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Post by p2plender on Sept 11, 2020 5:21:12 GMT
takeover.
My guess:
NO.
Discuss.
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Post by freefalljunkie on Sept 11, 2020 8:19:21 GMT
I guess it depends what is meant by protect. The risk of defaults for existing loans is going to continue to be owned collectively by the lenders as it now, and it sounds like any new lending will be funded by Metro Bank. I'd hope that the FCA will at least seek some assurances that RS will continue to manage the loan book and provision fund in a fair way in line with existing T&Cs, although as has been pointed out on here, the latter do offer RS quite a bit of leeway.
Bottom line, I'm now cautiously optimistic about getting my money back, although it is going to take years and there will probably be a captital haircut of a few % at some stage.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 11, 2020 9:58:57 GMT
takeover. My guess: NO. Discuss. not a lot to discuss. FSCS protection in any form - no Will metro and ratesetter have obligations - yes - so will manage the provision fund, lending they need to close off and any other aspects. The loan book is shrinking, they released nearly 100 million and more was taken out via rate adjustments, all they really need to do is ensure they act fairly and protect capital as it runs off - they have a team for that.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Sept 11, 2020 17:59:26 GMT
not a lot to discuss. FSCS protection in any form - no That wasn't the question.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
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Post by coogaruk on Sept 11, 2020 18:02:43 GMT
Given that the regulator will have to approve the acquisition for it to proceed then it could be made conditional on some form of protection for existing investors. I wouldn't hold your breath though.
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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 Sept 11, 2020 18:24:40 GMT
Given that the regulator will have to approve the acquisition for it to proceed then it could be made conditional on some form of protection for existing investors. I wouldn't hold your breath though. It wasn't the question correct but it is relevant. There won't be any protection offered other than normal effective management and provision fund / credit underwriting etc.
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aju
Member of DD Central
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Post by aju on Sept 12, 2020 12:50:28 GMT
I'm working on the general assumption that until proven otherwise no one but myself is protecting mine and Mrs Aju's investments. Having been around the block enough times to know that despite all the regulators/regulations it's still best to work on the "buyer beware" side of things. Mind you i could have been a tad more vigilant at the start of the bail outs.  |
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Post by captaincodeman on Sept 12, 2020 21:40:21 GMT
Being given extra protection in retrospect? When no contributions were made into the protection funds that provide it?
I highly doubt that's going to happen.
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ashtondav
Member of DD Central
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Post by ashtondav on Sept 13, 2020 7:30:00 GMT
Your p2p investments will not be secured. Why on earth should they as they are a risk investment like shares.
Should a savings account be opened you will be protected - but you will only earn about 1% interest. That’s what protection costs.
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puddleduck
Member of DD Central
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Post by puddleduck on Sept 13, 2020 8:56:46 GMT
A few people seem to be mistaking FCA for FSCS looking at the comments here.
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gmd78
Posts: 57
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Post by gmd78 on Sept 14, 2020 5:16:23 GMT
The only protection I’m ever likely to get, is withdrawing every single penny in the holding account together with any uninvested money on the market.
I watch it like a hawk spreading its wings over its prey, I do it every morning at between 7 and 8 am and again in the evening. It’s an absolute pain in the neck, it’s like extracting hen’s teeth!
With around 45k still to go, it’s going to take years.
Frankly, if RS gave me the option of a 10% hit for an immediate cash pay-out, I’d take it, my admin time is worth more than that, not to mention the resultant daily disruption to my other business interests.
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Post by carol167 on Sept 14, 2020 6:06:21 GMT
The only protection I’m ever likely to get, is withdrawing every single penny in the holding account together with any uninvested money on the market. I watch it like a hawk spreading its wings over its prey, I do it every morning at between 7 and 8 am and again in the evening. It’s an absolute pain in the neck, it’s like extracting hen’s teeth! With around 45k still to go, it’s going to take years. Frankly, if RS gave me the option of a 10% hit for an immediate cash pay-out, I’d take it, my admin time is worth more than that, not to mention the resultant daily disruption to my other business interests. Well I only check once a day. So you could cut out the 2nd check and it only takes me about 2 mins - is that really a disruption ? Your chance of money being relent at the top setable % is extremely low, so you could just login once a week and still be fine.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Sept 14, 2020 7:11:56 GMT
The only protection I’m ever likely to get, is withdrawing every single penny in the holding account together with any uninvested money on the market. I watch it like a hawk spreading its wings over its prey, I do it every morning at between 7 and 8 am and again in the evening. It’s an absolute pain in the neck, it’s like extracting hen’s teeth! With around 45k still to go, it’s going to take years. Frankly, if RS gave me the option of a 10% hit for an immediate cash pay-out, I’d take it, my admin time is worth more than that, not to mention the resultant daily disruption to my other business interests. You have got to balance your time value against the interest lost from cash drag. If you would take a 10% hit for immediate access it kind of implies that you have an alternative investment opportunity that would compensate. If in fact you don't, then stop withdrawing so frequently. Weekly or even less often should be fine IMO.
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gmd78
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Post by gmd78 on Sept 14, 2020 11:44:52 GMT
You have it in one, I have other profitable uses for the money.
I draw down every day if there's any money to draw, simply because I've lost belief in RS’s particular concept of p2p lending, albeit I still have a sentimental attachment to RS, but who knows if and when the financial software will be re-coded to suit another purpose and who knows how the Metro deal will pan out for investors, I certainly don't, I couldn't even make an educated guess.
It remains to said that the old adage of not investing more than you can afford to loose, still holds good, but that doesn't mean to say I take a laissez-faire approach to loosing money.
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