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Post by frank121 on Sept 27, 2023 19:11:07 GMT
Hi All, I saw The Money Platform mentioned on last week’s Financial Thing Stream and was curious to learn more. I've since watched the interview with the CEO George and understand it's a very high risk platform albeit with a good possibility of high gain in a short period. It's shame that each loan is one on one which of course will have a significant impact if any default especially if you are not investing huge sums of money to bring up the diversification. I appreciate it’s a gamble especially if you first loans go bad. Anyway there are no posts for a year, so I wondered what peoples current experiences are? Defaults are running at 6.6% according to their stats - does this ring true? Cheers, Frank
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 27, 2023 19:30:15 GMT
For me, as a rule of thumb, I wouldn't trust "stats" from any Platform, it is far too easy for them to control the figures.  |
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kevinkelly
Member of DD Central
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Post by kevinkelly on Oct 9, 2023 8:50:59 GMT
Anyway there are no posts for a year, so I wondered what peoples current experiences are? Defaults are running at 6.6% according to their stats - does this ring true? Cheers, Frank I am currently very happy with the return from my investment with TMP. 
Kevin
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Greenwood2
Member of DD Central
Posts: 4,247
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Post by Greenwood2 on Oct 9, 2023 15:45:23 GMT
Anyway there are no posts for a year, so I wondered what peoples current experiences are? Defaults are running at 6.6% according to their stats - does this ring true? Cheers, Frank I am currently very happy with the return from my investment with TMP.
Kevin
I still have a number of loans from 2018 still classified as overdue! Not defaulted.
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kevinkelly
Member of DD Central
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Post by kevinkelly on Oct 9, 2023 16:18:41 GMT
I too have loans from 2018 that are overdue or defaulted. Does it matter to me? Nope.
What matters is that I have many more loans from that period that have been repaid in full and the overdue and defaults are currently nothing but a small slice of the pie.
And of course some overdue and/or default loans have had payments through instalments
Overall as I said earlier I'm happy
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Post by frank121 on Oct 9, 2023 17:08:41 GMT
For me, as a rule of thumb, I wouldn't trust "stats" from any Platform, it is far too easy for them to control the figures. Fair point but it's sadly all we have. I had thought that the outcomes statement was a new FCA requirement and therefore accurate; however I might be just too trusting if they are not audited! On another note, their live platform stats has not worked since I joined a few weeks ago - hence why I was wondering if their 6.6% rate is a good indication or not.
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Greenwood2
Member of DD Central
Posts: 4,247
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Post by Greenwood2 on Oct 9, 2023 19:40:43 GMT
I too have loans from 2018 that are overdue or defaulted. Does it matter to me? Nope.
What matters is that I have many more loans from that period that have been repaid in full and the overdue and defaults are currently nothing but a small slice of the pie.
And of course some overdue and/or default loans have had payments through instalments
Overall as I said earlier I'm happy I am just about at break even overall and not very happy, although better than in loss.
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michaelc
Member of DD Central
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Post by michaelc on Dec 22, 2023 22:58:47 GMT
Hi All, I saw The Money Platform mentioned on last week’s Financial Thing Stream and was curious to learn more. I've since watched the interview with the CEO George and understand it's a very high risk platform albeit with a good possibility of high gain in a short period. It's shame that each loan is one on one which of course will have a significant impact if any default especially if you are not investing huge sums of money to bring up the diversification. I appreciate it’s a gamble especially if you first loans go bad. Anyway there are no posts for a year, so I wondered what peoples current experiences are? Defaults are running at 6.6% according to their stats - does this ring true? Cheers, Frank Sorry I only just saw this. I can't complain at all about my returns. Very happy indeed. Just about the only p2p platform I haven't fully exited. If it wasn't for the below I'd definitely be in 10x more than I am now. However, just like with most p2p platforms, transparency could be better. Nobody cares when there is a fair wind like now but as soon as the music stops you want to know just what are those BorrowerIDs, those LoanIDs etc ? Nobody knows and what happens if the company is sold to someone who decides to run the show with a few less scruples ? Director, needs a few quid for his yacht refurbish and the client account and a few made up BorrowerIDs are well... just so tempting...... And you just get "sorry, this made up Borrower has defaulted...". Now this absolutely doesn't seem to be happening and obviously I have zero evidence in any case. In fact even if it was taking place, we probably wouldn't care so long as the genuine borrowers continue to be well chosen and exceed any other losses. However, it bugs me that unlike a bank, we have no confidence what is really going on. The whole industry is like the wild west. Like banks hundreds of years ago that didn't have the regulation. They have the veneer of the FCA that time has shown us means absolutely nothing other than false comfort. Despite exactly this happening to me from some big names on this board (FS, L, COL, ) I'm NOT suggesting this affects every platform but I'd like to see the honest platforms work even harder to convince us they are exactly that.
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