bugs4me
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Post by bugs4me on Dec 28, 2013 22:23:04 GMT
Back to Evolutis. Another platform coming up with assurances to pay any defaulted loans back to lenders (like SS). They have posted a dozen of £10k loans,with £250 bids on each (?!). Suddenly the loan offers listing disappeared. I've sent them an e-mail with some questions, and I hope to receive some answers before I forget about their existence. I wonder why there are so little explanations how things work,especially on new platforms. It seems as though just about every Tom, Dick & Harry (with apologies to anyone with those names) is jumping on the P2P or P2B bandwagon. Put up a cheap web site, promise the earth, moon & stars and the money will flow in. After that they just seem to muddle through making it up as they go along. I can't wait for the FCA to get involved as that will be the first thing lender/investors will look for. Sure there will be the good P2P's and P2B's that last 2014 but I'd bet my bottom $ that most will just fade away. Their web sites will still be on-line but activity will be minimal at best.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 28, 2013 23:15:39 GMT
Back to Evolutis. Another platform coming up with assurances to pay any defaulted loans back to lenders (like SS). They have posted a dozen of £10k loans,with £250 bids on each (?!). Suddenly the loan offers listing disappeared. I've sent them an e-mail with some questions, and I hope to receive some answers before I forget about their existence. I wonder why there are so little explanations how things work,especially on new platforms. It seems as though just about every Tom, Dick & Harry (with apologies to anyone with those names) is jumping on the P2P or P2B bandwagon. Put up a cheap web site, promise the earth, moon & stars and the money will flow in. After that they just seem to muddle through making it up as they go along. I can't wait for the FCA to get involved as that will be the first thing lender/investors will look for. Sure there will be the good P2P's and P2B's that last 2014 but I'd bet my bottom $ that most will just fade away. Their web sites will still be on-line but activity will be minimal at best. You are dead right about the FCA and future regulation, which is long overdue IMO. FCA are still seeking input to their review of the subject but if my memory is not playing tricks I think it ends soon. I made a submission to them and got a reply saying "thanks for your efforts" I hope they do more than just say thanks. My concerns included the difficult subject of how P2P & P2B providers deal with defaults/bad debts as there does not appear to be any incentive for providers to make much effort in that area. I was also concerned about some of the claims being made about rates achieved and how providers calculate them. Have to wait and see what they eventually do but am concerned that they may just become a bureaucratic, toothless tiger.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 1, 2014 4:12:54 GMT
My concerns included the difficult subject of how P2P & P2B providers deal with defaults/bad debts as there does not appear to be any incentive for providers to make much effort in that area. A lot depends on whether the platform has a Provision Fund, or Safeguard Fund, or has claimed that they'll protect their lenders from losses. In those cases, they have a big incentive to keep losses to a minimum. As for the others...
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Post by westonkevRS on Jan 1, 2014 8:23:56 GMT
My concerns included the difficult subject of how P2P & P2B providers deal with defaults/bad debts as there does not appear to be any incentive for providers to make much effort in that area. A lot depends on whether the platform has a Provision Fund, or Safeguard Fund, or has claimed that they'll protect their lenders from losses. In those cases, they have a big incentive to keep losses to a minimum. As for the others... It isn't just an "incentive" for RateSetter, as far as I'm concerned our whole business viability depends on it and our "every lender every penny". As we've grown and our absolute volume in collections has grown we've hired dedicated people. And remember, the RS Provision Fund kicks in from the first missed payment, I.e. 100% coverage. Not some arbitrary decided point. And on a personal note, I'd resign if the fund was depleted and we failed in our "every lender" vow.... But for now with £2.5m and growing my job is safe for some time to come....
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Post by wiseclerk on Jan 2, 2014 12:13:51 GMT
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Post by easteregg on Jan 2, 2014 12:24:35 GMT
It seems as though just about every Tom, Dick & Harry (with apologies to anyone with those names) is jumping on the P2P or P2B bandwagon. Put up a cheap web site, promise the earth, moon & stars and the money will flow in. After that they just seem to muddle through making it up as they go along. I can't wait for the FCA to get involved as that will be the first thing lender/investors will look for. Sure there will be the good P2P's and P2B's that last 2014 but I'd bet my bottom $ that most will just fade away. Their web sites will still be on-line but activity will be minimal at best. You are dead right about the FCA and future regulation, which is long overdue IMO. FCA are still seeking input to their review of the subject but if my memory is not playing tricks I think it ends soon. I made a submission to them and got a reply saying "thanks for your efforts" I hope they do more than just say thanks. My concerns included the difficult subject of how P2P & P2B providers deal with defaults/bad debts as there does not appear to be any incentive for providers to make much effort in that area. I was also concerned about some of the claims being made about rates achieved and how providers calculate them. Have to wait and see what they eventually do but am concerned that they may just become a bureaucratic, toothless tiger. I too made submissions to the FCA along similar lines. 2014 will see some big changes to the P2P marketplace with lots of companies - now over 25 - competing for lender funds, and in the long run not all of these - in my view - would be able to survive.
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 2, 2014 12:37:55 GMT
You are dead right about the FCA and future regulation, which is long overdue IMO. FCA are still seeking input to their review of the subject but if my memory is not playing tricks I think it ends soon. I made a submission to them and got a reply saying "thanks for your efforts" I hope they do more than just say thanks. My concerns included the difficult subject of how P2P & P2B providers deal with defaults/bad debts as there does not appear to be any incentive for providers to make much effort in that area. I was also concerned about some of the claims being made about rates achieved and how providers calculate them. Have to wait and see what they eventually do but am concerned that they may just become a bureaucratic, toothless tiger. I too made submissions to the FCA along similar lines. 2014 will see some big changes to the P2P marketplace with lots of companies - now over 25 - competing for lender funds, and in the long run not all of these - in my view - would be able to survive. Don't think we're going to be talking about the 'long run'. Many will just fade away. The web site will remain live but there will be zero activity on it. Can think of one now that's been going for a fair time but nothing happening. Fortunately, FCA requirements will require a little more than just throwing up a web site which can be done in a couple of hours - so good riddance to those that are in it for the quick buck off the back of lender/investors. PI insurance costs will kill a few just for starters.
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mikes1531
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Post by mikes1531 on Jan 2, 2014 21:54:04 GMT
Thank you. Procedural question... Do we want to have a separate thread for each month's data, or would we prefer to have a single "P2P Lending Volumes" thread that was added to each month? I think I'd prefer a single thread, but I'm prepared to be convinced otherwise if someone can come up with a good reason.
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pikestaff
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Post by pikestaff on Jan 3, 2014 12:03:52 GMT
I'd vote for a single thread. Could I just ask a question about the volume data. Is it volume of loans listed, volume of auctions completed, or volume of loans drawn down? Three very different things (especially for TC in December ).
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Post by wiseclerk on Jan 3, 2014 12:39:00 GMT
Could I just ask a question about the volume data. Is it volume of loans listed, volume of auctions completed, or volume of loans drawn down? Three very different things (especially for TC in December ). Not really useful answer: it is what the p2p lending service reports (online). This may vary between different services and it is either loan listings/auctions completed or loans drawn down. Specifically for Thincats it is based on Total Loans Made
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Post by mrclondon on Jan 4, 2014 21:57:25 GMT
Procedural question... Do we want to have a separate thread for each month's data, or would we prefer to have a single "P2P Lending Volumes" thread that was added to each month? I think I'd prefer a single thread, but I'm prepared to be convinced otherwise if someone can come up with a good reason. I'd vote for a single thread. After checking with wiseclerk, I've merged the two threads together.
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Post by wiseclerk on Feb 3, 2014 17:18:23 GMT
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Post by wiseclerk on Mar 3, 2014 9:28:36 GMT
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Post by wiseclerk on Apr 1, 2014 12:38:43 GMT
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Apr 1, 2014 19:56:56 GMT
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