will
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Post by will on Mar 3, 2017 9:10:51 GMT
Taken out 25% of my money and slowly winding down. Shifting elsewhere to 12%+ loans.
There still seem to be plenty of gamblers around to replace all the money leaving SS at the moment.
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jcb208
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Post by jcb208 on Mar 3, 2017 15:47:35 GMT
Would like to move more funds from older Savingstream loans to MT and Collateral but loans seem to be in short supply so may have to start moving some of my older 12% loans to the new lower rate ones
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mikes1531
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Post by mikes1531 on Mar 4, 2017 20:22:12 GMT
There still seem to be plenty of gamblers around to replace all the money leaving SS at the moment. The critical question is ... Do the gamblers know that they are gambling?
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MarkT
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Post by MarkT on Mar 4, 2017 20:30:38 GMT
There still seem to be plenty of gamblers around to replace all the money leaving SS at the moment. The critical question is ... Do the gamblers know that they are gambling? The short answer is yes, in my case. I'm staying in but not increasing my investment as I'd hope to do. I will probably invest elsewhere as well. (COL?) I get the same buzz out of SS as I used to get out of Betfair before I left them (another story). It's all about picking winners and losers.
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lobster
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Post by lobster on Mar 4, 2017 22:12:06 GMT
There still seem to be plenty of gamblers around to replace all the money leaving SS at the moment. The critical question is ... Do the gamblers know that they are gambling? The truth is that any P2P loan is a gamble. However, contrary to the beliefs of many, there is not necessarily any problem with gambling. There is however a big problem with reckless gambling, and especially when based on raw emotion rather than a balanced assessment of the risk-reward scenario. The bottom line when gambling is to get the odds in your favour. That may sound blindingly obvious, but this simple truth is somehow overlooked by the majority , probably because without realizing it, they are gambling for the buzz rather than for financial gain. Furthermore , getting the odds in your favour is much easier said than done, and downright impossible in some cases eg. at the roulette table. But let's be clear - even if you make the most level headed, balanced gamble in the world, you can still lose. Any P2P loan can go belly up - it's just that are much more likely to do so than others. So, to finally answer your question ....... no , most gamblers do not know that they are gambling.
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Post by jackpease on Mar 5, 2017 8:53:42 GMT
There still seem to be plenty of gamblers around to replace all the money leaving SS at the moment. The critical question is ... Do the gamblers know that they are gambling? And moving to newer, high rate, less-tested platforms isn't a gamble? If there are 12%+ loans sitting there for the taking i would suggest that they are on the shelf precisely because they are an even bigger gamble than warts-n-all SS Jack P
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agent69
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Post by agent69 on Mar 5, 2017 9:49:22 GMT
The critical question is ... Do the gamblers know that they are gambling? The short answer is yes, in my case. But probably the answer will be no for the majority of others. As has been said previously, the investors who inhabit this forum are a minute percentage of those that invest in the main P2P2 sites. Most see 12% and say thank you very much. They aren't aware of the underlying shenanigans, and will carry on in blissful ignorance until they get hit by defaults.
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MarkT
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Post by MarkT on Mar 5, 2017 10:12:05 GMT
The short answer is yes, in my case. But probably the answer will be no for the majority of others. As has been said previously, the investors who inhabit this forum are a minute percentage of those that invest in the main P2P2 sites. Most see 12% and say thank you very much. They aren't aware of the underlying shenanigans, and will carry on in blissful ignorance until they get hit by defaults. Unfortunately, I think you are probably right. What the fallout of that will be when it happens is a bit uncertain. I suspect many will feel they have been mislead in some way.
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mason
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Post by mason on Mar 5, 2017 10:33:11 GMT
And moving to newer, high rate, less-tested platforms isn't a gamble? If there are 12%+ loans sitting there for the taking i would suggest that they are on the shelf precisely because they are an even bigger gamble than warts-n-all SS Jack P I'd argue that the level of risk is not the source of SS loans being a gamble. It is the misrepresentation of the loans, making the actual risk impossible to determine and in many cases much higher than it appears. I've moved my money to other platforms because I believe the descriptions of the loans elsewhere are honest, clear and not misleading, and the platforms are forthcoming with updates of material changes to the situation. These platforms may be younger and less tested, but I believe if there was culture of concealment and dishonesty on those platforms, it probably would have come to light by now as it has on SS. Of course, if it does come to light elsewhere, I'll be pulling my money out of those platforms too. People will have differing opinions about lending money to individuals with no track record, to developments with no planning permission, to companies who have a history of defaulting on previous loans to mainstream lenders, to individuals who are actually companies, against assets at >100% LTV where no funds are provided by the borrower etc. But they can't make a rational decision to invest if they are lied to about these things by the platform.
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pom
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Post by pom on Mar 5, 2017 10:40:03 GMT
But let's be clear - even if you make the most level headed, balanced gamble in the world, you can still lose. Any P2P loan can go belly up - it's just that are much more likely to do so than others. Pretty close to my philosophy. Tho I in fact take the even more pessimistic view that everything "breaks" eventually. The only variable being whether it happens in the timescale you're interested in or not, so always a possibility you should be prepared for. So whilst I won't invest in any platform/loan that I really don't like, beyond that I pretty much treat all platforms/loans equally - might go a bit higher in some if the info available appears to warrant it. So that's why I've invested in so many because even the platforms/deals I really love could have some kind of catastrophe. And whilst multiple points of failure are rare, they can still happen. A year ago I'd have joked that I should be safe from pretty much anything except WW3..... doesn't feel quite so funny now somehow, but yeah pretty certain that anything that could completely wipe me out is totally beyond my control/mitigation anyway. A lot of us talk about only investing what we can afford to lose but I still wonder sometimes how many of us have really stuck by that? Like all gambling it is after all very addictive
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elliotn
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Post by elliotn on Mar 5, 2017 11:53:51 GMT
And moving to newer, high rate, less-tested platforms isn't a gamble? Jack P Simply by having a younger loan book you can side-step a lot of the issues arising from SS's overdue loans.
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mikes1531
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Post by mikes1531 on Mar 5, 2017 23:27:00 GMT
Unfortunately, I think you are probably right. What the fallout of that will be when it happens is a bit uncertain. I suspect many will feel they have been mislead in some way. I suspect that the postponement of the day of reckoning was a big factor in SS's decision to return all capital and accrued interest for PBL020. And if SS can increase their margin by paying 8-9% interest on new loans, they might even be able to repair their balance sheet and cash flow to the point where they can continue to postpone the day of reckoning long enough that they actually can work themselves out of the hole they seem to be in now. If they can do that, they'll have a real success on their hands. For the sake of their investors -- old and new -- I wish them success.
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