keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jan 16, 2023 16:58:55 GMT
Watched this week and the tech guy setting up a p2P system ( a p2P go fund me ) that seemed to be based around the borrower getting family and friends to loan the money, as using his system less likely to go bad and cause problems
his valuation was outrageous ( £100,000 for 2% ) and the whole idea that his tech guy was too shy to come on ...
then peter Jones asked why it was justlend.co not .com so if justlend.com exists they can shut you down.
Deborah and Stephen both made offers at much lower valuations.
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adrianc
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Post by adrianc on Jan 16, 2023 17:31:57 GMT
justlend.co/So, basically, they're an intermediate between you and your mum/mates, to stop you doing them over... So long as you keep up payments, obvs. The basic premise seems redundant. justlend.com is registered. It's been registered since 2004, and the registration was last updated just before Xmas, so it's not abandoned... www.justlend.com points to Cloudflare, but doesn't work. Company registered way back in 2017. find-and-update.company-information.service.gov.uk/company/10880150/officersThey seem to have gone from shareholder's funds of £55k at the end of FY21 to -£66k at the end of FY22, thanks to a huge increase in creditors. So, yeh, throwing a £50m valuation out there seems... optimistic. Reg'd address is their accountants' office. www.clarkewells.co.uk/contact-usPartner of www.lemonway.com/en/ - a French payment platform.
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Post by Ace on Jan 16, 2023 17:44:21 GMT
justlend.co/So, basically, they're an intermediate between you and your mum/mates, to stop you doing them over... So long as you keep up payments, obvs. The basic premise seems redundant. justlend.com is registered. It's been registered since 2004, and the registration was last updated just before Xmas, so it's not abandoned... www.justlend.com points to Cloudflare, but doesn't work. Company registered way back in 2017. find-and-update.company-information.service.gov.uk/company/10880150/officersThey seem to have gone from shareholder's funds of £55k at the end of FY21 to -£66k at the end of FY22, thanks to a huge increase in creditors. So, yeh, throwing a £50m valuation out there seems... optimistic. Reg'd address is their accountants' office. www.clarkewells.co.uk/contact-usPartner of www.lemonway.com/en/ - a French payment platform. The valuation was £5m. Obviously, still a touch on the high side!
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adrianc
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Post by adrianc on Jan 16, 2023 18:01:20 GMT
D'oh.
With mental arithmetic like that, I should make a fortune in fintech.
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keitha
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Post by keitha on Jan 16, 2023 18:30:09 GMT
to me the concept of it being family and friends then paying interest.
there was a 5% platform charge and 0.16 servicing charge,
it still won't stop the anger though if it goes wrong
I lend Adrian £10K as a mate if he doesn't repay I'm mad at him If I lend him the same £10k via the App at 5% interest and he doesn't repay the app is not gonna stop me being mad at him.
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ilmoro
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Post by ilmoro on Jan 16, 2023 18:38:00 GMT
to me the concept of it being family and friends then paying interest. there was a 5% platform charge and 0.16 servicing charge, it still won't stop the anger though if it goes wrong I lend Adrian £10K as a mate if he doesn't repay I'm mad at him If I lend him the same £10k via the App at 5% interest and he doesn't repay the app is not gonna stop me being mad at him. Whats the platforms role in recovering the loan? Presumably at least you will have proper documentation to assist in recovering the loan, rather than just a scrap of paper with IOU or memories of a handshake.
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benaj
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Post by benaj on Jan 16, 2023 21:56:11 GMT
What a clever idea of “just lend” money to connected borrowers instead of “giving” away money to connected borrowers.
The showcase example is a refugee “borrowed” 1k for his accountancy firm for “his community”
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angrysaveruk
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Post by angrysaveruk on Jan 16, 2023 22:25:42 GMT
Like most of the ideas on Dragons Den sounds totally stupid. Why do you need an intermediary to borrow from people you know - pointless. I am thinking about going on there and trying to get them to invest in my website called "OtherPeoplesAssetzandCapital.com". It is basically where you borrow money against things you dont own and spend it on what ever you like. It is like QE except you dont have to be a central bank to do it.
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Mike
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Post by Mike on Jan 17, 2023 12:07:11 GMT
]Whats the platforms role in recovering the loan? Presumably at least you will have proper documentation to assist in recovering the loan, rather than just a scrap of paper with IOU or memories of a handshake. It doesn't look like they get involved with recoveries - just setting up the loan in the first place (and charging a monthly fee). Other than "If a borrower doesn't make a monthly repayment, we might get in touch with them by phone and email" but otherwise the terms say "It's up to you [lender] to decide what happens next and you'll be responsible for taking any action" Presumably in this case the platform is owed the service fee from the borrower seperately and can go after him specifically for the fee (once it's become large enough to be worthwhile). This valuation was on the high side - but did anyone see the previous episode with the "psychic sisters" business? Their numbers didn't really pass a sniff test, declaring 120k, 900k, 1.2m turnover each of last 3 years and this year a net profit of £777k. Wanting 50k for 5%, actually said she'd accept the 50k for 25% but (on advice of one of the investors) ended up at 10%. That doesn't pass a sense-check and I can't understand why they weren't given a harder time
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