elliotn
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Post by elliotn on Oct 18, 2018 10:46:41 GMT
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elliotn
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Post by elliotn on Oct 18, 2018 5:39:02 GMT
admirable caution to protect lenders from ablrate Yes, seems we may need protecting from them ![;)](//storage.proboards.com/forum/images/smiley/wink.png)
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elliotn
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Post by elliotn on Oct 17, 2018 7:54:17 GMT
100% (excluding cash).
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elliotn
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Post by elliotn on Oct 17, 2018 7:20:15 GMT
I am resigned to being parted from my cash for quite a long time and of course who knows if I will ever see any of it or how much of it again. In the circumstances I have had to make the difficult decision to apply to draw my occupational pension a year earlier than planned which means I am losing approx. 5% per annum on my work pension for early payment but the problem is that I was living on interest from my capital and now I have not only stopped getting much interest, I have also lost access to quite a lot of my capital so I am pretty stuffed at the moment and it was a choice between getting myself a temporary job in one of the local supermarkets as there is a lot going with Christmas coming up or taking my work pension early and I've gone for the pension early option because it just seems the simpler solution at the moment although in the long run it will cost me a lot of money when that annual actuarial reduction is compounded over the rest of my life. I did very well from LY because I was an early adopter in the days of boats when it was 12% for 3 years with almost no risk as long as you got your tactics right. I did quite well from MT. But all those gains have been blown out of the water and more by the COL situation which caught me completely off guard and left me massively over exposed to what I thought was the new, safer, younger platform that I could earn from for another year until taking my pension. Now I can only sit back powerless and imagine my hard earned savings being gobbled up at £720 an hour by London based , swanky officed, financial fat cats who somehow get appointed to deal with the winding down of a small company in the North West of England where fee rates are much lower. Yes I've been stitched up big time. But I have learnt a big lesson from this and never again will I risk any of my money. I didn't get where I am today by losing money on investments or gambling and sheer carefulness and prudence were my watchwords (people used to call me a tight wad) and at this point in my life after my early retirement I find I have let myself down badly. I am man enough to admit there have been sleepless nights when it all has been going through my head around and around and yes there have been tears and I have suffered some physical symptoms and flaring up of a stress related condition I have which has required my medication to be upped, but I am now just about coming to terms with it and there is no point worrying about what you cannot change and you can only learn from it and not make the same mistakes again. I wish everybody invested in COL the very best outcome whatever your circumstances. I hope that most of us live long enough to see it. Shocked you put yourself in such a position. Why did you think an unproven, loss making, high yield platform would be safer? Was Mr 12% hoping to continue passing his parcel in a less mature, less default ridden loan book than Ly's (where you mocked others for not having as masterful a strategy?). I have no income except p2p. I am more than 2 decades from what will essentially be a state only pension. My wife has an incurable disease and I live somewhere where there is no national health service and my wife cannot be insured for a pre-existing condition. I live under the threat of prolonged chemotherapy for my wife or a car accident for myself (in the world's worst country for fatalities) ruining me. I have 15% of my net worth that I need to live on for the rest of my life tied up in Coll (I already live a very simple life to try and eek out what I do have). I can only dream about the consequence of this debacle being a marginal tweak to my occupational pension. Not that I would ever want to burden strangers with my personal problems (or financial decisions that I wilfully took - a nice dilemma to have?) but I thought it may be some small comfort that you are Not suffering alone.
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elliotn
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Post by elliotn on Oct 17, 2018 7:03:25 GMT
Minimum Investment is £100. Evidently, I'd missed that option.
Just so that others are forewarned, on the "add investment" page you have 4 buttons you can press; from left to right, £1k, £5k, £10k and "other amount". Nowhere on that page is a minimum mentioned, so the "obvious conclusion" is that it's £1k, being the lowest visible number. How wrong can you be....
If you click on "other amount" you get "minimum investment £100".
This shows why looking around the site before committing is a good idea.
Always a good idea to pre- read terms & conditions.
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elliotn
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Post by elliotn on Oct 17, 2018 7:01:15 GMT
I have received an email about a new comment on this loan. But there is nothing new on their website. Last comment from 11/10/2018. And HC just sits quietly. Does someone know something ? anything? The email may be the date that HC uploaded the earlier Q?
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elliotn
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Post by elliotn on Oct 17, 2018 6:22:55 GMT
Filip, thanks for the tidy up of the SM after CanaryWharf’s dump. Psychologically looks less like a mass sell-off. Sticking to psychology, also interesting to see how many micro parts of the same loan belonged to the same seller ![;)](//storage.proboards.com/forum/images/smiley/wink.png) .
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elliotn
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Post by elliotn on Oct 16, 2018 15:50:55 GMT
We showed a firm hand by rejecting the previous offer. We aren't prepared to grab whatever and run. We need to remain strong and stand together for the best offer. It's not only investors on the forum. Lenders ran a mile and those that voted overwhelmingly chose the settlement option.
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elliotn
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Post by elliotn on Oct 16, 2018 1:43:53 GMT
Under 'P2P', 'Borrowers', 'B**********t G***p', Last post C*********k L*t Appointment of Administrators, it looks like the one I was in on Huddle, but I could be wrong. You can find it from recent posts 6 hours ago. Yes knew about that but still not clear how it affects this loan which made a capital and interest payment after the above news. As ilmoro said, creditor payments now managed by admin as going concern unless liquidation is decided as best way for recovery, perhaps there was a prepayment or A***** covered the payment (they seem to have a history of making loan payments from their ‘float’). But be prepared for this affecting your loan repayments.
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elliotn
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Post by elliotn on Oct 15, 2018 16:09:12 GMT
Isn’t it a bank limitation ie borrower loan payment is by direct debit and banks don’t process these on non-working days? (Not abl’s end where they press the button from borrower client to lender client accounts, quite happy for them to continue their hitherto high standards!).
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elliotn
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Post by elliotn on Oct 15, 2018 15:59:33 GMT
I’m surprised at the take up of this loan. With Wigan yet to repay, it’s got a decent chance of filling. Unless I'm missing something, it looks a pretty decent loan so why would it not fill? Of course, I could be missing something.... You need to have a look at snowmobile ‘s comprehensive post on DDC.
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elliotn
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Post by elliotn on Oct 15, 2018 11:16:43 GMT
At a guess you were invested into loans that were already running because someone else withdrew cash from the market. ie they were bought on SM It's possible, at the moment, I can't tell whether some of my loan parts are bought on SM. Duration might be an indicator, average loans I think are 3-9 months so anything shorter might be SM, perhaps a length that doesn't look like a 'round' term?
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elliotn
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Post by elliotn on Oct 15, 2018 7:59:39 GMT
I think reference was to the borrower’s previous failed incarnation (same company name but spelled “centre” rather than “center”) I considered this one for a while (and even transferred in some cash) but decided, given the borrower’s track record and reviews, that risk of default was too high. And recovery via a residential 2nd charge could be highly problematic. Also, IIRC, Huddle were charging 3% per month whilst paying lenders just 1% !! Why would the residential second charge be highly problematic Steve? Given 70% LTV on the stock the second charge is great additional security. I don’t invest to kick families out of their homes. More importantly, nor do judges 😉 . The current and previous trading record make finding that out a reasonable possibility. Which is presumably why a motor credit facility made him put his family home on the line. Not for me, hazel 😊 did your due diligence raise any red flags apart from (potentially problematic) secondary charges on his primary residence? Ly told me to only look at the security. I have the defaults to prove it. Edit - btw, I’m not being a pain, I love your contribution but family homes as securities are not certain to be executed so just some caution when weighing up the security.
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elliotn
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Post by elliotn on Oct 15, 2018 4:23:35 GMT
Decent loan with good security. Still lots available Was you surprised about a charge on the house in addition to the motors, what are the chances of eviction in non-payment? (Barely broke-even last year with net liabilities). What did you make of the liquidation of their English spelling of this company (>0.3m creditor deficiency)?
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elliotn
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Post by elliotn on Oct 15, 2018 4:15:56 GMT
Again people not reading the information supplied. I had 2 loans paid by provision fund out of 50 ish. Perhaps you are too optimistic and have your limits set to too low a time ie 7days. It’s not a bank people are inherently unreliable. The time taken for your funds to be allocated may be due to increased diligence undertaken before handing out your money. Payment by provision fund is not a permanent default and full recovery may occur and money returns to provision fund. Unlike most P2P this would probably result in the borrowers being excluded from further borrowing and making our future lending less risky. Some good points overshadowed by condescension. Yes, I do know "it's not a bank" and I did "read the information supplied". I thought His intervention simply divine.
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