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Post by earthbound on May 6, 2016 23:36:42 GMT
I'll be on google ages with this lot. i cant even say half of em. If you need help www.youtube.com/watch?v=hOSYiT2iG08 Otherwise 'Sausage' The original interview is very good & balanced assessment IMO sausages......sausages .... i hope you appreciate that... it took me ages.
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Post by westonkevRS on May 13, 2016 20:16:11 GMT
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jonah
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Post by jonah on May 13, 2016 21:05:57 GMT
Sock drawer?
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Post by westonkevRS on May 25, 2016 6:56:41 GMT
Not an especially nice article, and possibly alarmist: www.thisismoney.co.uk/money/investing/article-3607341/Would-lend-nest-egg-total-stranger-Conerns-growing-numbers-savers-investing-peer-peer-websites.htmlIronically it is our transparency that allows RateSetter to be subject to such scrutiny, a point lost on the journalist. However although we could quibble with the accuracy of the reporting on the loans mentioned, especially in terms of security, in summary it is true. RateSetter does provide larger than £25k unsecured loans to high net worth professional (the "practices") individuals. And this is almost always through selected brokers where face to face meetings are held and are subject to a very different underwriting process. RateSetter is proud of our diverse set of lending products and borrower types, this diversification we consider a strength. Kevin.
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hendragon
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Post by hendragon on May 25, 2016 7:10:19 GMT
I have read thisismoney articles for many years. It does seem to me that some recent articles demonstrate a remarkable lack of understanding of the subject matter, this being one of them. The contributions of the the likes of Alex Brummer and Simon Watkins,for example,have made good, informative reading. This seems a poorly researched atricle written by the office junior with only a very basic understanding of the subject matter.( I would also qualify this by adding that I do have some of my own reservations about RS)
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adrianc
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Post by adrianc on May 25, 2016 7:14:02 GMT
The Daily Wail? "not especially nice", "possibly alarmist" and "remarkable lack of understanding"? No, surely there must be some mistake! Yes, it's true! Even Johnny Foreigner can borrow YOUR BRITISH MONEY. Disgusting!
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Post by propman on May 25, 2016 7:45:39 GMT
While not comfortable, I think the Mail's article is actually quite helpful. It doesn't say anything we didn't know (except about lending further money to a borrower already late on another loan...). Yes it is alarmist, but for an asset class that is essentially picking up pennies in front of a steam roller, any investor should realise that the returns come with significant risk. RS's default rates have been worryingly high and they have a history of providing loans that we have previously been told are outside their mandate. the pressure of their business model will always be to maintain lending volumes to ensure that the contributions to the PF exceed the high outgoings and provide the growth that is factored into the price paid by their equity investors. As such, these types of stories will help to ensure that investors are made aware of the risks and that the company is incentivised to ensure that its credit processes remain robust.
That said, not a glowing example of journalism, but neither is the "all money paid to date" refrain from Ratesetter. Essentially the PF fund only provides a good level of security if the credit quality of more recent loans is significantly better than it was for much of the last 2 years. Otherwise there is little if any "buffer" to cope with less benign economic circumstances.
- PM
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adrianc
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Post by adrianc on May 25, 2016 8:28:16 GMT
(except about lending further money to a borrower already late on another loan...) Let's look at the actual quote. Now, I'm sure westonkevRS can't give any more detail, but I can see several scenarios where that could VERY easily follow and be perfectly acceptable - not least some kind of property development finance. And also bear in mind that the "journalist" involved is divining this from, at most, the public loanbook. I'm sure that their use would also breach the public terms of the loanbook download - so I do hope that they asked for permission for their "commercial exploitation" of it... <edit> Yep, line 100255 of the current loanbook contains a loan of that amount, which is currently £6,450 behind. That same borrower ID is on line 150857 for £200k - which they neglect to mention has been completely repaid. If they'd continued with that search, they'd also have found line 209355, £261,250, again repaid. Look, too, at the interest rates - 3.6% for the second loan, 5.5% for the first, 7.2% for the third. For an unsecured personal loan? We're not talking Joe Public here, are we? Damn near exactly two-thirds of a million quid borrowed in just over a year, and £530k of it repaid. But... shock! The most recent payment is shown in the loan book as being late. But that doesn't make for such schlock journalism, does it?
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ashtondav
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Post by ashtondav on May 25, 2016 9:11:48 GMT
Hopefully this will scare the dumb money and I'll nce again get lent out at 6.4% in the next few days!
I must admit I was a bit scared. And I'm not (all that) dumb.
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Post by jackpease on May 25, 2016 9:17:12 GMT
i'm surprised there are not more articles like this cobbled together from choice quotes from this forum! If you look at many of the DM articles - especially about celebs and the like - they are entirely based on 'twitter' reactions - eg some celeb will say or do something minor that someone takes offence to, that person tweets, it becomes a twitter storm and then the Daily Hate then weaves the very worst twitter reaction into an article as 'quotes' and there's the story
How many posts in this forum follow the same lines - arguments for and against getting ever passionate - and could make fantastic stories (declaration of interest - i am a journalist albeit for a small technical mag): here we go with some headlines I could think of based on 'evidence' in this forum:
"Flood of P2P lenders pull their money from (RS/FC/Wellesley/Rebs/whoever)" "Platforms use own cash to manipulate markets" "Shock losses with platforms overrun with defaults' "Platforms easy targets for borrow-and-run fraudsters' "Lenders savage platform for (whatever)" "Platforms openly admit sums will never add up (you know who!) "P2P lenders duped by endless update promises that are not kept"
There are ones that i'd love the DM and their very large legal teams to tackle eg crappy scrappies or rich Bucks printers who take the money and run... headline "P2P fraudsters live the high life while SFO/Police twiddle their thumbs"
They won't cos they are lazy
Jack P
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 25, 2016 9:38:30 GMT
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hendragon
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Post by hendragon on May 25, 2016 9:55:25 GMT
The Dan Hyde piece was considerably more balanced, posing questions rather than leaping to sensational conclusions. If that is the best the DM can offer from a chief reporter.............YE Gods perhaps she might go and work for The Sun.
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Post by westonkevRS on May 26, 2016 8:32:18 GMT
.....except about lending further money to a borrower already late on another loan...
- PM Just for the record, this isn't true (don't trust everything you read!). I've looked at this loans, and they are factually wrong. The customer did indeed take a loan in October 2015 over 9 months (in fact it was his second, with the first having perfectly 100% repaid). The payment schedule over 9 months proved difficult and so the loan was very quickly refinanced over 5 years to ease cash flow. RateSetter did not lend “ another £200,000”, it was the same money and include the fees from the previous loan that was repaid. The customer received no additional funds. Kevin.
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markr
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Post by markr on May 27, 2016 17:57:42 GMT
Since when did little things like facts trouble the Daily Mail? I don't mind the scare stories, let the DM readers stuff their cash into nice safe Tesco ISAs (every little helps, and little is all you're going to get), all the more lovely interest for me.
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Post by westonkevRS on Jun 1, 2016 8:14:06 GMT
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