kaya
Member of DD Central
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Post by kaya on Nov 4, 2016 19:40:57 GMT
Sounds great, and it could have been, but realistically, what is the likely default rate running at now? 10%? 15%? And only less than 2 years old!
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
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Post by TheDriver on Nov 8, 2016 0:58:49 GMT
After I joined this scheme a PROMOTIONS gadget appeared on my Summary page and originally said:
"You have to invest £5,000 by . . . . " for the first few days until I had reached £5k, when it changed to:
"You still have to invest £xxxx.xx by . . . ", (my italics) where the xxxx.xx amount stayed fairly static and didn't seem to relate to my trades.
Has anyone who has registered for this promotion noticed any similar anomalies?
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kaya
Member of DD Central
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Post by kaya on Nov 8, 2016 11:16:39 GMT
It might be difficult to find anyone else around here who has registered at all, anomolies or not. So you still have faith in LC returning you a worthwhile profit then?
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ablender
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Post by ablender on Nov 8, 2016 18:30:42 GMT
After I joined this scheme a PROMOTIONS gadget appeared on my Summary page and originally said:
"You have to invest £5,000 by . . . . " for the first few days until I had reached £5k, when it changed to:
"You still have to invest £xxxx.xx by . . . ", (my italics) where the xxxx.xx amount stayed fairly static and didn't seem to relate to my trades.
Has anyone who has registered for this promotion noticed any similar anomalies? May I suggest that this is because you are not buying my loan parts?
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Post by lionelrichtea on Nov 8, 2016 19:46:18 GMT
After I joined this scheme a PROMOTIONS gadget appeared on my Summary page and originally said:
"You have to invest £5,000 by . . . . " for the first few days until I had reached £5k, when it changed to:
"You still have to invest £xxxx.xx by . . . ", (my italics) where the xxxx.xx amount stayed fairly static and didn't seem to relate to my trades.
Has anyone who has registered for this promotion noticed any similar anomalies? May I suggest that this is because you are not buying my loan parts? Never mind ablender's loan parts! Buy from me, lionelrichtea, and you can buy two, get one free!
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adrianc
Member of DD Central
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Post by adrianc on Nov 8, 2016 20:03:19 GMT
Go away, you two. I saw him first.
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kaya
Member of DD Central
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Post by kaya on Nov 9, 2016 11:19:09 GMT
Like many others, I had hoped for better, but I just can't afford the charitable giving to help prop LC up. I just hope the bonus award + interest earned manages to be enough to cover the losses. Please buy mine.
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
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Post by TheDriver on Nov 10, 2016 8:22:39 GMT
Hi Guys; sorry that I can't oblige your specific requests - although I might have inadvertently done so! With FC or FS I particularly seek out discounted parts on the SM, and although I like the flexibility of the LE it's unfortunate there isn't a similar way of offering an "inducement to purchase" to prioritise sales - but several would need a big discount!
I'm not overly optimistic, but was remaining hopeful LC would improve; sadly this week's 2 loans don't look promising and with the previous 2 Pending for nearly a month - with minimal update and presumably funds in limbo - and little movement on recoveries, hopes continue to recede.
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kaya
Member of DD Central
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Post by kaya on Nov 10, 2016 10:46:53 GMT
And yet you are still willing to increase your investment? I was an early supporter of LC, but it is with disapointment that I find that my only sensible option is to head for the exit.
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
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Post by TheDriver on Nov 10, 2016 13:14:46 GMT
As I said previously I had already got in deeper than I originally intended, and having had virtually no sales other than minimum parts this seemed to offer a buffer for my - inevitably protracted - potential exit.
As others have pointed out, the fact LC seemed oblivious to constructive feedback, and subsequent total lack of engagement on here was disappointing - although they obviously still monitor the forum - and surely a missed opportunity even if some opinions were contra-intuitive. There are some experienced investors on here who know how they want a platform to function, and presumably if they had a good experience could have created 5-figure portfolios - and helped improve the appeal to a magnitude of investors who AREN'T here! Instead of that it appears to be run for the benefit of the "big six" funders - so why bother with incentives for relative minnows? (no offence intended)
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kaya
Member of DD Central
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Post by kaya on Nov 10, 2016 17:00:29 GMT
Completely agree with your assessment. Ultimately however it is the scale of impending defaults that will be sending myself, and many others too I would think, for a timely exit.
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annie
Posts: 45
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Post by annie on Nov 12, 2016 15:37:29 GMT
I would be interested in investing for the bonus but where are the new loans? Had a call from LC asking if I planned to take up the offer. I don't want to invest more in existing loans as I want to keep risk spread and very fussy about how low I'm willing to let average rate fall to (over 11% currently) Only one loan part in trouble (so far) being a certain dress shop. They keep listing loans that are currently being assessed but few make it through. That would be good if 1. loans that came through were all good, and reading comments from others they clearly are not. and 2. there were enough of them to allow a spread of risk. At the current rate we'll be lucky to see more than a couple of decent new loans before the bonus period closes. And at the end of the day we're only talking about £125 (plus interest when invested for the year we need to wait to get it out) so definitely not enough to temp us to reduce our risk profiles.
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adrianc
Member of DD Central
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Post by adrianc on Nov 12, 2016 16:12:28 GMT
And at the end of the day we're only talking about £125 (plus interest when invested for the year we need to wait to get it out) so definitely not enough to temp us to reduce our risk profiles. THAT's the key... I'm going to be lucky to get out of the one year £1000 + £100 + £50 offer with most of the year's interest, with defaults only just overtaking the bonuses. If we assume 100% losses on the dress shop and Italian, then I'm currently about 8.7% XIRR - excluding the bonus. Including the bonus, I'm at -4.8%. Yes, I know this is all higher risk. Yes, I know long-term we should trend towards 7% after defaults, and I'm ahead of that. Yes, I know 8.7% isn't actually that bad, especially since that's after having decent-sized amounts of idle cash on the account. Yes, I DO know. But...
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nick
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Post by nick on Nov 16, 2016 18:21:52 GMT
If they had a liquid, transparent SM I would be happy to invest a lot more on the platform. I (and I suspect a lot of others) place a lot of value in liquidity. In my opinion, absent a proper SM that offers reliable liquidity this platform will never reach critical mass.........
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ablender
Member of DD Central
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Post by ablender on Nov 16, 2016 18:25:01 GMT
If they had a liquid, transparent SM I would be happy to invest a lot more on the platform. I (and I suspect a lot of others) place a lot of value in liquidity. In my opinion, absent a proper SM that offers reliable liquidity this platform will never reach critical mass......... Nonsense . . . they do not need a critical mass. They only need a bank behind them and of course, a mobile app. . . . . .
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