shimself
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Post by shimself on Feb 15, 2017 12:02:30 GMT
I'll suggest to the FCA that if platforms were obliged to get some of their income as repayments were made that this could be tweaked to making it worthwhile for the run-off administrator to do just that, and at the same time force an element of skin in the game on the platforms
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shimself
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Post by shimself on Feb 14, 2017 9:55:53 GMT
I've been struggling to find any decent reviews of Abundance on my usual p2p sites and blogs so turning to the expertise of the forum for their thoughts. After signing up to LW IFISA for 2016/17 I've kept some ISA allowance back in cash to transfer to other IFISA 17/18. Abundance is catching the eye as one of the few platforms currently offering IFISA and as loan type diversification. Been keeping an eye but doesn't seem to be much coming online currently ... They used to be called Abundance GENERATION - as in turbines and solar. Now the government subsidies have dropped (a long way) they aren't such a good investment, and it looks like they are struggling to find new opportunities. In fact at least one big supplier has gone bust for lack of new business. Note this is not installations going out of business. In terms of making the world a better place I see this as a good thing; I suspect if I were building an industrial building (or even a house) nowadays then I would have a solar roof as a matter of course. There is a secondary market, but at a helluva premium, a years worth of interest. If you found the inflation proofed offerings this might be worthwhile.
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shimself
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Post by shimself on Feb 14, 2017 9:43:14 GMT
Yeh, bit of a random marketing email. Repayments are equal monthly amounts so why should the last two months make a difference to my (re) investing decision? Indeed. I have 6pence in cash and no investments on the platform. Because I decided early on that they were not really up to it, as they continue to prove
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shimself
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Post by shimself on Feb 14, 2017 9:35:02 GMT
I think 1 or 2 did this by email, is that right? I'm overseas at the mo and don't fancy swapping my RS fees for giffgaff ones! Tried email on Friday, got bored this morning so phoned. Really nice service (pleasant, and seemingly competent*). 8 minutes. * assuming they do get it done as promised by end Feb
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shimself
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Post by shimself on Feb 12, 2017 10:05:10 GMT
Practically all my BM investments are in loans with a bullet repayment profile. .... We have had 700+ loans repay in full out of 1,700+ invested in to date - you may like to see our statistics page (updated in January). Although we have now had 2 loans with crystallised losses, losing £810 out of £8.5M+ invested. .... Yes sorry on reflection I can see that most loans are short term, so a lot of them would have come to term already
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shimself
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Post by shimself on Feb 12, 2017 9:57:26 GMT
Practically all my BM investments are in loans with a bullet repayment profile. So when you claim We have not invested in any loans that have realised losses, or defaulted to date. that would be because hardly any of the loans would have had much chance of defaulting so far. All credit to you for disclosing this, but I'm having second thoughts. Can I ask, how many loans have reached term so far and how many are there in total? We have had 700+ loans repay in full out of 1,700+ invested in to date - you may like to see our statistics page (updated in January). Although we have now had 2 loans with crystallised losses, losing £810 out of £8.5M+ invested. Where on the website can you see the comment about no losses / defaults - as we need to update this comment? faq protection may I introduce you to the firefox addon Search Site - or just google defaulted to date site:bondmason.com
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shimself
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Post by shimself on Feb 11, 2017 11:54:50 GMT
Does anybody feel able to estimate the effect on us lenders, if a platform went down? After all the borrowers still owe us. (disregarding a ponzi or similar fraud)
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shimself
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Post by shimself on Feb 10, 2017 15:34:45 GMT
Re latest update, very wise for Rebs to tread very carefully here. I do not trust anything this borrower says for a moment. Various previous statements have been proved blatantly false (they proved that themselves), and they appear to be willing to try anything to stave off a bankruptcy order. All investors in this loan do of course hope that this really is an honest proposal, but I have a vision in my head of pink pigs flying over the moon. Please do prove me wrong SEI Ltd. In summary they've offered to pay it off quite soon, and put up a property as security. Obv we must assume they are lying I've asked Michael can we trust the valuation - we need our own. And are we sure of the title being good? I'm not quite sure that the supposed 160K actually covers everything that is owed. I think it would make some sense to ask for management acccounts while we're at it.
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shimself
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Post by shimself on Feb 10, 2017 12:42:07 GMT
One of the biggest risks a lender faces is the risk of platform default. If the platform fails, who will allocate payments between borrower and lender? Would the borrower even know who their lenders are? Do lenders even know who their borrowers are? It wouldn't be cost effective for lenders to individually chase any small loan chunks. An administrator could simply sell off all loans to a 3rd party and use that to repay lenders proportionally rather than spend 5 years running down the loan book. My point is that lenders will find it difficult to quantify this risk. using words on AC's website, but words to the same effect are found on (every?) platform THE FCA state all platforms must have resolution plans in place designed to effect an orderly run off of their loan book if the platform should fail. In theory at least, this means that your invested funds – money actually lent out to borrowers – should be “safe” even without the platform there and the loan repayments should continue to flow to you.
In order to have even the interim permission this has to be in place
Now, how well done this is might be open to question, but done it is, the identity of the company who would do this is written down
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shimself
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Post by shimself on Feb 10, 2017 10:29:04 GMT
One of the basic ideas behind p2p is that the risk should be directly to the lender, with no risk on the balance sheet of the platform. ... I'd always prefer the platform to participate in the risk. Skin in game.
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shimself
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Post by shimself on Feb 10, 2017 10:13:48 GMT
Practically all my BM investments are in loans with a bullet repayment profile.
So when you claim We have not invested in any loans that have realised losses, or defaulted to date. that would be because hardly any of the loans would have had much chance of defaulting so far.
All credit to you for disclosing this, but I'm having second thoughts. Can I ask, how many loans have reached term so far and how many are there in total?
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shimself
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JustUs (formerly eMoneyUnion)
Dormant?
Feb 9, 2017 12:48:32 GMT
Post by shimself on Feb 9, 2017 12:48:32 GMT
Well yes dormant now, the sound bridging loan has repaid, cupboard now bare
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shimself
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Post by shimself on Feb 9, 2017 12:46:36 GMT
Bondmason would be better if - we got a weekly email with an account summary.
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shimself
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Ablrate (ABL) in Administration
changing banks
Feb 9, 2017 12:40:14 GMT
Post by shimself on Feb 9, 2017 12:40:14 GMT
I cannot for the life of me why ABL ask us to input bank details every time as it is
What other platforms do, which I think is the right approach, is they place a high hurdle to changing bank accounts - phone call, letter, transfer in (of £0.01) from new bank first, copy of id document kind of thing. Not an automated process. Especially now as moving banks in uk is easy and the banks are obliged to forward moneys if they arrive in the old account it doesn't really inconvenience customers much
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shimself
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FundingSecure (FS) in Administration
Defaulted loans
Feb 6, 2017 15:31:18 GMT
Post by shimself on Feb 6, 2017 15:31:18 GMT
Bootle 2417118890 21/01/2017 We are expecting payment of interest any day
Anyone know any more?
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