littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on May 12, 2017 8:51:06 GMT
And all the other platforms with provision funds, once the fund is in trouble current lenders will take the pain, however it is inflicted. Comments in the past have suggested that once a provision fund fails the platform will probably go down, with lenders leaving in droves (if they can). I hope not to see it. I don't think that is quite the same. On SS for example if the PF failed to cover the loss on loan(s) that I was not in I would not take a hit as long as my loans were OK. Provided that the platform did not collapse or if it did then the run down mechanism worked OK.
|
|
mary
Member of DD Central
Posts: 698
Likes: 711
|
Post by mary on May 12, 2017 10:28:21 GMT
And all the other platforms with provision funds, once the fund is in trouble current lenders will take the pain, however it is inflicted. Comments in the past have suggested that once a provision fund fails the platform will probably go down, with lenders leaving in droves (if they can). I hope not to see it. I don't think that is quite the same. On SS for example if the PF failed to cover the loss on loan(s) that I was not in I would not take a hit as long as my loans were OK. Provided that the platform did not collapse or if it did then the run down mechanism worked OK. Confidence is the key. Once the PF is out and losses are being realised, confidence will disappear and a death spiral will start. Obviously I hope this does not happen, and other events can also cause a loss of confidence, and confidence is hard to gain, easy to lose!
|
|
shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
|
Post by shimself on May 24, 2017 18:40:23 GMT
OK so we don't know about individual borrowers. But I would at least like to know about how lumpy the loan book is, are there any individual loans which constitute >3% of the loan book? what are the minimum amounts? some rough idea of the split between invoice finance, loans with / without security etc. Please
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 26, 2017 16:52:18 GMT
Not much to say so far really. Its only been around a few months, you put your cash in and leave it there. 6.5% (plus any signing up bung). One month rolling, so exit most any time. Its a growing business with plans to expand no doubt. In my seemingly endless quest to find new and better homes for my money I thought I'd look at Growth Street and I have a question re 4thWays recent 5/5 assessment of Growth Street. They dismiss many "other" platforms as " too small", " too new" or " too rubbish" and clearly attempt to put Growth Strret in none of those categories by saying this. Whilst I cannot comment on the "rubbish" comparison by my rules of measurement Growth Street is both small with only circa £14m of loans and new having only started within the last 6 months or so. Am I missing something here?
|
|
littonowl
Member of DD Central
Posts: 398
Likes: 355
|
Post by littonowl on May 26, 2017 17:13:45 GMT
Not much to say so far really. Its only been around a few months, you put your cash in and leave it there. 6.5% (plus any signing up bung). One month rolling, so exit most any time. Its a growing business with plans to expand no doubt. In my seemingly endless quest to find new and better homes for my money I thought I'd look at Growth Street and I have a question re 4thWays recent 5/5 assessment of Growth Street. They dismiss many "other" platforms as " too small", " too new" or " too rubbish" and clearly attempt to put Growth Strret in none of those categories by saying this. Whilst I cannot comment on the "rubbish" comparison by my rules of measurement Growth Street is both small with only circa £14m of loans and new having only started within the last 6 months or so. Am I missing something here? I don't know, as haven't checked out 4thWays site, but wonder if they also have a referral link on the same page as that assessment...? That said, apart from a clunky application process, I have no complaints about GS.
|
|
|
Post by dan1 on May 26, 2017 17:48:41 GMT
In my seemingly endless quest to find new and better homes for my money I thought I'd look at Growth Street and I have a question re 4thWays recent 5/5 assessment of Growth Street. They dismiss many "other" platforms as " too small", " too new" or " too rubbish" and clearly attempt to put Growth Strret in none of those categories by saying this. Whilst I cannot comment on the "rubbish" comparison by my rules of measurement Growth Street is both small with only circa £14m of loans and new having only started within the last 6 months or so. Am I missing something here? I don't know, as haven't checked out 4thWays site, but wonder if they also have a referral link on the same page as that assessment...? That said, apart from a clunky application process, I have no complaints about GS. They've only opened up applications to retail customers in the past 6 months but I believe they've been lending institutional investors money for significantly longer. They were founded in 2014 I believe (at least that's when they were incorporated at companies house). I would treat any review where the site earns referral commission with a pinch of salt. It's not to say they don't have merit but their primary motivation is probably profit (think of the RDR in stocks & shares). I don't think GS can engage directly with this forum without jumping through hoops because their FCA authorisation is provided through Resolution Compliance as an appointed representative. Their blog provides a fair amount of detail including an article on the recent rate drop: www.growthstreet.co.uk/blog/press/growth-street-announces-first-rate-drop-for-borrowersQuite refreshing to see a company publish what is on the face of it bad news for investors.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,839
Likes: 11,068
|
Post by ilmoro on May 26, 2017 18:59:22 GMT
Personally always thought the 4thway ranking were largely nonsense based on the criteria they use. For example, Landbay always gets high marks yet its impossible to invest any money quickly.
This view has only been confirmed by the latest email which indicates they are going to give a 5/5 rating to Lending Crowd. This seems somewhat contrary to some off the views expresed on here.
|
|
shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
|
Post by shimself on May 26, 2017 19:15:34 GMT
....I don't think GS can engage directly with this forum without jumping through hoops because their FCA authorisation is provided through Resolution Compliance as an appointed representative. .... That's dismaying, when the regulator stops the platform talking to investors.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on May 26, 2017 19:16:34 GMT
Personally always thought the 4thway ranking were largely nonsense based on the criteria they use. For example, Landbay always gets high marks yet its impossible to invest any money quickly. This view has only been confirmed by the latest email which indicates they are going to give a 5/5 rating to Lending Crowd. This seems somewhat contrary to some off the views expresed on here. Lending Crowd haven't been shy with £100 bungs in the past either. Coincidence?
|
|
|
Post by dan1 on May 26, 2017 19:21:16 GMT
....I don't think GS can engage directly with this forum without jumping through hoops because their FCA authorisation is provided through Resolution Compliance as an appointed representative. .... That's dismaying, when the regulator stops the platform talking to investors. Here is the post from nesako: p2pindependentforum.com/post/188999/threadin which they state: We do keep track of the comments on P2P Forum, and I was intending on replying in order to clear up some of the uncertainty .
The difficulty is that we are an Appointed Representative of Resolution Compliance Limited, who are authorised and regulated by the FCA.
Every piece of content, including responses to threads on P2P Forum, that we release into the public eye, needs to be submitted as a financial promotion, and checked that it is fair and not misleading.
This process can take some days for Resolution Compliance to give us the go ahead, which often means that the response is no longer relevant to the discussions taking place.
As you have found, we are highly responsive on our website live chat, but when submitting posts on other websites, it can take some time, which is why we do not (cannot) respond to the queries rapidly.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on May 26, 2017 19:21:58 GMT
Back on topic, I've been lending with Growth Street for about 5 months. My experience tallies exactly with dan1 - the only slightly cumbersome aspect is signing up, after that it's all very straightforward and boring. Their newness and relative anonymity compared to e.g. Ratesetter does make me feel like I'm flying blind at the moment though. I don't think I'd want to lend more until they have much more general exposure, but then of course the rates will dive
|
|
|
Post by dan1 on May 26, 2017 19:25:51 GMT
Back on topic, I've been lending with Growth Street for about 5 months. My experience tallies exactly with dan1 - the only slightly cumbersome aspect is signing up, after that it's all very straightforward and boring. Their newness and relative anonymity compared to e.g. Ratesetter does make me feel like I'm flying blind at the moment though. I don't think I'd want to lend more until they have much more general exposure, but then of course the rates will dive I concur. With regard to the sign-up process - at least now you can upload a scanned copy of your passport/driving licence/EU ID rather than having to email it.
|
|