j
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Penguins are very misunderstood!
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Post by j on Feb 21, 2016 20:08:34 GMT
- MLIA supports discounts and it would also be nice to allow premiums if we can get it approved and legal.
Oh lord please do not add premiums to the Secondary resale market. The brilliance of AC's SM is that it works now. Why change something that doesn't need changing? Adding premiums will attract loan flippers and could dry up the liquidity AC has achieved. Couldn't agree more. IT is one of AC's USPs!! DON'T DO IT!
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pikestaff
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Post by pikestaff on Feb 22, 2016 8:18:07 GMT
I just realised that there has been (at least) one post stating that they are leaving each of all the major P2P sites apart from one. The other P2P players would do well to imitate some of SS's winning formula to try and replicate some of their success. SS's "winning formula" will work brilliantly until it falls over, at which point everyone will try to leave at once.
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locutus
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Post by locutus on Feb 22, 2016 8:30:02 GMT
I just realised that there has been (at least) one post stating that they are leaving each of all the major P2P sites apart from one. The other P2P players would do well to imitate some of SS's winning formula to try and replicate some of their success. SS's "winning formula" will work brilliantly until it falls over, at which point everyone will try to leave at once. I'm not sure it is fair to single out SS for that particular criticism. The same point could be made about any P2P provider. The winning formula I was referencing is the one to attract and retain new lenders - something they have clearly excelled at.
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Post by lynnanthony on Feb 22, 2016 12:16:07 GMT
I just realised that there has been (at least) one post stating that they are leaving each of all the major P2P sites apart from one. The other P2P players would do well to imitate some of SS's winning formula to try and replicate some of their success. You don't consider TC to be a major site then? I don't think any one has mentioned leaving it?
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locutus
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Post by locutus on Feb 22, 2016 12:22:01 GMT
I just realised that there has been (at least) one post stating that they are leaving each of all the major P2P sites apart from one. The other P2P players would do well to imitate some of SS's winning formula to try and replicate some of their success. You don't consider TC to be a major site then? I don't think any one has mentioned leaving it? I must have missed that one. In that case, I would make the same point about TC as I did about SS.
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markr
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Post by markr on Feb 22, 2016 13:08:11 GMT
I've been reading this thread but not had the time to comment yet, but in the interests of balance for locutus... The only platform I have totally left, as in sold everything and withdrawn all funds, is SS. I got fed up of the lack of deals and the website crashes when something did come along, which made it impossible to invest beyond the toe-dip level. I understand some changes were made after I'd gone, but when I bother to look at the SS board, the same old complaints still seem to be there. I'm withdrawing from Wellesley as loan parts mature, although I have left a little in the monthly access. No real complaint about the product, just the rates aren't what they used to be. While I'm not actively withdrawing from Zopa at the moment, it is likely that I'll start withdrawing in April in order to get the funds into someone else's ISA. |
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SteveT
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Post by SteveT on Feb 22, 2016 13:15:03 GMT
I've been reading this thread but not had the time to comment yet, but in the interests of balance for locutus ... The only platform I have totally left, as in sold everything and withdrawn all funds, is SS. I got fed up of the lack of deals and the website crashes when something did come along, which made it impossible to invest beyond the toe-dip level. I understand some changes were made after I'd gone, but when I bother to look at the SS board, the same old complaints still seem to be there. I'm withdrawing from Wellesley as loan parts mature, although I have left a little in the monthly access. No real complaint about the product, just the rates aren't what they used to be. While I'm not actively withdrawing from Zopa at the moment, it is likely that I'll start withdrawing in April in order to get the funds into someone else's ISA. I'd suggest ignoring the complaints and trying SS again. Plenty of new deals at the moment and no need to go anywhere near the SM (unless you want to try just after a new loan launches, especially after midnight). Just set some reasonable pre-fund targets on the pipeline loans and wait to be allocated a slice when they launch. It's a lot different to the old "fastest finger first" days  (on the PM at least)
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locutus
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Post by locutus on Feb 22, 2016 13:19:11 GMT
Agreed with reference to SS. There is a big loan launching tomorrow that you can prefund if you wanted to get back in and try it out again.
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Liz
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Post by Liz on Feb 22, 2016 14:01:49 GMT
I just realised that there has been (at least) one post stating that they are leaving each of all the major P2P sites apart from one. The other P2P players would do well to imitate some of SS's winning formula to try and replicate some of their success. You don't consider TC to be a major site then? I don't think any one has mentioned leaving it? Don't get me started, I'm leaving it. Too many loans defaulting, very poor recovery rates in so called secure loans, terrible unworkable SM, SM cost, poor website, near zero communication, especially on problem or loans with missing payments, sponsor conflict of interest etc. One loan recently concluded, SME loan secured by property(2nd charge) has left members with a 75% capital loss. Another 18% recovery, and we are yet to see a penny, and doubt we will, as this payment is from a PG. Others in default, where recoveries are very pessimistic.
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Liz
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Post by Liz on Feb 22, 2016 14:04:11 GMT
I've been reading this thread but not had the time to comment yet, but in the interests of balance for locutus... The only platform I have totally left, as in sold everything and withdrawn all funds, is SS. I got fed up of the lack of deals and the website crashes when something did come along, which made it impossible to invest beyond the toe-dip level. I understand some changes were made after I'd gone, but when I bother to look at the SS board, the same old complaints still seem to be there. I'm withdrawing from Wellesley as loan parts mature, although I have left a little in the monthly access. No real complaint about the product, just the rates aren't what they used to be. While I'm not actively withdrawing from Zopa at the moment, it is likely that I'll start withdrawing in April in order to get the funds into someone else's ISA. The website crashing, is a thing of the past, and prefunding guarantees you a slice of every loan if you wish.
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pikestaff
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Post by pikestaff on Feb 22, 2016 14:39:24 GMT
SS's "winning formula" will work brilliantly until it falls over, at which point everyone will try to leave at once. I'm not sure it is fair to single out SS for that particular criticism. The same point could be made about any P2P provider. The winning formula I was referencing is the one to attract and retain new lenders - something they have clearly excelled at. I think SS's model is particularly risky. It is paying lenders interest from day 1 and it is offering a provision fund as well, all of which must come out of the spread between what it is receiving from borrowers and the already high headline rate of 12% paid to lenders. It is hard to see how SS is managing to source enough borrowers in the face of competition from cheaper lenders/platforms, but it won't be by being picky. My guess is it's probably paying top commissions to introducers as well. When there is a downturn in the property market I expect the emperor will be found to be wearing very few clothes. Just my opinion, of course.
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Post by solicitorious on Feb 22, 2016 17:06:33 GMT
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Post by Financial Thing on Feb 22, 2016 17:21:29 GMT
I'm not sure it is fair to single out SS for that particular criticism. The same point could be made about any P2P provider. The winning formula I was referencing is the one to attract and retain new lenders - something they have clearly excelled at. I think SS's model is particularly risky. It is paying lenders interest from day 1 and it is offering a provision fund as well, all of which must come out of the spread between what it is receiving from borrowers and the already high headline rate of 12% paid to lenders. It is hard to see how SS is managing to source enough borrowers in the face of competition from cheaper lenders/platforms, but it won't be by being picky. My guess is it's probably paying top commissions to introducers as well. When there is a downturn in the property market I expect the emperor will be found to be wearing very few clothes. Just my opinion, of course. Anytime one takes high interest debt out on real estate, the risks are very real. I speak from experience. Everything boils down to SS and the quality of their underwriting. If they are slack, investors could be in real trouble if a downturn occurs. I've trusted some other platforms underwriting and have been gravely disappointed. Yet to experience this with SS but highly prepared that it could happen. Just so many unknowns.
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jonah
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Post by jonah on Feb 22, 2016 21:14:49 GMT
I'm not sure it is fair to single out SS for that particular criticism. The same point could be made about any P2P provider. The winning formula I was referencing is the one to attract and retain new lenders - something they have clearly excelled at. I think SS's model is particularly risky. It is paying lenders interest from day 1 and it is offering a provision fund as well, all of which must come out of the spread between what it is receiving from borrowers and the already high headline rate of 12% paid to lenders. It is hard to see how SS is managing to source enough borrowers in the face of competition from cheaper lenders/platforms, but it won't be by being picky. My guess is it's probably paying top commissions to introducers as well. When there is a downturn in the property market I expect the emperor will be found to be wearing very few clothes. Just my opinion, of course. Whilst agreeing with the general point, but on the provision fund, it's more deferred profit than a pure cost, at least for successfully completed loans. SS take out the 2% for a loan once it's been repaid and add it, I assume, to their profits. This isn't ideal from a growth to provision fund basis, but does help SS and their bottom line. What happens when* a loan goes wrong and the PF is called upon I don't know, as that would reduce that nice 2% stat, but until then it's almost** zero expense. * I say when instead of if as it is almost bound to happen at some point. ** they lose the opportunity to use the money in the short term, interest on it etc.
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bababill
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Post by bababill on Feb 23, 2016 2:03:32 GMT
I left SS for reasons Pikestaff mentioned above plus I didn't agree with their 'headline' valuations; for instance a loan to value valuation based on the assumption that planning permission would be granted.
Also left FC a while back. I got too irate/upset/annoyed with the bad debts.
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(on the PM at least)
