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Post by Ace on Feb 3, 2021 20:02:13 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. 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). I would have included Unbolted too, but a quick scan of their website didn't tell me whether they met the 5 year requirement.
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Post by df on Feb 3, 2021 20:14:01 GMT
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). I would have included Unbolted too, but a quick scan of their website didn't tell me whether they met the 5 year requirement. I've joined at the end of 2016, but as far as I know they've started in November 2014.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Feb 3, 2021 21:33:03 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." Maybe post this for a discussion somewhere else on p2p forum.
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Post by Badly Drawn Stickman on Feb 3, 2021 22:49:50 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." Maybe post this for a discussion somewhere else on p2p forum. Must be endless threads with slight variations in criteria. an almost impossible question really. I would be highly reluctant to recommend any platform to somebody else, happily share my 'take' for what it is worth but would always give the downsides priority. Anybody really interested should read as much as possible on the platform, invest the minimum possible and decide for themselves when they know how they work.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Feb 4, 2021 7:45:29 GMT
Wise words indeed from the village idiot. Just thought it it could be better placed, and yea there are numerous "which platform is best threads". but the p2p landscape is changing sooo quickly, and loan terms can be years. Early signs of issues don't want to be kept to one platform thread.
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Post by mfaxford on Feb 4, 2021 9:37:40 GMT
Anybody really interested should read as much as possible on the platform, invest the minimum possible and decide for themselves when they know how they work. Wise words. I would only ever use other people suggestions as a starting point of where to look first. Any actual decision should be based on my own research into the platforms that interest me based on my own requirements.
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sydb
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Post by sydb on Feb 4, 2021 11:10:45 GMT
A suggestion from an individual on this forum who has numerous posts and thumbs up provides a better starting point for research to any advertisement or comparison table in my view. Information is what the internet should be about, not noise.
Thank you for the replies.
The timescale is needed because many perform well early. Some investors play P2P for the long game, others for the short game. No other P2P platform I was invested in has returned my full capital and such a high amount of the interest promised, as well as put such a clean end date on my investment term. Some of those things may not be what everyone wants.
I never realised that P2P investing would take up so much time. That time is valuable to me to do more interesting things with my life. Amongst other things, having been threatened with having to go to court for simply being a lender, I am happy to be out of it all as much as I can be, with my total return being a bit more than most alternatives, but at the cost of my time, anxiety and a bit of luck. It's not for me anymore and I am not sure it ever was; it's not what was on the tin.
Where have I put my money now? Property occupied by older members of the family. Financial returns are a bit less (who knows the future?) but the feeling of helping those dearest who once helped me is great.
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Post by Ace on Feb 4, 2021 11:56:39 GMT
A suggestion from an individual on this forum who has numerous posts and thumbs up provides a better starting point for research to any advertisement or comparison table in my view. Information is what the internet should be about, not noise.
Thank you for the replies.
The timescale is needed because many perform well early. Some investors play P2P for the long game, others for the short game. No other P2P platform I was invested in has returned my full capital and such a high amount of the interest promised, as well as put such a clean end date on my investment term. Some of those things may not be what everyone wants.
I never realised that P2P investing would take up so much time. That time is valuable to me to do more interesting things with my life. Amongst other things, having been threatened with having to go to court for simply being a lender, I am happy to be out of it all as much as I can be, with my total return being a bit more than most alternatives, but at the cost of my time, anxiety and a bit of luck. It's not for me anymore and I am not sure it ever was; it's not what was on the tin.
Where have I put my money now? Property occupied by older members of the family. Financial returns are a bit less (who knows the future?) but the feeling of helping those dearest who once helped me is great.
I'm jealous. I like the idea of getting a life, but it's a bit tricky right now. Other than my daily exercise session there's not that much to do. P2P is providing a welcome distraction. Well, it's welcome for me but may not be quite so welcome for readers ๐
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Post by mfaxford on Feb 4, 2021 15:08:30 GMT
The timescale is needed because many perform well early. Some investors play P2P for the long game, others for the short game. No other P2P platform I was invested in has returned my full capital and such a high amount of the interest promised, as well as put such a clean end date on my investment term. Some of those things may not be what everyone wants.
I never realised that P2P investing would take up so much time. That time is valuable to me to do more interesting things with my life....
My limited experience is that investments tend to be longer term as the value can change overtime. On some other platforms you can see the impact of defaults on a daily/monthly basis and if you watch your investment daily you can see the total drop if a default is higher than that days interest payments. The general trend should be in a positive direction. You don't see that on RS in the same way as defaults are hidden by the provision fund. In terms of the time spent, there's truth in the saying "It doesn't come for free", higher returns on investments tend to require more work and/or more risk. Back in the early days of RS and Zopa a large number of lenders were logging into RS and Zopa most days to check and adjust their rates over the various markets. There was also a lot more discussion on the various platforms forums.
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macq
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Post by macq on Feb 6, 2021 9:26:24 GMT
Fame for the forum at last (but perhaps they should phrase it better then a RS 5 year bond) On the flip side as was mentioned on MSE yesterday what are the odds in about 2 to 3 years that its Metro shareholders that are moaning because the loans are losing money?
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coogaruk
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Post by coogaruk on Feb 6, 2021 16:33:54 GMT
Having given this a fair amount of thought, here is my take on it:
Whilst I do not feel terribly aggrieved myself I do think MB has acted disingenuously at best. Taking no risk on the RS loan book appears to have been a condition of the takeover. Fair enough. However, post-takeover MB continued to force lenders for another four and a half months to pay for said risk by taking 50% of their interest. I didn't have too much of a problem with that while my loan book was in run-off (which I had commenced at the end of May last year, the interest rate cut being a catalyst for that) but now that we have paid that risk away (or at least reduced it to minimal) it should be us lenders who reap the benefit, not MB.
Conclusion: Upon completion of the loan book purchase by MB, Lenders should be entitled to receive compensation (call it a 'bonus' or similar if you like) which as a bare minimum should be of an amount equal to the interest they have received for the period since the acquisition of RS completed (14 Sep) up to the point when full interest was restored (28 Jan).
Failing that, MB should consider backtracking again (as they did over the intended closure of the 5yr market) and continue to allow the loan book to run off. Lenders who want to offload their risk can RYI at any time, which should conclude fairly quickly while markets are fully liquid. Maybe MB could even create a mechanism which enables them to purchase said RYI loans.
(I imagine that RS/MB will also be aware that legal advice/action, FCA, FOS, etc. are avenues that remain open)
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Feb 7, 2021 18:39:25 GMT
Having given this a fair amount of thought, here is my take on it:
Whilst I do not feel terribly aggrieved myself I do think MB has acted disingenuously at best. Taking no risk on the RS loan book appears to have been a condition of the takeover. Fair enough. However, post-takeover MB continued to force lenders for another four and a half months to pay for said risk by taking 50% of their interest. I didn't have too much of a problem with that while my loan book was in run-off (which I had commenced at the end of May last year, the interest rate cut being a catalyst for that) but now that we have paid that risk away (or at least reduced it to minimal) it should be us lenders who reap the benefit, not MB.
Conclusion: Upon completion of the loan book purchase by MB, Lenders should be entitled to receive compensation (call it a 'bonus' or similar if you like) which as a bare minimum should be of an amount equal to the interest they have received for the period since the acquisition of RS completed (14 Sep) up to the point when full interest was restored (28 Jan).
Failing that, MB should consider backtracking again (as they did over the intended closure of the 5yr market) and continue to allow the loan book to run off. Lenders who want to offload their risk can RYI at any time, which should conclude fairly quickly while markets are fully liquid. Maybe MB could even create a mechanism which enables them to purchase said RYI loans.
(I imagine that RS/MB will also be aware that legal advice/action, FCA, FOS, etc. are avenues that remain open)
as much as i think it is a raw deal for investors with good rates. There is 99% chance nothing will happen no matter how much people shout. Metro are guaranteeing all repayments for all investors and are taking on risk (there is nothing to ensure the risk is gone just as a ratio is over 100%). Given all investors gain capital back with interest the FCA or other bodies will think - problem solved vs the list of carnage companies out there. i am not sure anyone can actually blame ratesetter here - it is clear a metro stunt to get full return on a steal.
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coogaruk
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Post by coogaruk on Feb 7, 2021 18:50:58 GMT
Metro are guaranteeing all repayments for all investors and are taking on risk. No they are not. My repayments were due to continue for up to another four years or so.
As for the risk issue, investors have paid MB a pretty penny to help alleviate that risk and do you really believe if MB considers the loan book to be a risk that they would be buying it? It has an average lifespan of two years and an 8% yield!
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Post by anotherexperiencedp2 on Feb 7, 2021 20:29:29 GMT
I agree that this is not a fair offer from Metro Bank and I already complained to them. They pointed me out to the investors T & Cs 3.1 and 3.2, which clearly state that we have appointed RateSetter as an AGENT, to which I replied that they are not an Agent anymore in this transaction but a related party and so the investors Terms don't apply.
As pointed out by others on this forum, there should be at the minimum a competitive auction process where other banks and credit hedge and private equity funds can have a view of the loan book, value it according to their own assumptions and bid for it. Given the amount of money looking for yield at the moment I am confident that a loan book with a 8% gross yield should attract a slight premium to par value even after accounting for a higher default rate than implied by RateSetter Provision Fund. Especially that other good P2P lenders have also started to stop diverting a portion of the interests to provision funds (LendingWorks) or lower the extra fees they were charging to manage the loan book (Assetz Capital) so the credit situation seems to be generally improving and MB will benefit from it on our back. If not, then I would accept MB offer.
I also think that we would be better off asking for this as a group of lenders rather than individually which MB clearly knows it can ignore so would any other lender be interested to form a group, if it doesn't already exist, to request a competitive auction process to sell the RateSetter loan book?
And if they refuse potentially start a class action as I believe there could be enough money involved from a few percent bonus to pay lawyers' fees. Also happy to hear about those who have already asked their solicitors to take action...
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Feb 7, 2021 21:22:38 GMT
Metro are guaranteeing all repayments for all investors and are taking on risk. No they are not. My repayments were due to continue for up to another four years or so.
As for the risk issue, investors have paid MB a pretty penny to help alleviate that risk and do you really believe if MB considers the loan book to be a risk that they would be buying it? It has an average lifespan of two years and an 8% yield!
regardless of what we pay the risk remains. loan default and with another downturn no provision fund will cover it with certainty.so yes risk remains with an 8% yield. Metro are of course guaranteeing all funds are repaid. The book being bought means all funds will be repaid. Many people have said (myself included) that at some point people will be left with a hot potatoe. I thought you had all funds back?
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