Peer-to-peer lending sites: MSE guide discussion

takesyourchances

With funding circle I was lent to around 137 loans, with 1 default, return rate stated at 7.1%.

Now I am used to Moneything, Collateral and Ablrate, I feel I want to reduce down funding circle and move my funds across to the other 3 platforms.

I feel also with 1 default so far with FC, reading here I am very lucky I don't have more! I opened this account when first getting used to P2P but now I prefer platforms like Moneything, Collateral and Ablrate.

I looked for the first time at the sell option in Funding Circle, I had a small balance and put £200 up for auto-resale and within minutes I now have a cash balance of £263 is it normally that quick to sell out?

I will use this to start to spread across the other 3 platforms now. I think I would much prefer to completely sell out of funding circle and fund the others so this is a start

dekkard

takesyourchances wrote: »

With funding circle I was lent to around 137 loans, with 1 default, return rate stated at 7.1%.

Now I am used to Moneything, Collateral and Ablrate, I feel I want to reduce down funding circle and move my funds across to the other 3 platforms.

I feel also with 1 default so far with FC, reading here I am very lucky I don't have more! I opened this account when first getting used to P2P but now I prefer platforms like Moneything, Collateral and Ablrate.

I looked for the first time at the sell option in Funding Circle, I had a small balance and put £200 up for auto-resale and within minutes I now have a cash balance of £263 is it normally that quick to sell out?

I will use this to start to spread across the other 3 platforms now. I think I would much prefer to completely sell out of funding circle and fund the others so this is a start

Out of interest, did you use Autobid on Funding Circle? With that success rate, I guess not (?)

takesyourchances

dekkard wrote: »

Out of interest, did you use Autobid on Funding Circle. With that success rate, I guess not (?)

Yes I used autobid, this was the first time selling on funding circle, so thought would try autobid and it was gone within minutes. I put another £100 up there, so will try it now.

If I could get these funds spread across the other 3 I would be much happier and get out of FC with a reasonable return and apply it to the others.

Update at £303 cash now, bit more sold typing this.

That £100 sold very quick too!

dekkard

takesyourchances wrote: »

Yes I used autobid, this was the first time selling on funding circle, so thought would try autobid and it was gone within minutes. I put another £100 up there, so will try it now.

If I could get these funds spread across the other 3 I would be much happier and get out of FC with a reasonable return and apply it to the others.

Update at £303 cash now, bit more sold typing this.

That £100 sold very quick too!

Thanks for your reply. Sorry, I meant, did you use Autobid when you were investing(lending) ?

Bazofts_Revenge

I was under the impression Assetz Capital now had IF-ISA's sorted out. I opened an account with them but no sign of IF-ISA been available yet. Anyone know if and when it will be available? Might end up going for the SIPP instead.

bigadaj

londonlydia wrote: »

Hi - Question on IFISA P2P reivestments!

I have a current IFISA with Crowd2Fund that I started this tax year. I have started to get repayments back now. Am i right in thinking that if I reinvest those returns, that those sums have to be added to the ISA allowance total? Even though it is 'recycled' money within the same tax year?

Mo, returns within the is a are tax free and don't count to contributions. So you can contribute your full allowance within the tax year, and any income can be reinvested without affecting your total.

takesyourchances

Was able to sell another £500 on Funding Circle in a few minutes there, I don't know if it is normally this quick.

I will transfer this to my bank and then redeploy these funds into Moneything, Albrate and Collateral and start working these into loans on these platforms.

takesyourchances

That is £2500 sold out tonight on Funding Circle, I feel better selling out of this platform now to use the funds elsewhere and I have already bought some SM loans on Ablrate and added more to Moneything and Collateral while the FC funds come back to my bank acc.

I feel that my P2P is more tidy now as I did not like the random loan selections on FC and unsecured loans and have learnt from I opened that account I feel.

Everything sold really quick so happy with that

jamesd

Malthusian wrote: »

Why should the FOS be involved? Clearly all the punters who invested in this loan should have "done their research". ... Maybe the FOS will give you your money back, but be careful what you wish for. If you start putting in expensive complaints to the P2P platforms then they might actually decide they have no option but to start hiring professionals to do due diligence.

The P2P firm is already required to ensure that their financial promotions are fair, clear and not misleading. That includes not making false representations about a guarantor. Whether knowingly or unknowingly false and whether negligent or not. The FOS gets to be involved because the risk of the loan was misrepresented by the platform.

In this case I'm having difficulty in seeing how it can be anything other than negligence. Ownership is presumably properly registered at the Land Registry and basic checks of ownership of anything to be used as security or to back a guarantee should be basic routine work by the platforms as part of them making sure that their promotions meet the requirements. If they skip such basic checks they should expect to pay the cost.

jamesd

takesyourchances wrote: »

put £200 up for auto-resale and within minutes I now have a cash balance of £263 is it normally that quick to sell out?

If I recall correctly, yes provided you set a price that autobid will accept. No premium.