cmep
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Post by cmep on Jul 1, 2019 9:22:01 GMT
Finally, AC have added the option to select a bank account, rather than having to type in all your details every time you want to make a withdrawal!
However, having watched their video a few minutes ago as per the link sent in the email, I logged in to my AC account only to find that there is no "Bank Accounts" option (as shown in the video) to set this up.
Anyone else having the same problem?
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cmep
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Post by cmep on Dec 20, 2018 12:44:51 GMT
I assume it will start running when the webinar starts at 1pm as currently there's just a "This video is unavailable" message...
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cmep
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Post by cmep on Jun 26, 2018 15:38:03 GMT
Do I amend the form to include unpaid interest? Good question! Can anyone shed some light on this. The amount I had invested is correct on the form they've supplied, but in point 4 below this, do we add the interest that has accrued since them? If we don't add this, does it mean we wont be paid it even if by some chance enough funds are recovered to pay back investor's capital plus interest?
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cmep
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Post by cmep on Jun 20, 2018 14:07:16 GMT
I have just had a look at what Unbolted charges the borrower to whom they lend our money and had a thought: Anyone know what would be required FCA-wise for us to setup our own "Bling syndicate"? As important, how many would be interested in getting involved?
I appreciate that Unbolted have costs ITO platform setup & running, advertising, valuations and storage of items, as well as wanting to make a profit. However when you look at the fact that we are taking the risk for a maximum of 0.8%pm return (about 10%APR), while they are (seemingly) getting the lion's share of the rewards: they are charging 4%pm on items £400 or less (63.12%APR according to their website calculator), the business person in me is thinking there is an opportunity here...especially considering their clients/borrowers don't pay monthly interest (so there is not a big staff overhead requirement in that regard). It would appear to be:
1) Borrower Sends Item 2) They value and lend up to 80% on it 3) Borrower pays back money and redeems item (at which point investors get paid back) OR Borrower reneges on payment and item gets sold (at which point investors get paid back)
Anyone keen to look at this opportunity?
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cmep
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Post by cmep on May 2, 2018 8:10:49 GMT
Is it only me, or do other investors feel that once a month updates on defaulted loans is just not enough?
63% of my funds invested with The Bridge Crowd are in default and therefore not earning me interest monthly. As a result, to add insult to injury, I wasn't even able to withdraw the interest paid on the performing loans this month because it fell just below the £100 withdrawal minimum!
I know other investors in the past seemed to feel confident about their ability to collect on defaulted loans but that was when they had much fewer, higher quality loans. What's the general consensus out their currently about this platform? Should we be concerned?
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cmep
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Post by cmep on Mar 30, 2018 15:41:19 GMT
The website appears to be offline. Anyone know the reason. Error coming up on both Chrome & Firefox is:
503 Service Unavailable No server is available to handle this request.
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cmep
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Post by cmep on Mar 26, 2018 12:44:09 GMT
I've tried logging in at www.thincats.com/ using Chrome & Firefox and get the error message: An unexpected error occurred. An error occurred while processing this request.Anyone have any idea what the issue is?
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cmep
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Post by cmep on Mar 26, 2018 9:31:35 GMT
Asset backed loans were and are sold to lenders as being that much more secure, however this is the latest to highlight that the purported greater safety is wholly dependent on the valuation being accurate and the LTV allowing for the large reductions in sale price (fire sale) and the costs inherent in a default. Clearly as so many examples across numerous platforms has demonstrated this is not the case. Exactly! Surely, given the growth of P2P as a financing vehicle the RICS valuers should have to stand by/guarantee their valuations within a certain margin. That would certainly minimise the 'trigger happy' approach that many of these valuers seem to be taking! Is there a case to take to the FCA in this regard to include this as one of their checks & balances, afterall they are supposed to be regulating the industry and this is clearly becoming a problem that is putting us 'consumers' at risk, not through any fault of our own? Thoughts?
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cmep
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Post by cmep on Mar 20, 2018 7:32:14 GMT
Got an email from Jessica this morning stating the following:
"At present we have no intention of reinstating the platform for the Company. However I can advise that I expect all investors to receive a formal update in the next 2 weeks"
Surely we are entitled to access our accounts?
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cmep
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Collateral (COL) in Liquidation
New front page
Mar 19, 2018 11:30:00 GMT
Post by cmep on Mar 19, 2018 11:30:00 GMT
Has anyone on this group had any feedback about when we can expect this? My email in this regard last week remains unanswered by Jessica...
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cmep
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Post by cmep on Mar 13, 2018 13:15:35 GMT
Does anyone have any idea of when they are going to reactivate this so that we can at least all get our exact last stands on the loans in our portfolio with them? I understand no trading will be allowed, but this is an easy thing to disable on the backend. I got a response to this question from Jessica on 1 March saying it would be looked at. We are now almost 2 weeks down the track with just a silly logo to greet us. I followed up yesterday but have not received a response to my email.
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cmep
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Post by cmep on Mar 1, 2018 8:22:12 GMT
Please excuse my ignorance on this matter but I've never been in this position before. The letter states that creditors need to prove the debt owed. My question is therefore twofold: 1) Are we classified as creditors (i.e. if we are lenders) 2) If so, surely Collateral are obligated to put the site back up (without 'trading' functionality) so that we can get our current position on the various loans.
Thanks
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cmep
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Post by cmep on Feb 1, 2018 13:20:04 GMT
Yes, I understand how P2P works having started investing in it in 2014 and currently being spread over 16 platforms.
The point I am trying to make is that when other platforms have a default issue, they seem to take much more decisive action and don't let things 'ride' the way Lendy appears to. They also keep lenders informed of defaults and what action is being taken, via email which Lendy doesnt. The only time Lendy seems to send email is to advise of new loans going live, not how they are dealing with their (many) defaulted loans and bringing lenders in to vote on the course of action to take regarding defaulted loans (as other platforms do).
Also, as a result of being as diversified as I am over multiple platforms I am in a good position to judge reliability of returns and for the most part I get paid my monthly expected interest from the others, but for the past 4-5 months Lendy has shockingly been at just over half of what the expectation is and each month it seems to get worse.
If it looks like a duck......
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cmep
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Post by cmep on Feb 1, 2018 12:53:08 GMT
Why is Lendy so slow in taking action on defaulted loans. My average portfolio should be seeing a return of 11.5% but as a result of their poor management of loans in default, when I got my interest payment today it equated to a very low 6.3% which is very concerning.
The loans are supposed to be secured with a maximum LTV of 70% so why are they not take action on them, especially some that I are sitting at nearly 2 years in default!
Lendy (then Savings stream) were the first P2P platform I invested in and for the first couple of years I got my 1% a month. The last year however has seen shocking returns. Alarm bells are starting to ring for me...
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cmep
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Post by cmep on Jan 23, 2018 10:49:44 GMT
I can only think that it was created/coded a while back (as they are one of the oldest P2P platforms) and they have not allocated funds/resources to update the coding to be inline with what other platforms have done (and are continuing to develop) to create an intuitive, realtime environment in which lenders can transact.
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