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Post by reeknralf on Feb 18, 2016 12:49:51 GMT
People often ask for platforms to join, but not for platforms to leave. I started P2P 2 years ago, opened lots of accounts, and am now pruning the one's I don't like. The following are nothing more or less than my own opinions, and may not be generally representative of other users experiences.
First to go was Rebs - Reverse auctions leading to too much money driving rates too low.
Next was Bondora - high defaults, negligble recovery. Ambivalence, bordering on contempt, from 'support'.
Recently Twino (don't trust buyback sufficiently for a large investment, can't be bothered with a small investment) and ABLrate (got bored of waiting for it to find traction) got the chop.
Soon to join them, FS and MT. I'm not interested in platforms where my life has to revolve around clock-watching and F5. No autobid = no reeknralf. MT is particularly galling as I joined early on, and now find I'm being pushed out by later investors with too much time on their hands. The more a platform seems to encourage feeding frenzies, the less I trust them.
This leaves AC, SS, Mintos, Emoney, FE and EstateGuru.
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adrianc
Member of DD Central
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Post by adrianc on Feb 18, 2016 12:53:44 GMT
The more a platform seems to encourage feeding frenzies, the less I trust them. This leaves ... SS ... There are worse feeding frenzies than SS's SM? Hungry piranhas apart, of course.
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SteveT
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Post by SteveT on Feb 18, 2016 13:03:26 GMT
I dabbled in FK but couldn't see any strong reason to stick around so gradually withdrew.
I'm almost out of ReBS now (mostly just the dog loans left, of which there are too many). Everything there (website, auctions, follow-up) moves at a snail's pace.
I can't agree with your MT "feeding frenzy" comment; the platform keeps adjusting bid limits down to try to keep auctions open for a good few hours. However, the better loans on FS do disappear very quickly these days. And AR is showing many signs of renewed vigour so you might want to review that decision too!
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Post by Butch Cassidy on Feb 18, 2016 13:20:48 GMT
In the process of leaving Bondora - 1000 reasons why, the only silver lining is I'll likely have a decent profit even after a bit of adverse exchange rate
Reluctantly toying with AC, which is by far my largest exposure, due to the dramatic fall in rates (even though they still price for risk not liquidity apparently!) & them spending too long on IT, compliance, launching/promoting new accounts, securing new funding streams, suspending loans even though their trading system could allow restrictions (all of which are important) but too little time sourcing & launching new loans & even less on monitoring & maintaining current loans - always jam tomorrow but that day never comes. Moving towards a hands off, lower return platform where active manual bidders will be sidelined & irrelevant.
I have no plans to increase exposure on Rebs, Mintos or LC unless one of my remaining FC, SS, MT, Abl starts to fail. I am happy to keep MT as they are the newest & are starting to show real progress
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ablender
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Post by ablender on Feb 18, 2016 13:54:11 GMT
I have heard people complaining that:
others have too much money to invest, or that
others have too fast fingers, or that
others have too much technical knowledge and build bots, or that
others have too much time to follow new launches and SMs.
I am sure there were other reasons to complain about but these are the ones which come to mind.
What I really complain about are issues which are created by the platforms such as an increase in selling fees on LC and the removal of reverse bidding on FC.
Another issue that is created by the platform is the SM on FS. I know that some people are happy with it and that they can take tax advantage with the SM as is. I am not happy with it and it is a sticking point for me.
I do not particularly like ABL's SM either. I end up loosing money too quickly if I use it.
I am currently experimenting with AC and ReBS. I can already say that I am not a great fan of the auto-buying mechanism on AC as it keeps changing the values of loan parts I have making it close to impossible to keep track of which parts I have and what interest I am due. ReBS - too new to say, but not impressed.
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Post by zzr600 on Feb 18, 2016 14:13:10 GMT
I left ZOPA as it offers 1-2% less than Ratesetter for what appears to be a similar level of risk. Zopa is also less flexible when it comes to setting interest rates than RS
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Post by easteregg on Feb 18, 2016 14:47:43 GMT
The only platform that I ever left was YES-secure, which was due to not being to lend at a profit (bad debts were sometimes higher than returns) and the company not being customer focused.
I have reduced exposure to some companies, and increased exposure to others, but only ever left one company.
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star dust
Member of DD Central
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Post by star dust on Feb 18, 2016 15:28:33 GMT
I left Zopa last year, that is if one can ever 'leave' them, I still have some loans in remand paying one p every other month for the foreseeable future! I stopped investing when Zopa started prioritising new money over recycled money, and last year I finally RR'd (sold out) the rest of my loanbook as rates were low and lates/ defaults seemed to be increasing. I also left Wellesley last year as rates had dropped and despite their efforts to entice me to re-invest they were still too low to justify a longer term fix.
I'm not investing in anything without a cost free exit route or less than year term atm; and so am not re-investing in RS currently either, but no plans to actually exit just effectively running down. I thought AC might have turned a corner, but although their deal-flow has improved there are still issues as noted by others, so I'm not sure of where I'm going here.
Due to my platform shrinkage I'm looking for another one, but haven't quite decided where yet.
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ben
Posts: 2,020
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Post by ben on Feb 18, 2016 15:45:54 GMT
not left any yet but have not increased either FK or Emoney for quite a bit so will decide what to do with them
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agent69
Member of DD Central
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Post by agent69 on Feb 18, 2016 18:26:25 GMT
Zoooooopa - rates too low
FC - defaults too high, recoveries too low
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hazellend
Member of DD Central
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Post by hazellend on Feb 18, 2016 19:38:38 GMT
People often ask for platforms to join, but not for platforms to leave. I started P2P 2 years ago, opened lots of accounts, and am now pruning the one's I don't like. The following are nothing more or less than my own opinions, and may not be generally representative of other users experiences. First to go was Rebs - Reverse auctions leading to too much money driving rates too low. Next was Bondora - high defaults, negligble recovery. Ambivalence, bordering on contempt, from 'support'. Recently Twino (don't trust buyback sufficiently for a large investment, can't be bothered with a small investment) and ABLrate (got bored of waiting for it to find traction) got the chop. Soon to join them, FS and MT. I'm not interested in platforms where my life has to revolve around clock-watching and F5. No autobid = no reeknralf. MT is particularly galling as I joined early on, and now find I'm being pushed out by later investors with too much time on their hands. The more a platform seems to encourage feeding frenzies, the less I trust them. This leaves AC, SS, Mintos, Emoney, FE and EstateGuru. ABL rate flow rate looking better. Moneything has no feeding frenzy. There is a 28% LTV property loan which has been available since 4pm and still has plenty left. Sounds to me like you have ruled out most P2P sites.
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webwiz
Posts: 1,133
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Post by webwiz on Feb 18, 2016 19:52:04 GMT
I left, or am running down, Zopa & RS (rates), PP (prefer PM), AO (rates & deal flow), W (rates), UB (deal flow). I hate the SM on FS and Abl but just avoid using the SM as OK otherwise, but need to be selective on loans. The SM on SS is useless for buying but great for selling. MT is great except no pre-funding, but their cap works after a fashion so I am sticking with them. Jury is out on PM but sticking with them for now.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 18, 2016 20:10:20 GMT
Left (bar bad debt) Zopa (rates), FC (defaults), leaving Well (Rates), RS (Rates), FK (defaults/rates/flow) Fruitful (shutting)
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jonah
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Post by jonah on Feb 18, 2016 21:20:19 GMT
Fs would be mine... I looked at it when the SM launched as I can't fff most of the time but decided it didn't work for me. A minor profit made though.
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Post by solicitorious on Feb 19, 2016 1:22:05 GMT
[Moderated: BB]: Post deleted. Statement of dishonesty/deceit not clarified/corroborated/amended.
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