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Post by munchydave on Jan 23, 2018 10:47:14 GMT
I withdrew my funds for now as it was sat there for a week with no movement. This may have been due to the fact that I changed the interest rate after 3 day and so went to the back of the queue again.
I will invest later when there are more loans on the platform (Looking at the stats for the platform shows 18 loans issued in 2018 totalling just over £3500).
Not being able to see where your money is in the queue and what loans are being issued is a real downside for me. Without the information, it is all pure guesswork.
Edit: So I don't get a load of answers telling me this, Yes, I know it is a soft launch and understand why. You either trust nsiam or you don't. This could be the best P2P site on the market and at the moment I trust it on the basis that nsiam has more to gain by being honest than by ripping investors off.
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Post by munchydave on Jan 19, 2018 19:11:23 GMT
I am not interested what Lendy do to change the rules on pre-funding for the simple reason that until they sort out the massive back log of late and defaulted loans I for one will not be investing anything.
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Post by munchydave on Jan 12, 2018 20:33:52 GMT
I would like to know what p2p lending companies are doing to put an end to the fallacious valuation practice observed at present. While it might be tolerable in the short term, I cannot see the industry surviving in the long run. If lenders lack confidence in the valuation reports displayed, the presented security becomes worthless resulting in no investment. There is no p2p business without lenders and platforms will go bust. It's about time action is taken before it gets too late. It's not even tolerable in the short term, it is fraud. Loans are being offered on property that is overvalued and that is very obvious now the defaults are coming in. Loans are also, it would seem in some cases, given to borrowers who if the full facts were known would never get money from any of us. At the moment money in the bank at 0% is possibly a better deal than 15% in P2P with defaults. I will have a more accurate picture by April when I start to prepare for next years tax returns but I expect to just about break even over 8 different sites or make a small overall loss. Is it worth the effort? The platforms that seem to make some effort to do the DD on loans and just not take anything that comes their way are finding it difficult to get anything to invest in as they reject the low quality loans others accept. Vote with your money.
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Post by munchydave on Jan 12, 2018 18:09:02 GMT
Probably just read my last post and decided to pull the plug
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Post by munchydave on Jan 12, 2018 17:58:16 GMT
I am not in this one – I no longer invest in property loans thanks to these rubbish VRs and the platforms casual attitude to their lenders. I actually think the platforms should be held responsible, several have jumped on the property “dash for trash” over the past couple of years – with Lendy always being there. They are happy to allow VRs to match whatever amount the borrow requires - but then they would as the up-front fees make a nice little profit. Today i decided to stop all lending on P2P sites for the moment. I will let loans run their course and take the money out as it comes in and will sit and wait for the defaults to I hope give some return over the next few months. Loans secured on property should be a good investment but with the increase in defaults across many lending platforms it is obvious that the information we are being given is of poor quality and resembles more of a sales pitch to draw investors in rather than an accurate set of facts on which to base my choice as to what and to who I want to invest. Valuations are a joke. In most cases when it goes in default property is sold for less than the loan even though we are told the magic 70% applies.
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Post by munchydave on Jan 12, 2018 17:23:44 GMT
That feels like more than a blip. Being disqualified as a director is fairly serious. And exercising control over a company (i.e. acting like a director) while disqualified would be a criminal offence (but of there is nothing to suggest that this person is exercising control, all we can see from the public record is that the controlling shareholder of the company named in the planning application as the owner of the site is currently disqualified as a director). There is a chance this distinctively named individual is also associated with the "Development Land in Bath" that is renewing tomorrow - someone of the same name is the applicant on the most recent planning application form (conditions discharge 17/*****/COND) The simple fact is that WE can no longer trust the information given. So often what we get is a sales pitch not a factual set of data on which to assess the risk. If the P2P sites do not ALL of them sort this out then there will be one hell of a crash this year. For me I am removing all funds from all sites.
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Post by munchydave on Jan 9, 2018 19:29:08 GMT
The success of this obviously depends on there being a steady stream of borrowers, so as the site launched for borrowers yesterday I thought I'd see if it popped up in a google search when posing as a potential borrower. What I found was that there are many many payday loan (and similar) companies out there, but welendus didn't come up in any search (at least not on the first couple of pages, or on a couple of comparison sites). Can you share with us what marketing is currently being undertaken please nsiam . Thanks For nsiam. Hi I did the same search as marka. Can't believe how many pay day loan sites come up when I ask for a lone but the point is welendus does not. Sure you know that and it'd early days yet but what can you do to get your site at the top of the list?
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Post by munchydave on Jan 8, 2018 13:54:38 GMT
How did you manage to put money in? When I tried to, it says you have to have an invitation?
I did check the company is registered with the FCA first though! This and many other questions are answered in this thread p2pindependentforum.com/thread/11000/welendus-soft-launch-dec-2017As far as I remember you need to apply and you get "token" e-mailed to you. Thanks for that. I remember now this is how I found out about welendus but could not find the thread. Anyone know how to put this welendus site on the platform so we can all keep a close eye on it. Looks good.
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Post by munchydave on Jan 8, 2018 13:50:06 GMT
How did you manage to put money in? When I tried to, it says you have to have an invitation?
I did check the company is registered with the FCA first though! Yes you need this magic key. Got mine after some hassle and after cancelling my application. Not at all clear from the website but ask for the key and see what happens.
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Post by munchydave on Jan 8, 2018 12:47:36 GMT
Hi to all Recently discovered a P2P site called Welendus. Put £200 in to test it. Seems legitimate but just asking if anyone knows about it and your thoughts. Seems to be into pay day loans. Sounds a bit risky but claims to refund capital if the loan defaults. Too good to be true?
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Post by munchydave on Dec 23, 2017 14:57:22 GMT
(my bold) bit hash for you mrc plus given the range of rates, sounds like you’re specifically excluding CO with it’s up to 15% loans. I did think about typing 10-15% but didn't because I see COL's 14% and 15% plus cashback as a pricing to liquidity to encourage additional participation in a loan. Similiar to the bonus rates offered by FS on top of the 10-13% risk priced yield. Taking COL as the example for now, the rate is irrelevant to me when fundamental questions regarding the loan proposition go unanswered (e.g. to questions raised concerning the Chesterfield TL Head of Terms document. COL could offer 25% on that loan, and I still wouldn't be interested.) That's what it boils down to. You can offer the moon and the sun in interest rates but when it defaults the rate is ZERO or less than zero. I want a deal that gives a good chance that I will at least not loose my capital. If the valuation is accurate then short of a massive downturn in the property market your money should be safe. There has been no such downturn therefore no one should be loosing money on any property loans. BUT THEY ARE, so all P2P lenders watch it. It will not take much longer for even the investors that never see this site work it out for themselves.
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Post by munchydave on Dec 23, 2017 12:57:21 GMT
If you were borrowing money would you want your identity broadcast for everyone to see, including your competitors? Many borrowers might consider the publication of the loan details to be one of the bigger downsides of peer to peer borrowing. When you get a loan from a bank the details are confidential between you and the bank. I have no problems with keeping the name etc of any borrower confidential. If that is so then we have to rely totally on the information given by those who run the web site and be confident that they will not take on loans that are not secure for any reason. A secured loan on for example property should almost never fail if valuations are accurate and LTV's are such that capital can always be recovered in the event of a default. This is not the case on many platforms recently. Please do not respond with the usual " your capital is at risk " we know that but there is a difference between at risk anyd throwing your money at a deal which anyone can see is going to fail if the full facts are known.
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Post by munchydave on Dec 17, 2017 19:25:03 GMT
Is it just *me? These blockchain technologies are hurting my head. (* probably ) I don't understand any of it and if you don't understand then don't invest. SIMPLE
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Post by munchydave on Dec 15, 2017 23:09:46 GMT
Sapphire. Simple answer to your Q. Other than in VERY exceptional/fortunate circumstances, PGs are worth diddly squit Many loans on FC are unsecured and backed by a personal guarantee. At one time I had over 20K with them spread over hundreds of loans so saw a good many defaults. Don't think I ever saw a single one pay up. It was amazing how quickly they all seemed to have no money.
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Post by munchydave on Dec 14, 2017 10:38:08 GMT
This has been stuck unsold with an asking price of £110k for a long time now. Are they seriously going to get £95k+ at auction??? (and why is valuation still £115k if nobody is interested at £110k?) I'm probably still in given low LTV ...but if interest rolls up again in 6 months time then it is looking a bit tight I am out. Let me get this straight. They want to borrow our money so they can pay back our interest and at the same time increase the debt on a bit of land and the security is a property that has not yet been built. FS this is not a secured loan it is one more default waiting to happen.
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