ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Dec 12, 2014 22:33:04 GMT
Fair enough. I'm definitely in favour of full disclosure of relevant facts so that people can make a clear lending decision. I guess my thoughts were based on the fact that PBL009 never went ahead and so wasn't actually a loan in the first place, but I can see how others will view it differently. Bear in mind, though, that you aren't lending to the borrower with SS, you are lending to Lendy. So, for me, the facts about a loan/borrower don't affect my decision on getting in to a loan - they do affect my decision on when to get out, in that sometimes I want to be sure I can get the money out at the end, and the ability to sell an overdue loan on might become more difficult as time goes by. The smaller ones will probably still be able to be repaid to us by Lendy if things go so bad the money can't be recovered on a particular loan, as they have stated they will. If it happend on one of the really large ones, then we may all be in trouble, regardless of which loans we did and didn't notionally attach our money to. Hi RR You are quite correct that we are lending to Lendy and not the borrowers, but what I think what you need to realise is that whilst you may think you are only looking at the loans you actually subscribe to, this is in fact incorrect! If Lendy get into trouble for whatever reason, lets just say one large loan goes really wrong, it doesn't matter if the loans you are on are all good, we would all be involved in any bail out, as we all lend to Lendy and not the actual borrowers! So in fact the way it currently stands, you might as well participate on any SS loans it doesn't matter which, as if something big goes down, we are all in it together! The current set up by SS is not really much different from a Building Society, anything happens it affects us all! I totally agree - that is actually the point I was trying to make, and you've pretty much repeated what I said above, but obviously I did it badly, so I'll try to be clearer next time  That's why I said the facts about a loan or borrower don't affect my decision on getting in to any loan and why I said if a large loan goes bad we would all be in trouble regardless of which loans we had notionally attached our money to. My only concern about being in a particular loan, as I said above, relates to how easily I might be able to sell it on should I want to. It was you who said you want to pick and choose your loans more carefully and attach your money only to certain ones, not me; I go for all of them if I have money available. Somehow you seem to be having a go at me for saying the information you wanted would have been helpful and for agreeing with you. Takes all sorts. Have a good weekend 
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Post by sammy on Dec 12, 2014 23:19:35 GMT
Hi RR You are quite correct that we are lending to Lendy and not the borrowers, but what I think what you need to realise is that whilst you may think you are only looking at the loans you actually subscribe to, this is in fact incorrect! If Lendy get into trouble for whatever reason, lets just say one large loan goes really wrong, it doesn't matter if the loans you are on are all good, we would all be involved in any bail out, as we all lend to Lendy and not the actual borrowers! So in fact the way it currently stands, you might as well participate on any SS loans it doesn't matter which, as if something big goes down, we are all in it together! The current set up by SS is not really much different from a Building Society, anything happens it affects us all! I totally agree - that is actually the point I was trying to make, and you've pretty much repeated what I said above, but obviously I did it badly, so I'll try to be clearer next time That's why I said the facts about a loan or borrower don't affect my decision on getting in to any loan and why I said if a large loan goes bad we would all be in trouble regardless of which loans we had notionally attached our money to. My only concern about being in a particular loan, as I said above, relates to how easily I might be able to sell it on should I want to. It was you who said you want to pick and choose your loans more carefully and attach your money only to certain ones, not me; I go for all of them if I have money available. Somehow you seem to be having a go at me for saying the information you wanted would have been helpful and for agreeing with you. Takes all sorts. Have a good weekend Sorry RR wasn't having a go at you at all, my apologies, I actually missed reading your last few lines as I was rushing out, note to myself, make sure you read in full!  I have mentioned this before as, whilst you and I realise this, it would appear quite a few others don't really understand the implications of how SS is different from all the other P2P's, in fact the way SS have this set up it is not actually P2P lending for the lenders! I have also expressed my concerns to SS on this quite sometime ago, along with certain others, and to date have not really had a proper explanation, bar the post on this site many weeks ago, which said they were looking to set up a Trust etc and would inform us all to see what we thought, yet still nothing!!!!
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Dec 13, 2014 10:47:27 GMT
Sorry RR wasn't having a go at you at all, my apologies, I actually missed reading your last few lines as I was rushing out, note to myself, make sure you read in full! I have mentioned this before as, whilst you and I realise this, it would appear quite a few others don't really understand the implications of how SS is different from all the other P2P's, in fact the way SS have this set up it is not actually P2P lending for the lenders! I have also expressed my concerns to SS on this quite sometime ago, along with certain others, and to date have not really had a proper explanation, bar the post on this site many weeks ago, which said they were looking to set up a Trust etc and would inform us all to see what we thought, yet still nothing!!!! No worries - I had actually put it down to you being 'under the influence', it being Friday night .................. 
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Post by sammy on Dec 13, 2014 11:17:02 GMT
Sorry RR wasn't having a go at you at all, my apologies, I actually missed reading your last few lines as I was rushing out, note to myself, make sure you read in full! I have mentioned this before as, whilst you and I realise this, it would appear quite a few others don't really understand the implications of how SS is different from all the other P2P's, in fact the way SS have this set up it is not actually P2P lending for the lenders! I have also expressed my concerns to SS on this quite sometime ago, along with certain others, and to date have not really had a proper explanation, bar the post on this site many weeks ago, which said they were looking to set up a Trust etc and would inform us all to see what we thought, yet still nothing!!!! No worries - I had actually put it down to you being 'under the influence', it being Friday night .................. Only coffee or tea on a Friday or it may affect my dancing with the Ladies! 
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That's why I said the facts about a loan or borrower don't affect my decision on getting in to any loan and why I said if a large loan goes bad we would all be in trouble regardless of which loans we had notionally attached our money to. My only concern about being in a particular loan, as I said above, relates to how easily I might be able to sell it on should I want to. It was you who said you want to pick and choose your loans more carefully and attach your money only to certain ones, not me; I go for all of them if I have money available. Somehow you seem to be having a go at me for saying the information you wanted would have been helpful and for agreeing with you. Takes all sorts. Have a good weekend 
