lara
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Post by lara on Mar 15, 2021 6:46:17 GMT
I’ve been in the withdrawal queue from the QAA and 30 day AA since the crisis hit but recently I’ve been thinking about perhaps cancelling my withdrawal instruction and maybe even adding a bit back. I’m not sure if this is a bad idea or not though. Any thoughts?
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tjtl
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Post by tjtl on Mar 15, 2021 7:17:05 GMT
It has to be your decision. Is the return you are going to get enough to offset the risk? What the last year has shown is that no P2P site is risk-free, but equally not every P2P site is going to go under. Any investor has to form their own view- is the interest I will earn enough to compensate me for the risk taken. I was badly scarred, and hurt financially, by the Wellesley collapse, and have also seen the prospect of some losses on Relendex. Against that I had decent returns historically with Relendex and with the likes of AC and RS and others. However the "new normal' rates of interest on P2P sites are inadequate for me given the nagging fear of platform collapse and I have (thanks to the RS distribution, and the cash returns from AC and others) taken over £400k out of P2P platforms in the last months, and will take the last £100k over the next months- the reward just doesn't (in my eyes) justify the risk. I applaud your bravery in thinking of adding to your investment in AC, and if you do do it I wish you every possible success- but it has to be your call, it is your decision alone that counts.
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Post by HMS Ardent on Mar 15, 2021 7:55:13 GMT
Ditto tjtl, fingers badly burnt with Wellesley and Lendy to the tune of £210k between my wife and I.
Have been withdrawing my P2P funds whenever and wherever I can. Strangely though I think Assetz will survive after things have settled down. Have a bad feeling with Funding Circle though.
tjtl have you enrolled in the Facebook "Wellesley Investors Action Group"? The more members the stronger we become.
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tjtl
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Post by tjtl on Mar 15, 2021 8:09:49 GMT
Thanks HMSA, for my sins I am not on FB (am a social-media refusnik!) , having had dealings with the Wellesley administrators (Duff & Phelps) I hold out little of hope getting more back than set out in the scheme unfortunately. My losses were less than yours (£40k odd) , and I put the blame on that mainly down to my stupidity. Wishing you every possible success in your fights. I agree with your concerns on FC, am quietly exiting from that platform entirely. Also agree that Assetz may well survive, but for the time being I intend to finish withdrawing and watch form the side-lines, I can always come back in later. At my age, heading towards retirement, capital preservation matters more than chasing top rates (and the ability to sleep at night, and not beat myself up for making idiotic decisions like Wellesley!). Best regards
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m2btj
Member of DD Central
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Post by m2btj on Mar 15, 2021 8:29:45 GMT
I was never comfortable with Wellesley & didn't invest. However, I got caught with MT & Coll. Investor rates were worryingly high & I limited my exposure to a relatively small investment. Despite drawing down some of my P2P investments I have remained in Assetz. I've always believed that AC is a very well run business with a strong management team. Despite the extraordinary challenges thrown at the sector, AC appear to be coming through strongly. I always believed that the weak would go to the wall & the cream would rise to the top. That's exactly what we've seen & I expect several players to consolidate & grow their business. AC, Loanpad & Unbolted all appear to have weathered the eye of the storm & I have started to slowly increase my investments with AC & several others.
Last year, a good friend urged me to buy into Bitcoin at $32,000. I thought it far too risky! It was at $66,000 yesterday! I'm now watching Crypto with a view to taking a small position at the next downturn....if there is one! There are NO 'safe' investments in our volatile world & it's still all about limiting risk, diversifying investment & exposure. What we lose on the swings, we gain on the roundabout.
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jlend
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Post by jlend on Mar 15, 2021 9:25:16 GMT
I’ve been in the withdrawal queue from the QAA and 30 day AA since the crisis hit but recently I’ve been thinking about perhaps cancelling my withdrawal instruction and maybe even adding a bit back. I’m not sure if this is a bad idea or not though. Any thoughts? Putting aside whether p2p is worth investing in. You could perhaps think about why you entered the queue in the first place and if you think those risks will remain long term Then think about whether you are happy to take those risks or whether they are too big for you personally. You could wait till you have more information to make a decision, for example what changes will AC make to the access accounts, what will happen to the queue, what scale and type of new loans will be put into the access accounts and what difference this make, any Covid related issues, what impact will the new Recovery Loan Scheme have, how is the current loan book looking etc. What information interests you is somewhat dependent on the risks that concern you and the original reason you entered the queue.
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Post by oppsididitagain on Mar 15, 2021 11:17:55 GMT
I’ve been in the withdrawal queue from the QAA and 30 day AA since the crisis hit but recently I’ve been thinking about perhaps cancelling my withdrawal instruction and maybe even adding a bit back. I’m not sure if this is a bad idea or not though. Any thoughts? This is what I have been doing, but Ive been adding via the 30AA as it .25% more ATM you can get out of the QAA for 0.1% if need be. which is peanuts, so I keep my withdrawal in the QAA and reinvest into the 30AA. ts ISA season in a few weeks and I would expect new money to flow in, which I would presume increase withdrawal payout amounts- hopefully by then my 30AA can be switched to the QAA for Quicker access. Lets see if my plans work :-)
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Post by closetotheedge on Mar 15, 2021 12:22:34 GMT
As per others, we must all make our own decisions based on what we are willing to risk.
For my own position I have transferred out all the repaid amounts up until this latest chunk. This has reduced my holding by 40% since March 2030. However, for this latest chunk I decided that AC had demonstrated some ability to manage the crisis so chose to leave it all in the 30DAA. That said I then entered a withdrawal request for it all again so as to put my marker in the queue. I don't know what I think long term but thought I would kick it down the road a couple of months and see where we are. Perhaps prompted by greed as well since AC still dangle the 4% carrot at me whereas all my other cash holdings are fractions of that.
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ceejay
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Post by ceejay on Mar 15, 2021 12:58:40 GMT
My approach was this: first I wanted to have a good hard think about the % of my portfolio I want to keep in P2P. It's considerably less than my peak! In the end I went for a number which should mean that the above-inflation return I get on the P2P roughly cancels out the below-inflation return on the (much larger) pot of actual cash.
Then - which platforms? I think that AC is one of the better ones and more likely to survive than most, so the majority of my P2P will be in AC, though not of course all of it.
That leads me to a target ££ figure for my AC holding which I'm happy to say I am now down to, so for the moment I will be sticking.
YMMV.
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Post by Harland Kearney on Mar 15, 2021 14:20:38 GMT
Not worth the platform risk for 4.1%, withdrawing all funds since the 1% cashback payout. I was actually reinvesting payments when discounts were higher just so that I could both make a few pennies & addtionally get my 1% cashback from March on some funds. I have enough faith to do that, but I don't see it as a worth while risk on capital. I did have a very small amount of funds locked in Funding Secure (like £600?) & £70 in one loan left in Lendy. After getting "Lender update" emails for god knows how long, its a common reminder of the dangeres of this industry.
Now that rates have dropped (industry wide, not ACs fault) it isn't really worth the risk. Its only 0.1% to exit these accounts but that can change instantly overnight on any bad news, just like the value of a fund. This isn't a additional risk on top of platform risk I want to mitigate.
AC will pull though COVID, but that doesn't mean I want to add more money. Of all the investments I've made so far in my life, AC turned out to be the most concerning during the pandemic & at times alarming. This could signal I exceeded my risk thershold, but I never find myself questioning the vast amounts of money I invested at dirt cheap funds during the crisis.
The only P2P site I hold active investment with (and intend to hold) is Loanpad.
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lpa
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Post by lpa on Mar 18, 2021 19:48:59 GMT
I’ve been in the withdrawal queue from the QAA and 30 day AA since the crisis hit but recently I’ve been thinking about perhaps cancelling my withdrawal instruction and maybe even adding a bit back. I’m not sure if this is a bad idea or not though. Any thoughts? I must admit I'm having similar thoughts with the now almost alarmingly frequent and chunky withdrawals into the non interest bearing cash account (and subsequent transfer off the platform into non interest bearing company bank account). But then I remember the despair I felt a year ago when a mid 5 figure sum in the QAA suddenly got gated and I wondered if I would lose the lot as I have on another platform. I have decided to see if the withdrawals continue down to a zero balance in the QAA or whether I'm left with an amount which is stuck. If they do clear down to zero then I may put a chunk back in to earn some interest again as my confidence in AC has risen.
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Post by df on Mar 18, 2021 21:11:01 GMT
I’ve been in the withdrawal queue from the QAA and 30 day AA since the crisis hit but recently I’ve been thinking about perhaps cancelling my withdrawal instruction and maybe even adding a bit back. I’m not sure if this is a bad idea or not though. Any thoughts? I must admit I'm having similar thoughts with the now almost alarmingly frequent and chunky withdrawals into the non interest bearing cash account (and subsequent transfer off the platform into non interest bearing company bank account). But then I remember the despair I felt a year ago when a mid 5 figure sum in the QAA suddenly got gated and I wondered if I would lose the lot as I have on another platform. I have decided to see if the withdrawals continue down to a zero balance in the QAA or whether I'm left with an amount which is stuck. If they do clear down to zero then I may put a chunk back in to earn some interest again as my confidence in AC has risen. I was having a similar thought. I've already made a move at the first hefty payout reinvesting 2/3 of it back into AA (didn't need to cancel my withdrawals because the cash went into my empty 30-day). I've already reduced my AC funds to the point where it sits comfortably in my p2p portfolio and I don't see any reason for reducing it much further. I've been trying to reinvest into previously dismissed 6%-ers, but they are generally not easy to get in atm so I'm left with two choices, either keep withdrawing cash from the platform or cancel all my AA withdrawals. Haven't decided what to do yet, but in present environment the latter looks as a more reasonable route for me.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Mar 18, 2021 22:17:58 GMT
Similar thoughts here. would you go 90, 30, or q??. kinda thinking 90 for the extra bit of growth. Hoping a isa flood of cash will keep ac happy for the 90 days, then reassess ?? . Dont want any more in the current mla loans. Maybe when the pipeline starts up.
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Post by gobuchul on Mar 20, 2021 10:14:02 GMT
Cancelled all my withdrawals, which had been in place for over a year. I've reduced my holding by two thirds and I'm comfortable where it's at now. If AC start offering incentives to re-invest (like they said they would) I could be tempted to put some more back in. On the other hand I might put more in Whiskyinvestdirect which is returning 9% after fees.
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ashtondav
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Post by ashtondav on Mar 20, 2021 11:07:34 GMT
And as a wasting asset there are no capital gains taxes on whisky. It’s a very attractive asset, especially for HR taxpayers.
Butthat 9% is historic. No guarantees for the future!
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