|
Post by c64 on Mar 31, 2021 9:48:25 GMT
p2p is the wild west, and regulation that is so light touch as to be imperceptible does not really change that, looking at the mess on some regulated platforms. At the bottom end, OK it weeds out some Nigerian scoundrels who can't even fill the form in properly to get started with their new avenue in scamming. At the top end, maybe the reporting requirements do some good. In the middle, nah, makes no odds when the excrement hits the ventilator.
Given the recent propensity of platforms to ditch retail investors in favour of institutional ones, I think some of them are rather regretting jumping through all the retail-friendly hoops to enable the troublesome "ten quid crowd". SoMo have chosen a different path: large minimum investment, fewer punters, lower overheads, and a bespoke trustee solution that works (so far) for what they want to do. The downside (for me, not for them) is no ISA and no deduction of losses elsewhere from interest here, but I think I prefer that to them having a more regulated, more mass-market, higher-overheads offering with lower rates. I should add that I have no educated idea, from reading their documentation, whether the funds are properly segregated as they say or whether it would all go wrong in extremis once some other creditor's lawyers tore it to bits due an un-dotted "i" or un-crossed "t". Battle-testing is the only way we would ever know for sure.
|
|
|
Post by multiaccountmanager on May 14, 2021 10:02:02 GMT
For those who say they have difficulty getting allocations on SoMo, the Secondary Market now has £75,000 available
|
|
michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
|
Post by michaelc on May 16, 2021 20:53:38 GMT
For those who say they have difficulty getting allocations on SoMo, the Secondary Market now has £75,000 available Any of it yours?
|
|
|
Post by multiaccountmanager on May 17, 2021 10:13:19 GMT
Very Droll :-)
|
|
Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
|
Post by Greenwood2 on Jul 3, 2021 18:13:00 GMT
Now nothing available.
|
|
michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
|
Post by michaelc on Jul 4, 2021 16:02:50 GMT
|
|
Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
|
Post by Greenwood2 on Jul 4, 2021 19:02:55 GMT
Racking up now six.
|
|
Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
|
Post by Greenwood2 on Jul 12, 2021 18:02:27 GMT
None on the SM and two new loans gone pretty much instantly on the PM, back to the days when it was difficult to get into any loans!
|
|
michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
|
Post by michaelc on Jul 15, 2021 16:43:30 GMT
None on the SM and two new loans gone pretty much instantly on the PM, back to the days when it was difficult to get into any loans! You are welcome to my last remaining loan if you want. The updates have been saying every month since last December that "possession proceedings have been issued" but strangely there is no record of them in any court in the land that I can find (nor in Mousey's updates).
|
|
Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
|
Post by Greenwood2 on Jul 15, 2021 20:15:17 GMT
None on the SM and two new loans gone pretty much instantly on the PM, back to the days when it was difficult to get into any loans! You are welcome to my last remaining loan if you want. The updates have been saying every month since last December that "possession proceedings have been issued" but strangely there is no record of them in any court in the land that I can find (nor in Mousey's updates). I have asked before which loan, but you don't want to say so I can't check anything. I had a thought about which one it was but apparently not, since I now do see a court case on that one. I guess all will be revealed in the fullness of time.
|
|
|
Post by multiaccountmanager on Jul 15, 2021 20:46:48 GMT
I don't follow that. It is not possible to sell loans on the SM if the loan is past 30 days before repayment is due. And proceedings would not be issued before default.
??
|
|
michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
|
Post by michaelc on Jul 15, 2021 22:51:48 GMT
You are welcome to my last remaining loan if you want. The updates have been saying every month since last December that "possession proceedings have been issued" but strangely there is no record of them in any court in the land that I can find (nor in Mousey's updates). I have asked before which loan, but you don't want to say so I can't check anything. I had a thought about which one it was but apparently not, since I now do see a court case on that one. I guess all will be revealed in the fullness of time. Sorry its 1673. Probably as safe as houses or perhaps more accurately as safe as Somo is.
|
|
michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
|
Post by michaelc on Jul 15, 2021 22:53:01 GMT
I don't follow that. It is not possible to sell loans on the SM if the loan is past 30 days before repayment is due. And proceedings would not be issued before default. ?? Offering my last loan to Greenwood was a bit tongue in cheek as you imply it would not be possible to sell it to anyone on the SM.
|
|