muh3
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Post by muh3 on Apr 7, 2017 15:58:44 GMT
I'm not too reactionary, I give things a chance, and was going to let things run down towards an exit by the end of next year, but after yet another default, I've had enough. The whole lot is up for sale, and I just hope the bungs can keep me ahead overall. Hang on and wait for the next default? No.The sooner out the better. I believe I bought 4 parts from you How did you manage to get 14% on a A+ loan?
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kaya
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Post by kaya on Apr 8, 2017 10:56:50 GMT
I don't know what loan that was, never looked at them individually or the rates, but there were very good rates achievable in the early days before it became more popular.
Now do us a favour and buy the rest - not just the ones with good rates!
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TheDriver
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Slightly bonkers
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Post by TheDriver on Apr 8, 2017 16:57:13 GMT
Don't think that could happen; A+ are offered at 5.95 - 9.95%.
What loan is it? (Either PM or disguise the name!) The one I'm thinking of is a B+
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kaya
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Post by kaya on Apr 9, 2017 7:34:33 GMT
I remember now that, in the early days, all top rates achievable were higher, then subsequently reduced once the main promotions began. It may well be that this was the highest achievable rate when this loan originated, so I am guessing that this loan was one of the first to be offerred.
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muh3
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Post by muh3 on Apr 9, 2017 9:01:28 GMT
Don't think that could happen; A+ are offered at 5.95 - 9.95%.
What loan is it? (Either PM or disguise the name!) The one I'm thinking of is a B+
C****E M*******S UK prntscr.com/eu8jaz
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TheDriver
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Post by TheDriver on Apr 9, 2017 12:39:32 GMT
Apologies for my doubts muh3; this loan pre-dates my days with LC, and kaya's explanation is something I wasn't aware of!
It's interesting that the blended rate - which doesn't vary over time - is 7.68%. As it's for £53.5k there couldn't have been many investing at retail rates; and even then the underwriters must have cut their return to the bone!
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muh3
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Post by muh3 on Apr 10, 2017 11:30:14 GMT
Apologies for my doubts muh3 ; this loan pre-dates my days with LC, and kaya 's explanation is something I wasn't aware of!
It's interesting that the blended rate - which doesn't vary over time - is 7.68%. As it's for £53.5k there couldn't have been many investing at retail rates; and even then the underwriters must have cut their return to the bone! No problem, I had to look 3 times hope some more like this will come up
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TheDriver
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Post by TheDriver on Apr 10, 2017 20:53:05 GMT
So you still have enough confidence in the platform to continue investing; so did I 6 months ago! Presumably you haven't suffered significant defaults or other problems - how long have you been with LC, and do you have a strict selection criteria?
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muh3
Posts: 52
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Post by muh3 on Apr 10, 2017 22:07:17 GMT
So you still have enough confidence in the platform to continue investing; so did I 6 months ago! Presumably you haven't suffered significant defaults or other problems - how long have you been with LC, and do you have a strict selection criteria? I only started 5 months ago. I don't really know what i'm doing , so I have gone for diversity instead of selection (103 loans at the moment). I have got 3 loans in recovery at the moment, guess we need to wait and see how it goes. I really like the platform, despite the known issues. All I buy at the moment are either high rated ones on the secondary market (you really need to keep looking at it, ones they are on they are gone quick) or in new ones at top end rates.
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pip
Posts: 542
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Post by pip on Apr 11, 2017 18:15:21 GMT
I personally am struggling to like a platform where I have £185 in interest (after fees) and £244 in dodgy loans which I have no confidence will be recovered. Thank goodness for the introductory bonus or I would be underwater. Can't see why I should invest any more (which will get no bonuses) when on past performance the interest I receive is less than the defaults. The platform functionality is good, but it can be as nice as it likes, if it loses me money I am not interested.
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TheDriver
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Post by TheDriver on Apr 13, 2017 3:38:39 GMT
That's about where I was after a year, (but without any bonus 😢) and although I liked the principle of the platform functionally, that factor plus a lack of confidence in it operationally led to my withdrawal earlier this year.
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kaya
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Post by kaya on Apr 14, 2017 9:15:15 GMT
Those still investing/signing up will have to be hoping that the old adage is true
past performance is not a guide to future results
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Post by Berkeley on May 10, 2017 11:24:20 GMT
Those still investing/signing up will have to be hoping that the old adage is true past performance is not a guide to future resultsI currently hold about 45 loan parts most of which were obtained on the PM. Shortly after joining this platform I decided to limit my investments to about 5K because I was unhappy with the practice of one investor underwriting the offerings at low percentages and then dumping the loans on the SM which dragged the SM percentages down. From the name of this investor it was not difficult to guess who! (college house). Later I noted that some of the DD was dubious. A very recent offering is to a company that went to the wall in 2012, was restarted with almost the same name by the same and only director (who appears also to be the secretary?) and at the same address. The current business accounts show a markedly downward slope and yet it gets a B+ rating, despite making dubious statements in the presentation. As others have said there are other platforms with better records of reclaiming losses etc. Despite careful selection this platform accounts for 1/3 of my losses (and probably more to come) over 2 years and 5 platforms (Now 6) and it carries only a small fraction of my overall investment.
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ablender
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Post by ablender on May 10, 2017 15:08:28 GMT
Those still investing/signing up will have to be hoping that the old adage is true past performance is not a guide to future resultsI currently hold about 45 loan parts most of which were obtained on the PM. Shortly after joining this platform I decided to limit my investments to about 5K because I was unhappy with the practice of one investor underwriting the offerings at low percentages and then dumping the loans on the SM which dragged the SM percentages down. From the name of this investor it was not difficult to guess who! (college house). Later I noted that some of the DD was dubious. A very recent offering is to a company that went to the wall in 2012, was restarted with almost the same name by the same and only director (who appears also to be the secretary?) and at the same address. The current business accounts show a markedly downward slope and yet it gets a B+ rating, despite making dubious statements in the presentation. As others have said there are other platforms with better records of reclaiming losses etc. Despite careful selection this platform accounts for 1/3 of my losses (and probably more to come) over 2 years and 5 platforms (Now 6) and it carries only a small fraction of my overall investment. You are brave in putting £5k in this platform in the first place.
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pip
Posts: 542
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Post by pip on May 11, 2017 15:39:36 GMT
I currently hold about 45 loan parts most of which were obtained on the PM. Shortly after joining this platform I decided to limit my investments to about 5K because I was unhappy with the practice of one investor underwriting the offerings at low percentages and then dumping the loans on the SM which dragged the SM percentages down. From the name of this investor it was not difficult to guess who! (college house). Later I noted that some of the DD was dubious. A very recent offering is to a company that went to the wall in 2012, was restarted with almost the same name by the same and only director (who appears also to be the secretary?) and at the same address. The current business accounts show a markedly downward slope and yet it gets a B+ rating, despite making dubious statements in the presentation. As others have said there are other platforms with better records of reclaiming losses etc. Despite careful selection this platform accounts for 1/3 of my losses (and probably more to come) over 2 years and 5 platforms (Now 6) and it carries only a small fraction of my overall investment. You are brave in putting £5k in this platform in the first place. Brave is one word for it, I would probably use another
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