hazellend
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Post by hazellend on Jul 21, 2019 6:06:46 GMT
I’ve sold almost everything. 100k down to 20k now.
Total return has reduced from 35k to 23k so cost me a chunk.
Repellent behaviour from PP, total money grab. People buying up properties at the discounted prices should do well but I couldn’t stay after they lost my trust I am one of their first investors and put 10k into their first property so feel betrayed
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bigfoot12
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Post by bigfoot12 on Jul 21, 2019 9:12:45 GMT
I’ve sold almost everything. 100k down to 20k now. Total return has reduced from 35k to 23k so cost me a chunk. Repellent behaviour from PP, total money grab. People buying up properties at the discounted prices should do well but I couldn’t stay after they lost my trust I am one of their first investors and put 10k into their first property so feel betrayed Well done. I've only been with them for 3 years, but I have lost trust, too. So far I've only managed to sell half of my holding. Quite a few of mine have no bid (no point hitting a low bid if the size is tiny compared to what I want to sell). I also have a couple of impaired properties which have some hope (note hope rather than expectation) that issues may be resolved. I decided to hold onto these for a while. I've also kept a few of those with less than 2 years to the first anniversary, it will be interesting to see what happens - if PP survive that long. I've halved my total return, but it is a bit worse than that as my performance is 160% income, 20% unrealised gains (big joke), and -80% capital gains.
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snowmobile
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Post by snowmobile on Jul 21, 2019 9:28:52 GMT
I’ve sold almost everything. 100k down to 20k now. Total return has reduced from 35k to 23k so cost me a chunk. Repellent behaviour from PP, total money grab. People buying up properties at the discounted prices should do well but I couldn’t stay after they lost my trust I am one of their first investors and put 10k into their first property so feel betrayed I get you feel let down by PP, I am too. However with the actions you have taken the only loser is you unfortunately. PP have earned fees on all of those SM transactions, plus they will earn the future inflated fees from whoever has bought your investments at the low prices. IMO that is exactly what they wanted you to do. The only chance we have of obtaining a genuine cost free exit and hitting PP financially is to sit tight, raise a formal complaint and then escalate it to the FOS.
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hazellend
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Post by hazellend on Jul 21, 2019 10:29:19 GMT
I’ve sold almost everything. 100k down to 20k now. Total return has reduced from 35k to 23k so cost me a chunk. Repellent behaviour from PP, total money grab. People buying up properties at the discounted prices should do well but I couldn’t stay after they lost my trust I am one of their first investors and put 10k into their first property so feel betrayed I get you feel let down by PP, I am too. However with the actions you have taken the only loser is you unfortunately. PP have earned fees on all of those SM transactions, plus they will earn the future inflated fees from whoever has bought your investments at the low prices. IMO that is exactly what they wanted you to do. The only chance we have of obtaining a genuine cost free exit and hitting PP financially is to sit tight, raise a formal complaint and then escalate it to the FOS. I know. I just wanted out ASAP to get the funds working elsewhere. My main concern was loss of liquidity and I would rather the money is invested elsewhere. I’ll probably bung it into my all world equity tracker. I don’t mind seeing my investments rise and fall in value. Apart from ABL rate I’m withdrawing completely from P2P ASAP (probably will take 2-5 years). If I’d exited prior to PPs draconian changes I would have saved a lot of money My last remaining property is a good one and even listing at 10% below value not 1 penny has sold over the weekend. It’s also listed at its original purchase price.
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p2ploser
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Post by p2ploser on Jul 21, 2019 11:23:20 GMT
Think the decision to get the funds out and working elsewhere is a good one. As you say liquidity may dry up as they have limited number of investors with limited funds. There seems to be few serious buyers around just now I guess because so much has been bought and sold over the last few days. Next thing we’ll see is short term traders trying to sell the bargains they bought! will also be interesting to see how new listings get filled as that should be a good indicator of confidence in the platform. I get you feel let down by PP, I am too. However with the actions you have taken the only loser is you unfortunately. PP have earned fees on all of those SM transactions, plus they will earn the future inflated fees from whoever has bought your investments at the low prices. IMO that is exactly what they wanted you to do. The only chance we have of obtaining a genuine cost free exit and hitting PP financially is to sit tight, raise a formal complaint and then escalate it to the FOS. I know. I just wanted out ASAP to get the funds working elsewhere. My main concern was loss of liquidity and I would rather the money is invested elsewhere. I’ll probably bung it into my all world equity tracker. I don’t mind seeing my investments rise and fall in value. Apart from ABL rate I’m withdrawing completely from P2P ASAP (probably will take 2-5 years). If I’d exited prior to PPs draconian changes I would have saved a lot of money My last remaining property is a good one and even listing at 10% below value not 1 penny has sold over the weekend. It’s also listed at its original purchase price.
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bigfoot12
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Post by bigfoot12 on Jul 21, 2019 14:56:05 GMT
The only chance we have of obtaining a genuine cost free exit and hitting PP financially is to sit tight, raise a formal complaint and then escalate it to the FOS. Firstly let me say that I feel I have been treated badly by PP; I have, since Thursday, sold half my holding and that will continue. I expect to be fully out within two years. However a) that is a long way from expecting to win with the FOS, and b) if you win it might be a Pyrrhic victory. a) PP have given us a one month notice of the increase in fees, if we exit within 6 months no AUM fee is introduced. The £1.20 monthly fee is small. They also operate a regulated secondary market so getting out is possible. I don't think any property is currently suspended. I would be amazed if FOS find against PP, but I am often surprised. b) If PP fight a long drawn out battle with FOS and lose, when the payouts and costs are combined with the likely bad publicity, do PP survive?
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Post by Ace on Jul 21, 2019 15:43:27 GMT
I'm in agreement with most on here, that changing Ts & Cs part way through contracts is shockingly poor form from PP.
However, at the risk of sounding even more stupid than usual, would someone please explain the thread title?
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bigfoot12
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Post by bigfoot12 on Jul 21, 2019 16:36:22 GMT
would someone please explain the thread title? It is a pun on email we received from Warren Bath, the new CEO, announcing the new fees.
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p2ploser
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Post by p2ploser on Jul 21, 2019 18:16:58 GMT
Nothing much seems to be moving on the secondary market now.......or is it just me?
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benaj
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Post by benaj on Jul 21, 2019 19:42:09 GMT
Nothing much seems to be moving on the secondary market now.......or is it just me? Have you offered something attractive for the investor taking your equity share? Have you tried to lower the price? hazellend sold more than 80k already after the market re-opened.
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hazellend
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Post by hazellend on Jul 21, 2019 19:57:59 GMT
Nothing much seems to be moving on the secondary market now.......or is it just me? Have you offered something attractive for the investor taking your equity share? Have you tried to lower the price? hazellend sold more than 80k already after the market re-opened. I sold 80k for about 65k selling my portfolio off at an almost 20% discount to most recent RICS valuations. Still have 20k in one property that I'm going to try and get out at a 10% discount, but it's not shiftting despite being a steady non PBSA high yielder
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Post by scepticalinvestor on Jul 21, 2019 20:30:39 GMT
I don’t think there will be any kind of a long running battle between the FOS and PP. Past rulings show that the FOS is relaxed about firms making commercial decisions about fees they charge as long as existing investors are given a chance to liquidate their holdings in a fair manner. As a small investor, I want to make sure that either PP devises a fair solution which allows me to exit in an unforced manner over a reasonable period of time without any new costs (AUM or monthly fee, however small it might be) or pays the FOS £550 for the privilege of getting the FOS to rule for/against me at adjudication. The only chance we have of obtaining a genuine cost free exit and hitting PP financially is to sit tight, raise a formal complaint and then escalate it to the FOS. Firstly let me say that I feel I have been treated badly by PP; I have, since Thursday, sold half my holding and that will continue. I expect to be fully out within two years. However a) that is a long way from expecting to win with the FOS, and b) if you win it might be a Pyrrhic victory. a) PP have given us a one month notice of the increase in fees, if we exit within 6 months no AUM fee is introduced. The £1.20 monthly fee is small. They also operate a regulated secondary market so getting out is possible. I don't think any property is currently suspended. I would be amazed if FOS find against PP, but I am often surprised. b) If PP fight a long drawn out battle with FOS and lose, when the payouts and costs are combined with the likely bad publicity, do PP survive?
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p2ploser
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Post by p2ploser on Jul 21, 2019 22:48:30 GMT
Certainly have but but looking at 20 or so properties its just pennies showing as sold in the last day. Think hazellend sold most off yesterday. Nothing much seems to be moving on the secondary market now.......or is it just me? Have you offered something attractive for the investor taking your equity share? Have you tried to lower the price? hazellend sold more than 80k already after the market re-opened.
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ilmoro
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'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 Jul 22, 2019 20:09:44 GMT
Funds returned on my last investment due to issues. I can reinvest these without transaction fees.
Let me think ... er no because that's the least of the fees.
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Post by uksoul on Jul 23, 2019 9:53:01 GMT
Sold off my last PP investment yesterday. Had 6 properties but the fee introductions greatly reduced their income so better to withdraw now. Lost around
15% but got the money working elsewhere at a far higher rate than the orignal return. Selling at a lower rate is the only option it seems as buyers are in the driving
seat in this mass sell off. Only have a loan development bond with PP which will expire next June. The bonds incur just the monthly fee so not too bad compared to
the property fees.
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