festive bonus Ts and Cs. I've decided to run down my Growth Street investment ..... Probably more to do with having to meet the new FCA reqs to be honest, and/or closing a loophole they previously forgot.
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ceejay
Posts: 971
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Post by ceejay on Dec 3, 2019 16:15:55 GMT
I think it might be time to be a little cautious with this Festive Bonus....... it looks too good to be true ... and it possibly is ... (see below). I notice that the terms and conditions of the festive bonus are different to all the previous bonuses Growth Street offered in that : "No bonuses will be payable, and any right to any bonus will be lost, on the occurrence of a Resolution Event in accordance with clause 6 of the Investor Terms. In accordance with the Investor Terms, you will be notified as soon as possible and by no later than 5 working days where a Resolution Event is declared." Given that we would have had a Resolution Event during November had the founders not pumped more money into the provision funds to cover the loss .... I was startled to see this additional term and condition appear in the festive bonus Ts and Cs. I've decided to run down my Growth Street investment ..... Probably more to do with having to meet the new FCA reqs to be honest, and/or closing a loophole they previously forgot. I don't think this caveat is unreasonable - in the case of a Resolution Event occurring, paying bonuses ought to be a lower priority than paying primary obligations like capital and interest. What I didn't like about this Festive Bonus is the sneaky clause that if you take ANY of your increased funding away then you lose the bonus on ALL of it. That's mean and I don't like it.
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james21
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Post by james21 on Dec 3, 2019 17:00:16 GMT
I am happy with the 2% and will be investing especially in the absence of anything from Assetz at the moment, where I expect there will be major withdrawals from the 4.1% access account
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pom
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Post by pom on Dec 4, 2019 16:16:19 GMT
What I didn't like about this Festive Bonus is the sneaky clause that if you take ANY of your increased funding away then you lose the bonus on ALL of it. That's mean and I don't like it. But that's not new, all previous bonuses have required you to maintain the new increased level and they're not the only site that do that. On the plus side at least now the bonus is based on actual increase and not the tier it fell into so you can actually pay in what you want rather than having to go for set amounts to maximise your return.
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