davidkent
I think. Therefore I am.
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Post by davidkent on Jan 31, 2020 18:02:11 GMT
A few years ago (2014-2015) I used several P2P sites but after some losses that I considered were definitely avoidable, I stopped any investing in P2P.
While I did invest with Funding Circle (FC) and ended up with a few bad debts, it wasn't FC that caused my loss of confidence. I have looked at FC again and to my bewilderment, I could not see any loans in which to invest or part-loans to buy. On enquiring about this, I was told:
"Looking at your account, there are currently no funds in there. Just to clarify, by activating your lending, the system will automatically purchase loan parts for you so you wouldn't be able to pick them yourself." If (if!) I've understood this correctly, it means that FC has changed a lot from when I last used it as it now determines where investment will be made (To me, it was the selection of a loan and reading the questions asked of the prospective borrower (and their answers) that made it interesting!)
So, I read some internet articles that review other P2P sites and Assetz Capital (AC) was one of several mentioned and this receives very good reviews, e.g., "Assetz Capital are a shining example of a lender that’s “got it right”. My experience thus far has been nothing but good." However, on reading the feedback of some AC investors here, this clearly conflicts with these reviews.
What is the general feeling about AC - invest or find another? Thanks David
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ashtondav
Member of DD Central
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Post by ashtondav on Jan 31, 2020 18:37:45 GMT
The 90 day, 30 day, and quick access accounts are superb. Wouldn't touch any of the other accounts except MLA - which i haven't touched yet.
Very unclear PF which doesn't seem to pay out to many "defaults" in the GBBA accounts. I guess because the use of the PF is so "discretionary" it gives them more flexibility with lenders and borrowers.
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dead-money
Rocket to the Moon
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Post by dead-money on Jan 31, 2020 19:41:16 GMT
GBBA2, PSA and their troubled predecessors are closed to new investors.
Rates to lenders on MLA loans are declining.
So stick with the Access accounts (Quick, 30 or 90 days).
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Post by mrclondon on Jan 31, 2020 19:45:10 GMT
davidkent - most (but not all) blog / review sites (for anything not just p2p or invetsment products) are there primarily to make money for the author, and can not be assumed to be impartial in their editorial content. The link you provided is interesting - hover over the links they provide to the AC website and you'll see the underlying active url is to another page on their website. When you click that link it redirects to AC and inserts their affliate link which means they collect quite a lot of money if you were to sign up to AC at that point.
By contrast the links provided on this forum on the board listings to p2p sites are clean direct to to the platform, and posting of affiliate links is not allowed under the forum rules, and are removed as and when spotted. However, even so, some care is needed as there have been suspisions of people attempting to use this forum to ramp the secondary markets one way or another on various platforms - either to encourage buyers for their loans on sale, or to create availability for additional purchases.
[Admin Note] The link on the OP of this thread contains affliate links.
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Post by brightspark on Jan 31, 2020 21:14:47 GMT
A few years ago (2014-2015) I used several P2P sites but after some losses that I considered were definitely avoidable, I stopped any investing in P2P.
While I did invest with Funding Circle (FC) and ended up with a few bad debts, it wasn't FC that caused my loss of confidence. I have looked at FC again and to my bewilderment, I could not see any loans in which to invest or part-loans to buy. On enquiring about this, I was told:
"Looking at your account, there are currently no funds in there. Just to clarify, by activating your lending, the system will automatically purchase loan parts for you so you wouldn't be able to pick them yourself." If (if!) I've understood this correctly, it means that FC has changed a lot from when I last used it as it now determines where investment will be made (To me, it was the selection of a loan and reading the questions asked of the prospective borrower (and their answers) that made it interesting!)
So, I read some internet articles that review other P2P sites and Assetz Capital (AC) was one of several mentioned and this receives very good reviews, e.g., "Assetz Capital are a shining example of a lender that’s “got it right”. My experience thus far has been nothing but good." However, on reading the feedback of some AC investors here, this clearly conflicts with these reviews.
What is the general feeling about AC - invest or find another? Thanks David My advice would be not to stick too much in any one platform however good (or bad). Platforms can fail and they do (three for me so far). Whatever platform management or the FCA might intimate, meaningful back-up plans provide no protection. In essence when a platform business goes into administration the Administrators dispose of assets as per Administration law. Investors are not creditors of the platform, which is acting only as a go-between between lenders and borrowers. Investors are treated accordingly. i.e. at the back of the creditor queue with no firewall protection of their capital.
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blender
Member of DD Central
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Post by blender on Jan 31, 2020 22:01:31 GMT
I've been p2p'ing since 2012 starting with FC when it was good and you could choose your loans, bid your rates, and sell your loans. My remaining FC funds have moved to Assetz, about a year ago, and I agree that the 30 Day 90 Day and QAA have been great so far, giving reasonable rates with little effort required. I do have a smaller amount on a higher risk, higher rate, platform where we have complete control. But Assetz is my major site, and I see it as big and solid. I would like to diversify, but it is not a case of all p2p sites being equally risky - especially now that we have had the shakeout associated with the new FCA rules, and the survivors should be more stable. I am personally a bit restricted because I will lend only to businesses, and if you are happy to lend to individuals then there are more options. The choice of platforms is very important, and I prefer a few that I know well. That has worked so far, and if you major with Assetz and it goes wrong, then it will go wrong for both of us - not that that will help much. Also, follow opinions about the platforms on this forum before any other source - Lendy and FS were clearly not good to stay with.
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davidkent
I think. Therefore I am.
Posts: 26
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Post by davidkent on Feb 3, 2020 9:27:44 GMT
Thanks for all the comments left here in response to my original message. In view of my past (none-too-pleasant) P2P experiences and reading on this site about the problems that some people have recently had, I've now decided not to use P2P again. The problem, as I see it, is that the difference in the highest interest rates between some 'safe' mainstream investing (1.5%-1.7%?) and the net interest rate (after losses) with P2P, is often really small - unless an enormous amount is invested: however, this inevitably means that enormous sum, or part of it, can be lost. To me, the amount of gain, or possible gain does not make the use of P2P worth it. As I said, some years ago I used a wide range of P2P sites and I could not believe how some losses arose. It was break-taking. My only consolation was that I had not invested the large amounts that other people had done. I literally groaned when I saw how much some people had lost. Cheers David
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Post by stevexxx on Feb 5, 2020 10:19:27 GMT
I think the complaints arise from people who try to pick their own loans which then default or cash in early, the 30 and 90 day accounts give a nice spread and I wouldn't expect to make looses there but I do put money in for the long term as cashing up is never a good idea.. AC 30 and 90 day accounts do have very good reviews..The 4th way is quite a good review site I think for honest reviews and funnily enough all the p2p that have gone down to date were not given good ratings by them..
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cb25
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Post by cb25 on Feb 5, 2020 10:59:58 GMT
I think the complaints arise from people who try to pick their own loans which then default or cash in early, the 30 and 90 day accounts give a nice spread and I wouldn't expect to make looses there but I do put money in for the long term as cashing up is never a good idea.. AC 30 and 90 day accounts do have very good reviews..The 4th way is quite a good review site I think for honest reviews and funnily enough all the p2p that have gone down to date were not given good ratings by them.. A number of complaints are from people who found 20% of their GBBA/PSA money put into a failing loan, in my case the infamous loan 227. Luckily for newer investors these accounts are now closed and the allocation routines for the QAA/30DAA/90DAA appear to give much better diversification.
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dead-money
Rocket to the Moon
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Post by dead-money on Feb 5, 2020 18:10:32 GMT
FYI, The Access accounts notionally invest in all loans suspended, in default or not.
But this doesn't actually matter, as the interest rate isn't directly linked to the performance or non-performance of the underlying loan book.
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Post by bracknellboy on Feb 5, 2020 18:30:10 GMT
FYI, The Access accounts notionally invest in all loans suspended, in default or not. But this doesn't actually matter, as the interest rate isn't directly linked to the performance or non-performance of the underlying loan book. until the day it is.
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daveb4
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Post by daveb4 on Feb 6, 2020 20:32:42 GMT
If investing do so over time with a number of lump sums as improves spread of loans and lower percentage in each loan
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Post by Ace on Feb 6, 2020 21:08:37 GMT
If investing do so over time with a number of lump sums as improves spread of loans and lower percentage in each loan That would have had an effect in the old packaged accounts, but makes no difference in the access accounts.
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