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Post by carol167 on Feb 4, 2020 16:15:15 GMT
I'm sure it's coming across that I'm far less confident about this than I was about where the stats were headed last year, and others are far more experienced than I about the ongoing strength of lending operations. If it was my money personally though, I would mostly be concerned about liquidity/platform risk as opposed to loanbook performance in trying to decide. Thanks roolish67. That's my primary concern - losing a portion or whole of my initially invested sum. ROI is important, but not the most important factor. I originally chose LW because I saw it as lower risk, but that is no longer the case. Now the question will be what to do with my withdrawn sum (assuming there is liquidity). Of the remaining p2p companies I'm in, I'm nervous about defaults at Kuflink and monitoring closely, RS is verging on too low a return for the risk, and I like AC but feel I'm too heavily invested. I'm too heavily invested in S&S's for my liking (hence why I came to p2p originally) although my Vanguard Lifestrategy fund has returned 12% in the last year. So perhaps back to a regular savings account although the interest rate is so low these days. What are others doing?
Vanguard Lifestyle are good choices IMO. I drip feed mine every month (still got a 10 year horizon to go before drawing down on them) I follow the MMM principles. I'll throw a proportion of the LW money at them as a lump sum, the rest I'll send back to my cash ISA and wait for future opportunities.
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Post by befuddled on Feb 4, 2020 16:24:34 GMT
You can be assured that if Mathew, or his colleagues, had any words of comfort that could be substantiated by facts he would be posting on here, or blogging, with reassurance.
He is not.
They "reported" my comment on Trustpilot, which was honest and non-inflammatory, I suppose they pay Trustpilot so can pull strings - but on here they have no clout so have to roll with the blows. I would move on and forget about LW, life's too short, but they've tied up 10% of my money in bad loans which the Shield should eventually pay for, especially as I know the Shield has a new injection of cash, courtesy of me and many on here...
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Post by Ace on Feb 4, 2020 16:37:11 GMT
You can be assured that if Mathew, or his colleagues, had any words of comfort that could be substantiated by facts he would be posting on here, or blogging, with reassurance.
He is not.
They "reported" my comment on Trustpilot, which was honest and non-inflammatory, I suppose they pay Trustpilot so can pull strings - but on here they have no clout so have to roll with the blows. They've stopped rolling on here now, more a case of running and hiding. They don't have much choice since there are many simple, but damming, statements of fact amongst the emotive stuff that they can't really talk their way out of.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Feb 5, 2020 11:01:32 GMT
Safely sold now, capital secured.
It's funny how quickly one's sentiments towards a platform can change. For me, openness as to what the rates would be after Jan 1st would have meant I was more likely to stay and see things out. The loss of trust was key - what else may they not have been totally frank about - how much trouble is the platform in?
On the other hand, they have nicked 6% of my funds so I guess they are ahead overall - job done. I'm just an average sized investor out of nearly 10,000.
I move on.
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macq
Member of DD Central
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Post by macq on Feb 5, 2020 12:34:35 GMT
Safely sold now, capital secured. It's funny how quickly one's sentiments towards a platform can change. For me, openness as to what the rates would be after Jan 1st would have meant I was more likely to stay and see things out. The loss of trust was key - what else may they not have been totally frank about - how much trouble is the platform in? On the other hand, they have nicked 6% of my funds so I guess they are ahead overall - job done. I'm just an average sized investor out of nearly 10,000. I move on. Would agree as my problem is trust not the rates as i was already accepting what i thought was a lower rate but unless there was a default i expected to earn that lower rate for the life of the loan .I also accepted that there was going to be tweaking with older cohorts to cover the shield - but the trust has gone as i can no longer be sure in my mind be that the rate i accept today is going to be the advertised rate over the life of the loan(accepting defaults) as we are now seeing phrases like H1 & H2 (and who knows maybe H3 etc to come)provision fund adjustments,makeup of interest over the life of a loan. And One of my favourites was that this is an investment so should be looked at long term. Sorry while p2p can not be looked at as a savings account it should also not be looked at as an investment the same as fund and the advertising from LW and others in p2p touted it as earning income and different from funds i.e not long term investment It would have been better when launching the new LW products if they had kept flexible and added a fixed rate product that only paid interest at the end with the understanding on fixed that in the early days the penalties would be large.The fact that the new product was called growth which makes no sense on an income product,suggest to me that they knew there would be problems in the early days and could fall back on the name and say well its long term but which completely goes against what they launched as which was better rates then savings but with more risk i.e defaults
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Post by Undecided on Feb 5, 2020 14:34:48 GMT
Safely sold now, capital secured. It's funny how quickly one's sentiments towards a platform can change. For me, openness as to what the rates would be after Jan 1st would have meant I was more likely to stay and see things out. The loss of trust was key - what else may they not have been totally frank about - how much trouble is the platform in? On the other hand, they have nicked 6% of my funds so I guess they are ahead overall - job done. I'm just an average sized investor out of nearly 10,000. I move on. How long did it take you to sell?
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IFISAcava
Member of DD Central
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Post by IFISAcava on Feb 5, 2020 17:07:03 GMT
Safely sold now, capital secured. It's funny how quickly one's sentiments towards a platform can change. For me, openness as to what the rates would be after Jan 1st would have meant I was more likely to stay and see things out. The loss of trust was key - what else may they not have been totally frank about - how much trouble is the platform in? On the other hand, they have nicked 6% of my funds so I guess they are ahead overall - job done. I'm just an average sized investor out of nearly 10,000. I move on. How long did it take you to sell? 1 day Interestingly, before that it took 5 days for a 20 times smaller amount to be sold from Flexible - which might suggest that those paying interest rate penalties are prioritised in the queue.
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Post by befuddled on Feb 5, 2020 17:36:58 GMT
How long did it take you to sell? 1 day Interestingly, before that it took 5 days for a 20 times smaller amount to be sold from Flexible - which might suggest that those paying interest rate penalties are prioritised in the queue. Did it all sell ? No bad residual loans...?
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Post by carol167 on Feb 5, 2020 18:14:57 GMT
1 day Interestingly, before that it took 5 days for a 20 times smaller amount to be sold from Flexible - which might suggest that those paying interest rate penalties are prioritised in the queue. Did it all sell ? No bad residual loans...?
I've got £1,233 stuck from 8k that I sold several days ago.
Can't try again because it's currently selling down my ISA (which is half way after 24 hours).
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IFISAcava
Member of DD Central
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Post by IFISAcava on Feb 5, 2020 19:14:52 GMT
1 day Interestingly, before that it took 5 days for a 20 times smaller amount to be sold from Flexible - which might suggest that those paying interest rate penalties are prioritised in the queue. Did it all sell ? No bad residual loans...? 10% stuck Not clear to me when the Shield steps in to repay these in full - would need to look at the new T&Cs (although it may just say it is discretionary).
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Post by befuddled on Feb 5, 2020 20:52:39 GMT
Takes up to 6 months apparently...
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kathy
Posts: 38 
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Post by kathy on Feb 5, 2020 21:02:47 GMT
How long did it take you to sell? 1 day Interestingly, before that it took 5 days for a 20 times smaller amount to be sold from Flexible - which might suggest that those paying interest rate penalties are prioritised in the queue. Mine took a matter of a few hours from request to money in my bank account.
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