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Post by unknown on Jul 3, 2016 10:19:13 GMT
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Post by westonkevRS on Jul 3, 2016 10:29:27 GMT
This is a near reproduction of the AltFi piece that I commented on within the Coverage Ratio thread.
In a simplistic way based on the data we transparently make available, it's correct. But it does miss many of the finer detail such as the income over the lifetime (currently contracted at over £6m to the Provision Fund), recoveries on debt management plans and rearrangements, security, giffgaff contractual safety guards, and the aged cleaning of the book.
But hey ho, nice to be kept on your toes. It does feel a little like P2P was sexy and challenging in 2015, and in 2016 in the classic British way they want to knock us down. They want to find an English Lending Club. Personally, I think they are looking in the wrong place.....
Kevin.
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ben
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Post by ben on Jul 3, 2016 10:56:11 GMT
This is a near reproduction of the AltFi piece that I commented on within the Coverage Ratio thread. In a simplistic way based on the data we transparently make available, it's correct. But it does miss many of the finer detail such as the income over the lifetime (currently contracted at over £6m to the Provision Fund), recoveries on debt management plans and rearrangements, security, giffgaff contractual safety guards, and the aged cleaning of the book. But hey ho, nice to be kept on your toes. It does feel a little like P2P was sexy and challenging in 2015, and in 2016 in the classic British way they want to knock us down. They want to find an English Lending Club. Personally, I think they are looking in the wrong place..... Kevin. You are probably right, they want a nice failure. But they want to find the English Lending Club equivilent as being one of the bigger more established ones. If one of the smaller ones go either one of the bigger ones can take it over or rightly so the other sites can say that with competion some are bound to fail. Where as if ratesetter, zopa or funding circle go it will be a pretty big nail into the coffin for p2p.
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Post by westonkevRS on Jul 3, 2016 19:46:52 GMT
Agreed, looking for the Lending Club local story. But that story bears no resemblance to RateSetter as it was all about the fall-out with the institutional lenders. RateSetter is about 95% retail, we've chosen this as a strategy rather than sell-out from the fundamental philosophy of P2P.
Kevin.
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jlend
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Post by jlend on Jul 4, 2016 5:56:47 GMT
This is a near reproduction of the AltFi piece that I commented on within the Coverage Ratio thread. In a simplistic way based on the data we transparently make available, it's correct. But it does miss many of the finer detail such as the income over the lifetime (currently contracted at over £6m to the Provision Fund), recoveries on debt management plans and rearrangements, security, giffgaff contractual safety guards, and the aged cleaning of the book. But hey ho, nice to be kept on your toes. It does feel a little like P2P was sexy and challenging in 2015, and in 2016 in the classic British way they want to knock us down. They want to find an English Lending Club. Personally, I think they are looking in the wrong place..... Kevin. Personally I think the provision fund is fine at the moment and appears to be well funded albeit called on recently more than expected as you have said in other posts in the normal ebb and flow. Also who knows what brexit will bring, but there does seem to be some consensus, including ratesetter that is will be negative. It does feel like the provision fund has become a bit more of a black box over time with quite a few revenue streams, assets and guarantees. This is understandable, but it does make it more difficult for the press and lenders to assess. There may be more stories like this and queries from some lenders over time as they look at the raw loan data and try and crunch some numbers without all the knowledge and data that Ratesetter has internally. Can't keep everyone happy all the time and getting the level of transparency right is not easy
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jlend
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Post by jlend on Jul 8, 2016 7:20:19 GMT
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Post by westonkevRS on Jul 9, 2016 8:30:59 GMT
Here's the "official" response to the recent articles on the Provision Fund (which were all largely regurgitated from one piece of, IMHO, flawed/incomplete analysis by a journalist looking for a victim): www.altfi.com/article/2098_p" It is a track record that we are proud of and are highly incentivised to maintain." If they really want to find a weak platform, there's plenty of sites I'd be looking at. I just suppose our transparency with the data and size makes us an obvious target. But we're big and brave enough, our plans are just to put our heads down and get on with business. No distractions. Kevin.
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blender
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Post by blender on Jul 9, 2016 9:23:20 GMT
I doubt they would be interested in the weaker ones unless they crash. By 'they' I mean those with a vested interest in making life difficult for p2p generally. Now that p2p is becoming more significant and successful and should soon have FCA approval to encourage the consumer lender, they will encourage media and political fears on behalf of the consumer. Suggest you take it as a compliment that RS is successful enough to worry the established lending interests. This is the start - it's a tough business.
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bigfoot12
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Post by bigfoot12 on Jul 9, 2016 10:05:36 GMT
I just suppose our transparency with the data and size makes us an obvious target. Without your "transparency with the data and size" my investment would be less than half its current size. I suspect that this is true of many other investors.
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Post by westonkevRS on Jul 12, 2016 19:04:06 GMT
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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 Jul 12, 2016 20:09:26 GMT
Wonder where he got that info from? - clear breach of AC T&Cs by someone surely?
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Post by westonkevRS on Jul 13, 2016 5:48:24 GMT
We haven't yet met him to discuss in more detail what we can't say on the web site, an offer is outstanding and hopefully will happen soon. Things to discuss for example there are the institutional balances and some partner deals covered by separate funds not reported well on the web site. We struggle to report this transparently because of contractual issues. That's our fault.
Also the reporting hasn't quite grasped why we take some credit fees over the lifetime of a loan rather than up-front. Ideally we would take these PF contributions up-front, but it's a bad customer product if a loan is loaded up-front. We'd rather do the decent transparent thing by our borrowers, is a better outcome.
Kevin.
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jo
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Post by jo on Jul 13, 2016 7:01:16 GMT
The Financial Times is a laughing stock these days. They've railed against every 'disruptive' development post financial crisis - Uber, Airbnb, P2P etc. They write only for the benefit of their paymasters - the banks.
The sadness in their (metaphorical) eyes over Brexit is a joy to watch.
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Post by westonkevRS on Jul 13, 2016 7:19:33 GMT
The Financial Times is a laughing stock these days. They've railed against every 'disruptive' development post financial crisis - Uber, Airbnb, P2P etc. They write only for the benefit of their paymasters - the banks. The sadness in their (metaphorical) eyes over Brexit is a joy to watch. I've been a subscriber to Investors Chronicle for more than a decade... But I'm becomming disillusioned. Aside from a couple of journalists, it's the same old messages regurgitated repeatedly. And most mentions of P2P are negative or dismissive. They talk about diversification all the time, but never about P2P being a relevant part of this. Hargreaves Lansdown seem to have them on quick-dial for their latest quotes and thoughts, and it isn't like they don't have a vested interest in us all blindly buying managed funds. Kevin.
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jo
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Post by jo on Jul 13, 2016 7:29:06 GMT
The Financial Times is a laughing stock these days. They've railed against every 'disruptive' development post financial crisis - Uber, Airbnb, P2P etc. They write only for the benefit of their paymasters - the banks. The sadness in their (metaphorical) eyes over Brexit is a joy to watch. I've been a subscriber to Investors Chronicle for more than a decade... But I'm becomming disillusioned. Aside from a couple of journalists, it's the same old messages regurgitated repeatedly. And most mentions of P2P are negative or dismissive. They talk about diversification all the time, but never about P2P being a relevant part of this. Hargreaves Lansdown seem to have them on quick-dial for their latest quotes and thoughts, and it isn't like they don't have a vested interest in us all blindly buying managed funds. Kevin. Can only agree. It's the age of access journalism - write what we like....or else. And don't even start me on The BBC
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