adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 2, 2021 15:17:52 GMT
we sure could - I think I was stupid to put a large sum into RS and only benefited through luck - personally I never liked the amateur spin RS put on everything and I am just not putting any more money into p2p until I see a business model that I like ie.g. not one where I can risk a huge amount as planned by the directos from the off - not saying RS did or didn't do this but far too many p2p lenders have been fleeced. We have a long way to go with this virus - once we vaccinate the UK we than have the thorny issue of paying for furlough etc and I wonder how many financial earthquakes there will be down the road...
|
|
travolta
Member of DD Central
Posts: 1,458
Likes: 1,167
|
Post by travolta on Feb 2, 2021 15:34:29 GMT
D'you remember those dinky little drinks parties with nice canapes where we listened intently and discussed our thoughts with Rhydian and Peter in the Garden of Eden days?
|
|
dorset
Member of DD Central
Posts: 281
Likes: 187
|
Post by dorset on Feb 2, 2021 15:35:24 GMT
Was with RS almost from the beginning and got out just before the PF clawback.
Probably been my best P2P investment with total gains well over £15k.
Thanks a lot RS. Over and out and have a safe journey.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Feb 2, 2021 15:43:15 GMT
D'you remember those dinky little drinks parties with nice canapes where we listened intently and discussed our thoughts with Rhydian and Peter in the Garden of Eden days? Fondly.
|
|
sydb
Member of DD Central
Posts: 345
Likes: 316
|
Post by sydb on Feb 3, 2021 0:37:10 GMT
Having been a Lendy investor, I have to roll around on the floor laughing when people whinge about ethics and fairness over such a petty resentment. Helloooo.... this is commercial competitive finance! The whole point is for the owners to make a little bit of money out of your involvement.
Let me give you something back to laugh at. Latest Lendy recovery of a £3m P2P loan - how much have investors had back of their original capital investment after the sale of what appears to be the only asset? 2%, and that's 3yrs after the loan was supposed to have been fully repaid. 80% of this realised asset has gone to vultures and the platform itself. The sale price of the property for £300k creates a reduction in loan security of £15m. I cannot take you whingers seriously.
|
|
|
Post by Badly Drawn Stickman on Feb 3, 2021 8:14:50 GMT
Having been a Lendy investor, I have to roll around on the floor laughing when people whinge about ethics and fairness over such a petty resentment. Helloooo.... this is commercial competitive finance! The whole point is for the owners to make a little bit of money out of your involvement.
Let me give you something back to laugh at. Latest Lendy recovery of a £3m P2P loan - how much have investors had back of their original capital investment after the sale of what appears to be the only asset? 2%, and that's 3yrs after the loan was supposed to have been fully repaid. 80% of this realised asset has gone to vultures and the platform itself. The sale price of the property for £300k creates a reduction in loan security of £15m. I cannot take you whingers seriously.
A perfectly valid way of viewing it. Not sure I really want to compare everything against the worst available though, I think ratesetter should be assessed in its own right. Compared to lets be honest, crooks and shysters most things would look good. At best ratesetter achieved the bare minimum that should be expected from a competent business, but were some considerable distance short of excelling. 'Did just about enough' is probably a fitting epitaph. If some people feel the need to remember it as better than it was I guess that's fine as well.
|
|
|
Post by jockstrap on Feb 3, 2021 10:30:23 GMT
mmmmmmmm Stinks - This was planned from day 1 or even before day 1 of Metro Bank purchase. NO ONE can tell me that the reduction in interest plan was to bring the funds back to over 100% to suit anyone bar Metro Bank. I probably lost over £2k in interest lost to essentially ensure Metro Bank benefits, this has not just been thought of 1 week ago this has been their masterplan from day 1...... Taking legal advise and my Solicitor has written to RS today for a formal response. The rate cut occurred before the Metro deal, it was nothing to do with the Metro deal. The rate cut started in May. Irrespective of the Metro deal, the terms and conditions we all signed up to included a rate cut in the event of the PF being underfunded. RS had no choice but to do this irrespective of the later Metro deal. RS had to continue the rate cut until the PF was fully funded. RS didn't change the terms and conditions as part of the Metro deal. The terms and conditions we all signed up to included the possibility RS could sell loans. We all agreed to this. If you didn't like the terms, you should never have invested. We all had the option of selling out using the normal sellout function. I like you also sold out some loans, my RS fees were considerably higher than yours. I don't have a problem with that. It was my choice and I have earned a considerable amount of interest over the last 10 years since the early months of Ratesetter. I personally don't think RS have anything to apologise about when all things are considered. I don't think RS have acted unreasonably over the Provision Fund. To my simple mind, it's a bit like like selling on your car -- it's worth investing in a service, minor repairs and a new MOT in order to maximise its value before putting it on the market. How much would Metro Bank (or any other potential purchaser of the RS portfolio) have paid for these loans while there was such a large shortfall in the PF? Would we, as investors, be getting 100% of our capital back without first fixing the PF? I suspect not.
|
|
sydb
Member of DD Central
Posts: 345
Likes: 316
|
Post by sydb on Feb 3, 2021 14:11:38 GMT
Compared to lets be honest, crooks and shysters most things would look good. Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question.
|
|
ceejay
Posts: 971
Likes: 1,149
|
Post by ceejay on Feb 3, 2021 14:48:00 GMT
Compared to lets be honest, crooks and shysters most things would look good. Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question. I get that it's a serious question and it's a fair question, too. The problem is that I don't think you'll get a straight answer on this forum (or anywhere else) for much the same reason that you can see wildly diverging views on RS in this thread. Some people might think that platform X has done pretty well in the circumstances but others will feel that the same platform has acted abominably because their particular priorities haven't been addressed to their satisfaction.
|
|
adrianc
Member of DD Central
Posts: 8,974
Likes: 4,801
|
Post by adrianc on Feb 3, 2021 15:01:14 GMT
Compared to lets be honest, crooks and shysters most things would look good. Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question. "More than 5yrs" alone narrows the field massively. Frankly, for me, RS was the last one - and that was on gentle wind-down after the change from the old markets. The rate haircut was the final straw to withdraw. I've wound down on everything P2P that I can, and what's left is the unsellables. The only exception to that is WiseAlpha, and I'm not putting more money in there. Currently.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Feb 3, 2021 19:15:33 GMT
Compared to lets be honest, crooks and shysters most things would look good. Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question. p2p is a young industry. If you want 5 years successful trading you will have to wait 2 or 3 years. If you are prepared to relax that criteria have a look at Crowd Property and Loanpad.
|
|
|
Post by peertopier on Feb 3, 2021 19:19:09 GMT
When the big run on withdrawals started in March 2020 I had a good look at how the provision funds worked. My conclusion was that it was designed to look reassuring but there was a lot of double accounting in the way the capital and interest ratios were calculated. I decided it was time to remove my money and was able to free up most of it within a few months. Just be grateful to get the capital back and do something else with the money. Metro Bank have a troubled history and I'm happy to not be tied into whatever they do in the future.
|
|
|
Post by Ace on Feb 3, 2021 19:25:57 GMT
Compared to lets be honest, crooks and shysters most things would look good. Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question. IMO CrowdProperty, Kuflink and ABLrate would meet your criteria. Of those 3 ABLrate should be considered to be a much higher risk.
|
|
|
Post by Ace on Feb 3, 2021 19:42:09 GMT
Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question. IMO CrowdProperty, Kuflink and ABLrate would meet your criteria. Of those 3 ABLrate should be considered to be a much higher risk. EDIT: also SoMo and HNW Lending (though I've only joined these recently, so my opinion of these is mostly from having followed them on this forum for a long time rather than personal experience) 2nd EDIT: Proplend also met your criteria.
|
|
|
Post by df on Feb 3, 2021 19:55:52 GMT
Compared to lets be honest, crooks and shysters most things would look good. Which are the better P2P platforms, please? The ones that have been running more than, say, 5yrs and have done far better than the bare minimum expectation or what was promised? Serious question. Unbolted has met my expectations so far. However, it takes long time to build a portfolio on UB (not suitable for an instant lump sum investment).
|
|