keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,424
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Post by keitha on Jul 28, 2020 9:09:40 GMT
Been speaking to a couple of friends with investments in FC.
Neither had noticed that lending had ceased, and one even said he expects normal lending to resume in next 5-6 weeks so not worth taking funds out.
both have checked accounts after speaking to me and are shocked at number of loans "on payment holiday", both had worked on if I get 6% interest and 4% go bad then it's better return than in bank type figures.
One has just rung me asking how he can get all his money out, and didn't even realise that the system had changed back in December.
I wonder how many others out there are this uninformed.
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Greenwood2
Member of DD Central
Posts: 4,333
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Post by Greenwood2 on Jul 28, 2020 12:33:57 GMT
Been speaking to a couple of friends with investments in FC. Neither had noticed that lending had ceased, and one even said he expects normal lending to resume in next 5-6 weeks so not worth taking funds out. both have checked accounts after speaking to me and are shocked at number of loans "on payment holiday", both had worked on if I get 6% interest and 4% go bad then it's better return than in bank type figures. One has just rung me asking how he can get all his money out, and didn't even realise that the system had changed back in December. I wonder how many others out there are this uninformed. I suspect there are a lot of passive P2P investors, treating P2P as a savings account and just checking in once in a while, they may well be pretty oblivious to what the current (dire) situation is on some platforms. When P2P was new we thought it was risky and kept a pretty close eye on it, but people get complacent and more recent investors probably think of it as more mainstream. In the early days P2P also required continual manual participation to keep funds invested, so you were aware of changes in the way the markets were performing, now it can all happen automatically on most platforms.
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