littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 8, 2018 14:07:02 GMT
Mods I assume that in this case it is OK to identify the borrowers as they are intermediates and not the end borrower, but if not please delete this post as it cannot be redacted.  |
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puddleduck
Member of DD Central
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Post by puddleduck on May 9, 2018 7:57:33 GMT
Mods I assume that in this case it is OK to identify the borrowers as they are intermediates and not the end borrower, but if not please delete this post as it cannot be redacted. Thanks, that is very interesting - I think from that it's quite easy to infer which platforms are causing the underperformance I really struggle to see how Goji / Orca and their ilk are adding value to the P2P market - early days yet, but your 10k could be earning 5.3% direct with Growth Street, and Goji's diversification actually seems to be working against you, for now at least. I don't think the 2% they are offering for an ISA transfer really is much of an incentive for me at least. Do you plan to stay with them at end of term? Very very helpful post - thanks a lot!
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pom
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Post by pom on May 9, 2018 9:27:26 GMT
Thanks, that is very interesting - I think from that it's quite easy to infer which platforms are causing the underperformance I think that depends what you're inferring. It's a bit harder to tell because we've already been told some loans are bullet...but at the same time at least we know that GS & LI pay monthly - GS will have been paying out consistently and we'd have had to be very unlucky for any of the LI ones to fail to pay over the time we've been invested. So as I posted a while back I think one of the others has already had some crystallised loss (I'm in the same bond issue as LOL), and Goji certainly didn't jump in to contradict me... I for one haven't decided whether to stay or go yet - maybe some of the remaining bullets will really deliver. Adding to my dilemma is that unfortunately I neglected to notice the ISA transfer-out fees when I signed up, and as I only invested 5k that becomes quite significant. Plus in general I think 1yr is too short for this kind of investment - probably proportionately lots of cash lag, and if anything ends up overdue it will likely be a real mess getting out. I did find myself tempted by the 2% to increase my investment as it's so no-effort (I find I'm spending proportionately too much time self-selecting ISA loans simply because capital preservation is more of a factor when losses can't be offset) but I'm making myself sit on my hands to see how the current lot works out. As for what Goji/Orca add...I'd agree with you on Orca, as I can't see what they add for anyone with p2p experience when all their platforms are fire & forget...for Goji tho I'd say it's access to Prestige & Sancus, and in that respect if they increased their less commonly available stuff I probably would stick with them/increase (in the same way I originally aborted investing with BM but have since returned)
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on May 9, 2018 20:44:00 GMT
Mods I assume that in this case it is OK to identify the borrowers as they are intermediates and not the end borrower, but if not please delete this post as it cannot be redacted.
I really struggle to see how Goji / Orca and their ilk are adding value to the P2P market - early days yet, but your 10k could be earning 5.3% direct with Growth Street, and Goji's diversification actually seems to be working against you, for now at least.
I don't think the 2% they are offering for an ISA transfer really is much of an incentive for me at least.Do you plan to stay with them at end of term?
Very very helpful post - thanks a lot! Not decided yet. I really like all aspects of the platform except the rate. If it jumps up to 5% by the end I will probably stick with them, otherwise maybe not.
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Post by Michal on May 14, 2018 9:53:07 GMT
Hi all. Many thanks for all the feedback! Following on from some of the discussion I thought I would outline in a bit more detail our thinking behind the Goji product and what we seek to provide investors. Our aim has always been to offer a regulated and diversified access point into the direct lending sector for investors. We're regulated as an alternative investment fund rather than a P2P platform, which comes with higher levels of scrutiny in addition to FSCS protection. We offer a layer of investment expertise by conducting rigorous risk management and due diligence processes on all our lending partners, seeking to find high-quality platforms by gaining a full understanding of the story behind their lending processes. We also offer access to investments that are not available through the direct, retail channel - broadening the types of access into direct lending our customers can achieve. Whilst customers can of course invest directly with P2P platforms (and many of ours do!) Goji places itself as an expert channel through which customers can invest in and navigate the wider direct lending sector. We are eager to continue to receive your feedback and commentary to ensure our product development is tailored to meet the needs and challenges of our investors. We have therefore generated a very short questionnaire that we would love you to complete. It should just take a few minutes and who knows, if you give us a great new idea, we might name our next product in your honour! Please access our survey here - your feedback would therefore be greatly appreciated. A separate, more customised survey will be sent to existing customers by email. Many thanks again for all your support. Michal |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 14, 2018 10:26:09 GMT
Hi all. Many thanks for all the feedback! Following on from some of the discussion I thought I would outline in a bit more detail our thinking behind the Goji product and what we seek to provide investors. Our aim has always been to offer a regulated and diversified access point into the direct lending sector for investors. We're regulated as an alternative investment fund rather than a P2P platform, which comes with higher levels of scrutiny in addition to FSCS protection. We offer a layer of investment expertise by conducting rigorous risk management and due diligence processes on all our lending partners, seeking to find high-quality platforms by gaining a full understanding of the story behind their lending processes. We also offer access to investments that are not available through the direct, retail channel - broadening the types of access into direct lending our customers can achieve. Whilst customers can of course invest directly with P2P platforms (and many of ours do!) Goji places itself as an expert channel through which customers can invest in and navigate the wider direct lending sector. We are eager to continue to receive your feedback and commentary to ensure our product development is tailored to meet the needs and challenges of our investors. We have therefore generated a very short questionnaire that we would love you to complete. It should just take a few minutes and who knows, if you give us a great new idea, we might name our next product in your honour! Please access our survey here - your feedback would therefore be greatly appreciated. A separate, more customised survey will be sent to existing customers by email. Many thanks again for all your support. Michal Invesments with Goji dont have FSCS protection. Your site specifically states as much (as does the replicated signature). The only protection is on client funds and possible recourse to your principal Sapia if it acts contrary to agreements. Your statement is very misleading and shouldnt be made without clarification on a public site
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cb25
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Post by cb25 on May 14, 2018 11:46:17 GMT
We're regulated as an alternative investment fund rather than a P2P platform, which comes with higher levels of scrutiny in addition to FSCS protection. Re '..comes with higher levels of scrutiny in addition to FSCS protection..' - why does your website state the opposite ? "Goji Investments are not insured by a third party and are not protected by the Financial Services Compensation Scheme" www.goji.investments/about/(edit: didn't realise ilmoro had also questioned this point)
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Post by Michal on May 14, 2018 14:42:51 GMT
Hi ilmoro cb25Thank you for raising the FSCS point. Please accept my apologies for any confusion. I've outlined in full the FSCS position below which is reflected in our FAQs. Your investment into Goji’s Bonds does not qualify for deposit protection under the FSCS similar to that offered by UK banks up to a limit of £85,000. Deposit protection does apply to cash held by Goji and underlying lending platforms when funds are held within segregated client money accounts. This protection is offered when your money is transferred to our client accounts and when repayments are being made to you. While the money is in the client accounts it is protected by the FSCS deposit protection. There may be circumstances when a claim is made against Sapia Partners LLP, Goji’s regulatory principal, if it is in default of a legally enforceable obligation to you. In this instance, Goji is covered by Investment FSCS, just like other investment businesses, up to £50,000. It is important to note the differences here. Goji, like all investment businesses, are eligible for Investment FSCS coverage, up to £50,000. P2P firms, and therefore their investors, are not covered by this protection. Client cash balances are protected up to £85,000, in line with other investment firms. I hope that helps clarify the position. We encourage and are grateful for your continued feedback and will continue to review our communications to ensure they are as clear, fair and transparent as possible. Kind regards Michal |
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Jul 25, 2018 7:16:55 GMT
Hi ilmoro cb25 Thank you for raising the FSCS point. Please accept my apologies for any confusion. I've outlined in full the FSCS position below which is reflected in our FAQs. Your investment into Goji’s Bonds does not qualify for deposit protection under the FSCS similar to that offered by UK banks up to a limit of £85,000. Deposit protection does apply to cash held by Goji and underlying lending platforms when funds are held within segregated client money accounts. This protection is offered when your money is transferred to our client accounts and when repayments are being made to you. While the money is in the client accounts it is protected by the FSCS deposit protection. There may be circumstances when a claim is made against Sapia Partners LLP, Goji’s regulatory principal, if it is in default of a legally enforceable obligation to you. In this instance, Goji is covered by Investment FSCS, just like other investment businesses, up to £50,000. It is important to note the differences here. Goji, like all investment businesses, are eligible for Investment FSCS coverage, up to £50,000. P2P firms, and therefore their investors, are not covered by this protection. Client cash balances are protected up to £85,000, in line with other investment firms. I hope that helps clarify the position. We encourage and are grateful for your continued feedback and will continue to review our communications to ensure they are as clear, fair and transparent as possible. Kind regards Michal Thanks. I am not familiar with the £50,000 cover. Can you describe the circumstances when this would kick in? I assume that it does not apply to investment losses, but how about the Collateral case?
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