Peer-to-peer lending sites: MSE guide discussion

TheShape

Fatbritabroad wrote: »

To be fair anyone who had huge amounts in this I would say was foolish or greedy. I Only have 4k in abl and am only reinvesting interest. Wouldn't be delighted to lose this but It wouldn't do anything other than royally p*as me off

I would have to admit to being foolish AND greedy!

keyboardworrier

TheShape wrote: »

I would have to admit to being foolish AND greedy!

Me too! Seeing the interest rolling in at 12%+ is very addictive, especially knowing your cash would be eroding away due to inflation in a 1% savings account.

takesyourchances

They must of known to remove the FCA logo from their emails, that would be a legal matter against them I guess to say they were, when not too.

Now the next stage will be how the loan book and repaymemts are handled and how we actually get the cash back, monthly etc / repayments. Also tomorrow we would of been due a repayment of monthly interest.

Collateral handled this wrongly adding a huge stress throughout all their investors starting with the server lies.

takesyourchances

TheShape wrote: »

I would have to admit to being foolish AND greedy!

I will throw my hands up to this too, think fair to say from most, otherwise our cash be parked in the post office :rotfl:

keyboardworrier wrote: »

Me too! Seeing the interest rolling in at 12%+ is very addictive, especially knowing your cash would be eroding away due to inflation in a 1% savings account.

Yes that is completely true as well, when you get the interest payments and repayments and all is working, it does get very addictive. I admit I have a bit of an addictive personality.

I am sure we have all suffered a default etc, but a platform going down is another new experience we have crossed!

TheShape

TheShape wrote: »

I would have to admit to being foolish AND greedy!

keyboardworrier wrote: »

Me too! Seeing the interest rolling in at 12%+ is very addictive, especially knowing your cash would be eroding away due to inflation in a 1% savings account.

Selling loans on MT and ABL was tough to do today especially selling the 'prized' loans. I woke at 5am and decided to sell some loans then as well as further sales this evening. The temptation was to remain fully invested to see the interest continue to come in to try to make up the losses (whatever they may be) was strong.

takesyourchances

TheShape wrote: »

Selling loans on MT and ABL was tough to do today especially selling the 'prized' loans. I woke at 5am and decided to sell some loans then as well as further sales this evening. The temptation was to remain fully invested to see the interest continue to come in to try to make up the losses (whatever they may be) was strong.

I am sure it was not easy selling off the "prized loans" but can understand why you did this and this morning etc. I can't say my experience with MT has been great with £750 tied in defaults, I would be happy to run MT down and hopefully get some recovery and would sell fully out today if I could.

Albrate would be harder for me to sell up from unless I felt certain loans was a bit top heavy. So far so good with them, I have 5k with them and will keep this, but then what level do I go to, or do I reinvest repayments or withdraw. I will need to think these things over.

I do need to cap / derisk my P2P total and not get carried away and made some changes already. I want to raise my S&S investment total too as this is very long term investing and I want to hit the 100k mark which I am not far off so a little push will get it there.

TheShape

takesyourchances wrote: »

I am sure it was not easy selling off the "prized loans" but can understand why you did this and this morning etc. I can't say my experience with MT has been great with £750 tied in defaults, I would be happy to run MT down and hopefully get some recovery and would sell fully out today if I could.

Albrate would be harder for me to sell up from unless I felt certain loans was a bit top heavy. So far so good with them, I have 5k with them and will keep this, but then what level do I go to, or do I reinvest repayments or withdraw. I will need to think these things over.

I do need to cap / derisk my P2P total and not get carried away and made some changes already. I want to raise my S&S investment total too as this is very long term investing and I want to hit the 100k mark which I am not far off so a little push will get it there.

Brought both MT and ABL down from approx £7k each to approx £4.5k each. That gives me enough cash to finish funding my LISA without having to reduce my SIPP or S&S ISA payments. I'll withdraw interest and repayments as they are paid.

It's time for a bit of simplification. I've spent a lot of time this last year chasing current account switching incentives, regular savers, stoozing, p2p that it's got a bit too complicated/involved. It's been rewarding but it would be nice to just set-up regular payments into a SIPP, S&S ISA, LISA and mostly let them take care of themselves.

takesyourchances

TheShape wrote: »

Brought both MT and ABL down from approx £7k each to approx £4.5k each. That gives me enough cash to finish funding my LISA without having to reduce my SIPP or S&S ISA payments. I'll withdraw interest and repayments as they are paid.

It's time for a bit of simplification. I've spent a lot of time this last year chasing current account switching incentives, regular savers, stoozing, p2p that it's got a bit too complicated/involved. It's been rewarding but it would be nice to just set-up regular payments into a SIPP, S&S ISA, LISA and mostly let them take care of themselves.

Sounds a good plan and the sell off is letting you fund your LISA and sleep easier I am sure. Once my ratesetter sell out payment hits my bank I will put it to my S&S ISA. I want to reach into the 100k bracket this year in my S&S investments, so every little helps to reach that goal.

I know what you mean, it consumes a lot of time all of that and there was a period MT, Collateral and Ablrate was putting loans out the same week and putting money into them all and keeping on top of it. The S&S ISA and SIPP I bascially let them do their thing.

I do want to simplify what P2P I will keep while reducing down at the moment and I will put the odd bit into property partner which I have just £500 in so far for a bit of property interest. What a couple of days it has been, I will be a bit more relaxed working tomorrow and not be checking updates every 5 mins which I am sure we all were today.

fun4everyone

It just shows you what cowboys operate in the p2p world. I'm sorry no matter what anyone says, running that site without a licence means they were a bunch of cowboys. Glad to see the back of p2p if that was a "trustworthy" site.

takesyourchances

fun4everyone wrote: »

It just shows you what cowboys operate in the p2p world. I'm sorry no matter what anyone says, running that site without a licence means they were a bunch of cowboys. Glad to see the back of p2p if that was a "trustworthy" site.

I know, no licence is unreal! It caught up on them and near took our money with them! shameful what they caused everyone with their incompliance and lack of regard for investors trusting them.

Will pick up any more news tomorrow, we should all sleep a little easier tonight :)