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Post by camraid on Sept 9, 2020 19:16:38 GMT
I was looking at P2P as an investment class and came across this forum. It is very informative. I operate in the business finance market but not really in the P2P space. I am not sure if I haven't missed the boat as it appears the good times may be behind us. That said, I am sure good opportunities are out there for the right platforms. This story really concerned me and made me seriously think about whether P2P is right for me. What happened? I see it is described as a potential fraud. Was it a big problem? As a new investor are these issues disclosed? Do you think it could happen again? Probably not a great time to leap in (Covid etc and possible increases in bad debt). Usually problems with loans surface gradually over time, initially it all looks good, or no one would lend in the first place, maybe lenders are getting smarter and some of these loans would never happen now? Could it happen again, yes and it probably is right now somewhere. Diversification is king, so if it does happen you don't loose your shirt. But see also platform failures Collateral and Lendy for starters! Yes I saw the Lendy issue. Astonishing really.
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Post by camraid on Sept 9, 2020 19:27:46 GMT
The names are blanked out so it is hard to see what happened. One is described as UE. What happened and why the secrecy surrounding it? It feels like there is good communication to existing investors but perhaps not so much to new potential investors. Is this morally right? This is an open forum and people posting or running the forum could be in trouble if specific loans, or borrowers are mentioned in a bad way, unfortunately you have to be in the loan or at least on the platform to see what is going on. Understood. What kind of sums are we talking about?
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Post by camraid on Sept 10, 2020 10:12:20 GMT
Camraid always struck me as not just a typical P2P newbie potential lender. I see the mods have made one affiliation crystal clear. Sorry Dees, I have just responded to your comment on a thread in Assetz. I am unsure of your concern. Here is my response on another thread: "Yes of course. I work for a business finance brokerage and I am guessing the admins have picked it up from my e-mail address. I work in the business finance market but not really in the loan market. I have had dealings with some P2P lenders. I thought my knowledge of business finance would lend itself to investing in P2P. I have tried the stock exchange looking at growth shares with limited success. I then opted for a blue chip approach hoping for dividends which have collapsed. I am now seeking returns elsewhere and arrived at P2P. In the main I suspect opportunities are well vetted. My concerns are: - the ability to choose which loans to invest in (I am not sure about auto allocation albeit it offers diversity) - the level of communication about defaults and what constitutes a default versus a bad debt. - fraud. This is something we can't really control. However, the lack of communication in this area seems limited or highly confidential. It doesn't seem fair to new investors."
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Post by hugoarchover on Sept 29, 2020 9:27:56 GMT
Fraud would be high up a reason list for loans defaulting. The better the quality of the P2P company, the less chance of it happening. The top ones have a complete arsenal of tools to weed out the crooks probably rejecting 90% of total loan applications.
My advice would be to use independent 4thway.co.uk and follow the 'signs', I haven't lost a penny yet to companies with their full rating. Archover and many other companies don't have their full rating because they won't/can't provide enough information.
I have 2 long standing defaults of supposedly 'secured+insured' loans with Archover and haven't invested another penny until I see the recovery outcome, yes both involve fraud.
The names are blanked out so it is hard to see what happened. One is described as UE. What happened and why the secrecy surrounding it? It feels like there is good communication to existing investors but perhaps not so much to new potential investors. Is this morally right? Hi camraid There are certain reasons why some information is not publicly available to potential investors, with the only reason being in the interest of recovering funds. We are often engaged with a number of legal and recovery partners, all working for a positive outcome for the lenders affected, and we try to share as much information as we can with those specific investors. However, we do not want to take the chance that any of this information gets into the public domain and possibly undermines their work. If you contact us directly we are always happy to discuss the defaults that we have suffered and can talk through what went wrong and what has been changed and improved to avoid further defaults.
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Post by camraid on Nov 25, 2020 4:42:46 GMT
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Mick
Be nice... People respond.
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Post by Mick on Apr 18, 2021 21:07:07 GMT
Does anyone believe progress is being made here in a positive way?
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Post by overthehill on Apr 19, 2021 10:05:28 GMT
Does anyone believe progress is being made here in a positive way?
I think it is hard to judge because everything has a Covid19 get out clause for inaction, poor performance or lack of results. It has been a long list of consumer no win situations for any argument, complaint or grievance. A dream come true for unscrupulous companies. Just remember the holiday companies that treated you well when it comes to future bookings.
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Post by roberti on Jul 16, 2021 5:50:10 GMT
Wary of this whole recovery process !!
Looks like there are much smarter people (crooks) out there than Archover, will ever be ?
YET ANOTHER HUGE SIGH!!
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ton27
Member of DD Central
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Post by ton27 on Jul 20, 2021 11:46:30 GMT
Possibly yes, but credit due for persevering.
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Post by overthehill on Jul 20, 2021 13:02:57 GMT
The more relevant point being the 2 defaulted loans I'm in were supposed to be secured and insured. And monitored, both loans imploded almost immediately after a refinance. Not sure about the other defaults but I'm still to see any return of capital after 3 years (except for 5% on one loan). They are a subsidiary of a prosperous financial company so the recovery performance to date is a matter of debate.
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Steerpike
Member of DD Central
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Post by Steerpike on Jul 20, 2021 13:34:19 GMT
Nine months later I wonder if Ian Anderson is still confident of 80% recovery?
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Post by captainb on Jul 28, 2021 10:00:07 GMT
Months turn into years and still a net capital loss for me. Will it be decades l wonder. Life is running out.
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m2btj
Member of DD Central
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Post by m2btj on Nov 1, 2021 8:55:22 GMT
Months turn into years and still a net capital loss for me. Will it be decades l wonder. Life is running out. The saga continues to grind slowly on! The legal teams will spin it out for as long as possible!
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m2btj
Member of DD Central
Posts: 626
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Post by m2btj on Nov 24, 2021 15:12:02 GMT
Months turn into years and still a net capital loss for me. Will it be decades l wonder. Life is running out. The saga continues to grind slowly on! The legal teams will spin it out for as long as possible! As expected, looks as if this will go well into next year. Lawyers earn more money the longer they can keep the case going. I'd jail them along with their clients!
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liso
Member of DD Central
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Post by liso on Nov 24, 2021 16:31:16 GMT
This afternoon's email update was closely followed by another email from AO, advising us of a different loan soon to go live. The upcoming loan is to a dispute resolution company, E****a**,who is already a borrower with AO, and who reference cases relating to AO in their WIP.
Coincidence?
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