nyneil
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Post by nyneil on Apr 13, 2018 10:23:36 GMT
I wonder how feasible it would be for the industry to set up an organisation similar to ABTA, which the holiday companies use. If all platforms paid into it, there would be a 'slight?' reduction in interest payable to investors and / or increased fees to borrowers, but in the event of a platform failing, funding would be available to cover, or partially cover any shortfall.
One for the FCA to consider maybe?
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Liz
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Post by Liz on Apr 13, 2018 16:17:33 GMT
I wonder how feasible it would be for the industry to set up an organisation similar to ABTA, which the holiday companies use. If all platforms paid into it, there would be a 'slight?' reduction in interest payable to investors and / or increased fees to borrowers, but in the event of a platform failing, funding would be available to cover, or partially cover any shortfall. One for the FCA to consider maybe? The profitable platforms subsidising investors in non-profitable platforms. Not for me. The sites, introducers and PF's already take enough.
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adrian77
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Post by adrian77 on Apr 14, 2018 17:27:58 GMT
As to how FS fiasco's such as NI turbine, Whitehaven, Knaresborough , Wimbledon etc were allowed to happen just amazes me. I started my P2P lending with Z*pa who seemed very good but now are truly shocking and I am losing money on a daily basis as I can't sell approx 20% of my holding. Wonder if other companies will follow this trend? Lord T warned about this in the FT www.ft.com/content/e123234c-cfd4-11e5-92a1-c5e23ef99c77and I quote from it To be honest I think he was right and I am sure he has more money than I have. Personally I believe (and not for the first time) the authorities have failed to see any crash coming and once it does they will legislate after the horse has bolted. Until such legislation is passed I am simply transferring the money from my FS realised loans to pay down my mortgage. I just hate to think how much if the £26m or whatever of the FS property loans will be lost if or when the UK market undergoes a major correction. As to the way FS have treated e.g. speedboat lenders - don't get me started! I get the impression that some, if not many, p2p lenders have their retirement funds in this vehicle - I really hope that none of them come unstuck due to the alluringly "high" interest rates. Of course we could all make "loadsa" money but I am not risking it. |
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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 14, 2018 17:45:24 GMT
I think the smart money is, and has been, getting out of Dodge for quite some time now. I can't remember the last property loan I bet on, and I do mean "bet".
UNB is the only Platform where my investment is gently increasing, all others I am elegantly winding down.
What do I do now with my cash wedge, Foch Nose?
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adrian77
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Post by adrian77 on Apr 15, 2018 12:53:32 GMT
Just had a quick look on t'web and there seems to be 126 p2p companies in the UK with about another 8 due to launch. This strikes me as far too many and there will be some serious bloodletting due to competition alone let alone if the economy cools.
As I said I am winding down my FS holding until the dust has settled.
I am really glad I have not got mega sums (over £100K) in any of my loans!
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Imothep
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Post by Imothep on Apr 16, 2018 2:11:52 GMT
I wonder how feasible it would be for the industry to set up an organisation similar to ABTA, which the holiday companies use. If all platforms paid into it, there would be a 'slight?' reduction in interest payable to investors and / or increased fees to borrowers, but in the event of a platform failing, funding would be available to cover, or partially cover any shortfall. One for the FCA to consider maybe? The profitable platforms subsidising investors in non-profitable platforms. Not for me. The sites, introducers and PF's already take enough. Eer that would be a bank then at nothing percent , you want the 12% returns you takes the risk ....
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