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Post by carol167 on Apr 6, 2018 15:49:55 GMT
I wish those who wanted to leave would put a few good loan parts up for sale on the SM for those of us who are sticking around. I put all mine up wednesday just gone. Looked like I wasn't the only one too.
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Post by Badly Drawn Stickman on Apr 6, 2018 15:58:40 GMT
I wish those who wanted to leave would put a few good loan parts up for sale on the SM for those of us who are sticking around. I think as soon as those sticking around have bought up the existing secondary market, other loans would be added. Or are those staying suggesting not all loans are equally good?
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Post by Deleted on Apr 6, 2018 16:03:34 GMT
I sold some Wine/Pawn yesterday, just a bit of spring-cleaning since I was slightly above my per-borrower limit on these... kinda hard to keep track with so many different pieces floating around.
They literally sold in seconds.
So there still seems to be cash waiting around to pounce if anything juicy pops up... but that cash is clearly very selective these days.
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Post by carol167 on Apr 6, 2018 17:44:30 GMT
I sold some Wine/Pawn yesterday, just a bit of spring-cleaning since I was slightly above my per-borrower limit on these... kinda hard to keep track with so many different pieces floating around. They literally sold in seconds. So there still seems to be cash waiting around to pounce if anything juicy pops up... but that cash is clearly very selective these days. Well I sold down all my non property stuff (and I had just about everything in the list to varying degrees) - was all snapped up within 10 minutes. I still like MT but with the recent defaults - I'm potentially going to loose all my interest and I need platforms to make me money for income. I'd rather take a safer bet with the lower risk platforms for circa 6% (which have been doing very well for me these past 4 years) than continue with pick n mix 12%ers and end up with potentially very little.
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Post by eascogo on Apr 6, 2018 19:04:52 GMT
I wish those who wanted to leave would put a few good loan parts up for sale on the SM for those of us who are sticking around. . With over £4m on the SM and a choice of 16 loans (I counted Wigan only once) it should not be that difficult to invest new money. Most of those loans have forbidding queues but that may not necessarily indicate they are poor loans. It would be interesting to know the proportion of lenders in these queues who jumped in for the cashback but are frustrated flippers or those positioned in the queue merely hoping for potential liquidity at some stage. One way to find out would be for MT to stop paying interest for parts on the SM. Or how about a fee [1%?] charged by the platform for all successful sales. Lenders needing their cash urgently might agree. And the platform might welcome the additional income, particularly at a time when new loans are scarce. Did I put the cat amongst the pigeons? MoneyThing any thought on what measure would help dilute the queues?
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Post by MoneyThing on Apr 6, 2018 20:06:29 GMT
I wish those who wanted to leave would put a few good loan parts up for sale on the SM for those of us who are sticking around. . With over £4m on the SM and a choice of 16 loans (I counted Wigan only once) it should not be that difficult to invest new money. Most of those loans have forbidding queues but that may not necessarily indicate they are poor loans. It would be interesting to know the proportion of lenders in these queues who jumped in for the cashback but are frustrated flippers or those positioned in the queue merely hoping for potential liquidity at some stage. One way to find out would be for MT to stop paying interest for parts on the SM. Or how about a fee [1%?] charged by the platform for all successful sales. Lenders needing their cash urgently might agree. And the platform might welcome the additional income, particularly at a time when new loans are scarce. Did I put the cat amongst the pigeons? MoneyThing any thought on what measure would help dilute the queues? Evening. We are still considering what 'features' could be implemented to help increase the liquidity of our SM (in addition to getting some recoveries positively concluded). However I can say that one thing we will not do is stop paying interest to sellers (since they contractually hold that loan part and therefore risk until sold)...I really would not be surprised if this practice is curtailed in due course. Kind regards, Ed
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nw99
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Post by nw99 on Apr 6, 2018 20:12:31 GMT
Agreed should never be allowed to do that
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copacetic
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Post by copacetic on Apr 6, 2018 20:17:43 GMT
However I can say that one thing we will not do is stop paying interest to sellers (since they contractually hold that loan part and therefore risk until sold)...I really would not be surprised if this practice is curtailed in due course. Well said. One of the reasons I like MT above most other platforms is statements like this give me faith that they aren't just out to screw as much out of investors as they can in the short term with no regard to long term consequences. Things can go wrong and loans default but I'm confident that MT don't knowingly present bad loans just to make their fees, whereas with other platforms I'm not so sure.
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Post by Deleted on Apr 6, 2018 20:18:35 GMT
One way to find out would be for MT to stop paying interest for parts on the SM. Or how about a fee [1%?] charged by the platform for all successful sales. I'm not sure about others, but I can state categorically that either of these measures would ensure I never invested another penny with MoneyThing.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 6, 2018 20:32:59 GMT
However I can say that one thing we will not do is stop paying interest to sellers (since they contractually hold that loan part and therefore risk until sold)...I really would not be surprised if this practice is curtailed in due course. Well said. One of the reasons I like MT above most other platforms is statements like this give me faith that they aren't just out to screw as much out of investors as they can in the short term with no regard to long term consequences. Things can go wrong and loans default but I'm confident that MT don't knowingly present bad loans just to make their fees, whereas with other platforms I'm not so sure.I, for one, am VERY sure copacetic!
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hazellend
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Post by hazellend on Apr 6, 2018 21:05:36 GMT
One way to find out would be for MT to stop paying interest for parts on the SM. Or how about a fee [1%?] charged by the platform for all successful sales. I'm not sure about others, but I can state categorically that either of these measures would ensure I never invested another penny with MoneyThing. Allowing discounting (but not premiums), is the only way to go IMO. I don't often sell anything as I prefer to hold to the end. However, should I be in a situation where I needed my money quickly, I would like to be able to discount by 5 - 10% to liquidate immediately if required. I am confident that I could liquidate my entire ABLrate portfolio (which is substantial) within 24 hours if I wanted to. Stuck in MT, SS (and Coll , groan) although not wanting to sell anything anyway.
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bugs4me
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Post by bugs4me on Apr 6, 2018 21:38:01 GMT
Allowing discounting (but not premiums), is the only way to go IMO. I don't often sell anything as I prefer to hold to the end. However, should I be in a situation where I needed my money quickly, I would like to be able to discount by 5 - 10% to liquidate immediately if required. I am confident that I could liquidate my entire ABLrate portfolio (which is substantial) within 24 hours if I wanted to. Stuck in MT, SS (and Coll , groan) although not wanting to sell anything anyway. Personally I cannot see any reason as to why both discounting and premiums should not be offered on the SM although I appreciate the 'premium' is a contentious subject .
When a platform is having difficulty in filling a loan they are quick to add a bonus or CB of one or two percent - that's how it works. Adding a bonus doesn't reduce the risk but certainly acts as an incentive.
I think MT need to do something to free up the SM whilst they are sorting out those defaults which will in fairness take time. But for those that need the funds sooner rather than later I cannot see the objection to allowing discounting.
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Post by dudester on Apr 7, 2018 4:31:55 GMT
One way to find out would be for MT to stop paying interest for parts on the SM. Or how about a fee [1%?] charged by the platform for all successful sales. I'm not sure about others, but I can state categorically that either of these measures would ensure I never invested another penny with MoneyThing. i second that. I am also sceptical about discounts/premiums. In my view the only proper way to solve the SM issue is to restore investor trust via successful recoveries and avoidance of further defaults. Most of the current panic is not MTs fault (ie the Collateral issue) but some problems are homemade (recent string of defaults, poor communication, wrong valuations). I for one like MT and how they are actively trying to improve things but have been reducing my holdings after the whole COL debacle highlighted platform risk and issues around the administration process.
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archie
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Post by archie on Apr 7, 2018 6:36:38 GMT
Rules of the game. Years ago there was a share trading series on C4. Towards the end of the series one of the contestants bought a load of penny shares. In the final week, as far as I recall, they rose by a quarter of a penny. Trading in real life the trader would still be sitting on a loss. Under the rules of the TV programme there were no bid/offer spreads so he won the series.  What's this got to do with the sm?  Not everyone who is in a queue is necessarily desperate to sell, they might be just reserving a place in the queue. It's a valid technique, it's easy to buy back if your loan part sells quicker than anticipated. Personally I prefer a par sm. ( Archie, we'd never have known  ) I avoid the sm on variable pricing platforms (*) and buy less of new loans. On MT I'll often buy more when a loan launches to help it fill and trim down later. * Unless I'm buying back my own loan parts into an ISA.  Over the last few months there have been several repayments that haven't materialised either through delays or defaults. Another platform has gone under. It's not surprising that some lenders are reconsidering whether higher risk P2P is for them and trying to sell up. Not me. I expect the sm will start to reduce in a few weeks time as repayments and recoveries start to come through. |
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eeyore
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Post by eeyore on Apr 7, 2018 11:42:56 GMT
I really would not be surprised if this practice is curtailed in due course. Sorry, I must be a bit slow today.... What practice might (or might not) be curtailed? It's not obvious to me what's being referred to. Thanks!
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