michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Sept 2, 2017 14:29:47 GMT
I'm pretty new to AC but thought I would park some funds in there as it seems to have a reputation for relative safety.
So I pulled up the list of loans and took a look at the first one. Inspected the credit report and my eyes were immediately drawn to the fact that the borrower is a discharged bankrupt and has had newspaper articles written about him for allegedly being involved in all those crimes!
I don't know what else to say. I'm a bit speechless to be honest. Does this sort of thing not deter others?
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Post by elephantrosie on Sept 2, 2017 14:34:03 GMT
which loan is this
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Sept 2, 2017 14:43:05 GMT
Oh the irony. On my phone was an advert for Birmingham. So apt given the title with all the shootings and stabbings going on daily in the suburbs.
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Sept 2, 2017 15:03:59 GMT
Which loan is this? It is the only one that is currently in the upcoming loans section. Just search the credit report for "murder".
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Sept 2, 2017 15:11:14 GMT
Why should Lendy have all the "colourful" characters? AC already has several, but 7%?
Not for me.
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Post by valerieb on Sept 2, 2017 15:13:10 GMT
535. To be fair, the Credit Report blurb does explain the background to the bankruptcy and when it was discharged; the other matters seem to have been false accusations. The Principal is up to date with his other loan's payments.
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rick24
Member of DD Central
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Post by rick24 on Sept 2, 2017 16:25:22 GMT
I'm pretty new to AC but thought I would park some funds in there as it seems to have a reputation for relative safety. So I pulled up the list of loans and took a look at the first one. Inspected the credit report and my eyes were immediately drawn to the fact that the borrower is a discharged bankrupt and has had newspaper articles written about him for allegedly being involved in all those crimes! I don't know what else to say. I'm a bit speechless to be honest. Does this sort of thing not deter others? Yes, it does put me off. Fortunately, one can avoid this sort of thing in the MLIA.
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Sept 2, 2017 16:59:01 GMT
AC are not as safe as one thinks.
Lower % does not equal lower risk.
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Post by elephantrosie on Sept 3, 2017 0:52:31 GMT
AC are not as safe as one thinks. Lower % does not equal lower risk. i cannot agree more with you.
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Post by oldnick on Sept 3, 2017 9:04:06 GMT
AC are not as safe as one thinks. Lower % does not equal lower risk. i cannot agree more with you. Mod hat off. I don't often discuss individual loans on this forum as I don't think I have any particular specialist knowledge to share, but the thread title sucked me in  It's not an attractive loan for me regardless of the apparently unfounded allegations as I'm not yet ready to lend at that rate, but surely facts count for something? This may be why the allegations were made - the perpetrator knew that 'mud would stick' regardless of the established facts. As for the bankruptcy - it always has to be a consideration when lending money, but don't the circumstances of it offer some mitigation? Due diligence is a personal thing and we each apply loan filters that allow us to sleep at night. For some interest rate is all, for others geographical location or the borrower's profession or business model matters because of past experiences. In this case, the whiff of scandal might be sufficient to deter some, and the relatively low return might rule it out for those otherwise prepared to give him the benefit of the doubt. I am however gratified to see these facts openly declared in the Credit Report - if only all loan propositions were this transparent. As usual I declare that I am a lender and minor shareholder in Assetz Capital.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
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Post by skippyonspeed on Sept 3, 2017 9:29:19 GMT
If you had mentioned "sex" in the thread title it might have attracted more interest in the thread!!!  |
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Sept 3, 2017 10:02:39 GMT
The reality is if you are earning 7% in the current environment it is high risk. My experience of AC is that they seem to be more professional than most P2P platforms and are fairly good at recovering on bad debt. I also get the feeling that their business model is based about transparency which I like. Have I seen some questionable loans on there - yes, however most of these have been 10%+. From my personal experience you are alot better off doing manual investments rather than using one of their automatic product. You can control the amount of diversification and reduce your average loss using common sense/google.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
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Post by skippyonspeed on Sept 3, 2017 10:12:24 GMT
The reality is if you are earning 7% in the current environment it is high risk. My experience of AC is that they seem to be more professional than most P2P platforms and are fairly good at recovering on bad debt. I also get the feeling that their business model is based about transparency which I like. Have I seen some questionable loans on there - yes, however most of these have been 10%+. From my personal experience you are alot better off doing manual investments rather than using one of their automatic product. You can control the amount of diversification and reduce your average loss using common sense/google. Hmmm, not sure about that.........some "completed loans" still owe interest and are hidden away in the repaid tab, other defaulters like the plumber and the optician are still in the live loan book, and look like being there forever more
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,332
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Post by angrysaveruk on Sept 3, 2017 10:47:51 GMT
The reality is if you are earning 7% in the current environment it is high risk. My experience of AC is that they seem to be more professional than most P2P platforms and are fairly good at recovering on bad debt. I also get the feeling that their business model is based about transparency which I like. Have I seen some questionable loans on there - yes, however most of these have been 10%+. From my personal experience you are alot better off doing manual investments rather than using one of their automatic product. You can control the amount of diversification and reduce your average loss using common sense/google. Hmmm, not sure about that.........some "completed loans" still owe interest and are hidden away in the repaid tab, other defaulters like the plumber and the optician are still in the live loan book, and look like being there forever more Are those loans suspended? One thing that concerned me was a loan that in my opinion should have remainded suspended was put back as tradable - which allowed me to sell out asap.
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Post by chris on Sept 3, 2017 10:59:16 GMT
The reality is if you are earning 7% in the current environment it is high risk. My experience of AC is that they seem to be more professional than most P2P platforms and are fairly good at recovering on bad debt. I also get the feeling that their business model is based about transparency which I like. Have I seen some questionable loans on there - yes, however most of these have been 10%+. From my personal experience you are alot better off doing manual investments rather than using one of their automatic product. You can control the amount of diversification and reduce your average loss using common sense/google. Hmmm, not sure about that.........some "completed loans" still owe interest and are hidden away in the repaid tab, other defaulters like the plumber and the optician are still in the live loan book, and look like being there forever more At the moment the system treats capital being deployed and returned as being the start and end of the loan, which was the perhaps naive specification written and coded back in 2013 when the site was first put together. That policy is currently under review so that we have a definitive approach specified, coded, and communicable to lenders but is going to take a few weeks to get right (and with our other commitments).
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