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Post by shanghaiscouse on Aug 4, 2020 19:50:13 GMT
As RS goes into zombie mode, then there won't be much left to talk about on these boards any more! I watched the other platform sections die off one by one, Even Funding Circle's section is pretty dormant now. So that's the end of P2P. Last one out of the building turn out the light!
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Post by Deleted on Aug 4, 2020 20:00:11 GMT
I dunno, those various dodgy P2P companies in Admin (especially Lendy) will have years of 'interesting' material still to come for their lenders...
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Aug 4, 2020 20:02:47 GMT
As RS goes into zombie mode, then there won't be much left to talk about on these boards any more! I watched the other platform sections die off one by one, Even Funding Circle's section is pretty dormant now. So that's the end of P2P. Last one out of the building turn out the light! I agree it's not as dynamic as it was in the 12% days, but there are plenty of platforms left at the minute anyway (and some quite interesting new ones). I remember when there was only one platform and they are still here.
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macq
Member of DD Central
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Post by macq on Aug 4, 2020 20:45:57 GMT
The MSE forum seems to keep going with 2 subjects most days - active v passive and best regular saver so we should be all right for while
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Post by ruralres66 on Aug 4, 2020 21:00:30 GMT
"Assetz offers ‘home’ for RateSetter lenders...."
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Aug 4, 2020 21:35:56 GMT
"Assetz offers ‘home’ for RateSetter lenders...."
More like home alone and all the tricks too. i would steer clear of p2p for a while. not sure moving from one p2p to another is a wise move. if the assetz property looses some value its going to hurt them too
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ceejay
Posts: 971
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Post by ceejay on Aug 5, 2020 14:12:03 GMT
Like, I guess, a lot of other folk around here I've perversely enjoyed following the progress (or not!) of RYIs especially since the queue positions were revealed four weeks ago. Every morning I've logged in, eagerly awaiting the numbers so I could put them in my tracking and forecasting/extrapolation spreadsheet [how many of those are there I wonder?]
But today it all changed.
My 5Y RYI finally hit the front of the queue, moved to processing and has now released my funds.
My much smaller Access RYI is, of course, nowhere to be seen. I currently forecast that I will reach the front of the queue 23 months AFTER the last loan will have repaid, which makes it kind of academic.
So there's one daily excitement gone. I'll probably check monthly from here on, just to keep an eye. But it won't be the same.
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benaj
Member of DD Central
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Post by benaj on Aug 5, 2020 15:47:32 GMT
RS is still my most active platform at the moment. Not stopping me to deposit money ££££ regularly even when the total balance is being wind down.
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Post by Deleted on Aug 5, 2020 15:56:34 GMT
RS is still my most active platform at the moment. Not stopping me to deposit money ££££ regularly even when the total balance is being wind down. I'm withdrawing every £ as it comes in. I don't think the rates available reflect the risk, but everyone will have their own risk/reward considerations.
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Post by gar on Aug 5, 2020 18:33:54 GMT
RS is still my most active platform at the moment. Not stopping me to deposit money ££££ regularly even when the total balance is being wind down. I'm withdrawing every £ as it comes in. I don't think the rates available reflect the risk, but everyone will have their own risk/reward considerations. Agree entirely. What I disagree with though is people insisting that the money I put into RS is me personally investing, its not, its a savings scheme. I put my dosh in and that's all my involvement entails, RS go on to lend my money to people of their choice whom they have supposedly carefully vetted. For this they take a fee to cover their costs and make a profit. I have no input whatsoever to whoever gets my money. So its no different to me putting my money in the bank or the Post Office who also then go on to do what ever they do, exactly as RS do. I have managed to withdraw 34.7% since March and first job of the day is to logon to see what I can withdraw. No more P2P ever, ever, again for me, any spare loot goes under the bed. It's a bloody savings scheme gone sour.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Aug 5, 2020 19:15:52 GMT
I'm withdrawing every £ as it comes in. I don't think the rates available reflect the risk, but everyone will have their own risk/reward considerations. Agree entirely. What I disagree with though is people insisting that the money I put into RS is me personally investing, its not, its a savings scheme. I put my dosh in and that's all my involvement entails, RS go on to lend my money to people of their choice whom they have supposedly carefully vetted. For this they take a fee to cover their costs and make a profit. I have no input whatsoever to whoever gets my money. So its no different to me putting my money in the bank or the Post Office who also then go on to do what ever they do, exactly as RS do. I have managed to withdraw 34.7% since March and first job of the day is to logon to see what I can withdraw. No more P2P ever, ever, again for me, any spare loot goes under the bed. It's a bloody savings scheme gone sour. This is where we disagree. p2p is an investment, not savings. Were it the latter then investors' money would likely be 100% protected up to the £85k limit. Nor would they have enjoyed the juicier rates on offer for the higher risk. Even today with the 50% reduction compare rates at RS with those on offer in a savings account.
I would like to pick up a very good point you make though regarding choosing who we lend our money to. At the outset we were very much in control*. That control has been eroded over the years to the non-existence of today.
p2p platforms today are more akin to OEICs and have been for some time, except that the latter often offer better returns albeit at risk of greater capital volatility and are generally more tradeable.
Edit: *I was referring to Zopa here. I think Ratesetter has always pooled our funds so whilst able to choose our own rates, not the individual borrowers
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Aug 5, 2020 19:38:23 GMT
I'm withdrawing every £ as it comes in. I don't think the rates available reflect the risk, but everyone will have their own risk/reward considerations. It's a bloody savings scheme gone sour. Absolutely not, it is a fairly risky investment which you should have realised, if nothing else by the rates offered. For any investment you should read the T&C and understand the possibility of loss of capital. Did you also not recently have to confirm you understood the risk?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Aug 5, 2020 22:45:27 GMT
I'm withdrawing every £ as it comes in. I don't think the rates available reflect the risk, but everyone will have their own risk/reward considerations. Agree entirely. What I disagree with though is people insisting that the money I put into RS is me personally investing, its not, its a savings scheme. I put my dosh in and that's all my involvement entails, RS go on to lend my money to people of their choice whom they have supposedly carefully vetted. For this they take a fee to cover their costs and make a profit. I have no input whatsoever to whoever gets my money. So its no different to me putting my money in the bank or the Post Office who also then go on to do what ever they do, exactly as RS do. I have managed to withdraw 34.7% since March and first job of the day is to logon to see what I can withdraw. No more P2P ever, ever, again for me, any spare loot goes under the bed. It's a bloody savings scheme gone sour. It is not at all a saving scheme. Saving schemes do not offer multiple % and capital loss risk without protection. I will only suggest perhaps you misunderstood. Moreover, the FCA class it as investing. As well as having to declare what kind of investor you are. I recommend reading terms of future investments before risking money. However, respectfully, you are entitled to your opinion.
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Post by gar on Aug 6, 2020 7:05:39 GMT
It's a bloody savings scheme gone sour.
I would like to pick up a very good point you make though regarding choosing who we lend our money to. At the outset we were very much in control*. That control has been eroded over the years to the non-existence of today.
All very well the people who insist that we should have read the T&C's. Coogaruk above quite rightly makes the point that "At the outset we were very much in control*. That control has been eroded over the years to the non-existence of today".Part of the erosion was done by RS cleverly setting up a joke like cartoon tick box test basically asking your investment experience, so if I had ticked the box to say I was an utter knob at investing would RS have given me my money back,? what difference would it have made whatever box I ticked. As for T&C's, its best you ask the banks about them. They will remind you of the millions maybe billions they had to repay due to unfair overdraft charges and mis-selling of PPI. As far as they were concerned it was all in the T&C's and you should have read them, the Ombudsman and Civil Courts thought different and that the T&C's were onerous and one sided they overturned them. The i nvestment scheme I joined 6 years ago has morphed into a savings scheme which has all the risks of the investment scheme I used to partake in for better returns. Its a savings scheme, stop kidding yourself that your Warren Buffet. Edit, Coogaruk this is not a dig at you I have just used the very good point you made in you post
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Aug 6, 2020 8:43:23 GMT
Savings.
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