mikeb
Posts: 1,072 
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Post by mikeb on Jan 6, 2019 18:18:47 GMT
In which case LW are presumably regulated to provide insurance products, and their product is underwritten by bigger people to ensure this happens. This is totally not the case at Ratesetter, Zopa (when it had one), Assetz Capital etc -- this is why these platforms avoid words like "insurance" and "guarantee", because they have specific legal meanings that will get you in a lot of trouble if misused. They have "protection funds" which "aim to" do things, but cannot guarantee anything. It's like when Dave (Fishwick) wanted to open a bank and those around him got really nervous and tried to stop him saying that word. A protected word. Cue excellent discussion with Giles, CEO of Zopa: "D: So, you're getting away with running a bank, how did you manage it? ..." "G: Erm, we're absolutely NOT a bank, and not getting away with anything, ummm ..."  |
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Jan 6, 2019 23:49:57 GMT
Seems ok. Only 2 months in. Just worried about brexit now and the impact it will have on the economy and thus my p2p investments. Got about 8k invested and dont want to lose it. However these are trying times.... Move it to Welendus....
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jan 6, 2019 23:52:58 GMT
I have been doing very well for the last year and a half at A/C thank you very much. when the interest rates drop i will move on to pastures new. Much better than F/C and i have had no defaults yet .Maybe you have just been unlucky?. You have been lucky then. Feel sorry for Lendy investors. Was just reading about the huge losses they incurred. What losses? There has been little activity in the last 6 months and certainly no actual large losses. The last loan with potential loss Lendy made up the capital so nobody lost.
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Post by carol167 on Jan 7, 2019 12:49:30 GMT
Did you see the experts’ forecasts for job losses with the possibility of no deal? Are you referring to respective provision funds not being enough to cover? LW specifically calls theirs insurance...?
Actually they call it the "Lending Works Shield".
From their website...
"Lending Works Shield, an industry-changing progressive step for peer-to-peer lending consisting of a reserve fund coupled with insurance policies which protect against risks including missed payments and borrower defaults."
My understanding is that they insure against criminal/fraudulent behaviour but the reserve fund takes care of normal defaults/missed payments etc.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 706
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Post by coogaruk on Jan 7, 2019 12:50:44 GMT
..." "G: Erm, we're absolutely NOT a bank, ummm ..." They are now 
As for DF, I've never seen such a chancer in all my life. Possibly quite adept at running a business but not someone I would ever trust with a penny of my money.
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mikeb
Posts: 1,072
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Post by mikeb on Jan 13, 2019 18:04:43 GMT
..." "G: Erm, we're absolutely NOT a bank, ummm ..." They are now
As for DF, I've never seen such a chancer in all my life. Possibly quite adept at running a business but not someone I would ever trust with a penny of my money.
Yes, they are now, they weren't then This was pre-sellout era, where they were all "We're here to disrupt the banks!" before they became "So how can we get our nose in that trough, guys?" and switched sides. On Dave: His method for assessing which businesses/people to lend to was interesting: Physically sit down with them, look over the books, look 'em in the eye, and see if it feels right. Handshake and word of honour. It may sound insane, but I'd like to see his success rate vs FC's "highly experienced" teams, with their algorithms, and the "Computer Says Yes" machine
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Post by investor01010101 on Feb 8, 2019 21:19:35 GMT
I have been doing very well for the last year and a half at A/C thank you very much. when the interest rates drop i will move on to pastures new. Much better than F/C and i have had no defaults yet .Maybe you have just been unlucky?. Very lucky indeed my A/C portfolio is 66% in default and I have been trying to sell the non defaulted loans for 4 months.
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corto
Member of DD Central
one-syllabistic
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Post by corto on Feb 9, 2019 12:57:56 GMT
I have been doing very well for the last year and a half at A/C thank you very much. when the interest rates drop i will move on to pastures new. Much better than F/C and i have had no defaults yet .Maybe you have just been unlucky?. Very lucky indeed my A/C portfolio is 66% in default and I have been trying to sell the non defaulted loans for 4 months. 66% sounds like an extraordinarily high number. Would you want to share what went wrong?
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ashtondav
Member of DD Central
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Post by ashtondav on Feb 9, 2019 13:51:09 GMT
AC was notorious for underdiversifying investors. You could easily have your whole investment put into 3 loans. And 2 of them could go belly up. I’ll leave it to the poster to give his reason.
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Post by hammertime on Mar 1, 2019 14:58:28 GMT
I got out of F/C 18 months ago because of the way things were changing there. And also the defaults were getting awful . I am in A/C and they have been really good. The only bad loans seem to of been the I"" wind turbines. But now we have heard we are going to get back all the capital plus accrued interest. Well done A/C.
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