macq
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Post by macq on Jan 13, 2019 16:47:01 GMT
I kind of understand where the money for all there swanky offices comes from now. maybe you've just bought the new coffee maker
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Post by gravitykillz on Jan 13, 2019 17:58:28 GMT
I kind of understand where the money for all there swanky offices comes from now. maybe you've just bought the new coffee maker Sometimes its better to listen to the lenders rather than people who promote propaganda for the benefit of the p2p site.
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Post by gravitykillz on Jan 13, 2019 18:09:54 GMT
Just chucked 3k in ratesetter at 4% in rolling. At least with them i know i can withdraw 100% if i needed to. Octopus needs to offer at least 6% if there is a probability of default or delay in accessing funds and based on the reviews on their threads that happens quite often.
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macq
Member of DD Central
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Post by macq on Jan 13, 2019 18:58:38 GMT
your probably right about the 100% but that's true of many platforms and at least its fee free like RS rolling but you don't have to watch the rate to get better then market but hopefully it goes ok
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 13, 2019 23:46:22 GMT
I am fully expecting to have 40% worth of defaults within 6 months. Seems unlikely. I havent had 1% in 2.5 years so if you get 40% in 6 months I would watch out for whales!
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Post by gravitykillz on Jan 14, 2019 19:07:08 GMT
Just one more thing. I am sceptical with property backed loans due to the experience i had with funding circle when i first tried p2p lending in 2014. And what i learned was it take YEARS to resolve property backed loans and there can be delays upon delays and excuses going on for months. I am still waiting for repayment on a funding circle property backed loan that matured in 2016. You may get your money back eventually but are you happy to wait 3-5 years ?
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Post by gravitykillz on Jan 14, 2019 23:31:29 GMT
I have completed my research and found oc is not for me. I have sent a email to them requesting closure of my account and returning my funds. I have decided to diversify my savings between ratesetter,lending works and growth street. Good luck to everyone using octopus, trust me your going to need it.
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Post by oxford101 on Jan 15, 2019 18:59:07 GMT
I’ve followed your earlier comments regarding OC with interest. Would you be prepared to share the key findings from your research?
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macq
Member of DD Central
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Post by macq on Jan 15, 2019 19:39:58 GMT
I have completed my research and found oc is not for me. I have sent a email to them requesting closure of my account and returning my funds. I have decided to diversify my savings between ratesetter,lending works and growth street. Good luck to everyone using octopus, trust me your going to need it. i would never try and sell a platform as everyone has different ideas but so far have been with OC for 2 years and its gone well have and not felt any need for the luck.But yes there can be the odd quibble at times but i have that with LW & RS on occasion as well so even they are not plain sailing
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littonowl
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Post by littonowl on Jan 17, 2019 14:30:04 GMT
Just noticed I'm now only able to withdraw 83.03% of my funds, which is a big cut on where I was this time last month, and wipes out all the interest I've had over the last 2 or so years and then some! Anyone else seeing similar?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 17, 2019 14:41:40 GMT
Just noticed I'm now only able to withdraw 83.03% of my funds, which is a big cut on where I was this time last month, and wipes out all the interest I've had over the last 2 or so years and then some! Anyone else seeing similar? 94%, not sure how that compares to last month. Do have 62p in collection which is a first.
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littonowl
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Post by littonowl on Jan 17, 2019 14:48:02 GMT
Just noticed I'm now only able to withdraw 83.03% of my funds, which is a big cut on where I was this time last month, and wipes out all the interest I've had over the last 2 or so years and then some! Anyone else seeing similar? 94%, not sure how that compares to last month. Do have 62p in collection which is a first. Thanks, ilmoro. I've just checked my father's account and his is even worse at 73%! Wondering if this is an early warning sign of a likely rise in 'problem' loans, a symptom of having an account for a longer period, or just plain bad luck. Either way, I'm really wishing I hadn't recommended them to him now...
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bigfoot12
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Post by bigfoot12 on Jan 17, 2019 15:11:49 GMT
Just noticed I'm now only able to withdraw 83.03% of my funds, which is a big cut on where I was this time last month, and wipes out all the interest I've had over the last 2 or so years and then some! Anyone else seeing similar? Do you have money waiting to be invested? This doesn't seem to be included in the % available for withdrawal. I'm in over half of the current loans and have seen no new problem loans in the last month.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,788
Likes: 11,007
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Post by ilmoro on Jan 17, 2019 15:45:51 GMT
94%, not sure how that compares to last month. Do have 62p in collection which is a first. Thanks, ilmoro. I've just checked my father's account and his is even worse at 73%! Wondering if this is an early warning sign of a likely rise in 'problem' loans, a symptom of having an account for a longer period, or just plain bad luck. Either way, I'm really wishing I hadn't recommended them to him now... Is the issue related to multiple loans or just one/same loan across the accounts as far as details allow determination?. I have three loans currently frozen, the collection, a late (which forms the bulk of the frozen funds) and an overdue. Relatively small investment & all since April, as I sell out/reinvest around tax year for ISA reasons, so I suspect I am less diversified (c50 loans)
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iren
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Post by iren on Jan 17, 2019 15:49:18 GMT
94%, not sure how that compares to last month. Do have 62p in collection which is a first. Thanks, ilmoro. I've just checked my father's account and his is even worse at 73%! Wondering if this is an early warning sign of a likely rise in 'problem' loans, a symptom of having an account for a longer period, or just plain bad luck. Either way, I'm really wishing I hadn't recommended them to him now... Bigfoot 12 is correct that uninvested funds are not included in the amount available for withdrawal, so that’s the first thing to check. My General Account is 98.99% available for withdrawal. As much of this has been invested recently, the maturity profile of my loans may be different from yours. Figures can also be skewed from the average if you are heavily invested in particular loans that happen to be frozen at present. I have an ISA transfer out in progress, which I initiated a few months ago. Initially, around 9% of my funds were unavailable for withdrawal. I now have only 0.66% of the original total remaining at Octopus, and the bulk of this is now also available for transfer, just 0.24% still tied up and with part of that due to some funds that were freed up being reinvested in a now frozen loan while waiting for other funds to be freed.
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