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Post by WestonKevTMP on Jul 18, 2021 20:05:13 GMT
The problem with these polls is that they have been catastrophically wrong in the past (I recall Ly, Col and MT all coming top in previous polls).
I am pulling out of P2P and my advice to others would be don't invest in the platforms that finish in the top 3 places
Ha ha, that is so true. Guess I should be relieved that The Money Platform isn't even on the list. Kevin.
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Post by WestonKevTMP on May 10, 2021 9:59:17 GMT
I recall at the start of the 2010's the P2P sector was having a lot of success and was growing fast (I was lending with Z and FC, and working at RS). There were just a few platforms with honest players trying to build something new with better investor returns. Then mid 2010's, a lot of new platforms starting to launch led by individuals that had no lending experience but knew a bandwagon when they saw one. My advice, look at the individuals involved in a platform, never fall for the PR gumph. Are they experienced in the sector, and do they have an unblemished career.
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Post by WestonKevTMP on May 7, 2021 12:52:59 GMT
My view is that if an investment is causing you anxiety, stress or generally keeping you up at night then it isn't for you. You're risk appetite just isn't for non-FSCS investments.
And I wouldn't come to an anonymous forum for support and reassurance. I appreciate there are some good eggs here that want to help, but in truth most are ignorant of the actual performance inside a platform.
Many platforms have gone bust, and there is a strong correlation with the annual most preferred platform on this forum! I warned about Lendy for years, but everyone loved them.
So my advice, put your money somewhere else. Or invest knowing and content that you could lose 100%. I know this is the standard warning, but it's true.
Kevin.
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Post by WestonKevTMP on Apr 13, 2021 16:07:39 GMT
Westonkev is so clueless and dismissive that he'll probably get a job in banking. Ha ha, perhaps. But for those that have been on here since the early days, most will know I was very active on this forum as a representative of RateSetter (even before that had such a tag). I'd like to think I helped provide reassurance to many lenders, or just dismiss one of the thousands of conspiracy theories that was constant flying around. Or Propman's constant warnings of doom and gloom about the Provision Fund. Or constant moans about market manipulation, or why someone else nabbed their 6.1%..... It was NEVER ENDING. Thing is, as a banker life is/was so much easier. As CRO of RateSetter my bad debt numbers were published online for all to see (I'm responsible for 2013-2016), I was lending real peoples money and it was clear who I was personally. My LinkedIN profile was public and there was no hiding. It was a career risk to have ones performance so publicly available. Life in banking was much easier, a bad month or year was easily hidden and unknown outside of the banks walls. Grab a bonus no matter what, secure pension and never have to deal with individuals. I tweaked portfolios with the shift of a score or data variable, never reviewing an individuals single application. However, It's lucky that I'm rock hard. As this level of transparency could cause extreme stress and there are not many "bankers" willing to put themselves in the open like this. Life in the bank was certainly much easier, just not as much fun... Kevin.
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Post by WestonKevTMP on Apr 9, 2021 19:52:56 GMT
Payment arrived albeit late but hey ho. Looking forward to receiving my "apology" from RS.. i.e. "We are Very very very.... sorry but it is all nasty Barclays fault not RateSetter nor Metro Bank." =============== Edit apology arrived... Your RateSetter withdrawal should now be in your bank account Dear XXXX, We are sorry that your recent withdrawal request took longer than usual to reach your bank account. We sent out the payments from RateSetter on Tuesday, but they were held up by a technical issue with our payments processing provider. (That is nasty Barclays ...boo hiss not RateSetters fault at all, for using Barclays.. And let's not name them as Barclays this time just in case Barclays get upset with us naming and complaining about them)
The issue was fixed this morning and your money should have now arrived in your bank account. Withdrawal requests are back to normal speeds, with delivery the next working day. The RateSetter Team Oh just stop moaning about every little thing. It was blimin tiresome when I was there and had to react to the constant nit picking. They returned lenders up to 6% per annum for 10 years. You got every penny back. And now you want an apology because the final payment was a day late, when they are processing near a billion quid to tens of thousands of lenders. Rather than moan and demand an apology, maybe you stand back and simply say "thank you". Kevin.
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Post by WestonKevTMP on Apr 9, 2021 19:48:05 GMT
Well that's the end of an era.
And just like the marketing slogan than many of you more cynical (or prudent) lenders constantly challenged, "Every Lender, Every Penny".
I worked hard to make sure that happened, and now it's gone I think we should all be a little sad. But I'm proud of what was achieved (until they went off their rails).
I know there were quibbles, and jeez you lot certainly know how to moan about the smallest inconsequential things, but perhaps we could have appreciated that 6% AER when we had it. Because now it's gone.
Kevin.
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Post by WestonKevTMP on Mar 14, 2021 13:40:59 GMT
P2P is riddled by liars, cheats and fraudsters and that's just the people running the platforms. Why thank you. Kevin.
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Post by WestonKevTMP on Dec 24, 2020 8:46:05 GMT
My RYI went into processing at 18:46. It’s stopped at 85% processed, and having left it for a while and inspected the detail I think that’s likely it for today.
I’ve always had a populous repayment day on the 21 st of the month – indeed I think WestonKevTMP (nee westonkevRS ) had a theory about it 😉. The 15% is all loans with a repayment date today, they made a repayment this morning, but I assume can’t RYI until tomorrow. There is also a £9.22 anomaly that RS created last month from a loan part that should’ve repaid – it’s down as I month left and repayment 06/01/21 – so if it doesn’t come with the rest tomorrow I’ll have to decide whether it’s worth a phone call or just wait for January. At least there’s still £51m left on the market @3.0% so I don’t think my final bit is in too much danger . As I've said I think a lot here will get their RYI's fulfilled from this sale of the RS property loan book, coupled with inertia/ignorance from the majority of RS's 'mainstream retail' investor base. The '21st theory' was related to investment. In those glorious days when you could choose your rates, the 21st statistically provided the highest returns. Considering everyone was protected equally by the PF, it therefore made sense to invest on the 21st. The theory was because a majority of loans had repayment days early in the month and so there was lots of cash swilling around for reinvestment at start of month. At end of month, lenders (and borrowers) got paid and would lend swelling the coffers alongside some early repayments from borrowers. So the 21st just sat in the sweet spot of limited liquidity. Kevin. P.S. I left RateSetter's offices in October 2016, never to return....
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Post by WestonKevTMP on Dec 24, 2020 8:39:09 GMT
Can somebody remind me how long ago it was when we had a 'who are you going to invest with' pole, and Col /MT came top? It was 2017. See here. This is a sorry tale. Of the 8 most obviously preferred platforms... 4 have gone bust/administration/fraudsters. 1 has been sold and no longer takes retail deposits. 1 is primarily now a CBILS lender, and so I'm presuming has restricted retail lenders. 2 remained (Ablrate and Unbolted) I've never personally used and haven't been following. There are good opportunities remaining, but really they are for professional investments or family firms that can do the required level of due diligence. There isn't really anything left for the retail investors that need very low risk without FSCS protection. Everything comes with risk for the rewards, and this table proves that point. Kevin.
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Post by WestonKevTMP on Sept 16, 2020 22:01:27 GMT
That's because we are a socialist utopia...
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Post by WestonKevTMP on Jun 20, 2020 8:55:32 GMT
I'm starting to lose confidence in p2p in general, which is a shame. I think this deserves a new general thread, but this is exactly how I feel, about the P2P sector (not all platforms). I've been lending for 10 years, and professionally worked with three platforms. My expertise is in retail consumer lending, not wholesale, business, SME or property. I'm especially impressed that RateSetter have returned ~£70m in interest to lenders, that might otherwise have been only ~£1m if the same money has been in a savings account. That's a fantastic reflection on what P2P should be aspiring to deliver. But some of the lending occuring on some platforms is mired in incompetence, ignorance of traditional risk management principles to access the borrower and security, and ultimately poor treatment of the customer. Some loans can clearly be defined as irresponsible lending. And don't get me started on the transfer of P2P to Bank.... I still love a couple of platforms, but I'm falling out of love with the sector. The drunks have turned up at the party, maybe it's time to go home. Kevin. Don't say I didn't warn you if this, back in June 2017; " But some of the lending occuring on some platforms is mired in incompetence, ignorance of traditional risk management principles to access the borrower and security, and ultimately poor treatment of the customer. Some loans can clearly be defined as irresponsible lending..." ..
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Post by WestonKevTMP on Feb 21, 2020 10:40:41 GMT
Apologies, I just voted and didn't know I wasn't allowed until I read this. There's no note or comment in the actual poll, so I think it's a but unfair to have a moan. For the record I voted TMP (employee), RateSetter (ex-employee), Assets, LendingWorks and Abundance Kevin. Why did you vote for Lending Works? I've always had a soft spot for Lending Works, I've met the co-founders who are genuinely nice people and trying to do the right thing (unlike many chancer start-ups in the sector). They don't always get it right, but they act with honesty and integrity. I think their weakness has been a lack of credit risk expertise, and that was clear in the over double bad debt rates to that forecast (and hence money lack of money put in their Provision Fund). But they've tried to put that right with some key hires in the last 12-months. The damage was done and the 6.5% wasn't sustainable. The solution was reasonable, perhaps badly communicated and implemented. Returns are probably more appropriate now and sustainable (regular readers will know I think many lenders are too greedy, and come a cropper with the likes of Lendy, which was clearly a disaster in waiting). I've not been adding money and in fact I've been in slow draw-down, I'm waiting on news of their next fund raise to have some clarity over the platforms financial stability. I'll probably start to put a little money back in thereafter. Kevin.
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Post by WestonKevTMP on Feb 20, 2020 15:24:19 GMT
For me, overdue annual accounts is an early red flag that a platform hasn't the right governance in place. Although it seems to happen with uncommon frequency with smaller companies (I don't really know why, I'm not an accountant).
Kevin.
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General P2x Discussion - Polls Only
P2P in 2020
Feb 19, 2020 7:13:41 GMT
jester likes this
Post by WestonKevTMP on Feb 19, 2020 7:13:41 GMT
Mod Hat On/
Not that it seems to have happened yet, but can I just ask Platform Reps not to vote in this poll. They can have an undue impact on the results and cause us unnecessary time and effort trying to get their votes unwound. We can see who has voted, but not how people have voted, so let me say now, rather than waste our time trying to get you to un-vote, if any Platform Reps do vote I'll simply name them when the poll closes. Thanks for your collaboration.
Apologies, I just voted and didn't know I wasn't allowed until I read this. There's no note or comment in the actual poll, so I think it's a but unfair to have a moan. For the record I voted TMP (employee), RateSetter (ex-employee), Assets, LendingWorks and Abundance Kevin.
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Post by WestonKevTMP on Feb 12, 2020 21:10:20 GMT
This is a very detailed blog into the "situation" for Kapil Wadhawan. Currently under arrest for money laundering in India. cobrapost.com/blog/biggest-financial-scam/1373According to this, some of the £30m invested in 2017 was diverted from a fund intended for slum redevelopment. If true, not a good look for Zopa.
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