P2P Investing

Zirax · 7 Dec 2019 at 01:27

Landbay has just closed up shop for retail customers. Seems a lot of corporate money has been flying about. I would have put them down as one of the safer ones.

mikeh501 · 7 Dec 2019 at 08:52

mikeh501 said:
I’ve recently pulled out the majority of funds from my p2p investments ahead of Brexit, and on the back of general consumer debt levels right now. May go in again in another six months

Glad I started this in Jan! im all the way out pretty now of ratesetter, zopa, funding circle and archover

UnworthyBean · 9 Dec 2019 at 21:57

For anyone with Ratesetter they will have probably received the same email but they are suspending the ability to withdraw all funds. They also have terms regarding a wind down so not sure if Ratesetter are also going bang?

Zirax · 9 Dec 2019 at 22:55

UnworthyBean said:
For anyone with Ratesetter they will have probably received the same email but they are suspending the ability to withdraw all funds. They also have terms regarding a wind down so not sure if Ratesetter are also going bang?

I've had one where they are referring to the new FCA conduct regs? Not really invested with them now anyway. Having a wind-down agreement is mandated by FCA.

Mercenary Keyboard Warrior · 10 Dec 2019 at 14:27

They arent suspending the ability to withdraw all, they are pointing out that they can do this now with clarification on how it would work.

Saying that I was already in draw down from RS, moneything but events overtoo me, and I have 1 active ZOPA loan left

P2P rates are too low and too risky right now

snappyfish · 8 Jan 2022 at 13:51

So, what is everyone doing in terms of investing if any?

Jokester · 8 Jan 2022 at 13:53

snappyfish said:
So, what is everyone doing in terms of investing if any?

I just withdrew a bunch of cash from Funding Circle as they've stopped lending to businesses with investor's cash.

BowdonUK · 8 Jan 2022 at 14:06

I've never heard of P2P investing. But it looks like I'm late to the party?

Zirax · 8 Jan 2022 at 22:08

BowdonUK said:
I've never heard of P2P investing. But it looks like I'm late to the party?

A lot of them went under with covid. The rest had their entire portfolio's purchased, thus individuals were booted when there was institutional money flying about.

Barely doing it now. Ratesetter, Zopa, Growth street all gone.

beh · 9 Jan 2022 at 16:05

I don't think (m)any platforms were ever profitable?

Content to have finished with Zopa, RS and Growth St. Not classic P2P but I still have money in Property Partner and WiseAlpha. Feel quite lucky to have avoided the catastrophic failures like Lendy or Collateral.

Jokester · 10 Mar 2022 at 18:42

And that's Funding Circle withdrawing completely from P2P lending.

darkgen · 10 Mar 2022 at 18:52

Yep. after the clown show that was Saving Stream / Lendy; I got the hell out of dodge (or tried too) over the last 2.5 years. I'm still up, marginally but proper dicey for a while.

Jokester · 10 Mar 2022 at 18:56

Always did well on Funding Circle and Ratesetter to a lesser degree.

darkgen · 10 Mar 2022 at 18:57

Jokester said:
Always did well on Funding Circle and Ratesetter to a lesser degree.

RS yes. FC was default city for me.

Mercenary Keyboard Warrior · 10 Mar 2022 at 19:09

darkgen said:
Yep. after the clown show that was Saving Stream / Lendy; I got the hell out of dodge (or tried too) over the last 2.5 years. I'm still up, marginally but proper dicey for a while.

Im not out yet, I will be up at the end but how much is still to be decided. It will be more than I would have got from safe investment, but probably less that S&S tracker by the end
Luckily I exited Zopa pretty early as I realised how the target returns only worked whilst you were allowing reinvestment
I exited Ratesetter over time by withdrawing all returns before they ran into the liquidity issues, but it took me a few months to buy myself out, only a couple of weeks before they announced they were returning everything
I am unluckily still in Moneything which has been a shambles. Their exit plan nonsense, now we are being taken without lube by parasitic liquidators. Who managed to get a judge to allow them to steal our money as they couldn't run the operation based on the company assets. Oh well you live and you learn.

I wont be going near P2P again even if it has a future. The FCA has shown itself to be utterly useless and as such the whole market has been a shark feeding frenzy and I wouldn't trust a single one of them, its far far too easy for someone to stitch you up.

darkgen · 10 Mar 2022 at 19:24

^ I was thankfully not as exposed as some and I know some who have many 10's of k wrapped up in some these debacles. Lessons learned, harshly.

snappyfish · 10 Mar 2022 at 19:33

Yep, fully out myself apart form £320. One of my loads defaulted on money thing.. been stuck for over a year.. I did have 30K plus once making nice interest per month but got scared and pulled out..

Kreeeee · 10 Mar 2022 at 21:00

darkgen · 29 Nov 2023 at 16:41

FYI Funding Circle folk.

I received an email yesterday suggesting a large number of P2P defaulted loans and recoveries had taken place on the platform. Quite the surprise considering the P2P platform collapsed some years back with many loan interest defaults.

I thankfully had a minimal amount on the platform at the time and the good loans offset the bad but I’ve just logged back in and discovered £170 available to withdraw!

Lovely.

Jokester · 29 Nov 2023 at 18:31

Yeah, got a whopping £11 in my account. I never seemed to have much issue with defaults.

What loans I've still got there are still doing 5.2% based on rates from years ago so not that bad still.