Post by pom on Mar 14, 2019 17:57:04 GMT
Didn't like them right from the start (and said so on some of the earliest threads here) so it was quite a while until I invested more than a toe dip, and only because they were proving so popular I figured I could use the liquidity, but I never invested as much as on other platforms...then they suddenly jumped from reasonable sized bridges to huge development loans which made me uneasy, but like someone else said, felt no need to rush. Stopped investing in any new loans, started pruning my property loans but figured bling would be fine...oops.
I always considered platform failure as a possible, that's why I'm invested in so many of them to limit my max exposure. The lack of permissions in itself wouldn't have been a red flag IF they'd been honest about it and why they thought they didn't need them. But...!!!
So on the one hand I've only myself to blame as I shouldn't have overruled my misgivings, but at the same time because I'd always believed it could happen somewhere in some unpredictable manner, at least my exposure is less than I earn from P2P overall in a year
No platform is perfect and risk-free, pom. Your misgivings were about general lending policy - common to many platforms - and not an expectation that it would fail in the way it did. You seem to be saying that if you had reduced lending because of your concerns about lending policy, you would not have been caught. That's co-incidence, not a clue. I think you should blame Coll and FCA, and that you could have done no more than spread your risk - which you did. I don't think you have any responsibility for the losses, other than choosing p2p. Just bad luck - no self-blame involved, imo.
There were plenty of lenders talking up Coll and voting on polls - they could not be expected to see the meteorite coming, especially when the regulator first said that there was no meteorite coming, and then deliberately moved the Earth into its path, seeking to protect the inhabitants.
No, if I'd listened to my misgivings I wouldn't have invested with them at all. My gut is generally right but in this and a couple of other cases I decided to ignore it, or at least to a limited degree tho I was luckier elsewhere. Won't be doing that again - sure loans will go wrong and platforms will fail, but if I can see stuff that worries me and still go ahead...well..older and wiser