Reply to: Which one of you is responsible for Zopa's website?

[MarillionFan]

Only if you peed on it first

It'll recover if we don't all die.

[ladymuck]

I took some money out last week and moved it into the stock market. Basically should have just burnt it.

Only if you peed on it first

[MarillionFan]

I took some money out last week and moved it into the stock market. Basically should have just burnt it.

[DimPrawn]

Even before all this kicked off, it took me 4 loan sales and nearly 4 months to withdraw £34k. Pretty darn "illiquid". Of that, £500 is still sitting there as loans in arrears that they've been unable to sell. I reckon it yielded 4.5% annually over the 3 years assuming I don't get the £500 back.

Risk vs reward ratio does not stack up for me in favour of having another go at this type of P2P model....especially now that the liquidity situation is likely to have worsened significantly and the funds aren't covered by the FSCS.

P2P lending is great when the world economy is booming. I think the lesson learned is that these types of investments are best panic sold whenever any major global event has occurred, and sooner rather than later.

[sludgesurfer]

Even before all this kicked off, it took me 4 loan sales and nearly 4 months to withdraw £34k. Pretty darn "illiquid". Of that, £500 is still sitting there as loans in arrears that they've been unable to sell. I reckon it yielded 4.5% annually over the 3 years assuming I don't get the £500 back.

Risk vs reward ratio does not stack up for me in favour of having another go at this type of P2P model....especially now that the liquidity situation is likely to have worsened significantly and the funds aren't covered by the FSCS.

[Mordac]

Regulated in this case means guarantees for deposit makers - even if HSbC folds then up to fairly large amount covered, also people who run HSBC are known - they can go to jail, much better model than tulipcoins run by unknown criminals from countries they can’t be extradited from

Maybe we should put you in charge. I mean, someone who doesn't know what they're doing, and doesn't know what they're talking about, what could possibly go wrong...?

[AtW]

Just like 'we launder drug money' HSBC is regulated?

Regulated in this case means guarantees for deposit makers - even if HSbC folds then up to fairly large amount covered, also people who run HSBC are known - they can go to jail, much better model than tulipcoins run by unknown criminals from countries they can’t be extradited from

[scooterscot]

Just like 'we launder drug money' HSBC is regulated?

[AtW]

When I try doing that on Bittrex it was called a Ponzi scheme.

Who regulates Bittrex again? Here is Zopa -

“ We’re regulated by these authorities

Financial Conduct Authority

In 2014 consumer credit organisations – including p2p – began to be regulated by the FCA (previously we were regulated by the Office of Fair Trading). We welcomed this as Zopa, along with Ratesetter and Funding Circle, had lobbied the government for more regulation in our sector to help protect consumers. Since December 2018 we are now also regulated by the FCA as a bank.

Prudential Regulation Authority

We also adhere to the requirements set by the PRA, one of the successors of the Financial Services Authority (FSA). It's operated by the Bank of England and is designed to ensure the stability of UK financial system.”

[scooterscot]

I'm trying to transfer money (out of it into a stock isa) and I can't access it

When I try doing that on Bittrex it was called a Ponzi scheme.

[eek]

Money moved out

[Mordac]

Bob did his best considering the cough and the fever.

You naughty Prawn, you...

[DimPrawn]

From Twatter

As a result of this weekend’s maintenance work, we’re currently having some technical issues. We’re working on these now, but you may experience some difficulties with the site. Please try again this afternoon when we hope to be back to normal. Sorry for any inconvenience.

Bob did his best considering the cough and the fever.

[jamesbrown]

Picturing scenes of a 'run' on Cater Allan - your faster payment is in the post!

That's a CA faster payment under normal conditions.

[jamesbrown]

I know which is why I sold the loans a fortnight ago - I'm now trying to access the money I got from selling those loans...

Good move, hopefully not too late. These lenders will surely be going tits up, pronto, and there's probably already an avalanche of requests like this.