alender
Member of DD Central
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Post by alender on Mar 13, 2020 11:41:23 GMT
It looks as though GS is in a better cash position than Assetz who have frozen withdrawals for access accounts and RS with a delay (unspecified). Although normally I do not like to see Money on market in my account this gives some confidence that there is money available if I need to withdraw, of course they could lock down at any time but speaking to them they seem to have no current plans to restrict/block withdrawals.
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Post by gravitykillz on Mar 13, 2020 11:45:53 GMT
It looks as though GS is in a better cash position than Assetz who have frozen withdrawals for access accounts and RS with a delay (unspecified). Although normally I do not like to see Money on market in my account this gives some confidence that there is money available if I need to withdraw, of course they could lock down at any time but speaking to them they seem to have no current plans to restrict/block withdrawals. Yes but of course they would say that. If they said the opposite it would deteriorate their cash position even further. The reality is somewhat different.
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Post by drphil on Mar 13, 2020 13:00:46 GMT
I think GS are in a better (short-term) position anyway because of the short-term nature of the loans. Over the longer term timescales to which AC and RS work, borrowers are going to get into difficulties as staff absences etc take hold putting a big strain on already precariously balanced PFs.
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Post by aidanw on Mar 13, 2020 16:23:28 GMT
You don't think the short term borrowers are going to default when their businesses go down the pan? The same businesses that are so inept at cash flow that they need to borrow money even in the good times.
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Post by drphil on Mar 13, 2020 17:03:32 GMT
You don't think the short term borrowers are going to default when their businesses go down the pan? The same businesses that are so inept at cash flow that they need to borrow money even in the good times. Yes I definitely think there will be a significant number of borrowers who will, but I think this will really start to occur in some months time, not within the next 30 days.
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Post by aidanw on Mar 13, 2020 17:52:24 GMT
So logically you should withdraw your money now while you still can before the defaults overwhelm the provisioning fund and everyone else heads for the exit. Only you can't until the monthly loans mature. I think re-lending at maturity is brave in current market conditions.
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Post by gravitykillz on Apr 5, 2020 8:16:30 GMT
Did everyone manage to get off the titanic?
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Post by aidanw on Apr 10, 2020 8:12:21 GMT
I got out of GS in January in one of the first lifeboats which departed to the good ship AC. Unfortunately that ship seems to be slowly sinking too.
It will be interesting to see how the p2p market pans out in the next year; all the platforms were already in trouble to one degree or another.
I don't really have any confidence going forward so I have sold out of RS and withdrawals are queued out of AC. Zopa+ loans have been in drawdown for 3 years and with the ongoing defaults that balance is rapidly dwindling.
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Post by p2plender on Apr 10, 2020 13:15:03 GMT
Final straw for me to jump was Greg's sudden departure. Hope people get their cash out. Was a nice easy platform this but always one beady eye on the lifeboat queue.
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Post by gravitykillz on Apr 10, 2020 13:21:21 GMT
Final straw for me to jump was Greg's sudden departure. Hope people get their cash out. Was a nice easy platform this but always one beady eye on the lifeboat queue. Indeed I once took a ride on this boat. Had to jump into the sea once I saw the quality of their lifeboats.(Dont regret it for a second) Alas I ride on another beast now calling itself vanguard. It is a completely different kind of animal. But gets me where I need be.
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Post by p2plender on Jun 7, 2020 0:06:49 GMT
Does this claim still stand?  |
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ceejay
Posts: 971
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Post by ceejay on Jun 7, 2020 7:20:39 GMT
Does this claim still stand? Because there have been practically no new threads on this board, other than the Long One, the title of this one has been sitting there, teasing us, for some time. I understand why you felt the need to return to it! The original claim was optimistic when it was made, and lost all contact with reality three days later when LE was called. Of course, how GS is going to fare is still hard to call - this has been discussed to death elsewhere - but I'd say the odds heavily favour AC and RS when it comes to recovering in one way or another.
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