Investor Poll: Lending at Rebuilding Society.com?

I've been lending on ReBS since the beginning of 2014 2015.  I continue to lend, but very much more selectively than in 2014 2015.  That, combined with the much reduced deal flow, means that I am effectively withdrawing funds from the platform.

I don't believe I was naive when I started lending here : I was clear from the start that the offerings on ReBS were generally as sub-prime as they come (perhaps 1 or 2 grades lower than then same-letter grades on Funding Circle), but I thought that even with a 6-7% annual default rate, and with some care, I should have been able to make a reasonable return for the risk - 12% maybe.

Well, the default rate I have actually experience has been rather worse than I expected (and would have been far worse still had I not sold a number of loans on the SM, having had second thoughts about them shortly after drawdown).  I am still in positive territory, fortunately, but even if ReBS acheive their estimated recovery on my defaults (something I consider about as likely as Stephen Fry converting to Catholicism), I won't be getting the returns I originally hoped for. 

Welcome on board Kyle.  I hope you have a thick skin as I look forward to some helpful responses to the difficult questions while Rebs work through the challenges of the defaults we are all suffering from.

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Those timings seem about right for my sell down - which started late 2015 and i have managed to unload everything that can be unloaded leaving me over my three or so years with a 7% return and i was up to ten figures at one point, ISTR.

I find the 'communication' issue that many have a complete distraction. The reason I built up a lot with Rebs was GOOD communication and its troubles just goes to show that good communication does not mean good performance. Indeed good communication can lead one into a false sense of security, I'm sure it was Rebs that used to supply me with some very nice cake from time to time.

Bad communication will stop me dipping my toes in a platform or investing large sums with it in the first place. But once I have invested a large sum, I'd rather a platform focus on managing its business and I will retain my trust based on favourable results rather than favourable comments which in the end count for little.

Jack P

My last deposit was 15 February this year.  Since then I have been withdrawing whenever repayments have mounted up a little, and if a short term loan appears having a £10 punt out of that.

P2P platforms appear to be capable of going on long past what might be imagined possible despite vanishingly low activity - eg FK and Money & Co.
I think overheads are such that there is no imperative for early closure even if deal flow and confidence has collapsed. It could easily be years.....
Jack P