23-04-2018, 01:37 PM
I'm really disappointed in Kufflink for switching from a 2nd ranking stake to a PF. I can only see this as a bad outcome and leaves the door open to more risky loans.
Skin in the game
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23-04-2018, 01:37 PM
I'm really disappointed in Kufflink for switching from a 2nd ranking stake to a PF. I can only see this as a bad outcome and leaves the door open to more risky loans.
23-04-2018, 01:56 PM
They were on my radar for consideration, not any more.
23-04-2018, 02:26 PM
It seems a bit of a strange change to make immediately after bringing a load of new customers to the platform with their referral offer. It was enough to cause me to actually sign up and deposit my £200 for the bonus, with the view to increasing that as time went by, but on current information I now won't be doing that. I would assume there are others in a similar situation.
The attempt to spin it as a major positive for investors and general lack of detail have put me off even more. If they were clear about what was happening and why then I might have been a bit more sympathetic, or if this was in fact going to increase coverage on the autoinvest and ISA accounts from their current 5% stake.
23-04-2018, 02:46 PM
I understand why they have done it, to increase the size of loan book that they can support, however, in my opinion the 20% skin in each loan was their USP and I will not invest more. They tried to sell the "reserve" feature as a benefit so they have history of trying to put lipstick on a pig. I can invest in similar loans faster with less cash drag, and more variety and flexibility on AC.
23-04-2018, 08:40 PM
(23-04-2018, 02:46 PM)linexpedition Wrote: I understand why they have done it, to increase the size of loan book that they can support, however, in my opinion the 20% skin in each loan was their USP and I will not invest more. They tried to sell the "reserve" feature as a benefit so they have history of trying to put lipstick on a pig. I can invest in similar loans faster with less cash drag, and more variety and flexibility on AC.Sums up exactly what I was thinking - the fact that they were committing their own money to the tune of 20% sold me that they would take a lot more care in what loans they were taking on. Now its a promise and that doesnt sound to me so much of a commitment. I have done the same as Singularity - saw the referral thread on MSE and thought good start and have transferred more than the £200 minimum over ready to see what loans crop up. Can understand why they have done it - but doesnt make it a good idea.
25-04-2018, 01:02 AM
Looks like a fantastic opportunity for someone who would like to set up a new p2p platform. Virtually all posters on either forum seem happy to invest in a platform that has a 20% skin. A ready made USP that has proven to draw in investors.
I think the over-generous referral scheme was probably a bit over the top though! (Obviously I took advantage of it and referred anyone who was interested, but would have still done so for a lower reward).
26-04-2018, 09:53 PM
Not sure if folks on here still have access to p2pif, but the response from the CEO on there today beggars belief.
It's here: http://p2pindependentforum.com/post/263619 if you do. In case some don't; I'm not sure of the legalities of copying their post here, so, my interpretation of what Kuflink posted is: 1) No-one has lost money on Kuflink (yawn). 2) Kuflink are wonderful. 3) Kuflink are happy to react to their investors requests. 4) Especially to the one where investors were demanding that Kuflink's 20% skin-in-the-game was replaced by an undefined PF. 5) No-one has lost money on Kuflink (in case you missed it the first time). As I say, it beggars belief!
28-04-2018, 11:29 AM
This was the platform at the top of my ?review in new tax year? list. Based on the above, it is looking less likely now.
25-05-2018, 03:53 PM
(26-04-2018, 09:53 PM)jack Wrote: Not sure if folks on here still have access to p2pif, but the response from the CEO on there today beggars belief.Do you suppose they have signed up the Lendy spin marketing department? It does read an awful lot like something coming out of Cowes, steaming and backwards. But wait .. the IOW ferry has gone all diesel!
25-05-2018, 11:00 PM
I don't wish to do Kuflink's PR for them, but having posted such a negative opinion on here I feel obliged to provide an update for those that can't access the P2PIF.
Hari from Kuflink has responded to some of the questions raised in response to the reduction in skin and utterly ridiculous flannel from the CEO. He's provided some examples of how the new system would work and answered some concerns in a more adult manner than the CEO managed. Not sure why Kuflink haven't put the clarifications on their own "How it works" page! Basically the 20% first loss skin has been replaced by a 5% first loss skin and a further 15% first loss "guarantee". It's still not as good as 20% skin IMO, but perhaps not as bad as many of us feared, though some questions are still unanswered. Judging by the speed at which their loans are now filing many investors must feel the same. Looks to me like they may soon be forced to reconsider their position. |