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    • nushnush
    • By nushnush 6th Jul 17, 4:24 PM
    • 75 Posts
    • 45 Thanks
    nushnush
    you can open as many ifisa accounts as you want this year but you can only subscribe new money to one of them
    • bxboards
    • By bxboards 10th Jul 17, 9:57 AM
    • 1,237 Posts
    • 974 Thanks
    bxboards
    Quite a few IFISAs look like they will be launched this year, reading into the rules i will only be able to open one IFISA this year.
    Originally posted by kamir
    I've been waiting tor some of my platforms to open IFISAs - trouble is, a number of those that currently do, do not I would not want to invest in!

    A while back I noticed that it was possible to buy shares in P2P, for example Funding Circle who do not have an ISA do have a share vehicle FCIF. Ranger Direct Lending (RDL) also offer a share wrapper, as do P2P Global. Some of these pay around 6 to 12%, so could be purchased a part of a SIPP or stocks and share ISA without waiting for the P2P platforms to launch ISAs.

    I've put some of these into my HL SIPP as well as my S&S ISA.

    Just wondering if there is a downside to this?
    • Rollinghome
    • By Rollinghome 10th Jul 17, 6:25 PM
    • 2,089 Posts
    • 2,276 Thanks
    Rollinghome
    Just wondering if there is a downside to this?
    Originally posted by bxboards
    One might be that they don't necessarily to do very well. FCIF has done just about as well as the average corporate bond fund so could be worth a punt but the other two seem to have lost money with style.

    While being tax efficient is nice, not losing money in the process is better.
    • TheShape
    • By TheShape 15th Jul 17, 6:11 PM
    • 958 Posts
    • 700 Thanks
    TheShape
    I've just experienced my first ever p2p loan default. It has occurred on the Collateral platform through a loan to a car dealership and is also Collateral's first ever default. There are a number of loans to the same company which are also affected.

    It's unfortunate that it has happened so early in my involvement in p2p lending as a significant loss of capital on these loans would severely dent my overall p2p return but perhaps also a good, early lesson to be learned re the risks of p2p.

    Hopefully Collateral will be able to manage the default and return at least some of the capital/interest but it has prompted me to take a look at my whole p2p portfolio and do some re-balancing by reducing some of the loans that I was over-invested in.

    Anyone else here invested in the defaulted loan (or any of the others to the borrower)?
    • nushnush
    • By nushnush 15th Jul 17, 8:52 PM
    • 75 Posts
    • 45 Thanks
    nushnush
    I've just experienced my first ever p2p loan default. It has occurred on the Collateral platform through a loan to a car dealership and is also Collateral's first ever default. There are a number of loans to the same company which are also affected.

    It's unfortunate that it has happened so early in my involvement in p2p lending as a significant loss of capital on these loans would severely dent my overall p2p return but perhaps also a good, early lesson to be learned re the risks of p2p.

    Hopefully Collateral will be able to manage the default and return at least some of the capital/interest but it has prompted me to take a look at my whole p2p portfolio and do some re-balancing by reducing some of the loans that I was over-invested in.

    Anyone else here invested in the defaulted loan (or any of the others to the borrower)?
    Originally posted by TheShape
    i am in the defaulted loan and the related loan, also in most of the other loans on CO, i was in when they started, i dont add too much to each loan, i also try not to overdo a single lender, will be interesting to see how well CO deal with this default
    • takesyourchances
    • By takesyourchances 16th Jul 17, 9:57 PM
    • 400 Posts
    • 227 Thanks
    takesyourchances
    Just been catching up on things, I am also in the defaulted loan on Collateral, althought not drastic at £50. It will be interesting to follow how Collateral go about the recovery process with the car stock and I have read the threads on the P2P forum as well.

    I will just be adding to my P2P as normal and will follow how it all goes. Hopefully there is a positive outcome with it being the first on this platform.
    • TheShape
    • By TheShape 16th Jul 17, 11:27 PM
    • 958 Posts
    • 700 Thanks
    TheShape
    I'm in the defaulted (overdue) loan for just over £50 and for approx £300 across all the borrower's suspended loans. That works at at just under 5% of my investment at Collateral and approx 1.6% of my total p2p lending.

    The new loan at MoneyThing tomorrow has been well timed as I've managed to sell all of my Grouped Asset car loans (keeping the Stocking Loans) and both invest in a few loans that appeared on the SM and have funds available for the new loan.
    • takesyourchances
    • By takesyourchances 16th Jul 17, 11:56 PM
    • 400 Posts
    • 227 Thanks
    takesyourchances
    I'm in the defaulted (overdue) loan for just over £50 and for approx £300 across all the borrower's suspended loans. That works at at just under 5% of my investment at Collateral and approx 1.6% of my total p2p lending.

    The new loan at MoneyThing tomorrow has been well timed as I've managed to sell all of my Grouped Asset car loans (keeping the Stocking Loans) and both invest in a few loans that appeared on the SM and have funds available for the new loan.
    Originally posted by TheShape
    I have been away so I only got reading up today, looking again, the actual defaulted loan I am only £25 in and £25 in the other borrower's that are suspended. I picked these bits up on the SM.

    When you look at it at only 1.6% across all your P2P that is not so bad, hopefully recovery goes well.

    I am also planning to add to the new Moneything loan tomorrow as well. I just need to discipline myself not to go too much into a single loan while my overall investment in P2P grows. Easier said than done when funds are there, but when fresh loans are appearing it does not take long to spread the funds around.
    • takesyourchances
    • By takesyourchances 18th Jul 17, 5:07 PM
    • 400 Posts
    • 227 Thanks
    takesyourchances
    Any thoughts on the ratesetter update today anyone who has recieved it?

    I have just over £2500 with ratesetter at 5% sitting in the 5 year income. It had been in my mind to move this to the likes of Moneything. I would miss out on the £100 bonus if I sold out, but maybe this is the chance to get out with no fees and use this money else where.

    Be interested to hear what others make of this.

    Thanks!


    On 2 May 2017, we announced on our blog that we had changed our relationship with two of our borrowers. We are writing to you today with more information about this and to let you know why RateSetter has intervened over and above the usual course of business with three of its borrowers.

    Why is RateSetter providing this information?

    We believe it is important for all our lenders to be comfortable with their investment and aware of the risks of investing with RateSetter on an ongoing basis. If you feel this information changes your investment, we are giving you the option to review your investment with us and sell out without incurring any fees. This offer is available to you for the next month.

    RateSetter has intervened directly with three borrowers as follows.
    • Vehicle Trading Group Limited, a motor finance holding company: this company went into administration because it had taken on too much debt. RateSetter bought the two operating subsidiaries in order to best protect our lenders’ interests. They are Vehicle Credit Limited (which makes loans to consumers to buy cars) and Vehicle Stocking Limited (which makes loans to motor dealerships to buy cars). We intend to expand our motor finance lending capabilities by integrating the two businesses into RateSetter product lines, with lenders matched directly to the end borrowers. The businesses are repaying their existing wholesale loans of £24m (VCL) and £12m (VSL) as their end borrowers repay in line with the loan schedules. The loans are secured on the underlying loan portfolios of these two businesses which total £31m. These portfolios are expected to generate sufficient interest throughout their lifetime to repay these wholesale loans in full.
    • Adpod Limited, an advertising company: In 2015, Vehicle Trading Group used £12m of wholesale lending from RateSetter to lend to Adpod Limited. Adpod was poorly managed and got into financial difficulty. As lending this amount to a single business was outside RateSetter’s credit policy and was an exceptional case, we believed it was right for RateSetter as a company to intervene and absorb any losses from this loan, as opposed to the Provision Fund doing so. RateSetter is doing this by standing behind Adpod’s monthly loan repayments until the money is fully repaid. The amount outstanding is now £8.5m. Adpod is now fully owned by RateSetter.
    • George Banco Limited, a consumer guarantor loan specialist: RateSetter obtained a minority equity share of this business, with the intention of changing the wholesale lending arrangement into one where RateSetter investors would lend directly to George Banco borrowers. However, after further examination, we concluded that we would not continue with this strategy. RateSetter will remain a supportive but passive shareholder in the business. George Banco is repaying its existing loans of £32m as its end borrowers repay in line with the loan schedules.
    These three interventions all stem from RateSetter’s wholesale lending which we discontinued in December 2016 and we do not intend to intervene like this again. The expected default rate on RateSetter’s outstanding lending is unaffected and stands at 2.9 per cent, and currently we estimate that the Provision Fund is large enough to cover all Expected Future Losses.

    The option to review your investment with a free sell-out

    We are giving everyone, not just the lenders who are matched to these specific borrowers, the opportunity to review their investment, as all investors are exposed to the performance of the loan book as a whole. Our records show that today (18th July) you are matched to a loan with one of these borrowers. The Provision Fund effectively spreads each lender’s risk across the whole loan book, you are exposed to the performance of the book as a whole - not that loan specifically.

    If you would like to sell out of your investment with RateSetter without incurring a fee, please email us at investoroption@ratesetter.com. This offer will last for one month, from 18th July to 17th August 2017. We would like to point out that sell-outs are always subject to there being other funds in the market to replace funds withdrawing from loan contracts.

    Warm regards,

    Peter Behrens,
    Chief Operating Officer
    • takesyourchances
    • By takesyourchances 18th Jul 17, 8:05 PM
    • 400 Posts
    • 227 Thanks
    takesyourchances
    Following this information on Ratesetter above, I decided to take the sell out option with no fees and emailed them. I have another 50 days for the £100 bonus but I'd rather sell out and put this money into Moneything and Ablrate etc etc and spread it on these for higher rates.

    The 5% on the 5 year I was getting on the £2500 I have in, I don't feel is worth it and the rates now are below this as repayments come in and any new money I was putting across Moneything, Collateral and Ablrate.
    • Zanderman
    • By Zanderman 18th Jul 17, 8:34 PM
    • 1,202 Posts
    • 3,597 Thanks
    Zanderman
    Any thoughts on the ratesetter update today anyone who has recieved it?

    I have just over £2500 with ratesetter at 5% sitting in the 5 year income. It had been in my mind to move this to the likes of Moneything. I would miss out on the £100 bonus if I sold out, but maybe this is the chance to get out with no fees and use this money else where.

    Be interested to hear what others make of this.
    Originally posted by takesyourchances
    I got the same email except for the phrase about being matched to those borrowers. Mine said:

    "Our records show that today (18th​ July) you are not matched to any loans with these borrowers"
    I'd be interested in others' views too!
    • takesyourchances
    • By takesyourchances 18th Jul 17, 8:57 PM
    • 400 Posts
    • 227 Thanks
    takesyourchances
    I got the same email except for the phrase about being matched to those borrowers. Mine said:



    I'd be interested in others' views too!
    Originally posted by Zanderman
    After getting used to P2P more, I felt I preferred more hands on selecting loans myself and against the secured asset loans, that was why I sold out of Funding Circle as unsecured loans and rising defaults and Ratesetter is blind lending and no idea where the funds are going like this update.

    So personally, I would rather feed this money back into the asset backed loans on the other 3 platforms I am using and spread it on these.

    Interested too in other opinions.
    • bigadaj
    • By bigadaj 18th Jul 17, 9:14 PM
    • 9,347 Posts
    • 5,977 Thanks
    bigadaj
    I withdrew my £1000 and subsequently closed my account after getting the £100 bonus, returns are fine with teh bonus but insufficient without it.
    • takesyourchances
    • By takesyourchances 18th Jul 17, 10:53 PM
    • 400 Posts
    • 227 Thanks
    takesyourchances
    I withdrew my £1000 and subsequently closed my account after getting the £100 bonus, returns are fine with teh bonus but insufficient without it.
    Originally posted by bigadaj
    That was my idea to collect the £100, but I have 50 days to go and with the recent update and offer of free sell out, I will forfeit it and hopefully make it back with higher rates on the others I will add it too.
    • Zanderman
    • By Zanderman 19th Jul 17, 8:43 AM
    • 1,202 Posts
    • 3,597 Thanks
    Zanderman
    I am curious that the reaction so far to Ratesetter's announcement has been for people to say they are withdrawing early, even if their investment is just £1000 and they will now forfeit the £100 bonus.

    My reading of their announcement is that they are expecting no change - expected rates of default are the same as before and the provision fund is unaffected by the news they are reporting.

    So, assuming those statements to be reasonable, why cut and run? Their interest rates are lower than many other p2p but that £100 bonus on £1000 is still exceptional and worth waiting for surely?

    So, am I missing something or is the reaction being reported, so far, a little over the top?

    I'm even vaguely suspicious that Ratesetter might be wanting to encourage early withdrawals to save them from paying the £100 bonuses....
    • Over62
    • By Over62 19th Jul 17, 10:01 AM
    • 36 Posts
    • 22 Thanks
    Over62
    I am curious that the reaction so far to Ratesetter's announcement has been for people to say they are withdrawing early, even if their investment is just £1000 and they will now forfeit the £100 bonus.

    My reading of their announcement is that they are expecting no change - expected rates of default are the same as before and the provision fund is unaffected by the news they are reporting.

    So, assuming those statements to be reasonable, why cut and run? Their interest rates are lower than many other p2p but that £100 bonus on £1000 is still exceptional and worth waiting for surely?

    So, am I missing something or is the reaction being reported, so far, a little over the top?
    Originally posted by Zanderman
    I'm staying with Ratesetter at least until the bonus is paid. Whether this is the right decision, time will tell.

    I'm even vaguely suspicious that Ratesetter might be wanting to encourage early withdrawals to save them from paying the £100 bonuses....
    Originally posted by Zanderman
    This has also crossed my mind.
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