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Coronavirus Credit Crunch


TheCountOfNowhere
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TheCountOfNowhere
8 minutes ago, onlyme said:

Same as always, lend like loonies the upswing, pull in the horns on the downswing.

I have no gripe with zopa. 

Great service, good returns. Not sure if they are profitable but i sincerely hope tge continue trading. 

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13 hours ago, TheCountOfNowhere said:

I have no gripe with zopa. 

Great service, good returns. Not sure if they are profitable but i sincerely hope tge continue trading. 

But I did pull all the money I could from it last week and even then 10% of my loans were not in a tradable condition (which means in  the past 2 years 10% of all the loans I made have missed at least 1 payment).

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TheCountOfNowhere
1 hour ago, eek said:

But I did pull all the money I could from it last week and even then 10% of my loans were not in a tradable condition (which means in  the past 2 years 10% of all the loans I made have missed at least 1 payment).

Dont get me wrong.. I bailed 6 months ago. They even stopped me removing my cash. 

I had to call then to assure them it really was me. They tried to talk me into staying. 

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Powell needs to act quickly... I hope FED vaults still keep the famous, Bloomberg keyboard tailored for the past crisis..?

HELICOPTER BEN'S CUSTOM BLOOMBERG KEYBOARD

 

Edited by BearyBear
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19 minutes ago, BearyBear said:

Powell needs to act quickly... I hope FED vaults still keep the famous, Bloomberg keyboard tailored for the past crisis..?

HELICOPTER BEN'S CUSTOM BLOOMBERG KEYBOARD

 

That YouPorn key xD

 

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13 hours ago, No One said:

0.1% nuts

Negative next. Free money for everyone. :Jumping:

Savers? Suckers!

YOLO, may as well go out with a bang, they'll forgive any debt anyway as it's all just numbers on a computer that cannot be paid back anyway. B|

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TheCountOfNowhere
5 minutes ago, BoSon said:

Negative next. Free money for everyone. :Jumping:

Savers? Suckers!

YOLO, may as well go out with a bang, they'll forgive any debt anyway as it's all just numbers on a computer that cannot be paid back anyway. B|

That's like letting all your slaves go in one day.  Aint going to happen.  The rich mens fortunes are based on slavery

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9 minutes ago, TheCountOfNowhere said:

That's like letting all your slaves go in one day.  Aint going to happen.  The rich mens fortunes are based on slavery

They are already rich in terms of assets and wealth, numbers in a bank don't mean anything in real terms other than what's needed for spending money. Greed will be their undoing if they don't sieze the opportunity to start playing a different game. They'll still have the power.

It's a shame AI and automation isn't quite ready so they could have just said to all the now or soon to be redundant workers "stay at home on a citizens income and get trained up on the new skills that will be in demand if you want a job after the virus war has been won". B|

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Just had an email through saying that instead of the 0.27% market adjustment rate I was previously suffering on a second (very small) withdrawal, Zopa are now selling loans with a 14% market adjustment.

So risks are going sky high and clearly few people are buying loans.

I won't be taking up Zopa's advice of letting the loans stand (should break out even / ahead which is all I cared about). 

Edited by eek
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1 hour ago, TheCountOfNowhere said:

https://www.dailymail.co.uk/news/article-8159635/Fury-Halifax-pulls-mortgages-40-cent-deposit.html

 

Couple are left paying TWO mortgages after their dream move to the country collapses amid coronavirus crisis as Halifax stop offering loans to buyers with less than 40 per cent deposits

 

Why 40%, why not all ?

Confusing.

They were already paying 2 mortgages.

Youd hope the one they live in hardly has a mortgage.

Quarry worker Kath, 45, told MailOnline: 'We've got two mortgages and no money to pay for them. Everything is tied up in the new house.

Nothings changed.

40% deposit is the level at which banks dont worry too much about negative equity, or at least them being able to sell the house and not taking a hit.

The new normality has been 20% deposit for 10 years. Gets the best rates.

 

 

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20 hours ago, spygirl said:

Confusing.

They were already paying 2 mortgages.

Youd hope the one they live in hardly has a mortgage.

Quarry worker Kath, 45, told MailOnline: 'We've got two mortgages and no money to pay for them. Everything is tied up in the new house.

Nothings changed.

40% deposit is the level at which banks dont worry too much about negative equity, or at least them being able to sell the house and not taking a hit.

The new normality has been 20% deposit for 10 years. Gets the best rates.

Well he can sell one (If he can) and save his main property.

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reformed nice guy

I have 58 loans on Funding circle, total outstanding is only £500ish (had 6.4% annualised so not too bad when times were good). Have it set to NOT reinvest.

Logged in today and 10 have defaulted on the 30th March. The message for them all:

"This loan has been downgraded as we have received notification that the direct debit has been cancelled. This means that the loan cannot be traded on the secondary market while we contact the business to establish their position and how they will repay their loan. We will update you when we have further information."

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reformed nice guy
8 minutes ago, Loki said:

Oof!

Its not so bad, they are all under a tenner.

I have set it to sell the remainder. Costs 1.25% of loan value but thats a bargain IF they get sold....

Even if all the remaining loans default with no recoveries then I am still in a decent enough profit, iv been with them since 2011

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  • 2 weeks later...
reformed nice guy

Update from Funding Circle:

 

Today the British Business Bank (BBB) has accredited Funding Circle to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS). This will allow us to help small businesses access crucial government-guaranteed loans during this unprecedented time.

To ensure we are helping as many small businesses as possible, we have taken the decision to focus solely on originating loans through the CBIL scheme during this period. You and other individual investors (known as ‘retail investors’) are not currently able to participate in these loans, so we will pause new lending for all retail investors and any institutions not participating in the scheme from today.

Offering CBILS loans will also further support the businesses you have lent to, helping them trade through this period and protecting your returns. We will continue to service your loans and collect repayments, and our team will continue to be on hand to support you.

This is a temporary measure and we remain committed to providing investors like you with access to small business loans through the platform. We expect to re-open the retail investor marketplace in due course.
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