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Post by balloonthief on Apr 14, 2019 7:43:22 GMT
Have you been missold a p2p loan ?.with all this ppi gravy train coming to a end soon i can see a lot of these companies taking a look at this p2p business.a lot of platforms have been blatantly economical with the presentation of many loans where much information was kept from lenders.platforms do not try to sell a loan to you but if feels like they are reeling you into them.massive over valuations,low LTVs,PGs and debentures that have proved time and time again to be very mis leading when a loan is brought to a platform.these companies are already set up for this sort of thing and will have plenty of time to scour through T&Cs,false loan updates and the general mishandling and monitoring of loans once they are filled.a few test cases might make these platforms realise that it cannot continue like this leaving lenders behind in default loans and trying to pull the next generation of naive lenders in with the same tactics. Sorry for off topic.but this p2p industry needs some serious looking into by the regulators. Even the worst P2P return a profit for the majority of the investors that is greater than banks 0.05-2% . So I would doubt you could have a claim for what might have been. With PPI you had less cash after you bought it. In P2P you have more. Perhaps less than you would have liked but still more. Every P2P platform would have warned your money was at risk. Very wrong
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adrianc
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Post by adrianc on Apr 14, 2019 7:57:41 GMT
Even the worst P2P return a profit for the majority of the investors that is greater than banks 0.05-2% . So I would doubt you could have a claim for what might have been. With PPI you had less cash after you bought it. In P2P you have more. Perhaps less than you would have liked but still more. Every P2P platform would have warned your money was at risk. You seem to be suggesting that because overall the account of an individual does not make a loss that individual defective loans are of no account in the reckoning. That argumentation seems seriously flawed to me when I review certain loan proposals where investors were provided with information that was in some way or ways completely at odds with what subsequently transpired. I don't know who ever promised you P2P was low-risk, but they were lying. Or, more likely, you misunderstood.
You had that information when you chose to invest in those loans. Don't look back it now and say "But I decided not to take advantage of it".
(Overall P2P XIRR to date - 5.8%, Ly - 10.5%)
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smee
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Post by smee on Apr 14, 2019 9:58:56 GMT
We are well aware of the risks but use the information provided by the platforms on valuation and security to mitigate these risks, otherwise it is just a lottery. The point here is that the information provided by some platforms on certain loans has been totally misleading. So, unless there is some accountability, what is there to stop platforms making wildly inaccurate claims in order to boost lending.
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r1200gs
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Post by r1200gs on Apr 14, 2019 10:23:30 GMT
We are well aware of the risks but use the information provided by the platforms on valuation and security to mitigate these risks, otherwise it is just a lottery. The point here is that the information provided by some platforms on certain loans has been totally misleading. So, unless there is some accountability, what is there to stop platforms making wildly inaccurate claims in order to boost lending. Totally agree. Some platforms are definitely guilty of putting lipstick on pigs on the borrowers behalf just to get the loan filled for the benefit of the platform. Even if it is omitting facts that may put lenders off, or right down to not actually checking what the borrower is telling them is actually true. Misleading would be like a partially and badly demolished hole in the wall described as a well advanced project with all going well, and inspected by the platform in order to sell the 5th tranche of a loan to lenders when in fact the platform never checked a damned thing through any of all five tranches. That returned 2.5 percent of capital to lenders and the platform is going to be chasing the borrower for years, putting a full stop to the matter might just put a full stop to the platform. Or perhaps telling lenders that extremely valuable security was in the possession of the platform while the borrower was happily selling the items elsewhere? That is likely to leave some people hundreds of thousands of pounds poorer. These are the most egregious examples I know of, but there are shades of grey galore on most platforms I know. This is the finance wild west with huge amounts of money to be made by borrowers (that seem to be largely immune from prosecution even where it's clear fraud) and platforms and the UK authorities are proving completely and utterly useless at protecting the trusting public who have no idea that Lendy and others could actually legally do what they do. "Capital at risk" should be replaced with " REALLY REALLY AT RISK!".
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Post by andygod1 on Apr 14, 2019 10:50:46 GMT
Buyer Beware , Caveat Emptor, is a phase i hold very very close to my heart as an investor.
Some bridging loans by their nature are bound to be highly highly risky, the bank have turned them away in some instances, they have to pay 18 - 30 percent to the agent. This suggests a lot of risk to me.
Lendy seemed to be doing very well indeed , investors were in awe. Then the property downturn, and what many didnt anticipate happened.
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adrianc
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Post by adrianc on Apr 14, 2019 12:34:15 GMT
The point here is that the information provided by some platforms on certain loans has been totally misleading. Valuations? Well, the platforms could easily point to the source of them as being RICS surveyors... Which raises the question of launching claims against the surveyors in the event of a shortfall, of course. Which is happening.
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Godanubis
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Post by Godanubis on Apr 14, 2019 16:09:26 GMT
Even the worst P2P return a profit for the majority of the investors that is greater than banks 0.05-2% . So I would doubt you could have a claim for what might have been. With PPI you had less cash after you bought it. In P2P you have more. Perhaps less than you would have liked but still more. Every P2P platform would have warned your money was at risk. Very wrong Check my poll 75% made profit. Risks were explained no P2P platform made a overall loss this year. You can’t say that for the stock market
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Godanubis
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Post by Godanubis on Apr 14, 2019 16:15:47 GMT
The point here is that the information provided by some platforms on certain loans has been totally misleading. Valuations? Well, the platforms could easily point to the source of them as being RICS surveyors... Which raises the question of launching claims against the surveyors in the event of a shortfall, of course. Which is happening. You are quite right all the platforms have one “ Get out of jail/mess free card” for bad loans and that is they employ professionals who are insured. Is information misleading or misunderstood?
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Post by balloonthief on Apr 14, 2019 16:29:44 GMT
Check my poll 75% made profit. Risks were explained no P2P platform made a overall loss this year. You can’t say that for the stock market You are diluted. None made a loss because they simply do not write off non recoverable loans. Maybe I'm just unlucky but I've been invested in p2p since 2015. At one point I had a 6 figure sum invested. I have roughly 25k stuck in Lendy, MT and Col. Some loans over 400 days due. I now receive under £30 a month in interest from the £25k tied up. Especially regarding lendy and Col we have been given false information on which we have based our investments. That's a fact, especially lendy who have continued to lie for years.
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Godanubis
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Post by Godanubis on Apr 14, 2019 16:34:20 GMT
Check my poll 75% made profit. Risks were explained no P2P platform made a overall loss this year. You can’t say that for the stock market You are diluted. None made a loss because they simply do not write off non recoverable loans. Maybe I'm just unlucky but I've been invested in p2p since 2015. At one point I had a 6 figure sum invested. I have roughly 25k stuck in Lendy, MT and Col. Some loans over 400 days due. I now receive under £30 a month in interest from the £25k tied up. Especially regarding lendy and Col we have been given false information on which we have based our investments. That's a fact, especially lendy who have continued to lie for years. So taking the £25k you have stuck as 100% loss . Will you have made an overall loss in P2P since you first invested in 2015 to today.? Your £30 a month is still better than banks deposits account.
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Post by balloonthief on Apr 14, 2019 16:42:56 GMT
You are diluted. None made a loss because they simply do not write off non recoverable loans. Maybe I'm just unlucky but I've been invested in p2p since 2015. At one point I had a 6 figure sum invested. I have roughly 25k stuck in Lendy, MT and Col. Some loans over 400 days due. I now receive under £30 a month in interest from the £25k tied up. Especially regarding lendy and Col we have been given false information on which we have based our investments. That's a fact, especially lendy who have continued to lie for years. So taking the £25k you have stuck as 100% loss . Will you have made an overall loss in P2P since you first invested in 2015 to today.? Your £30 a month is still better than banks deposits account. Yes. I will still be at a loss.
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Godanubis
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Post by Godanubis on Apr 14, 2019 16:58:16 GMT
So taking the £25k you have stuck as 100% loss . Will you have made an overall loss in P2P since you first invested in 2015 to today.? Your £30 a month is still better than banks deposits account. Yes. I will still be at a loss. That’s unfortunate but hopefully all will not be 100% loss I have seen less than a handful of loans that have managed that. (I have £26K in Collateral and 20K In Lendy ) so I’m interested. I have high 6 figures spread out and get reasonable return on minor platforms and very good returns where I spend a lot of time avoiding holding to completion.
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Post by robberbaron on Apr 14, 2019 19:44:24 GMT
Check my poll 75% made profit. Risks were explained no P2P platform made a overall loss this year. You can’t say that for the stock market Publicly traded companies have to declare losses, bad investments have to be written off. You can't say that for the P2P market. Losses can pile on for years without being recognized then suddenly they are all realised at once (see last credit bubble) I made a fair bit of money with SS/Lendy but only because I invested and got out early not because it was a wise investment. Even with pyramid schemes early investors make a killing.
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shimself
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Post by shimself on Apr 14, 2019 22:14:59 GMT
Check my poll 75% made profit. Risks were explained no P2P platform made a overall loss this year. You can’t say that for the stock market Publicly traded companies have to declare losses, bad investments have to be written off. You can't say that for the P2P market. Losses can pile on for years without being recognized then suddenly they are all realised at once (see last credit bubble) I made a fair bit of money with SS/Lendy but only because I invested and got out early not because it was a wise investment. Even with pyramid schemes early investors make a killing. I agree with your point that platforms are typically hiding losses. But the public companies do the same, until the moment the new boss takes over then they write off everything the least bit bad, blaming the old boss, so the new boss doesn't have to worry about any skeletons in the cupboard
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Godanubis
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Post by Godanubis on Apr 15, 2019 8:27:03 GMT
Publicly traded companies have to declare losses, bad investments have to be written off. You can't say that for the P2P market. Losses can pile on for years without being recognized then suddenly they are all realised at once (see last credit bubble) I made a fair bit of money with SS/Lendy but only because I invested and got out early not because it was a wise investment. Even with pyramid schemes early investors make a killing. I agree with your point that platforms are typically hiding losses. But the public companies do the same, until the moment the new boss takes over then they write off everything the least bit bad, blaming the old boss, so the new boss doesn't have to worry about any skeletons in the cupboard Quite right I got compensation Form Tesco when they hid their true trading figures and were found out.
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