Greenwood2
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Post by Greenwood2 on Jan 18, 2021 12:43:03 GMT
The only p2p I would go for is the big boys who have continued to operate. And that is only Zopa. Followed by A/C in second place, because my interest rates have been (relatively) unaffected and remain higher than zopa’s. Because of favourable comments I have dipped my tootsies in the tiddler loanpad. But the big boys who completely wrecked their business model and had appalling coms - FC and RS? Well let’s just say the new offer. Would have to be very tempting, and have a new board of directors! Zopa suffered some heavy capital losses What heavy capital losses? Do you mean Zopa or Zopa lenders? As a lender I haven't.
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coogaruk
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Post by coogaruk on Jan 18, 2021 12:47:23 GMT
Zopa suffered some heavy capital losses What heavy capital losses? Do you mean Zopa or Zopa lenders? As a lender I haven't. Many Zopa lenders suffered big capital losses in the past. Fortunately I wasn't one of them.
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Greenwood2
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Post by Greenwood2 on Jan 18, 2021 12:55:38 GMT
What heavy capital losses? Do you mean Zopa or Zopa lenders? As a lender I haven't. Many Zopa lenders suffered big capital losses in the past. Fortunately I wasn't one of them. I've been with Zopa since the beginning and apart from unwise lending in the 'evil' listings long ago (which didn't amount to an overall loss), I've always had good positive returns.
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coogaruk
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Post by coogaruk on Jan 18, 2021 12:58:09 GMT
Many Zopa lenders suffered big capital losses in the past. Fortunately I wasn't one of them. I've been with Zopa since the beginning and apart from unwise lending in the 'evil' listings long ago (which didn't amount to an overall loss), I've always had good positive returns. Me too. Me neither but I know some who did. I didn't partake in Listings (warned against it, some ignored) which is probably why.
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ashtondav
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Post by ashtondav on Jan 18, 2021 15:20:09 GMT
Been with Zopa 15 years. Never did listings but really enjoyed the January surge when you could fish for nice juicy rates and fill yer boots. Happy days.
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sussexlender
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Post by sussexlender on Jan 19, 2021 12:36:30 GMT
I would definitely consider any new ideas by the Ratesetters team.
It would need to have some form of Provision Fund as before.
They have managed to repay all my capital and the due interest until the RYI date.
Of the P2P platforms that are now closed to retail investors, they are only one to repay in full - allbeit with the reduction in the % rate (to secure the provision fund) but I felt that was acceptable to ensure everyone will be repaid.
It took some time but interest was still paid during the waiting period.
After the "highly experienced" property investment mess at FC, the appalling smoke screen of L***y loans and the rather sad demise of MT, I am now only with Ku**** as my only P2P.
It would be good to see the team at ratesetters reappear.
They have acted honourably and they deserve thanks for their achievements in repaying investors, during a very worrying time.
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sl75
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Post by sl75 on Jan 19, 2021 22:25:10 GMT
... Of the P2P platforms that are now closed to retail investors, they are only one to repay in full - allbeit with the reduction in the % rate (to secure the provision fund) but I felt that was acceptable to ensure everyone will be repaid. ... RateSetter aren't closed to retail investors - they're only closed to new retail investors (the top-level category on this discussion forum seems to have been renamed specifically to allow the board to be move here). Existing retail investors can still re-invest, and at least some of them still have an expectation of receiving all of their money back with interest.
It seems odd that this thread is framed as though the platform is in the same status as those failed platforms which are in full wind-down with an insolvent loan book... it is not - for those who "Would reinvest in Ratesetter again", they can do so today (albeit at a relatively unattractive interest rate now the 2020 rush for the exit has been dealt with). It's new investors who've never invested in RateSetter before who are currently unable to do so.
Indeed - for everyone who successfully got their money out through a RYI there was an equivalent amount of money from other investors who not only "Would reinvest in Ratesetter again" but were in fact putting their money where their mouth was by continuing to reinvest the money.
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iRobot
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Post by iRobot on Jan 20, 2021 0:36:44 GMT
Indeed - for everyone who successfully got their money out through a RYI there was an equivalent amount of money from other investors who not only "Would reinvest in Ratesetter again" but were in fact putting their money where their mouth was by continuing to reinvest the money.
Not followed this very closely, but wasn't a significant chunk of those RYIs repaid via the sale of the property loan book? I fear for those that still remain given the - to my mind - questionable viability of the remaining loan book.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 20, 2021 8:23:15 GMT
Indeed - for everyone who successfully got their money out through a RYI there was an equivalent amount of money from other investors who not only "Would reinvest in Ratesetter again" but were in fact putting their money where their mouth was by continuing to reinvest the money.
Yes, but how many were doing so consciously as opposed to treating it as an invest and forget platform? There would have been many, probably a majority, who did not know the trick of how to stop automatic re-investment.
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Greenwood2
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Post by Greenwood2 on Jan 20, 2021 8:38:50 GMT
Indeed - for everyone who successfully got their money out through a RYI there was an equivalent amount of money from other investors who not only "Would reinvest in Ratesetter again" but were in fact putting their money where their mouth was by continuing to reinvest the money.
Yes, but how many were doing so consciously as opposed to treating it as an invest and forget platform? There would have been many, probably a majority, who did not know the trick of how to stop automatic re-investment. Probably quite a lot who still don't know that it's in run down mode, everything looks normal on the site, apart from a warning about reduced rates and longer queues to withdraw.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Jan 20, 2021 9:54:45 GMT
Yes, but how many were doing so consciously as opposed to treating it as an invest and forget platform? There would have been many, probably a majority, who did not know the trick of how to stop automatic re-investment. Probably quite a lot who still don't know that it's in run down mode, everything looks normal on the site, apart from a warning about reduced rates and longer queues to withdraw. true but they would never create a rush for the doors. with no real reinvestment beyond a certain point money will move to holding. a more orderly retail close. i would argue that this is a better choice for comfort and the provision fund is still oddly holding.
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coogaruk
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Post by coogaruk on Jan 20, 2021 12:08:44 GMT
... Of the P2P platforms that are now closed to retail investors, they are only one to repay in full - allbeit with the reduction in the % rate (to secure the provision fund) but I felt that was acceptable to ensure everyone will be repaid. ... RateSetter aren't closed to retail investors - they're only closed to new retail investors (the top-level category on this discussion forum seems to have been renamed specifically to allow the board to be move here). Existing retail investors can still re-invest, and at least some of them still have an expectation of receiving all of their money back with interest.
It seems odd that this thread is framed as though the platform is in the same status as those failed platforms which are in full wind-down with an insolvent loan book... it is not - for those who "Would reinvest in Ratesetter again", they can do so today (albeit at a relatively unattractive interest rate now the 2020 rush for the exit has been dealt with). It's new investors who've never invested in RateSetter before who are currently unable to do so.
Indeed - for everyone who successfully got their money out through a RYI there was an equivalent amount of money from other investors who not only "Would reinvest in Ratesetter again" but were in fact putting their money where their mouth was by continuing to reinvest the money.
As I understand it existing retail investors are only reinvesting into existing loans, with all new RS unsecured lending now being undertaken and funded by their puppetmaster owner (Metro Bank).
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sl75
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Post by sl75 on Jan 20, 2021 12:14:49 GMT
Indeed - for everyone who successfully got their money out through a RYI there was an equivalent amount of money from other investors who not only "Would reinvest in Ratesetter again" but were in fact putting their money where their mouth was by continuing to reinvest the money.
Not followed this very closely, but wasn't a significant chunk of those RYIs repaid via the sale of the property loan book? I fear for those that still remain given the - to my mind - questionable viability of the remaining loan book. Part of the amount that would otherwise have been RYI-ed was indeed directly repaid via the sale of the property loan book. That happened all at once on the date that the sale was finalised - everyone got their share of the proceeds immediately.
The remainder was RYI-ed, which means that investors chose (in some cases by inaction) to re-invest the proceeds of those sales, and it was this subsequent reinvestment activity that has allowed the rest of the backlog to be cleared. As I recall, rather more than £60M appeared on the market almost immediately, and further reinvestment amounts were certainly added afterwards (some of it undercutting the bulk of the reinvestment monies, suggesting some had manually chosen to re-invest rather than merely failed to turn automatic reinvestment off).
The point is that, although investors disagree on whether the loan book is now viable, the market allows that opinion to be expressed, and sufficiently many investors disagree with your view of the viability of the remaining loan book and its provision fund that all who have wished to exit to date have now been able to do so... not only aren't the doors closed for existing investors, but there's considerably more money being reinvested than new withdrawal demands - the exit isn't even blocked by a stampede any more - I think the first P2P platform to achieve that at par value (although AC doesn't look far behind, but that's another discussion forum).
There may come some future time when the loan book does enter a full wind-down, so that the doors are in fact closed... and that's the context where this poll would make sense as worded.
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sl75
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Post by sl75 on Jan 20, 2021 12:57:24 GMT
As I understand it existing retail investors are only reinvesting into existing loans, with all new RS unsecured lending now being undertaken and funded by their puppetmaster owner (Metro Bank). I think there were a few lending channels (e.g. GiffGaff?) where MB didn't take this over so there may still be a trickle of new lending, but I understand the bulk is indeed reinvestment into existing loans.
I don't imagine that opportunity will last much longer - either the loan book will wind down sufficiently that there's no possibility to reinvest even at the so-called "going rate", or they'll arrange a further loan sale to some other interested parties in order to get rid of the legacy retail investment completely.
Perhaps at that time they may launch some other retail investment product under the "RateSetter" brand... if so, they'd probably do well not to tarnish the brand by having retail investors lose money.
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iRobot
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Post by iRobot on Jan 20, 2021 14:40:54 GMT
As I recall, rather more than £60M appeared on the market almost immediately, and further reinvestment amounts were certainly added afterwards (some of it undercutting the bulk of the reinvestment monies, suggesting some had manually chosen to re-invest rather than merely failed to turn automatic reinvestment off). Again, I'm not close to this, but RS' blog entry quotes " RateSetter has sold its £120m portfolio of property development loans". Whilst it goes on to say investors will receive all Cap+Int, it doesn't say what was paid for the portfolio. For example, AltFi.com reported " [Shawbrook] has acquired RateSetter’s £167m property development loan portfolio, as well as the lender’s development finance team", although that reported figure can perhaps be tempered with Shawbrook's own announcement which stated: " the purchase of a development finance loan portfolio with facilities totalling £167m" (my bold); so perhaps the £167m figure isn't indicative of what has actually been lent, just was has been agreed can be lent. Whatever the figures, I'd be astounded if Shawbrook purchased the loanbook at 'par' and, if they didn't, how's the gap going to be covered? I still think that, come the final reckoning, there'll be be a shortfall and those who remained when the music finally stops - either by choice or blissful ignorance - will be pay the price. Then the accusations of 'How did RS / the FCA allow this to happen when it was clear that RS was effectively in winddown at the point MetroBank bought them out and ditched retail investors' will surface. Anywhoooo... It's only an opinion. Time will tell.
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