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Post by Deleted on Mar 8, 2016 11:29:50 GMT
I've almost finished unloading my £10K holding. I made £600+ in about a year but there was an upsurge in lates and defaults so I am closing my account.
My loans were only A+ down to B and yet the standard of borrower was never to my liking.
I can see a new recession coming and would rather have my money in safeguarded non-business P2P.
We can trust the establishment to hound the individual for repayment of debt but businesses and corporations always seem able to walk away from their debts.
I've put the £10K back into Premium Bonds whist I decide what to do with it.
Glad to see my bullion on the up again.
Good luck to all who remain!!!
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Post by goldservice on Mar 8, 2016 11:35:50 GMT
My feelings too. I have this weekend sold all £40k of my remaining SME loans and will just play with Es now. When you say "would rather have my money in safeguarded non-business P2P", what platforms do you have in mind? SS? RS?
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happy
Member of DD Central
Posts: 397 
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Post by happy on Mar 8, 2016 14:02:55 GMT
Me too, over the last year invested over £20k in hand picked mainly A+/A SME and property loans but after 3 SME A loan defaults all within a few months of draw-down and another loan looking like its going the same way I am done with unsecured SME lending at these rates. Too much effort trying to find the few companies worth lending to and defaults eating away at meagre returns. I may decide to stay with lower LTV secured property deals on FC for diversification reasons, not sure yet.
Any views on SS? Not ventured there yet.
Last one out flick the light switch please, I'm sure autobodge and the E bots can work in the dark........
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Post by Deleted on Mar 8, 2016 14:03:51 GMT
He answered, saying he invested in Premium Bonds (i.e. back to the safe heaven of state guarantees).
I am very puzzled as to how you achieved a 40k sale in a week-end. It might take me a year to remove all my SMEs...
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Post by Deleted on Mar 8, 2016 14:06:24 GMT
Me too, over the last year invested over £20k in hand picked mainly A+/A SME and property loans but after 3 SME A loan defaults all within a few months of draw-down and another loan looking like its going the same way I am done with unsecured SME lending at these rates. Too much effort trying to find the few companies worth lending to and defaults eating away at meagre returns. I may decide to stay with lower LTV secured property deals on FC for diversification reasons, not sure yet. Any views on SS? Not ventured there yet. Last one out flick the light switch please, I'm sure autobodge and the E bots can work in the dark........ 100% on SS. Leave the FC boat until it is stable... It has honestly become a true bank (too much money and not enough care in selecting borrowers or following trough properly the lates/defaults) and we are now subsidising the funds. Certainly not worth anymore. I am patiently offloading everything.
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Post by goldservice on Mar 8, 2016 14:19:52 GMT
He answered, saying he invested in Premium Bonds (i.e. back to the safe heaven of state guarantees). I am very puzzled as to how you achieved a 40k sale in a week-end. It might take me a year to remove all my SMEs... Sold 2000-2500 parts in 3 days. A+s at 9-9.5%, As at 10-10.5%. All the (don)key work done by FCViz (thank you LoneRifle!)
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Post by davee39 on Mar 8, 2016 14:21:00 GMT
I spotted P2P Global Investment trust had dropped 25% since its peak and was at a 6% discount, so goodbye FC. Unfortunately only got £2k invested before it started going back up. The FC investment trust is currently at about a 6% discount, but with a bid/offer spread of 6% it needs to fall some more before I'll bite.
Current rates are too low, A+ and A loans look like previous C's and the E's all go to bots. On top of that the RBR's a month or two after taking out a loan indicates a serious lack of DD.
I am moving most of the balance to RS or the Assetz 7% provision fund accounts. With Easter coming up and the likely shortage of listed loans I expect to be all out in a couple of months (apart from the RBR's and defaults of course).
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Post by goldservice on Mar 8, 2016 15:12:10 GMT
I spotted P2P Global Investment trust had dropped 25% since its peak and was at a 6% discount, so goodbye FC. Unfortunately only got £2k invested before it started going back up. The FC investment trust is currently at about a 6% discount, but with a bid/offer spread of 6% it needs to fall some more before I'll bite. Current rates are too low, A+ and A loans look like previous C's and the E's all go to bots. On top of that the RBR's a month or two after taking out a loan indicates a serious lack of DD. I am moving most of the balance to RS or the Assetz 7% provision fund accounts. With Easter coming up and the likely shortage of listed loans I expect to be all out in a couple of months (apart from the RBR's and defaults of course). The Es don't all go to bots. I get a lot of Es and I do not have a bot, honest! I agree that the risk is awful so I sell all before the first repayment (usually with a premium). It's fun but it's not scalable 'cos of the 20% limit and poor deal flow. I got the idea from someone (yourself?) who pointed out two years ago that C- loans could frequently be bought near 15% and then sold within 3 months to net a good rate.
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happy
Member of DD Central
Posts: 397
Likes: 497
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Post by happy on Mar 8, 2016 15:31:15 GMT
Me too, over the last year invested over £20k in hand picked mainly A+/A SME and property loans but after 3 SME A loan defaults all within a few months of draw-down and another loan looking like its going the same way I am done with unsecured SME lending at these rates. Too much effort trying to find the few companies worth lending to and defaults eating away at meagre returns. I may decide to stay with lower LTV secured property deals on FC for diversification reasons, not sure yet. Any views on SS? Not ventured there yet. Last one out flick the light switch please, I'm sure autobodge and the E bots can work in the dark........ 100% on SS. Leave the FC boat until it is stable... It has honestly become a true bank (too much money and not enough care in selecting borrowers or following trough properly the lates/defaults) and we are now subsidising the funds. Certainly not worth anymore. I am patiently offloading everything. Thanks @hor1997 I will take a look down SS way soon, good luck.
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Post by nightmare on Mar 8, 2016 15:49:21 GMT
I spotted P2P Global Investment trust had dropped 25% since its peak and was at a 6% discount, so goodbye FC. Unfortunately only got £2k invested before it started going back up. The FC investment trust is currently at about a 6% discount, but with a bid/offer spread of 6% it needs to fall some more before I'll bite. Current rates are too low, A+ and A loans look like previous C's and the E's all go to bots. On top of that the RBR's a month or two after taking out a loan indicates a serious lack of DD. I am moving most of the balance to RS or the Assetz 7% provision fund accounts. With Easter coming up and the likely shortage of listed loans I expect to be all out in a couple of months (apart from the RBR's and defaults of course). The Es don't all go to bots. I get a lot of Es and I do not have a bot, honest! I agree that the risk is awful so I sell all before the first repayment (usually with a premium). It's fun but it's not scalable 'cos of the 20% limit and poor deal flow. I got the idea from someone (yourself?) who pointed out two years ago that C- loans could frequently be bought near 15% and then sold within 3 months to net a good rate. It's certainly not scalable for most people when you are grabbing 20% of the pot, I struggle to get 7-8% on anything less than a £35k loan.
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Post by goldservice on Mar 8, 2016 15:52:02 GMT
'Grabbing' sounds a bit strong! I follow the rules (but sorry about that £80 tho' it was site latency, methinks).
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Post by GSV3MIaC on Mar 8, 2016 17:28:19 GMT
The rules need changed to make the 20% rather smaller methinks. However FC don't seem interested in fixing it.
SS looks like reasonable returns (12%) with a lot less effort. Ditto AC, and maybe MT. Getting copious sums into SS is often hard work, although tomorrow looks like it will be a doddle, as long as you sign up today (PM me if you want to be referred, although I think that only benefits me, not you!).
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jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
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Post by jonah on Mar 9, 2016 4:27:01 GMT
The rules need changed to make the 20% rather smaller methinks. However FC don't seem interested in fixing it. SS looks like reasonable returns (12%) with a lot less effort. Ditto AC, and maybe MT. Getting copious sums into SS is often hard work, although tomorrow looks like it will be a doddle, as long as you sign up today (PM me if you want to be referred, although I think that only benefits me, not you!). Currently 20+ loans to invest in right now! It's a veritable feast compared to a month ago. 3 new ones probably going live today also. My modest FC selection is slowly winding down too. It will be a while before it hits zero though.
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Post by goldservice on Mar 9, 2016 8:44:47 GMT
Getting copious sums into SS is often hard work, But I thought you had a bot (Dove?) to do it for you? It's certainly hard for those of us with no bot.
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Post by GSV3MIaC on Mar 9, 2016 9:02:39 GMT
We got the bots banned there, if not at F
C. Do keep up! 8>.
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