alender
Member of DD Central
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Post by alender on Feb 12, 2020 17:53:38 GMT
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benaj
Member of DD Central
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Post by benaj on Feb 12, 2020 18:07:00 GMT
www.growthstreet.co.uk/investing/statisticsNot sure what to make of the latest stats Current Actual Lifetime Bad Debt Rate: 0.53%  (Gross default rate was 13% in 2019!!!) Cash balance of Loan Provision: £1,232,252 Updated: 11th Feb Outstanding balance: £24,770,858 Coverage: 4.8%  ?? (4.8x than the favourite p2p platform with PF in terms of cash balance) Any thoughts?
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Post by herringbone on Feb 12, 2020 19:19:41 GMT
It's certainly informative: not only about Growth St, but also about 4thway's reluctance to say anything bad about p2p.
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Post by nooneere on Feb 12, 2020 20:13:44 GMT
In fairness Neil Faulkner is honest and self-critical in this article. His "biggest mistake since co-founding 4thWay".
I do also learn things from this site - e.g. that one of GS's defaults was in fact fraud. No wonder poor Greg Carter had to go.
A sad story all round.
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Post by aidanw on Feb 16, 2020 23:02:50 GMT
In fairness Neil Faulkner is honest and self-critical in this article. His "biggest mistake since co-founding 4thWay". I do also learn things from this site - e.g. that one of GS's defaults was in fact fraud. No wonder poor Greg Carter had to go. A sad story all round. I totally agree. But as an investor in Growth Street I expected honesty and transparency. That was sorely lacking which is why I withdrew. Why should I have to read 4thway to find out the details? Kudos to Neil for integrity.
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Post by Deleted on Feb 17, 2020 10:52:59 GMT
In fairness Neil Faulkner is honest and self-critical in this article. His "biggest mistake since co-founding 4thWay". I do also learn things from this site - e.g. that one of GS's defaults was in fact fraud. No wonder poor Greg Carter had to go. A sad story all round. I totally agree. But as an investor in Growth Street I expected honesty and transparency. That was sorely lacking which is why I withdrew. Why should I have to read 4thway to find out the details? Kudos to Neil for integrity. 4thway come out of this a lot better than GS. My prediction is GS will be the preserve of institutional investors only, and maybe that is what is best all round. A great shame as I really do like their model.
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Post by herringbone on Feb 17, 2020 18:35:14 GMT
And yet 4thway still considers: "Therefore, I suggest a new cap on Growth Street lending of about 15% of your total lending pot, or 5% of your total savings and investment pot, would now seem to be about right."
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withnell
Member of DD Central
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Post by withnell on Feb 18, 2020 7:42:35 GMT
Never been on that site before, but given that it currently has Landbay at the top of its ranking list and they shut retail deposits 2 months ago, it doesn't give me much confidence in how up to date / accurate their analysis is!
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Post by gravitykillz on Feb 18, 2020 8:29:53 GMT
I dont trust 4th way. I'm sure they are paid by the platforms in some manner.
I trust this forum.
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Post by peer2fear on Feb 18, 2020 9:39:34 GMT
Although this may be an unpopular perspective for P2P/Growth Street currently, I spoke to Greg Carter at length at the Growth Street investor evening back in November and was actually quite impressed by him and the whole team. They were transparent, owned their mistakes and explained some of the procedures they were putting in place to reduce future events from taking place. In particular, it was highlighted how they underestimated the lengths to which lenders (or in this case, an individual lender) would go to commit fraud when they're working with them on a regular and ongoing basis but alas, they fell foul of it. The timing of the event was just after the FS administration (which I am sadly caught up in) and there was a lot of bad blood in the room directed at the Growth Street team because of it. They didn't just dismiss it because it was another platform - they did address some of the common problems/concerns with P2P in general and how they expected these to impact their platform.
I feel this runs quite counter to some of the behaviour at Lending Works (another one of my former favourite P2P platforms) which has not made its recent changes to the platform's rates/structure clear to investors and has led to investors being stung with hefty exit fees. I personally remain cautiously optimistic about Growth Street for the moment.
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cb25
Posts: 3,522
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Post by cb25 on Feb 18, 2020 10:14:17 GMT
Although this may be an unpopular perspective for P2P/Growth Street currently, I spoke to Greg Carter at length at the Growth Street investor evening back in November and was actually quite impressed by him and the whole team. They were transparent, owned their mistakes and explained some of the procedures they were putting in place to reduce future events from taking place. In particular, it was highlighted how they underestimated the lengths to which lenders (or in this case, an individual lender) would go to commit fraud when they're working with them on a regular and ongoing basis but alas, they fell foul of it. The timing of the event was just after the FS administration (which I am sadly caught up in) and there was a lot of bad blood in the room directed at the Growth Street team because of it. They didn't just dismiss it because it was another platform - they did address some of the common problems/concerns with P2P in general and how they expected these to impact their platform. I feel this runs quite counter to some of the behaviour at Lending Works (another one of my former favourite P2P platforms) which has not made its recent changes to the platform's rates/structure clear to investors and has led to investors being stung with hefty exit fees. I personally remain cautiously optimistic about Growth Street for the moment. How does a lender commit fraud, or did you mean to say borrower?
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oldtimer
Member of DD Central
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Post by oldtimer on Feb 18, 2020 11:15:45 GMT
Unfortunately Greg Carter resigned as chief executive in December. Not sure why.
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Post by nooneere on Feb 18, 2020 19:21:05 GMT
I dont trust 4th way. I'm sure they are paid by the platforms in some manner. I trust this forum. Steady on, our forum has its fair share of absolute nonsense. Try reading the later part of the "Cashing out because of court case" thread on the UB pages...
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(Gross default rate was 13% in 2019!!!)
?? (4.8x than the favourite p2p platform with PF in terms of cash balance)
