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Post by WestonKevTMP on Feb 21, 2020 10:40:41 GMT
Apologies, I just voted and didn't know I wasn't allowed until I read this. There's no note or comment in the actual poll, so I think it's a but unfair to have a moan. For the record I voted TMP (employee), RateSetter (ex-employee), Assets, LendingWorks and Abundance Kevin. Why did you vote for Lending Works? I've always had a soft spot for Lending Works, I've met the co-founders who are genuinely nice people and trying to do the right thing (unlike many chancer start-ups in the sector). They don't always get it right, but they act with honesty and integrity. I think their weakness has been a lack of credit risk expertise, and that was clear in the over double bad debt rates to that forecast (and hence money lack of money put in their Provision Fund). But they've tried to put that right with some key hires in the last 12-months. The damage was done and the 6.5% wasn't sustainable. The solution was reasonable, perhaps badly communicated and implemented. Returns are probably more appropriate now and sustainable (regular readers will know I think many lenders are too greedy, and come a cropper with the likes of Lendy, which was clearly a disaster in waiting). I've not been adding money and in fact I've been in slow draw-down, I'm waiting on news of their next fund raise to have some clarity over the platforms financial stability. I'll probably start to put a little money back in thereafter. Kevin.
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Post by carol167 on Feb 21, 2020 10:58:46 GMT
Why did you vote for Lending Works? I've always had a soft spot for Lending Works, I've met the co-founders who are genuinely nice people and trying to do the right thing (unlike many chancer start-ups in the sector). They don't always get it right, but they act with honesty and integrity. I think their weakness has been a lack of credit risk expertise, and that was clear in the over double bad debt rates to that forecast (and hence money lack of money put in their Provision Fund). But they've tried to put that right with some key hires in the last 12-months. The damage was done and the 6.5% wasn't sustainable. The solution was reasonable, perhaps badly communicated and implemented. Returns are probably more appropriate now and sustainable (regular readers will know I think many lenders are too greedy, and come a cropper with the likes of Lendy, which was clearly a disaster in waiting). I've not been adding money and in fact I've been in slow draw-down, I'm waiting on news of their next fund raise to have some clarity over the platforms financial stability. I'll probably start to put a little money back in thereafter. Kevin. LW fleeced me of nearly £4,000. "Perhaps badly communicated" is the understatement of the year.
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starfished
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Post by starfished on Feb 21, 2020 12:04:39 GMT
I've always had a soft spot for Lending Works, I've met the co-founders who are genuinely nice people and trying to do the right thing (unlike many chancer start-ups in the sector). They don't always get it right, but they act with honesty and integrity. I think their weakness has been a lack of credit risk expertise, and that was clear in the over double bad debt rates to that forecast (and hence money lack of money put in their Provision Fund). But they've tried to put that right with some key hires in the last 12-months. The damage was done and the 6.5% wasn't sustainable. The solution was reasonable, perhaps badly communicated and implemented. Returns are probably more appropriate now and sustainable (regular readers will know I think many lenders are too greedy, and come a cropper with the likes of Lendy, which was clearly a disaster in waiting). I've not been adding money and in fact I've been in slow draw-down, I'm waiting on news of their next fund raise to have some clarity over the platforms financial stability. I'll probably start to put a little money back in thereafter. Kevin. LW fleeced me of nearly £4,000. "Perhaps badly communicated" is the understatement of the year.
Fleece is a strong word for a series of decisions you made on your own volition... Are you really saying you are £4k down on the money you put into LW, after including interest received from them? I suspect not...
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Post by carol167 on Feb 21, 2020 12:23:11 GMT
LW fleeced me of nearly £4,000. "Perhaps badly communicated" is the understatement of the year.
Fleece is a strong word for a series of decisions you made on your own volition... Are you really saying you are £4k down on the money you put into LW, after including interest received from them? I suspect not... So because it's out of the interest that makes it somehow ok ?
Where was the communication that exiting out was going to be at such an increased cost ? Or that going forward you might only get 0.68% ? They were clearly in a lot more trouble than was relayed to us before Christmas. We were clearly duped as the poll in the LW board shows.
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Ukmikk
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Post by Ukmikk on Feb 21, 2020 14:30:26 GMT
Why did you vote for Lending Works? I've always had a soft spot for Lending Works, I've met the co-founders who are genuinely nice people and trying to do the right thing (unlike many chancer start-ups in the sector). They don't always get it right, but they act with honesty and integrity. I think their weakness has been a lack of credit risk expertise, and that was clear in the over double bad debt rates to that forecast (and hence money lack of money put in their Provision Fund). But they've tried to put that right with some key hires in the last 12-months. The damage was done and the 6.5% wasn't sustainable. The solution was reasonable, perhaps badly communicated and implemented. Returns are probably more appropriate now and sustainable (regular readers will know I think many lenders are too greedy, and come a cropper with the likes of Lendy, which was clearly a disaster in waiting). I've not been adding money and in fact I've been in slow draw-down, I'm waiting on news of their next fund raise to have some clarity over the platforms financial stability. I'll probably start to put a little money back in thereafter. Kevin. I would agree with much of what you say, apart from the 'honesty and integrity' which in my view has not been evident. Indeed their recent conduct and communications, including on this forum, have convinced me otherwise and I am withdrawing the majority of my holdings. Until recently they would have been my number one vote and had they acted with honesty and integrity would have remained so.
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Ukmikk
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Post by Ukmikk on Feb 21, 2020 14:33:10 GMT
Abl seem to be a popular choice but have not really been on my radar. I would be interested to hear why they should be if anyone would care to comment. I will be looking for a home for my LW withdrawals soon.
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benaj
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Post by benaj on Feb 21, 2020 14:55:31 GMT
Abl seem to be a popular choice but have not really been on my radar. I would be interested to hear why they should be if anyone would care to comment. I will be looking for a home for my LW withdrawals soon. If you like self-select and SM, then it could your AirBnB first. Then find somewhere to settle. 😅
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Feb 21, 2020 17:46:34 GMT
I had to put other because my favourite is Peerberry. Reason is very few defaults and at 60 days they are bought back anyway.
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Post by dan1 on Feb 21, 2020 20:43:20 GMT
I've always had a soft spot for Lending Works, I've met the co-founders who are genuinely nice people and trying to do the right thing (unlike many chancer start-ups in the sector). They don't always get it right, but they act with honesty and integrity. I think their weakness has been a lack of credit risk expertise, and that was clear in the over double bad debt rates to that forecast (and hence money lack of money put in their Provision Fund). But they've tried to put that right with some key hires in the last 12-months. The damage was done and the 6.5% wasn't sustainable. The solution was reasonable, perhaps badly communicated and implemented. Returns are probably more appropriate now and sustainable (regular readers will know I think many lenders are too greedy, and come a cropper with the likes of Lendy, which was clearly a disaster in waiting). I've not been adding money and in fact I've been in slow draw-down, I'm waiting on news of their next fund raise to have some clarity over the platforms financial stability. I'll probably start to put a little money back in thereafter. Kevin. I would agree with much of what you say, apart from the 'honesty and integrity' which in my view has not been evident. Indeed their recent conduct and communications, including on this forum, have convinced me otherwise and I am withdrawing the majority of my holdings. Until recently they would have been my number one vote and had they acted with honesty and integrity would have remained so. I kind of agree with both WestonKevTMP and Ukmikk here. Perhaps I'm slow on the uptake but, it's clear to me that LW knew the consequences of their update at the end of Nov. If they'd been clear they would have prompted a run on the platform (if only from those looking for a quick arb) and ensuing chaos would have been costly and taken time to rectify.
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zlb
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Post by zlb on Feb 22, 2020 9:10:23 GMT
Something is very wrong when lending works gets more votes than lendinvest. A statistic like this would really need to take into account: - the actual number of people investing on a platform and whether they use this platform. - Level of risk the investor is taking - eg if someone has 0.001% of their capital in a platform that is going through an adjustment then they may be happy with it overall as a platform for that level of risk. LI has 5k minimum, that would be a barrier for many. They are less retail-friendly looking than others, including offering a secured bond which could be a red alert to most retail investors. People could have £200 in LW, and still vote here; people could be invested in LI and not use this platform at all.
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number5
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Post by number5 on Feb 22, 2020 9:55:11 GMT
Abl seem to be a popular choice but have not really been on my radar. I would be interested to hear why they should be if anyone would care to comment. I will be looking for a home for my LW withdrawals soon. It is currently my platform of choice..due to the decent rates, decent SM and also overall good reputation on the forum. However I am currently invested in 3 (linked) 'paused' loans. Updates have been positive. But waiting to see the outcome before making my decision to continue with them or move else where. If rates were not taken into consideration, I was very happy with my experience of AC's QAA accounts. If Abl let me down, I may settle for them now. After being burned by FS already, it would seem those rates are only a pipe dream.
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star dust
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Post by star dust on Feb 22, 2020 10:25:14 GMT
Mod Hat On/
Not that it seems to have happened yet, but can I just ask Platform Reps not to vote in this poll. They can have an undue impact on the results and cause us unnecessary time and effort trying to get their votes unwound. We can see who has voted, but not how people have voted, so let me say now, rather than waste our time trying to get you to un-vote, if any Platform Reps do vote I'll simply name them when the poll closes. Thanks for your collaboration.
Apologies, I just voted and didn't know I wasn't allowed until I read this. There's no note or comment in the actual poll, so I think it's a but unfair to have a moan. For the record I voted TMP (employee), RateSetter (ex-employee), Assets, LendingWorks and Abundance Kevin. If you untick the boxes, your votes will be removed. Mod Hat On/
Your post seems to have served to encourage others WestonKevTMP we now have two Kuflink Reps who have voted and even chris from AC - they may well invest as individuals too, but I wouldn't place any bets on them not having voted for the Platform's they represent. If it carries on or becomes a free for all the results will likely become meaningless. I should point out there are in excess of 200 Platform Reps and associates here from the Platforms in this poll alone; close on 60 of whom are associated with Assetz. In total we have over 450 flagged platform reps and associates among our members.
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Post by chris on Feb 22, 2020 10:36:41 GMT
star dust - ha thanks for pointing that out. Appears a stray click had accidentally voted for another platform I'd never even heard of! Their only vote has now been removed.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Feb 22, 2020 17:02:13 GMT
LI has 5k minimum, that would be a barrier for many. It's a barrier to anyone with <£500,000 invested in p2p and a maximum of 1% in any one loan.
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benaj
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Post by benaj on Feb 22, 2020 17:33:23 GMT
LI has 5k minimum, that would be a barrier for many. It's a barrier to anyone with <£500,000 invested in p2p and a maximum of 1% in any one loan. My current wallet with LendInvest is lower than the minimum requirement. I started with just 1k on one loan, now I say minimum per loan for self select is quite reasonable. LendInvest doesn't really need to advertise here as they have backers like HSBC, and institution investors plus bonds.
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