davidkent
I think. Therefore I am.
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Post by davidkent on Jan 13, 2022 12:20:24 GMT
I used p2p some five years but made a hasty exit when certain p2p companies made loans in circumstances I considered too risky and/or in my opinion, did not conduct sufficient checks on loans/security. However, I recently decided I would invest again, but with small amounts - very small amounts - to see what the situation was. I've started with Loanpad, Unbolted and Ablrate. I found the Loanpad website easy to follow, but I don't know whether it's early senility but I had major problems with the Ablrate site but the person who dealt with my call could not have been more patient and helpful. In the case of Unbolted, its site seemed (to me) to have insufficient information but on 'phoning I was told there was no one who could help and I would have to email Unbolted's support. I am not techophobic, having used computers daily for the last 30+ years and the internet daily for over 25+, but compared with when I last invested in p2p, I find the sites now used somewhat difficult to follow/navigate because of either a lack of information or an excessive amount. Or is this just 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 Jan 13, 2022 17:38:06 GMT
Familiarity helps. its not just u.
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bugs4me
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Post by bugs4me on Jan 15, 2022 20:37:25 GMT
I used p2p some five years but made a hasty exit when certain p2p companies made loans in circumstances I considered too risky and/or in my opinion, did not conduct sufficient checks on loans/security. However, I recently decided I would invest again, but with small amounts - very small amounts - to see what the situation was. I've started with Loanpad, Unbolted and Ablrate. I found the Loanpad website easy to follow, but I don't know whether it's early senility but I had major problems with the Ablrate site but the person who dealt with my call could not have been more patient and helpful. In the case of Unbolted, its site seemed (to me) to have insufficient information but on 'phoning I was told there was no one who could help and I would have to email Unbolted's support. I am not techophobic, having used computers daily for the last 30+ years and the internet daily for over 25+, but compared with when I last invested in p2p, I find the sites now used somewhat difficult to follow/navigate because of either a lack of information or an excessive amount. Or is this just me? My only advice and it's not whether to return to P2P or not, is do plenty of DD homework on the platform(s) themselves. You may find your eyes opened regarding the number of other businesses the Directors are involved in.
Personally, I prefer my investments to be looked after on a full time basis.
Also invest time in reading the forum threads regarding the relevant platforms you are interested in. Folks posting have had first hand day to day dealings with them. The market as I'm sure you're aware has changed beyond recognition over the past 5 years.
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Post by df on Jan 15, 2022 22:25:48 GMT
I used p2p some five years but made a hasty exit when certain p2p companies made loans in circumstances I considered too risky and/or in my opinion, did not conduct sufficient checks on loans/security. However, I recently decided I would invest again, but with small amounts - very small amounts - to see what the situation was. I've started with Loanpad, Unbolted and Ablrate. I found the Loanpad website easy to follow, but I don't know whether it's early senility but I had major problems with the Ablrate site but the person who dealt with my call could not have been more patient and helpful. In the case of Unbolted, its site seemed (to me) to have insufficient information but on 'phoning I was told there was no one who could help and I would have to email Unbolted's support. I am not techophobic, having used computers daily for the last 30+ years and the internet daily for over 25+, but compared with when I last invested in p2p, I find the sites now used somewhat difficult to follow/navigate because of either a lack of information or an excessive amount. Or is this just me? Up to date, Loanpad has been very consistent. I've started less than a year ago, but was watching it from the start. For me LP is a very convenient replacement for malfunctioning AC's Access Accounts. Very easy to navigate and yet informative, low interest/low risk and delivers what was written on the tin. I've started with UB 5 years ago and very happy with the performance so far. Annual return is consistently 8%+ and very little maintenance needed. I'd be very careful getting involved with ABL loans at this time.
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davidkent
I think. Therefore I am.
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Post by davidkent on Jan 16, 2022 15:42:04 GMT
Unbolted is one of the few in which I have invested. However, I am unhappy about the time that the money sits around doing nothing. Furthermore, as I cannot obtain any information about this by 'phoning, I emailed support about the matter and to my astonishment, I was informed that my cash balance was zero, i.e., the money I had transferred must have been allocated to a loan. And yet when I looked at my dashboard (as I did again today) it reports all the money I transferred is still there as a cash balance, and it also confirms that I am not investing in any loans. I am at a loss to understand what's going on here: not a good start!
I was bitten a few years ago by P2Ps companies, and so I have only invested a small amount with the few I've chosen; and I only increase my investment after I feel confident about the company. I must admit that so far I am not impressed with UB's handling of the matter.
On another matter, I applied to another P2P company and was given a 'test'. I scrolled down to the end as there seemed to be so many questions and was annoyed to see a question asking me what I was worth! Just incredible. I didn't pursue my application!
Finally, I have found the comments and observations left by forum members here to be very useful indeed. Many thanks.
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mikeb
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Post by mikeb on Jan 16, 2022 15:54:52 GMT
On another matter, I applied to another P2P company and was given a 'test'. I scrolled down to the end as there seemed to be so many questions and was annoyed to see a question asking me what I was worth! Just incredible. I didn't pursue my application!
That may have been, as you cynically suspect, a purely phishing question to gather data on you: To up-sell stuff to you/know whether to treat you with contempt or respect.  It could also be to find out your "total worth" to then work out what percentage of your total worth you are putting into P2P, for compliance reasons, as ordinary consumers are not supposed to put excessive amounts into P2P as a class of investment. Until you become "sophisticated" or whatever, then it's on your own head.
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Greenwood2
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Post by Greenwood2 on Jan 16, 2022 17:39:13 GMT
On another matter, I applied to another P2P company and was given a 'test'. I scrolled down to the end as there seemed to be so many questions and was annoyed to see a question asking me what I was worth! Just incredible. I didn't pursue my application!
That may have been, as you cynically suspect, a purely phishing question to gather data on you: To up-sell stuff to you/know whether to treat you with contempt or respect.  It could also be to find out your "total worth" to then work out what percentage of your total worth you are putting into P2P, for compliance reasons, as ordinary consumers are not supposed to put excessive amounts into P2P as a class of investment. Until you become "sophisticated" or whatever, then it's on your own head. It may have been the question that decides what sort of lender you are (I think all platforms have to do that now) one of the investor types requires you to confirm if you have an income or savings over certain amounts don't remember the details. I haven't seen a question actually asking for the specific amount you are worth. What platform was it?
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Post by df on Jan 16, 2022 17:43:32 GMT
Unbolted is one of the few in which I have invested. However, I am unhappy about the time that the money sits around doing nothing. Furthermore, as I cannot obtain any information about this by 'phoning, I emailed support about the matter and to my astonishment, I was informed that my cash balance was zero, i.e., the money I had transferred must have been allocated to a loan. And yet when I looked at my dashboard (as I did again today) it reports all the money I transferred is still there as a cash balance, and it also confirms that I am not investing in any loans. I am at a loss to understand what's going on here: not a good start!
I was bitten a few years ago by P2Ps companies, and so I have only invested a small amount with the few I've chosen; and I only increase my investment after I feel confident about the company. I must admit that so far I am not impressed with UB's handling of the matter.
On another matter, I applied to another P2P company and was given a 'test'. I scrolled down to the end as there seemed to be so many questions and was annoyed to see a question asking me what I was worth! Just incredible. I didn't pursue my application!
Finally, I have found the comments and observations left by forum members here to be very useful indeed. Many thanks. No, not a good start. Something must be broken at their end if they say your balance is zero. When did you transfer money and selected lending options? If it was recently and you selected only WC you should have no allocations. If you selected the other two after about 5pm on 13th Jan you should still have no allocations because there were no loans since then. "what you are worth" question sounds weird. I've joined 23 platforms and can't recall any questions like this. What platform was it?
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archie
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Post by archie on Jan 16, 2022 17:53:48 GMT
Unbolted is one of the few in which I have invested. However, I am unhappy about the time that the money sits around doing nothing. Furthermore, as I cannot obtain any information about this by 'phoning, I emailed support about the matter and to my astonishment, I was informed that my cash balance was zero, i.e., the money I had transferred must have been allocated to a loan. And yet when I looked at my dashboard (as I did again today) it reports all the money I transferred is still there as a cash balance, and it also confirms that I am not investing in any loans. I am at a loss to understand what's going on here: not a good start! Unbolted is a very good platform, not sure what's going on with your account. I assume you did the appropriateness test? I'd suggest clicking on 'My Preferences' and set the email notifications. Daily Summary email is very useful. Make sure you have auto-lend amounts in at least the gold and business loan categories.
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agent69
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Post by agent69 on Jan 16, 2022 19:09:11 GMT
On another matter, I applied to another P2P company and was given a 'test'. I scrolled down to the end as there seemed to be so many questions and was annoyed to see a question asking me what I was worth! Just incredible. I didn't pursue my application!
That may have been, as you cynically suspect, a purely phishing question to gather data on you: To up-sell stuff to you/ know whether to treat you with contempt or respect. It could also be to find out your "total worth" to then work out what percentage of your total worth you are putting into P2P, for compliance reasons, as ordinary consumers are not supposed to put excessive amounts into P2P as a class of investment. Until you become "sophisticated" or whatever, then it's on your own head. Think we all know the answer to that one
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ashtondav
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Post by ashtondav on Jan 16, 2022 21:16:27 GMT
Love UB but I can only invest about £400 to £500 a month, it’s a shame they haven’t got more loans.
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davidkent
I think. Therefore I am.
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Post by davidkent on Jan 17, 2022 10:49:41 GMT
I can't remember which company asked about my worth, but I was, and remain astonished at any company doing this. If this information is actually necessary, then why don't other P2P companies request it? In the upshot, a business behaving like this immediately makes me very wary about it, so it is counter-productive. In my opinion, if I am asked my worth in order to determine whether I can afford to invest, hints at how the company may view investors... I have now received an answer from UB (contradicting what I was told previously, i.e, that my cash balance is zero), saying: "I see you have selected 'line of credit' loans these tend to be larger loans but less frequent so you could well be waiting a number of months. If you changed your selection to another loan type (if you are comfortable with that) they [sic] you will see the balance move to invested within a couple of weeks normally." I am going to do this, and also follow the above suggestion by archie (thanks).
I am reading what other forum members say about investing with certain P2P companies: these comments are invaluable.
Cheers David |
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archie
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Post by archie on Jan 17, 2022 13:46:08 GMT
I can't remember which company asked about my worth, but I was, and remain astonished at any company doing this. If this information is actually necessary, then why don't other P2P companies request it? In the upshot, a business behaving like this immediately makes me very wary about it, so it is counter-productive. In my opinion, if I am asked my worth in order to determine whether I can afford to invest, hints at how the company may view investors...
No platform should ask your exact worth. They should ask you to certify which category you belong to (Definitions copied from Kuflink) :- Everyday/Retail/Restricted investorsThose who do not have much experience because this is their first or second investment on a P2P platform. Therefore, they can only invest a relatively small amount into P2P until they have a better grasp of the possible risks. On this occasion 'relatively small' means no more than 10% of their net investable assets* for the next 12 months. * Excluding the value of their home and any of their pension-related savings. Self-Certified Sophisticated InvestorThey have invested in P2P platforms at least twice before and have built a good understanding of the risks associated with P2P lending and loans that are secured against UK property. High Net Worth Individual
They have an annual income of a minimum of £100k from sources other than their pension or they own assets in excess of £250k which excludes the value of their pension pot and their home.
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davidkent
I think. Therefore I am.
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Post by davidkent on Jan 17, 2022 14:59:06 GMT
Thanks.
I would have described myself as 'Everyday/Retail/Restricted investor'.
In all seriousness, I don't whether it's a sign of ageing, but I now find P2P sites difficult to navigate/follow and yet when I last invested in P2P about 5 years ago, I had no such problem(s). I'm not halfwit either - I have two degrees,an MPhil and a PhD - so I cannot understand why I have problems with some sites. Worrying! :-}
I've withdrawn my investment in UB as I find the lack of speed off-putting. So, I am now with (just) Ablrate, LoanPlus and Elfin.
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archie
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Post by archie on Jan 17, 2022 15:28:52 GMT
Thanks.
I would have described myself as 'Everyday/Retail/Restricted investor'.
In all seriousness, I don't whether it's a sign of ageing, but I now find P2P sites difficult to navigate/follow and yet when I last invested in P2P about 5 years ago, I had no such problem(s). I'm not halfwit either - I have two degrees,an MPhil and a PhD - so I cannot understand why I have problems with some sites. Worrying! :-}
I've withdrawn my investment in UB as I find the lack of speed off-putting. So, I am now with (just) Ablrate, LoanPlus and Elfin.
The sites are more complicated than they need be. I think you should have given Unbolted a bit longer. It does take time but it's possible to build up a reasonable investment.  As an example, last week I had around £400 invested and £260 repaid so balance dropped by £140. How you setup autolend is the key to speed.
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