cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 14, 2017 18:27:32 GMT
Review by credit committee possibly, they have 5 days under the rules, could also be waiting for the other 3 bits to tick over to DEF today. Its only an administrative move anyway. Interest has been accruing for three months and default status doesnt change that and receivers are already on the case so where the loans appear on the site is somewhat academic, other than to hide them away from the uninformed/not paying attention lenders. Edit: I suppose it makes it a little more obvious to HMRC that they are eligible to be claimed as debt relief than just DEF designation I'm relatively new to all this with a fairly small investments and hold no bitterness to buying into two of these loans without doing my due diligence, my fault for not being careful but just wondering how people think this will be resolved. A return of capital after a long wait with no interest paid in the duration seems like a best case scenario. Too optimistic? The security is listed online with an optimistic asking price @ 4m, which on the face of it will just cover the capital (£3.7m). However, the price that would be accepted will likely be lower, and thus there will be a shortfall. There is also a slim possibility that the borrower will find the funds, but it does seem there is some haggling going on, so may be some shortfall there... With PBL020, SS have shown that the PF can and will be used to cover any shortfall, so while there is money in the PF, you should be fine. It is not a guarantee, and you should not invest with the thought that the PF will cover your funds. Edit : Crossed with lobster
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Post by lendinglawyer on Mar 14, 2017 18:28:26 GMT
Review by credit committee possibly, they have 5 days under the rules, could also be waiting for the other 3 bits to tick over to DEF today. Its only an administrative move anyway. Interest has been accruing for three months and default status doesnt change that and receivers are already on the case so where the loans appear on the site is somewhat academic, other than to hide them away from the uninformed/not paying attention lenders. Edit: I suppose it makes it a little more obvious to HMRC that they are eligible to be claimed as debt relief than just DEF designation I'm relatively new to all this with a fairly small investments and hold no bitterness to buying into two of these loans without doing my due diligence, my fault for not being careful but just wondering how people think this will be resolved. A return of capital after a long wait with no interest paid in the duration seems like a best case scenario. Too optimistic? Definitely no interest in the interim. I'm not in these loans personally, but looking at the updates it seems like the borrower has been trying to refinance and/or sell for quite a long time now, and the first sign of an "expected repayment" was 10 months ago... Given the lapse of time, I suspect a sale/refinance at a valuation sufficient to repay the SS loans in full is proving to be a massive challenge and hence there is a strong chance that there could be an interest and/or principal shortfall. Given the recent PBL020 bail-out and the relatively high number of current defaults I suspect that (unfortunately for the relevant investors) there are going to be some losses soon as the PF will become less willing/able to cover 100% of losses and I can't see Lendy covering everything in the same way as they did on PBL020 forever...
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Post by harryvederci on Mar 14, 2017 18:53:15 GMT
plenty about this one hitting the local press since yesterday
Financially troubled hotel and music venue *** ******* is up for sale – for more than twice what it went for in 2013 and with half the surrounding land it was sold with then.
not sure that is entirely accurate re the extent of the SS security?
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c702
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Post by c702 on Mar 14, 2017 19:25:45 GMT
Thank you for the thoughtful replies.
If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes.
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Liz
Member of DD Central
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Post by Liz on Mar 14, 2017 19:57:35 GMT
Thank you for the thoughtful replies. If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes. No, keep buying. Vmail needs the likes of you to buy his loans  I have some stale cheese you might like 
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 14, 2017 19:59:40 GMT
plenty about this one hitting the local press since yesterday Financially troubled hotel and music venue *** ******* is up for sale – for more than twice what it went for in 2013 and with half the surrounding land it was sold with then.not sure that is entirely accurate re the extent of the SS security? I wondered what was included in the sale, but never really sat down to have a look. If I have some time, I will take a gander Something I can't get my head around is te fact the sale brochure notes that a receiver has been appointed, but no indication of this on the CH listings.
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c702
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Post by c702 on Mar 14, 2017 20:07:52 GMT
Thank you for the thoughtful replies. If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes. No, keep buying. Vmail needs the likes of you to buy his loans I have some stale cheese you might like I'm good thank you lol
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MarkT
Member of DD Central
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Post by MarkT on Mar 14, 2017 20:09:44 GMT
Thank you for the thoughtful replies. If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes. I've been in SS now for about 9 months and had hoped to find good reason to increase my investment. I haven't found that reason yet although I am content(ish) to continue with what I have. As for you, I think you are giving yourself very sound advice.
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c702
Posts: 19
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Post by c702 on Mar 14, 2017 20:11:33 GMT
Thank you for the thoughtful replies. If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes. I've been in SS now for about 9 months and had hoped to find good reason to increase my investment. I haven't found that reason yet although I am content(ish) to continue with what I have. As for you, I think you are giving yourself very sound advice. Thanks, pleased to know I'm not the only one. I pulled some money from Ratesetter that so far I've had no losses from but sitting around 5% is not fantastic (5.5% today). Have you invested in any other high yield P2P? I haven't seen a lot of criticism of ABLrate
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Liz
Member of DD Central
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Post by Liz on Mar 14, 2017 20:13:55 GMT
I've been in SS now for about 9 months and had hoped to find good reason to increase my investment. I haven't found that reason yet although I am content(ish) to continue with what I have. As for you, I think you are giving yourself very sound advice. Thanks, pleased to know I'm not the only one. I pulled some money from Ratesetter that so far I've had no losses from but sitting around 5% is not fantastic (5.5% today). Have you invested in any other high yield P2P? I haven't seen a lot of criticism of ABLrate Moneything, Fundingsecure, collateral, Landlordinvest, are a few others popular on these boards. ThinCats and Assetz capital, maybe worth a look. All high risk, DYOR. Edit: Bondmason for a hands off investment, slightly less of a return.
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pom
Member of DD Central
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Post by pom on Mar 14, 2017 20:14:17 GMT
Thank you for the thoughtful replies. If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes. Well defaults should be expected to be "normal" in p2p - you can put in as much due diligence as is humanly possible and you'll still get caught out here and there. I try to look at them as an opportunity to find out what a platform is really made of  Some I've seen handled really well...some...hmm..and worst loss so far was 20 months worth of interest. But SS.... I'm still not sure...we're getting into an interesting period now with multiple defaults, time to find out what they're really made of. But call me a wimp if you want, I'm getting rid of loan parts well before that stage.
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c702
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Post by c702 on Mar 14, 2017 20:15:59 GMT
Liz yes thanks for recommendations, you don't get 6%+ without risk of course! Which is why I'm not overly bummed out about a small loss in the loans I've made thus far in SS, its 8% of my portfolio with them and there is still a chance of all or part of the capital returned so I'm sanguine about it. That being said not prepared to throw any good money after bad.
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c702
Posts: 19
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Post by c702 on Mar 14, 2017 20:19:02 GMT
Thank you for the thoughtful replies. If defaults are increasing I am very tempted to halt my investments in SS for the next 6 months to see how the field changes. Well defaults should be expected to be "normal" in p2p - you can put in as much due diligence as is humanly possible and you'll still get caught out here and there. I try to look at them as an opportunity to find out what a platform is really made of Some I've seen handled really well...some...hmm..and worst loss so far was 20 months worth of interest. But SS.... I'm still not sure...we're getting into an interesting period now with multiple defaults, time to find out what they're really made of. But call me a wimp if you want, I'm getting rid of loan parts well before that stage. No not a wimp! I had also thought to sell everything on the SM plow it back into the platform I've had no losses from in years and just put some play money into the high risk stuff until I feel I can thoroughly trust a company or two in the high risk end. If you are a wimp then I am a total wuss thinking of running back to safety 
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MarkT
Member of DD Central
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Post by MarkT on Mar 14, 2017 20:20:51 GMT
I've been in SS now for about 9 months and had hoped to find good reason to increase my investment. I haven't found that reason yet although I am content(ish) to continue with what I have. As for you, I think you are giving yourself very sound advice. Thanks, pleased to know I'm not the only one. I pulled some money from Ratesetter that so far I've had no losses from but sitting around 5% is not fantastic (5.5% today). Have you invested in any other high yield P2P? I haven't seen a lot of criticism of ABLrate No I haven't invested in any other high yield P2P yet, but I am looking. I am considering diversification away from property as I'm keeping my SS investment going for now. Maybe COL? I am already invested in Ratesetter and Zopa as my lower risk P2P and, as someone who has a regular and sufficient income P2P only forms a small part of my investment strategy. Most of my money is in relatively safe, relatively low return stuff.
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Liz
Member of DD Central
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Post by Liz on Mar 14, 2017 20:21:50 GMT
Liz yes thanks for recommendations, you don't get 6%+ without risk of course! Which is why I'm not overly bummed out about a small loss in the loans I've made thus far in SS, its 8% of my portfolio with them and there is still a chance of all or part of the capital returned so I'm sanguine about it. That being said not prepared to throw any good money after bad. I'm pretty sure that a good proportion of the capital at least, will be repaid. The only 2 loans to default and go fully through to recovery/conclusion, repaid all capital and all interest due, the ndProvison F used in the latter. I expect the PF to partly, if not fully, compensate for any capital loss. Longer term the PF's ability to pay-out, in my opinion, will be reduced.
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I have some stale cheese you might like 
Some I've seen handled really well...some...hmm..and worst loss so far was 20 months worth of interest.