Recent Posts

Bugger! That's another £500 or so looking for a new home. Most of the time I really hate early repayments, like P*** & Co and the Potato loan, I really liked those 2 for some reason. 

This didn't make your day then!

Personally if the loan is small, looks ok and has a half decent rate I only expect a small allocation on AC now. Anything under £50k unlikely to get more than £25 allocation, £100k around £50. If the rate is lower you can probably double that most times but typically not much more unless the loan is not so attractive.

Worth keeping a small buy order on these smaller more desirable loans though as I do seem to pick up a reasonable number of buys in the weeks and months after drawdown. It goes some way to alleviating the initial disappointments. 

Wait to be invited, i think 

I stand corrected, to some degree, as your caveats about this maybe or maybe not being the forum in question still leaves an element of doubt and intrigue.

To be clear on the subject I have absolutely no issue with what you say about wanting a place where you have freedom of expression and I have no desire to want to stop you or even join your group.  It is just a shame it has to happen somewhere where I or any interested forum members cannot even apply to join should we so desire. It seems from the outside that this new forum was created in secrecy with a carefully chosen membership and but for the mods making us aware of it's existence we would all be none the wiser, which in hindsight would perhaps be for the better in some respects.

IMHO here hangs the reason for the "secret society" emotions you see posted. Not sure if you could have done it differently TBH as I am obviously not privy to the details of it's gestation but from the outside, now we know of it's existence, it just feels a bit secret, exclusive and somehow a little bit wrong. I hope you understand and appreciate this viewpoint.

OK thanks Chris, #552 in the same state as well, drew down 2nd October, in the QAA but nothing in the MLIA, I will ping CS and report back.

Reading this thread is really saddening. My journey in P2P over the last 3 years has been helped and guided enormously by the contributors to this forum. I thank them for what they do to make P2P a more rewarding and ultimately safer place for us all to invest in.

Many of us with reasonable experience of this forum could probably name a fairly large percentage of "The 60", their lack of participation here over recent weeks speaks for itself (I knew something was up even before this announcement to be honest) and I know these posters have been a significant part of the value this forum offered.

The current situation benefits nobody except the platforms who in the main must be absolutely delighted with this development, I can think of many a loan that did not make the light of day but for open, public DD done here in plain sight of all. A potentially multi-million pound field that might (or might not) have become a graveyard at about 6x the going rate for burial plots instantly springs to mind.

IMHO the real strength of this forum is threefold:
1. it provides a forum for us to communicate, share, learn and develop our P2P knowledge across the diverse area of P2P lending.

2. it provides us with the ability to influence the platforms, and not just those that choose to publicly acknowledge that they visit here (they all do I'm sure). This public DD makes P2P safer for everyone, DD in private helps only those who are part of the club dodge the bullets, it does not help reduce the wider systemic risk of platforms firing off dodgy deals with inadequate DD to unsuspecting investors.

3. Most importantly it allows new p2p investors to find this forum in the first place, to read, learn, gain confidence, join and ultimately participate. Each new member bringing their unique skills and experience and adding to its collective strength. It is after all the place that brought the "The 60" together. A secret, closed forum could never achieve this.

The loss of "The 60" is certainly not to be welcomed but I thank them again for all that they contributed to my journey. However, it surely does not have to mean the end of this forum. Being open to all is its strength and perhaps with some changes to address the issue raised by the departure of "The 60" it will widen its appeal and continue to grow in a way that a secret forum will never be able to do.

Thank you to the forum mods, never had an issue with what you do, I actually think you cut some posters more slack than I would have done in the past, especially WRT platform bashing.

I'm not sure this whole issue is about mod control, maybe it is about wanting freedom and independence to do their own thing their own way. If that is the case then so be it, we all loose!

As someone who remembers the good old days of proper FC variable rate auctions I watched with horror as the distribution of A+ to E loans changed beyond recognition when fixed rates  auctions arrived and lenders didn't set the rates anymore. Suddenly slam dunk B, C, D & even E loans were coming in at A+ and were happily mopped up by Autobid with no issues. So I would not put it past FC to do whatever it takes to make the numbers work for them especially as they are effectively working in the dark now we have the "New Lending Experience" with us, or whatever they called it!


I'm on the Long Road Out of Eden FC, about 6 years I estimate before my repaying defaults finally clear their debts.