j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Mar 17, 2015 17:34:17 GMT
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Mar 17, 2015 19:04:32 GMT
Usually I get at least slightly upset if I hadn't put a steak ( :Psorry, bit of tomfoolery) in an SS loan, esp ones that are small with decent ltv but, having got the text for this one but no internet access, I missed the boat by an hour or so, by which time it was well & truly gone.Yet, I'm not even mildly upset! Until SS get off their proverbial & resolve the SPV/trust issues that are holding back many from investing a lot more, we're all effectively adding to the same loan & not diversifying. It can take one big loan to bring the whole enterprise down. I'm just baffled as to why they don't want to pursue the issue further & keep ignoring our requests for info/progress/action. Sooner or later, SS will reach saturation point & need to look at the issue seriously enough in order to bring more funds in. Why not be professional about it & resolve asap.
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 17, 2015 23:42:41 GMT
I'm just baffled as to why they don't want to pursue the issue further & keep ignoring our requests for info/progress/action. Sooner or later, SS will reach saturation point & need to look at the issue seriously enough in order to bring more funds in. Why not be professional about it & resolve asap. I understand your bafflement, but my thinking is that they have very little incentive to change until they have trouble funding all the loans they can bring to the platform. There's no sign of that yet, so we're left waiting and holding back on investing further. As long as the overall P2P market is growing rapidly, there will be a good supply of new investors blinded by the high returns relative to their bank accounts and not too worried about such details.
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huxs
Member of DD Central
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Post by huxs on Mar 18, 2015 14:41:12 GMT
I'm just baffled as to why they don't want to pursue the issue further & keep ignoring our requests for info/progress/action. Sooner or later, SS will reach saturation point & need to look at the issue seriously enough in order to bring more funds in. Why not be professional about it & resolve asap. I understand your bafflement, but my thinking is that they have very little incentive to change until they have trouble funding all the loans they can bring to the platform. There's no sign of that yet, so we're left waiting and holding back on investing further. As long as the overall P2P market is growing rapidly, there will be a good supply of new investors blinded by the high returns relative to their bank accounts and not too worried about such details. Hi J and mikes1531, Being new to P2P, I am probably one of these "new investors blinded by the high returns". While not wanting to bring down the wrath of older members of this forum who have probably heard this all before but what are the SPV/Trust issues you refer to and how worried should I be?
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 18, 2015 15:13:32 GMT
I understand your bafflement, but my thinking is that they have very little incentive to change until they have trouble funding all the loans they can bring to the platform. There's no sign of that yet, so we're left waiting and holding back on investing further. As long as the overall P2P market is growing rapidly, there will be a good supply of new investors blinded by the high returns relative to their bank accounts and not too worried about such details. Hi J and mikes1531, Being new to P2P, I am probably one of these "new investors blinded by the high returns". While not wanting to bring down the wrath of older members of this forum who have probably heard this all before but what are the SPV/Trust issues you refer to and how worried should I be? In the simplest terms, SS/Lendy make loans to borrowers, and the control over the security rests with them. We lend money to SS/Lendy so that they can make more loans. If, for whatever reason, SS/Lendy collapse, then all of us probably would be lumped in with all the other people they owe money to and we and the others all get to fight over the SS/Lendy assets/security. With some other P2P platforms, the lenders lend directly to the borrowers with the platform acting as broker/agent. The securities are lodged in a trust for our benefit. If that were the situation here, then if SS/Lendy were to collapse we still would have control over the security via the trust fund, and it couldn't be attacked by anyone else SS/Lendy might owe money to. That's an oversimplification, but I HTH. Maybe someone else will come along and explain the situation better.
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huxs
Member of DD Central
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Post by huxs on Mar 18, 2015 16:19:04 GMT
Hi J and mikes1531, Being new to P2P, I am probably one of these "new investors blinded by the high returns". While not wanting to bring down the wrath of older members of this forum who have probably heard this all before but what are the SPV/Trust issues you refer to and how worried should I be? In the simplest terms, SS/Lendy make loans to borrowers, and the control over the security rests with them. We lend money to SS/Lendy so that they can make more loans. If, for whatever reason, SS/Lendy collapse, then all of us probably would be lumped in with all the other people they owe money to and we and the others all get to fight over the SS/Lendy assets/security. With some other P2P platforms, the lenders lend directly to the borrowers with the platform acting as broker/agent. The securities are lodged in a trust for our benefit. If that were the situation here, then if SS/Lendy were to collapse we still would have control over the security via the trust fund, and it couldn't be attacked by anyone else SS/Lendy might owe money to. That's an oversimplification, but I HTH. Maybe someone else will come along and explain the situation better. Thanks mikes1531 that does help, while I was never going to be putting all my eggs in one basket, I will be treating the SS basket with a lot more care now. I know via both Funding Circle and RateSetter the lender is lending directly to the Borrow and therefore that contract remains even if either FC or RS where to disappear, does FundingSecure have the same set-up as SS. Also even though I am new to this I totally agree that if SS were to change then I would be happier to invest more.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Mar 18, 2015 23:04:57 GMT
Hi huxs, as Mike explained, with other p2p platforms, you are genuinely diversifying into a number of loans, so if one went bust, you will only lose part of your overall investment. With SS & their current set up, you effectively lend to one entity no matter how many loans you're money is in (ie SS/Lendy itself). If they encounter problems, ALL your capital would be at risk. |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 5, 2016 9:11:06 GMT
According to the update today, this loan going to be paid back today in full. One less negative term loan to worry about  |
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adrianc
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Post by adrianc on Sept 5, 2016 9:30:37 GMT
According to the update today, this loan going to be paid back today in full. One less negative term loan to worry about Just repaid.
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RR, the official name of that "smiley" is "Not amused". (Right click on the smiley, 'save image as' and it shows the name.) So I guess you had it right! 
, I'm completely 
that you would know that. You must be such a 
to know a thing like that, frankly I would be 
if I ever did anything so un 
. I'm 
as to whether you are just 
or completely 
. 
