Delays on drawdowns and withdrawals

Yes the software is glacially slow and we all hope that the new software will be better. However, it is not clear that the points you mention are software related.

1. Withdrawals - In common with many platforms withdrawals are not sent as faster payments. I'd expect them to be actioned the same wprking day or the next and then to take 2-3 working days to clear.

2. Drawdows - Yes TC can take a long time to move loans out of suspense after they have drawn down. Twas ever thus. They do not see this as a top priority process, because it has no effect on income. The platform is not designed for flippers and they do not expect people to want to sell immediately. Although this is not directly related to the current speed issues, I do hope that the new software will automate the process.

3. I do not understand how a delay in drawdown (if that is what you mean) would prevent you investing in another loan.

I suggest you have a browse through the two forums that are on the ThinCats sites. At 1% of capital pus the loss of accrued interest think you will be pretty unlikely to make a profit even flipping loans where you have had a volume discount. The forums are normally pretty active but are quiet at present pending the new software or not.

Rather a late reply, but WHAT fee amnesty, may I ask? I'm not aware of one.

Given the number of complaints about the new software's provider (TC is to use a modified white label version of the Rebuilding Society software) in the threads here it is not clear whether things will improve - some of the withdrawal delays has been attributed to the procedures involved with using Street UK, so if that relationship continues then there may be no change to the speed of transactions.

There is still quite a bit of forum activity including that dedicated to various problem loans, some of which are months in arrears or overdue for final repayment. In some cases certain Sponsors have helped to achieve good outcomes and communicated well but the actions/attitude of some others appears IMO to be well below the standard which many would expect of any financial provider with a duty of care.

Another key issue and discontent regarding some of the default handling by TC and certain sponsors. On at least one it appears that the terms of a PG were changed to be non-standard (i.e. weaker) without disclosing this to investors. TC is now apparently stating in that case that a final offer of <20p in the pound is all that investors should expect and that it will not fund any further legal attempts at recovery. Defaults are to be expected but I do not know of another platform where members of a lender syndicate have felt it necessary to form their own working group in an attempt to achieve a better recovery outcome, which is what appears to have happened in at least one case.

Apologies if a bit off-topic.

Hopefully by now you have a better idea how TC works, but for others reading this thread you should be aware that it usually takes a week to sell, sometimes longer. I wouldn't expect a large loan that has just drawn to be that popular on the secondary market.

Provided you have sufficient capital to have sufficient diversity - suggest £75,000 and you are prepared to put the time and have the skills to understand the loan descriptions I believe some loans on ThinCats has amongst the best risk reward ratios in P2B. Drawdown delays can normally be anticipated and where they occur because of the sponsors being unwilling to release the funds without the security being in place  then that seems to be a strength rather than a weakness. There have been loans which have failed very early in their lives but there are also lenders who have avoided any defaults.

The current software is idiosyncratic but I have never found it to be materially wrong. 

In my personal experience, yes. I like the transparency and the quality of information available before lending, and I've done significantly better on TC than on AC. But I agree with tybalt and bigfoot12's responses. It's best for those who can commit a substantial amount and have some understanding of business/accounting, and it might be wise to wait for the new software before actually investing.

Having said that, it's not essential to have much understanding of business/accounting. You can stick to property loans if you want, which are easier to understand, or you can invest through their pooled investment vehicles (TLCs). However, I would not particularly recommend the latter at present because there are information/liquidity issues should you ever want to sell.