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Post by Financial Thing on Jun 20, 2015 15:16:57 GMT
Well for me, murky return %'s that are hard to understand plus an owner who seems to take things very personally when asked a difficult question = no investment from me.
The red flags are waving.
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Post by Financial Thing on Jun 18, 2015 22:11:39 GMT
ok, so basically if Minto's folds, we are screwed
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Post by Financial Thing on Jun 18, 2015 21:30:13 GMT
I don't know if this exists or not, but it would be really helpful if this forum posted a master thread or simple list which explains who or what we are lending to with regards to each platform. Are we lending the platform or the direct borrowers? That way at least people here can be informed on the risks they face due to a platform default.
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Post by Financial Thing on Jun 17, 2015 16:57:26 GMT
As I told Kevin, the frustration wasn't the Fraud prevention issue, I'm all for having such policies and protection in place.
I took issue with calling the contact number everyday for a week and not being to speak to anyone, and no response to my email.
Having said that, Kevin rode in on his white horse and sorted the issue out in a mater of hours to which I thank you publicly Kevin.
Hopefully it will be smoother sailing in future.
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Post by Financial Thing on Jun 17, 2015 16:12:23 GMT
Are there any overall stats on default rates? I couldn't find them on the website.
When I loan money through Mintos, who am I loaning to, Mintos the company or individuals? Not that I would expect to recoup anything if Mintos goes out of business but if it did, what would happen to my loan pieces I invested in?
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Ablrate (ABL) in Administration
Feedback
Jun 17, 2015 12:28:34 GMT
Post by Financial Thing on Jun 17, 2015 12:28:34 GMT
I like the way a new page opens when you click on details of a loan but thats a personal preference. If you do decide to change it, it's a tiny bit of code applied to each link that is very easy for a developer to change.
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Post by Financial Thing on Jun 17, 2015 0:54:50 GMT
Ugh...
Still no response by Ratesetter. I've sent emails and tried calling and nothing. I withdrew money 1 week ago and it's nowhere to be seen in my bank account.
The lack of Customer Service of really putting me off from ever using their service again.
People beware.
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Post by Financial Thing on Jun 15, 2015 21:52:36 GMT
Thanks for responding. As far as the BBC goes, they are a news company, not much need to store sensitive financial information there.
Glad to hear you aren't storing any sensitive information through the Wordpress platform.
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Post by Financial Thing on Jun 15, 2015 15:16:08 GMT
thanks Kev
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Post by Financial Thing on Jun 15, 2015 14:38:44 GMT
I tried calling the Ratesetter phone number to sort out a problem with my account, but all I get is an answering machine. Doesn't make me feel good about investing money. These are during good times so imagine if a disaster happened? Would support be non existent? This small incidents really adds fuel on my "are we placing too much faith in P2P" fire
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Post by Financial Thing on Jun 15, 2015 14:24:54 GMT
I'm very concerned about the security of the Rebuilding Society website and thought I'd share my concerns. I've worked i the web world for over 20 years.
When I signed up for a RBS account I checked the sites code (force of habit) and noticed it's entire platform is built on Wordpress. Wordpress is primarily a blogging platform that has more recently been developed for other uses, but I've never seen a Wordpress site used for any type of a financial transacting business due to it's lack of security. In other words, Wordpress is a vulnerable system that is prone to hacking. That's why you'll never see a bank using it.
Maybe RBS doesn't stoe any personal information on it's site, I don't know as I have yet to make any transactions. That being said if you have any type of personal, banking or financial details attached to your RBS account, I'd be very concerned.
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FundingSecure (FS) in Administration
Domain Name
Jun 13, 2015 11:46:55 GMT
Post by Financial Thing on Jun 13, 2015 11:46:55 GMT
Agreed ramblin rose 100%. Lenders tend to just pile in based upon a couple of headline rates and of course believing they are dealing with experts. Many property LTV's are based on a 'going concern' valuation but in the event of a default, you often no longer have that 'going concern' and how much is a failed pub worth these days. Usually these valuation variations are covered in the original report but nonetheless LTV's are based on the higher figure and I do wonder just how many lenders bother to read and digest the associated paperwork. The same applies to plant and machinery which is often calculated at the write down value in the audited accounts. Unfortunately, if the business fails rarely do these assets attract more than pennies in the pound so I tend to discount them for valuation purposes but many platforms do not. Sooner or later there's going to be more than a few tears shed and once the media finds a story worth getting their hands on it may be a rocky ride for many of us. bugs4me You bring up an excellent point. I'm starting to feel euphoric comfort syndrome maybe settling within P2P lenders . Just to share a default experience from the real world. Several years ago I invested in a bar that was secured by the fixtures and fittings. The bar owner decided it would be nice to spend the investors money on a nice car, his wife's shoe collection and boob job, and a safari to Africa. He eventually defaulted on the loan payments and was forced into bankruptcy. The bar was sold and fixtures and fittings and other assets only totaled £75,000. Amount owed was £500,000. I personally took a £150,000 hit. Ouch. So why make this investment? I was being paid a 18-33% interest rate. Looking back it was a stupid decision but nice interest returns clouded the 'ol judgement portion of the brain. Point being, businesses can default on loans at anytime and it's so easy to become comfortable when things run smoothly for a few months. I fully agree that some tears will be shed. Especially when the US stock market pops and the world economy suffers once again.
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FundingSecure (FS) in Administration
Domain Name
Jun 13, 2015 11:29:11 GMT
Post by Financial Thing on Jun 13, 2015 11:29:11 GMT
They aren't though. The lenders are. I wouldn't worry about it too much even if the loan book was filled with a lot of risky stuff, as long as the info is there from the start and they are transparent, its up to each user to decide what level of risk they are comfortable with. Although you are correct in that mitosan, and that tends to be my own personal view, the trouble is that as p2p is gradually becoming more widely known about, people are starting to come in to these platforms with their eyes 'wide shut', believing that because they read about it in some mainstream source that it's really quite safe and that if the platform offers a loan it can't be that risky. If any of the platforms start to get a bad rap as a result of naive lenders having lost money they couldn't really afford to lose (and hence shouldn't have been putting with p2p) then those of us who use them advisedly will find them folding beneath us and we'll all lose out. So, although I'm a firm adherent to the 'caveat lender' approach, I don't think it's an approach a platform should be relying on their lenders to use - most of them just won't. I understand what you are saying however, but the riskier the loan, domains are very risky, the higher the chance of default. A few defaults at these loan amounts can sink a business quickly. Seems like this platform is already experiencing defaults. If the platform goes pop, possibly so does your money.
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Post by Financial Thing on Jun 12, 2015 23:11:35 GMT
As a new user...some feedback
The sign up form looks like the work of overseas outsourcing (I love Indians but they can get things a bit backwards in terms of user friendly web design).
It's a bit funky (not in a good disco type way) the way the sign up form asks for the address separated out building name / street name / numbers etc.
Listing the amount of months at address is taxing on the brain...let me see, 16.2 years x 12 = ummmmm, darn it. How about years and months to make it a bit more user friendly?
Also on the passport number, the form wouldn't let me change the last two numbers from 08 so I gave up.
Not the best start but will try again when I have more time.
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Post by Financial Thing on Jun 12, 2015 17:30:20 GMT
I tried signing up, what's this security number field then?
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