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Post by synchrony on Mar 29, 2018 11:33:16 GMT
I will most likely pay it off the mortgage. I was planning to start withdrawing my money (which is a significant amount to me although I’m sure not to others) around the time it crashed, to use towards a house purchase. So it is having an impact on those plans :-( I really hope we do get most of it back.
I definitely won’t be putting it back in P2P as I’m too nervous about the risk now.
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blender
Member of DD Central
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Post by blender on Mar 29, 2018 11:52:37 GMT
I will most likely pay it off the mortgage. I was planning to start withdrawing my money (which is a significant amount to me although I’m sure not to others) around the time it crashed, to use towards a house purchase. So it is having an impact on those plans :-( I really hope we do get most of it back. I definitely won’t be putting it back in P2P as I’m too nervous about the risk now. That is an unfortunate position. The most likely outcome is that the loans will run to term, but that you will not be able to sell loans early and have the capital early. Some borrowers may choose to repay or refinance their loans early, and then you would receive all the capital. (Sure you know all this) There is quite some diversity in p2p. Some of the more established, larger, operators are safe and give excellent liquidity, but with lower interest, like 7.5% ish.
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Nomad
Member of DD Central
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Post by Nomad on Mar 29, 2018 12:15:18 GMT
Reducing my business loan - 100% certain 7% return!
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Post by dualinvestor on Mar 29, 2018 12:29:55 GMT
Buy a pair of glasses so I can read Jessica’s report that she hoped to get out by then end of this week ....oh hang on I think I’ve got my chicken and egg mixed up TBF I think cmep's psot was 20 March so she has until next Tuesday, although the eggs may get found in the traditional egg hunt over the weekend
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Post by charliebrown on Mar 29, 2018 12:52:42 GMT
What about investing in a desolate field full of sheds in Yorkshire? Anyone?
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Post by investor1925 on Mar 29, 2018 14:17:13 GMT
My biggest fear in Col's demise is that the loans that were interest only that run their course cannot be repaid by borrowers.
This is likely to be the property developments that haven't yet been finished & they won't have sold & realised the returns.
Under normal circumstances, they would have asked Col for an extension or a re-issue, but this probably is no longer available with the administrators in charge.
If no other P2P platform is willing/able to lend that developer the cash, they'll probably have to default.
We'd then have to wait for yonks for the administrator to go through all the legals to take possession & dispose.
This is taking ages on platforms that are up & running (Lendy, FC etc) never mind one in administration.
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Post by synchrony on Mar 29, 2018 15:14:58 GMT
I will most likely pay it off the mortgage. I was planning to start withdrawing my money (which is a significant amount to me although I’m sure not to others) around the time it crashed, to use towards a house purchase. So it is having an impact on those plans :-( I really hope we do get most of it back. I definitely won’t be putting it back in P2P as I’m too nervous about the risk now. That is an unfortunate position. The most likely outcome is that the loans will run to term, but that you will not be able to sell loans early and have the capital early. Some borrowers may choose to repay or refinance their loans early, and then you would receive all the capital. (Sure you know all this) There is quite some diversity in p2p. Some of the more established, larger, operators are safe and give excellent liquidity, but with lower interest, like 7.5% ish.
Indeed. I didn't need to withdraw it all, but I had a reasonable amount in bling which I thought would be easy to sell, plus loans that were about to mature anyway. I thought that diversifying across different loans would be enough. I admit I didn't worry about the failure of the entire platform. Harsh lesson learned.
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elliotn
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Post by elliotn on Mar 29, 2018 16:36:15 GMT
I'm going to pay B** to get to to the bottom of this.
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Post by brightspark on Mar 29, 2018 18:35:51 GMT
Count it to see how much this mess is costing me!
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seb8072
Member of DD Central
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Post by seb8072 on Mar 29, 2018 19:36:16 GMT
Who said anything about returned cash?
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hantsowl
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Post by hantsowl on Mar 29, 2018 19:56:26 GMT
Looks like my returned cash will now be used to pay some London based administrator that the FCA is trying to replace RR with. Still it means that I will no longer need to concern myself with what to do with the cash. 😢
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Liz
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Post by Liz on Apr 1, 2018 17:43:26 GMT
I've had a relatively good run with my P2P investments over the last few years and this Collateral shut down is obviously my biggest problem to date. It has served as a salutary lesson to me and concentrated my mind a bit and I think whatever funds I recover from Collateral - and I am hopeful that it will be a good recovery - I am minded to just stuff away in a safe bank savings account earning 2% or whatever I can get. However that will depend on the general state of play with the sector when that time comes and I will review my options then. Right now my mindset is to withdraw funds from P2P as and when I can and then sit back and watch. Collateral aside, I feel this is a watershed time point in the P2P sector in general and things could go any way from here. Are you changing your name to Mr. 2% 😹
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averageguy
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Post by averageguy on Apr 1, 2018 19:14:12 GMT
Buy an Easter egg....todays intake was not up to expectations
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hazellend
Member of DD Central
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Post by hazellend on Apr 1, 2018 19:26:59 GMT
sa
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macro
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Post by macro on Apr 2, 2018 1:58:25 GMT
I've lost my appetite for P2P lending. I'll sink whatever I get back into something safer like crypto-currencies.
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