jimbo
Posts: 233 
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Post by jimbo on Mar 29, 2014 1:07:48 GMT
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Post by lynnanthony on May 9, 2014 14:02:29 GMT
I just registered on Money & Co, to have a look at what they're offering. Four auctions currently showing; none with any security, one has a personal guarantee.
I'm currently running down my FC account to get away from unsecured lending. Can anyone see any reason to invest through Money & Co?
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on May 9, 2014 14:35:58 GMT
I just registered on Money & Co, to have a look at what they're offering. Four auctions currently showing; none with any security, one has a personal guarantee. I'm currently running down my FC account to get away from unsecured lending. Can anyone see any reason to invest through Money & Co? NO! Not with what you've just outlined in your post
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Post by batchoy on May 9, 2014 14:36:54 GMT
Having read their Lender Ts&Cs I don't think I shall be signing up anytime soon, apart from them already announcing that the current directors are looking to exit the business after 5 years there are too many 'mays' and to few 'wills' when it comes to Money&Co taking any enforcement action on defaults and late payments, and too much about amending the the loan to aid the borrower (though clause 12.1 and 12.2 are somewhat contradictory), rather than protecting the lender and enforcing the lender's side of the loan agreement.
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dorset
Member of DD Central
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Post by dorset on May 9, 2014 16:18:36 GMT
I think that we need to assume that most if not all founders of P2P/B businesses will have factored in exiting at some stage 5+ years out. Not a reason however not to dip your toe in the water.
The board including non-execs looks fairly high powered but I cannot yet see what the USP is. Without a USP where will they get the traction? Most of the platforms are only growing due to BoE financial repression which is forcing savers into more and more esoteric investments. At some stage interest rates will move back to or close to historical levels. Who will then be interested in say a P2B platform which is only offering 5% or so.
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Post by batchoy on May 9, 2014 16:36:08 GMT
I think that we need to assume that most if not all founders of P2P/B businesses will have factored in exiting at some stage 5+ years out. Not a reason however not to dip your toe in the water.
The board including non-execs looks fairly high powered but I cannot yet see what the USP is. Without a USP where will they get the traction? The USP for Money&Co is Nicola Horlick, hence the concern that her 5 year exit strategy is already in place and the view that rather than being a vehicle to bring alternative investing/lending to the market, it is a vehicle to enable her and her cohorts to jump on the P2P bandwagon and make a quick buck. Not that I am cynical or anything.
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bugs4me
Member of DD Central
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Post by bugs4me on May 9, 2014 16:44:27 GMT
I think that we need to assume that most if not all founders of P2P/B businesses will have factored in exiting at some stage 5+ years out. Not a reason however not to dip your toe in the water.
The board including non-execs looks fairly high powered but I cannot yet see what the USP is. Without a USP where will they get the traction? The USP for Money&Co is Nicola Horlick, hence the concern that her 5 year exit strategy is already in place and the view that rather than being a vehicle to bring an alternative investing/lending vehicle to the market, it is a vehicle to enable her and her cohorts to jump on the P2P bandwagon and make a quick buck. Not that I am cynical or anything. Personally I think the gloss (if ever there was any) no longer applies to that individual. Think it was the same person that invited a 150k investment for 1% of the shares for a film venture a few months back. The 150k was supposedly to pay the CEO for 12 months with no financial commitment from NH. Not sure if it took off or not.
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dorset
Member of DD Central
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Post by dorset on May 9, 2014 16:56:57 GMT
Agree. The gloss on NH has long since gone. If this is the only USP then they are going to really catch a cold.
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Post by easteregg on May 9, 2014 21:20:36 GMT
I've signed up to Money&Co and have written a review on the P2P money blog. blog.p2pmoney.co.uk/money-and-co-reviewTheir USP is that borrowers can get large, low rate loans and that "retail lenders" can compete on a fairly level playing field with high net worth individuals (some have made loan offers of £10k at low rates). Money&Co will only be successful if they can fill loans with these high net worth individuals and the crowd together. |
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bugs4me
Member of DD Central
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Post by bugs4me on May 9, 2014 22:06:37 GMT
Agree. The gloss on NH has long since gone. If this is the only USP then they are going to really catch a cold. Doubt if the individual will catch a cold - don't think she ever does. But for others........ couldn't agree more.
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Post by jackpease on May 10, 2014 7:17:09 GMT
Good Blog Easteregg. I'm going to sign up and see - anything to avoid having to invest with FC.
As in another thread they take a week to answer emails because they are 'busy' which is the behaviour of big banks from whom we are trying to escape.
Whatever we think of Nicola Horlick I doubt she'd want another fail on her CV
Jack
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Post by jackpease on May 10, 2014 7:30:03 GMT
Hrmphh. Signed up and got and got a load of Javabollocks when i tried to bid. Will report back on the platform's response to techie queries! Jack Details Timestamp: Sat May 10 07:24:12 UTC 2014 Exception: java.lang.reflect.InvocationTargetException Caused By: com.investia.services.ThresholdException: Bad Stop Price 0.1010 templateName: live-bids.html actionURL: www.moneyandco.com/q/mandco/live-bids.htmlStack Trace sun.reflect.NativeMethodAccessorImpl.invoke0(Native Method) sun.reflect.NativeMethodAccessorImpl.invoke(NativeMethodAccessorImpl.java:39) sun.reflect.DelegatingMethodAccessorImpl.invoke(DelegatingMethodAccessorImpl.java:25) java.lang.reflect.Method.invoke(Method.java:597) com.investia.servletx.Dish.invokeMethodAP(Dish.java:890) |
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dorset
Member of DD Central
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Post by dorset on May 10, 2014 16:16:55 GMT
Very helpful review Easteregg. You seem to suggest that the USP is that the borrowers will be very low risk and ones who could already access bank funding. In that case rates may be equally low but without a provision fund safety net.
Still cannot see why anyone would put money into the platform other than as a general attempt to diversify platform risk. Will reserve judgement and funds until I get a better feel about the type of loans coming up.
The participation of HNW investors may help the borrow but will be of no value to the lenders (FC already have a HNW investor - the government!).
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Post by westonkevRS on Jul 24, 2014 7:06:31 GMT
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Post by jackpease on Jul 24, 2014 8:12:14 GMT
I've got a teeny amount in Money & Co feeling the water but it seems so slow i have just parked it. It doesn't really seem to be going anywhere
Jack P
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