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Fig Lee
Posted: 24 May 2020 18:11:28(UTC)
#12

Joined: 23/12/2019(UTC)
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Sounds like a good plan.

I think (from my experience) that Ratesetter is the best platform overall. And I will reserve judgment on them for now.

But I have already started to make my weekly withdrawals from Funding Circle.

The way I see it is to accept that account as a long term savings deposit account where you have to give notice and be patient.

It will take 2 years at most to run the account dry. But the weekly withdrawals literally pay my rent.

But if I had needed access asap to funds then there would have been a problem. And that is where the P2P platform model fails.

But having said that, in today's yield starved economy they could still have a role for some - assuming that is that borrowers honour repayments.
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Ramondo on 25/05/2020(UTC)
ANDREW FOSTER
Posted: 24 May 2020 19:13:47(UTC)
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low income investor;116610 wrote:
l got out of p2p between 2015 -2019 when it was starting to become clear that the platforms would have to start dumping on their retail investors in order to make their models work.


Totally agree... I let Zopa wind down but in the end had to sell loans to limit losses. Its all OK until you withdraw money, then the proportion of you "bad loans" goes up and you start losing money every month.

Its the snag I never saw when I went in.

I suspect Zopa lenders will get hammered in the current crisis.....

I have, however, retained Assets Capital as there protection fund has kicked in several times and I have confidence in it.
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low income investor on 24/05/2020(UTC), Fig Lee on 24/05/2020(UTC)
Fig Lee
Posted: 24 May 2020 20:34:54(UTC)
#13

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Yes Assets Capital seem to have a good name.

But the problem more generally for P2P investors is finding now and of all times that as an asset funds are not liquid. Funding Circle have loans up to 5 years.

There is no quick fix I guess and we are all in the queue to make those withdrawals as and when.

And what then for income yield?

Dividend stocks are out, even ITs are cutting back dividends.

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Fig Lee
Posted: 26 May 2020 11:08:23(UTC)
#14

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So how are other people gracefully exiting Zopa right now?

Just to recap.. they have suspended loan repayments to lenders.

This means that if you disable auto-invest with the intention of withdrawing interest in a trickle way over a period of time to run the account down you can't.

So I assume that the only way (if they have not disabled the feature) to withdraw is to sell loan parts. But that incurs Zopa tax i.e a fat fee.

So my question to you is - are investors in Zopa effectively being held to ransom?

This could be something for the financial regulator because although they are are entitled to vary terms and conditions of the agreement, what they have done here is so draconian a breach of that agreement it could constitute rendering that agreement broken. I need to look into this.

Any thoughts though would be welcome.
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Mikki on 20/06/2020(UTC)
Dannie Noarh
Posted: 01 February 2023 15:50:51(UTC)
#15

Joined: 01/02/2023(UTC)
Posts: 3
I hope you are having a great weekend too! I understand the frustration with P2P providers and their recent actions. However, it's crucial to keep informed and have options regarding investments. Have you considered seeking advice from a trusted mortgage advisor? Open & Honest Mortgage Broker in Sheffield is a great option to get an honest and professional opinion on your finances. They offer expert advice as a Mortgage Advisor Sheffield and can help you find the best investment. Good luck, and be careful!
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Darrell V Puckett
Posted: 14 March 2023 12:01:24(UTC)
#16

Joined: 14/03/2023(UTC)
Posts: 2
Dannie Noarh;255962 wrote:
I hope you are having a great weekend too! I understand the frustration with P2P providers and their recent actions. However, it's crucial to keep informed and have options regarding investments. Have you considered seeking advice from a trusted mortgage advisor? Open & Honest Mortgage Broker in Sheffield is a great option to get an honest and professional opinion on your finances. They offer expert advice as a Mortgage Advisor Sheffield and can help you find the best investment. Good luck, and be careful!



I agree with you completely. The best thing you can do is to fully comprehend all the facts and potential outcomes before preparing for an investment. Even though you might not always be able to do this on your own, you can ask a financial analyst or a mortgage broker for assistance. They are well knowledgeable about current financial terms and conditions and actively follow financial developments. Depending on your demands, they can direct you in the proper direction.
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Darrell V Puckett
Posted: 14 March 2023 12:04:56(UTC)
#20

Joined: 14/03/2023(UTC)
Posts: 2

I agree with you completely. The best thing you can do is to fully comprehend all the facts and potential outcomes before preparing for an investment. Even though you might not always be able to do this on your own, you can ask a financial analyst or a mortgage broker for assistance. They are well knowledgeable about current financial terms and conditions and actively follow financial developments. Depending on your demands, they can direct you in the proper direction.
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