Jeepers
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Post by Jeepers on Dec 23, 2016 18:42:48 GMT
I'm reluctantly selling about 50% of my P2P holdings to buy my first house. I could sell the lot and be mortgage free but it seems daft when mortgages are about 1.6% and I can lend at 12%.
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elliotn
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Post by elliotn on Dec 24, 2016 4:28:44 GMT
Overdue loans + receivers = Sexit.
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jcm9000
Member of DD Central
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Post by jcm9000 on Dec 24, 2016 9:18:23 GMT
None, mainly because they wouldn't let me open an account. Seems having lived abroad for a few years until two years ago counts you out. Have a uk mortgage, uk bank accounts since birth, uk passports, Uk professional qualifications...but no. So all mine goes to other platforms. I blame the credit agencies for not knowing who i am (even though i have some activity the last two years and an experian account, no one can find who i am...i do not exist!.).
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r00lish67
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Post by r00lish67 on Dec 24, 2016 10:54:32 GMT
In the process of moving elsewhere, I've gradually lost trust in them throughout this year.
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Liz
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Post by Liz on Dec 24, 2016 12:03:29 GMT
None, mainly because they wouldn't let me open an account. Seems having lived abroad for a few years until two years ago counts you out. Have a uk mortgage, uk bank accounts since birth, uk passports, Uk professional qualifications...but no. So all mine goes to other platforms. I blame the credit agencies for not knowing who i am (even though i have some activity the last two years and an experian account, no one can find who i am...i do not exist!.). So no tax to pay if you don't exist, bonus.
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btb
Posts: 11
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Post by btb on Dec 24, 2016 16:07:49 GMT
Another who has pretty much jumped ship.
I've reduced by about 90%, mainly based on the poor replies and updates (I know these are being addressed now but too late for me).
The current number of defaults/receivers makes me confident that I made the right decision (unfortunately).
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Liz
Member of DD Central
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Post by Liz on Dec 24, 2016 16:50:52 GMT
Another who has pretty much jumped ship. I've reduced by about 90%, mainly based on the poor replies and updates (I know these are being addressed now but too late for me). The current number of defaults/receivers makes me confident that I made the right decision (unfortunately). Jumped ship to where?
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btb
Posts: 11
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Post by btb on Dec 24, 2016 17:01:51 GMT
Another who has pretty much jumped ship. I've reduced by about 90%, mainly based on the poor replies and updates (I know these are being addressed now but too late for me). The current number of defaults/receivers makes me confident that I made the right decision (unfortunately). Jumped ship to where? Various different places Liz, including expanding my commercial BTL interests. I just feel more secure with my finances under my control (or at least much more under my control). I can make a return only slightly below SS rates with no danger of losing the whole lot in one go (platform failure, not individual loans). But, I have been doing this for a lot longer than SS have been around, so I suppose I was intrigued and fancied dipping my toe into the P2P market, but at the end of the day have decided that the risk needs to be minimized and the funds are safer where they are now. You never know though, things may change in the future and I still hope they get everything ironed out and more businesslike than currently.
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Jeepers
Member of DD Central
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Post by Jeepers on Dec 24, 2016 17:02:03 GMT
All these people saying they're jumping ship yet the SM is still FFF.
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Post by martin44 on Dec 24, 2016 17:07:55 GMT
Various different places Liz, including expanding my commercial BTL interests.
I just feel more secure with my finances under my control (or at least much more under my control). I can make a return only slightly below SS rates with no danger of losing the whole lot in one go (platform failure, not individual loans). But, I have been doing this for a lot longer than SS have been around, so I suppose I was intrigued and fancied dipping my toe into the P2P market, but at the end of the day have decided that the risk needs to be minimized and the funds are safer where they are now. You never know though, things may change in the future and I still hope they get everything ironed out and more businesslike than currently. Me too, 12% is easily achievable elsewhere.
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Dec 24, 2016 17:15:52 GMT
Various different places Liz, including expanding my commercial BTL interests.
I just feel more secure with my finances under my control (or at least much more under my control). I can make a return only slightly below SS rates with no danger of losing the whole lot in one go (platform failure, not individual loans). But, I have been doing this for a lot longer than SS have been around, so I suppose I was intrigued and fancied dipping my toe into the P2P market, but at the end of the day have decided that the risk needs to be minimized and the funds are safer where they are now. You never know though, things may change in the future and I still hope they get everything ironed out and more businesslike than currently. Me too, 12% is easily achievable elsewhere. [ Really? The amount of paperwork and hassle involved in buy to let and you will still fall short of 12%. Then if you need access to the cash it could be months/years minus buying/selling fees.
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btb
Posts: 11
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Post by btb on Dec 24, 2016 17:26:57 GMT
Me too, 12% is easily achievable elsewhere. [ Really? The amount of paperwork and hassle involved in buy to let and you will still fall short of 12%. Then if you need access to the cash it could be months/years minus buying/selling fees. Commercial lets are very straightforward. All mine are let on a full repair and insure tenancy, so my involvement is minimal (if at all). I average 10% and have no need to access the cash in the short term, so nothing to worry about. Residential is another thing entirely (been there and done that) and I wouldn't now touch it with a barge pole. One thing I know is that I am never at risk of losing everything - which counts for a lot more than the 2% difference. But, each to their own, we all make our own decisions and have our own skills/experience.
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Jeepers
Member of DD Central
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Post by Jeepers on Dec 24, 2016 17:36:33 GMT
Commercial lets are something I've briefly thought about in the past.
Say you want to put £100k in, would you recommend buying one cash or a few on mortgages?
What mortgage rates can you expect on commercial BTL property and what percentage deposit in each?
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e7
Posts: 29
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Post by e7 on Dec 24, 2016 17:50:47 GMT
Various different places Liz, including expanding my commercial BTL interests. I just feel more secure with my finances under my control (or at least much more under my control). I can make a return only slightly below SS rates with no danger of losing the whole lot in one go (platform failure, not individual loans). But, I have been doing this for a lot longer than SS have been around, so I suppose I was intrigued and fancied dipping my toe into the P2P market, but at the end of the day have decided that the risk needs to be minimized and the funds are safer where they are now. You never know though, things may change in the future and I still hope they get everything ironed out and more businesslike than currently. Does platform failure mean a total loss ? ive not read of any losses following platform failure, does anyone know if that is the case ?
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Dec 24, 2016 18:00:18 GMT
Various different places Liz, including expanding my commercial BTL interests. I just feel more secure with my finances under my control (or at least much more under my control). I can make a return only slightly below SS rates with no danger of losing the whole lot in one go (platform failure, not individual loans). But, I have been doing this for a lot longer than SS have been around, so I suppose I was intrigued and fancied dipping my toe into the P2P market, but at the end of the day have decided that the risk needs to be minimized and the funds are safer where they are now. You never know though, things may change in the future and I still hope they get everything ironed out and more businesslike than currently. Does platform failure mean a total loss ? ive not read of any losses following platform failure, does anyone know if that is the case ? Technically, No. FCA say that adequate insurance must be in place to wind the loan book down. Whether or not this would work in practice remains to be seen. I hope I'm not still around to see how it pans out if that happens.
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