ashtondav
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Post by ashtondav on Jan 17, 2020 18:40:58 GMT
The reason ZOPA ditched SG is crystal freaking clear:
TOO MANY DEFAULTS! Possibility of profit impact (or in zopa's case loss increases).
And many of us in Plus are still suffering, notably the wife who is achieving 2.6% on her account (very similar to the incompetent twits at FC). Compare and contrast with RS and AC who, despite issues, have so far (!) delivered on rates for each lender.
End of economics 101 lesson.
And yes, i'd rather have a false sense of security at RS and AC than the rate achieved on Plus.
Sadly this is from someone who has been with ZOPA since 2005, with founder bonus and even share options. Shame.
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ashtondav
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Post by ashtondav on Jan 17, 2020 10:28:12 GMT
83% of your loans ever made are defaults?
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ashtondav
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Post by ashtondav on Jan 16, 2020 15:22:17 GMT
Obviously being schooled in the dark arts of obfuscation by the property lending dept at FundingSecure. “Secured” lending - one of p2p’s endearing oxymorons...
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ashtondav
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Post by ashtondav on Jan 16, 2020 15:16:43 GMT
I think he’s being wound up by RSM winding down Lendy
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ashtondav
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Post by ashtondav on Jan 15, 2020 21:15:33 GMT
Just placed a nice wedge at 6.3%. Salivating, at the thought of a match....
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ashtondav
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Post by ashtondav on Jan 14, 2020 19:24:22 GMT
Been with big Z since the start in 2005 and despite getting an early adopter bonus am withdrawing as they do not meet their stated rates. Now down to c10%. Sailed through the Great Recesion on 7% or 8% rates though.
RS have always delivered the stated rates but now winding down due to reductions. Still have money on at 4.2% in access and 6% in max. Withdrawn when not matched. 30% but reducing
AC, never invested in those stupid accounts that didn't diversify. Now in 30day AA and QAA 45%
FS, Freakin disaster but as soon as it became evident they were lending to property porn Spivs, instead of Rolexes i tried to get out, 2%
FC when i invested they stated 7%. Now averaging 4% but improving this year now they have ditched the silly IPO throw away money 5%. Sticking with them as large and will recover - despite dear old criston and his 1%ers followers who post their obsessive sales figures every 10 minutes - not an insult as i love obsessives.
LW 7% but not happy with rate reduction. Holding fire.
Daughter got a mortgage at 2% yesterday - should we expect much more? Its a screwed up world...
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ashtondav
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Post by ashtondav on Jan 13, 2020 23:03:02 GMT
The provision fund uses contributions from debt repayments that have not yet been made to offset defaults which have not yet occurred. The Times article is correct in pointing out that the level of 'real' funding is low. With much of the lending being against property it would not take many defaults to wipe out the cash balance. If the fund fell short resulting in an 'event' new money would stop coming in and the pf deficit would continue to worsen. At the same time the exit doors would slam shut as sellers tried to leave. Of course this might not happen, but there is no room for complacency. Although property lending has been increasing it is currently 19% of the total loan book. Most of the lending is still personal loans of 12 to 60 month duration. Property loans on RS have a relatively high turnover as they are typically 12 to 24 months unlike some other property platforms. Of course this is no reason to be complacent and it would be good to see how things evolve in terms of property lending and any issues. When I met with RS before Xmas they had yet to have any call on the PF to cover capital losses on property loans since they started doing property loans in 2015 although they are not complacent and know it will come at some stage.
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ashtondav
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Post by ashtondav on Jan 13, 2020 21:24:18 GMT
I don't understand humans. First they overreact by thinking RS has an excellent provision fund because they pay too much attention to a rather odd formula RS like to use (which always goes up even when the PF has fallen 40% in a year), then they overreact in the opposite direction by paying too much attention to a stupid article in the press which entirely disregards projected provision fund income. Meet in the middle people! The Times article is totally irresponsible IMV. Yes, RS's provision fund has been falling, but their loanbook has done better than other rivals recently (wholesale lending debacle notwithstanding). What might make it weaker is a press article driving away investors, driving up rates in the short term but reducing RS's ability to ever be profitable in the long term and/or contribute adequately to the PF. You would think RS would be quick off the mark and have sent out an email refuting the Times piece and explaining again how the fund actually works
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ashtondav
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Post by ashtondav on Jan 13, 2020 20:41:22 GMT
Hoovered up a nice wedge at 3.9 in access. Just about acceptable.given the rates on other sites I now want 5.5% on 5 max.
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ashtondav
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Post by ashtondav on Jan 12, 2020 18:16:26 GMT
All known about and already reported. Personally i was happy at 6% in 5 year with the thought of a possible "haircut". Not so happy at 4% in max with a possible haircut.
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ashtondav
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Post by ashtondav on Jan 11, 2020 15:14:16 GMT
I am genuinely pleased that you are having such a positive experience with AC, however mine has been much more negative, in 2016 they invested 20% of my investment in one loan via GBBA1, 19k, which is still in default. In 2017 they again invested 20% via the GEA account 7k of which 6k is still outstanding together with 11 other loans in default (for me not such a good experience). I am sure that AC have improved from those early days but for me one of the main measures of a business is how it deals with problems. Fortunately, I have had very positive outcomes with Proplend, Growth Street and Bridge crowd, plus early days for Crowd Property. That was ages ago. No sign of the PF coughing up? If you haven't been told why i would contact CS.
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ashtondav
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Post by ashtondav on Jan 7, 2020 9:19:41 GMT
Zopa has gone low/no growth after just 14 years and in such a big market. Not good news for p2p backers...
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ashtondav
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Post by ashtondav on Jan 4, 2020 15:06:32 GMT
15% rarely achievable on RBS, and projecting that forward is inadvisable given comments on the RBS board. I will wait and see before committing a wedge over there.
Caveat. Not a lender there because of potential default and recovery issues. RS maybe irritating but they have always delivered the rate I invested at. Emphatically not the case at ZOPA FC FS(!)
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ashtondav
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Post by ashtondav on Jan 3, 2020 11:46:45 GMT
It’s funny but on every p2p platform that has had such a vote a majority vote to flee. 43% dissatisfaction is an appalling customer experience among your most vocal and informed customers. In any other industry it would be met with a clear campaign and communication on positive changes. In p2p Land all platforms seem to accept that many lenders think they’re cr@p.
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ashtondav
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Post by ashtondav on Dec 30, 2019 14:33:03 GMT
Having lent nearly £1bn and with a current net or repayments and recoveries book of c £400m we have had a few defaults yes, many full recoveries on those and some losses but only a few percent of the book. Lending does have defaults - its the nature of lending and some borrowers default as a matter of happenstance. Any platform that has no issues visible is likely either new or not particularly transparent. Like all lenders and investment managers and the like we have some issues to manage but that's what all investments have otherwise you'd have your cash in a bank and hope there isn't another economic crisis. But the key point is what are losses versus interest earned and in our case anyone investing in our whole loan book from day one would be sat on a very healthy return. That's just the facts, and verified independently by Brismo. All investment has risk and our aim is to mitigate that risk and by way of taking some considered risk, deliver investors a healthy return. I'm not here to stir up demand as I have seen a couple of others do as you say, just help people see through the noise into what is a healthy choice for some people for some of their investments. Stuart, you say you have had some losses, which is what I assumed must be the case, but one of your colleagues stated to me in an email dated the 11/12/19 that "Assetz Capital have not recorded a loss on capital"! You need to make sure your staff give out accurate information or it makes me loose trust in AC. I was trying to find out my actual return (after losses) on my manual account investment. It would be great if you could make this information available along with predicted future returns as some other platforms do. I interpreted that as a loss for lenders. In other words no lender had lost capital in their loan portfolio, and that overall no loss of capital had been experienced. I would have thought it self evident that some loans make losses - but i may be wrong (often the case!)
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