Jumping Ship

I have a question regarding moving money out of Faded Chances into RS, FE etc. Rather than have the funds set to my own bank account and then onto another platform is it possible to issue instructions for the funds to be paid from one client account to another? For example FC to pay direct into my RS account. I ask because I have a number of property loans that should repay in the next six months. Its unlikely FC will have anything worth placing the whole amount on straight away. I therefore plan to "park" the money with RS on the monthly mark while I look for a new loner term home. (And before anyone puts forward the idea I already have a full TSB account)

I agree with that. However Free Credit usually get the money to your account next working day, and if you pay RS by debit card you can add cash instantly, and have it leave your bank 2-3 days later. Better than having FC send it to RS, unless it is too large for a debit card transaction (in which case ring your bank first).

TC have their own active forums - yes two of them. No need to hide the name of clients or individual names as they are only open to registered users. (Zopa also has its own active forum, which is why that isn't very popular here either.) TC minimum bid £1,000 in most cases, variable quality of propositions and variable quality and style of document presentation. My guess with no evidence to justify is that if you bid on every loan you would do better than you would autobidding at FC. There are big changes due in the next week or two, including a change in the IT platform and a possible change in ownership. If you are interested I would register, deposit £1,000 and read as much in the forums as you can. (You only get access to one forum after making a deposit.) I would hold off on investing until the changes are made. I would make sure you read as much as you can about Eur***t. This loan which went wrong raises many of the issues of P2B lending in general and with Thin Cats in particular.

I have sold most of my loans and taken the money out, but I am waiting to see the changes and I hope to return because they do seem to have a good flow of loans at good rates.

When I tried to withdraw to a different account, Fabulously Conscientious phoned me up within minutes, to my astonishment, to find out what was going on.

Well, it’s playing out OK for me so far. I jumped ship with half of my Frail Capital and moved it to SS - having looked at AC and ReBS first but rejected them as having too few deals. It’s fairly high interest at 12% and doesn’t look too risky. In fact, when I look at the many defaults that I’ve suffered on Famously Crumbly, and at the first charge on property with max LTV=70% on SS, then it feels less risky. Also, although the deal flow is erratic, SS tells you what’s in the pipeline. I found that the Frantic Clicking skills from the auction climaxes that I had developed were transferable to the buying frenzy that grips the SS SM when a loans pops out of the pipeline and lenders rush to rebalance their loans.

Not a criticism of you, goldservice (as you say SS is serving you well), but this does represent the rose-tinted glasses that seem to be being worn for SS at the moment. Deals on SS look to me to be virtually non-existent (at least as a proportion of funds waiting to invest in them); at the time I bailed out of SS I reckoned that the amount of time one could actually invest money in SS amounted to less than half an hour per month, and even if you happened to be around during one of the tiny windows between a new loan appearing and it being gobbled up, it was pot luck if the website actually let you in. The likelihood of logging in at one's convenience and being able to invest were essentially zero.

For someone with a life outside of P2P, that's not a model that works for me. Ironically, I see that users on the SS board are now complaining about unsporting use of bots, plus ca change.

Have you studied how the SS pre-funding process now works? I don't pay the SM any attention at all these days (other than to sell down loans I wish to diversify out of), simply setting target investments on the pending loans. Couldn't be simpler.