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Post by codliveroil on Feb 15, 2024 2:28:59 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when).
Its been a dead game for years.
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Greenwood2
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Post by Greenwood2 on Feb 15, 2024 6:43:40 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when). Its been a dead game for years. I don't think anyone really lost on Ratesetters, a shame they decided to end the retail side.
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Post by overthehill on Feb 15, 2024 9:22:18 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when). Its been a dead game for years.
What Ratesetter fiasco ? They closed their book in the UK 3 years ago returning all lenders' money.
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toffeeboy
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Post by toffeeboy on Feb 15, 2024 9:24:23 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when). Its been a dead game for years. As with Greenwood, what ratesetter fiasco? Are you sure that you got the right P2P there? Ratesetter sold out to metro bank in 2020 who purchased the whole loan book so everyone got their capital back.
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 15, 2024 9:43:22 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when). Its been a dead game for years. Barking up the wrong tree matey. Compared to some platforms I could mention, Ratesetter was a veritable gold mine.
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firedog
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Post by firedog on Feb 15, 2024 9:44:27 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when). Its been a dead game for years. Keep us updated. Sounds like you have your finger on the pulse.
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Post by investor1925 on Feb 15, 2024 9:49:40 GMT
Just heard about the Ratesetter fiasco, glad I took my money out in 2017 or 2018 (can't remember exactly when). Its been a dead game for years. Barking up the wrong tree matey. Compared to some platforms I could mention, Ratesetter was a veritable gold mine. Correct Jonno, my last withdrawal was in October 2020 and the account was closed in January 2021. I thought they'd closed it all down for us minions
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Post by overthehill on Feb 15, 2024 9:55:11 GMT
Barking up the wrong tree matey. Compared to some platforms I could mention, Ratesetter was a veritable gold mine. Correct Jonno, my last withdrawal was in October 2020 and the account was closed in January 2021. I thought they'd closed it all down for us minions
I have possibly false recollections of Ratesetter doing P2P in other countries, Australia maybe ?
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firedog
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Post by firedog on Feb 15, 2024 10:28:51 GMT
Correct Jonno, my last withdrawal was in October 2020 and the account was closed in January 2021. I thought they'd closed it all down for us minions
I have possibly false recollections of Ratesetter doing P2P in other countries, Australia maybe ?
Yes - though now known as Plenti and still going strong AFAIK.
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Feb 15, 2024 13:02:24 GMT
Totally agree there is no way I would go anywhere near P2P today, especially since you can earn 5-6% in the bank. We might be heading into a very nasty long recession and a lot of the subprime debt that makes up P2P will be badly effected by this. I started to wind my investments down after I started looking in detail at some of the investments made by AC in 2017 - which at that time was the No 1 platform in a lot of peoples minds. Was great when there was piles of money flowing in giving the whole thing an invincible Ponzi scheme feel (combined with the QE that was going on at the time), but you have to exit something like that before it is too late and right now is way too late. I made a great return between 2011 and 2016 and didnt lose a penny to bad debt*.
* - and I had a great time doing it.
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Post by Harland Kearney on Feb 15, 2024 13:46:36 GMT
More like P2P's bad dogs have been taken out the back & shot. The predictable outcome for years before it happened by some smart posters on hear ringing the alarm bells!
The only platform I keep significant capital with is Loanpad & will continue to. They have been a gem in the industry so far & are worth considering in any income-bearing portfolio. Their access to LTD Company accounts also makes them attractive in an environment (the business banking sector) where bank interest rates are significantly lower for SME's.
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Post by investor1925 on Feb 16, 2024 10:14:38 GMT
More like P2P's bad dogs have been taken out the back & shot. The predictable outcome for years before it happened by some smart posters on hear ringing the alarm bells! The only platform I keep significant capital with is Loanpad & will continue to. They have been a gem in the industry so far & are worth considering in any income-bearing portfolio. Their access to LTD Company accounts also makes them attractive in an environment (the business banking sector) where bank interest rates are significantly lower for SME's. Loanpad are the only one I have not ditched, or are in the process of ditching. I was sad when Growth street & Connective lending came & went with alarming haste, I thought they may have been around for longer
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Post by willsmithgrrrr on Feb 20, 2024 12:54:17 GMT
More like P2P's bad dogs have been taken out the back & shot. The predictable outcome for years before it happened by some smart posters on hear ringing the alarm bells! The only platform I keep significant capital with is Loanpad & will continue to. They have been a gem in the industry so far & are worth considering in any income-bearing portfolio. Their access to LTD Company accounts also makes them attractive in an environment (the business banking sector) where bank interest rates are significantly lower for SME's.
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Post by willsmithgrrrr on Feb 20, 2024 13:11:27 GMT
Totally agree there is no way I would go anywhere near P2P today, especially since you can earn 5-6% in the bank. We might be heading into a very nasty long recession. I do agree and the issue is even P2P investments paying 8% is it worth the risk from 5.5 % in bank to 8% with no creditable protection against platform failure. Unless 100ks of thousands invested it's hardly worth the extra risk to your capital but then again would people invest 100ks in P2P ? Most investors sing the praises of diversified P2P portfolio includimg myself but this strategy lowers returns at the price of increased safety which even that is debatable.. If an investor had 100% P2P in Loanpad 6.5% then spread 5 P2P to TRY and lessen over risks then 1 P2P goes into administration you have lost this 20% of original investment perhaps get half back if your lucky still 10% down original investment. If 5 P2P were paying 10 /12 % then you could argue worth the risks problem is ones that are are riskier, exactly why they pay such high rates. Good luck finding more than 5 decent P2P that at the lower risk end. Crowdproperty paying 10% but lots developments now very late. I don't think all in this 1 P2P would be a good idea either. I continue to run down my P2P portfolio as payments come in. There are some decent ones but it can change in a heartbeat sadly.
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mark2
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Post by mark2 on Feb 20, 2024 17:13:40 GMT
Agree with your sentiments willsmithgrrrr . Diversification is always wise, but does not solve the key problem. The key issue with P2P versus more stable forms of investing such as the stockmarket is that when a P2P platform goes down, you are likely to lose all or most of your money.
By contrast, I doubt most people have sleepless nights that they are going to lose everything they have by buying shares via Hargreaves Lansdown or Barclays.
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