Peer-to-peer lending sites: MSE guide discussion

takesyourchances

Flobberchops wrote: »

What a crazy few months it's been for P2P. Collateral folding, MoneyThing seemingly defaulting every other loan, two of my ReBS loans are up the swanney... thank goodness Ablrate seems to be standing strong still or I'd consider packing the whole lark in.

Certainly has been a crazy few months for P2P. I really hope Ablrate continues to stand strong and I will keep my holding there.

I just got my Ratesetter cash out back into my bank today, so likely going to my S&S ISA for this.

I think to trim my P2P holdings down overall and having cut some platforms out recently and Collateral at an end asides the run down, MT I am trying to reduce property developement loans down and would like to see some default results. I am not adding anything to MT but reducing when possible due to their defaults and heavy property developments.

I think last man standing for me on the self select loan platform is Ablrate.

If I could trim down to these platforms and control a P2P limit / percentage etc I am inclined to think of these.

Ablrate - higher percent self select and so far, so good touch wood - have the LISA and full FCA

Lending Works - hands off - auto lower percent (less time) and for their lenders security for what its worth too. Seems to be the strongest protection in UK P2P with provision fund and insurance in place and they have full FCA and offer LISA's.

Unbolted - for bling type loans - auto / hands off

Property Partner
I have £500 in property partner / crowd funding equity investments and have a property interest and would like to add the odd £250 per property to see how this goes and for the property interest.

With trimming back and eliminatiing some platforms I have tried and used, if carrying on with a more controlled level of P2P I think I would be comfortable with these. Any thoughts?

It will take time for Collateral to sort out, MT defaults if they ever come in and repayments from various loans etc so this would be my cut back sort of idea and more controlled. I would steer away from large property developments in P2P also and I will be focusing on my S&S to get past the landmark 100k invested this year.

I am sure like many there is a few cloudy heads today after the last couple of days!

economic

takesyourchances wrote: »

Certainly has been a crazy few months for P2P. I really hope Ablrate continues to stand strong and I will keep my holding there.

I just got my Ratesetter cash out back into my bank today, so likely going to my S&S ISA for this.

I think to trim my P2P holdings down overall and having cut some platforms out recently and Collateral at an end asides the run down, MT I am trying to reduce property developement loans down and would like to see some default results. I am not adding anything to MT but reducing when possible due to their defaults and heavy property developments.

I think last man standing for me on the self select loan platform is Ablrate.

If I could trim down to these platforms and control a P2P limit / percentage etc I am inclined to think of these.

Ablrate - higher percent self select and so far, so good touch wood - have the LISA and full FCA

Lending Works - hands off - auto lower percent (less time) and for their lenders security for what its worth too. Seems to be the strongest protection in UK P2P with provision fund and insurance in place and they have full FCA and offer LISA's.

Unbolted - for bling type loans - auto / hands off

Property Partner
I have £500 in property partner / crowd funding equity investments and have a property interest and would like to add the odd £250 per property to see how this goes and for the property interest.

With trimming back and eliminatiing some platforms I have tried and used, if carrying on with a more controlled level of P2P I think I would be comfortable with these. Any thoughts?

It will take time for Collateral to sort out, MT defaults if they ever come in and repayments from various loans etc so this would be my cut back sort of idea and more controlled. I would steer away from large property developments in P2P also and I will be focusing on my S&S to get past the landmark 100k invested this year.

I am sure like many there is a few cloudy heads today after the last couple of days!

Did you have to pay a fee for exiting ratesetter? Is it worth paying the fee? I am currently in a 1 yr and 5 yr product paying 5.5% and 5% respectively.

I am thinking now of keeping some in ABL and LW. But the rest for sure am completely running down. Have gone from 50k to 36k total exposure to P2P. I have 13-14k with ABL and LW. So about 22k left to derisk.

takesyourchances

economic wrote: »

Did you have to pay a fee for exiting ratesetter? Is it worth paying the fee? I am currently in a 1 yr and 5 yr product paying 5.5% and 5% respectively.

I am thinking now of keeping some in ABL and LW. But the rest for sure am completely running down. Have gone from 50k to 36k total exposure to P2P. I have 13-14k with ABL and LW. So about 22k left to derisk.

Yes I had a fee to get out of ratesetter, it was around £25 I cannot recall the actual amount to get £1500 odd out. For me, it was worth the £25 odd, it was in the 5 year and I had reduced RS down from about £3000 with larger early repayments coming in and interest withdrawal. My overall rate dropped to 4.9%. I was logging in regular to withdraw and on a small amount. I think that £1500 will be put to better use in my S&S ISA and is a reduction as well.

Similar idea to myself with keeping ABL and LW. I think narrowed down these two are worth keeping, after our experiences a hands off auto account with LW is not a bad keep and with as good a protection that is possible within P2P in the UK.

Unbolted would not be a large sum for me, mostly it's going out in fivers anyway on bling

That is good you have got down from 50k to 36K and then derisk your 22k. I think an auto with LW and a self select with ABL would be spot on to go with on a lower amount and lets hope ABL stays on track now.

My P2P investing last year per month overtook my S&S per month so that'll change around. As you derisk the 22k will you be feeding it in your stocks?

takesyourchances

You could always log into RS go to money out, then one off withdrawal and then click on the link "click here to go to Release your investment". Then you can get a sell out price for how much you want out or all of it and decide. I had the money in my account last night maybe an hour after I done it and today cleared in my bank, so pleased with that.

Thrugelmir

fun4everyone wrote: »

we should be getting 100p in the pound.

Once the money lent is repaid. Then there's the administrators fees to be paid. Which can only come out of the income generated from the interest received.

fun4everyone

Thrugelmir wrote: »

Once the money lent is repaid. Then there's the administrators fees to be paid. Which can only come out of the income generated from the interest received.

Somebody posted on the p2p forum this administration has been forced by the FCA and the costs of it will be paid by the setup fees for loans collateral have been charging.

That’s like a 12th hand version of a rumoured conversation so who knows. It does make sense.

thenewcomer

guys, questions for you all

1. how many of you are going to continue investing on collateral if it gets back to trading?
2. how many percentage of your capital do you think you are going to get back?
3. how long do you think it will take to resolve this?

come lets speculate!

thenewcomer

my answers
1. no
2. i am hoping nothing more than 10% losses
3. 6 months to 18 months

takesyourchances

thenewcomer wrote: »

guys, questions for you all

1. how many of you are going to continue investing on collateral if it gets back to trading?
2. how many percentage of your capital do you think you are going to get back?
3. how long do you think it will take to resolve this?

come lets speculate!

1. :rotfl:says it all :rotfl:

2. I feel there may be some defaults, I'll go with 90% back, but of course hope for everything for us all.

3. 18 months giving time for delays and unforeseen etc

fun4everyone

thenewcomer wrote: »

guys, questions for you all

1. how many of you are going to continue investing on collateral if it gets back to trading?
2. how many percentage of your capital do you think you are going to get back?
3. how long do you think it will take to resolve this?

come lets speculate!

1. No chance if the directors that operated without a licence and changed the terms are involved. I would hope they would be refused the licence now. If another site took it over and I trusted them then sure.

2. I feel very confident about the small amount of cash I had in my account and also about the cash in the unfilled loans, I would go as far as to say 100% there. That is from reading some of the administrators responses sent to others today

For the active loans I fear this administration company is in for a rough ride. These are junk loans with borrowers that need cash flow, renewals, time and understanding plus appropriate methods to recover defaults. I speculate we will see a higher rate of defaults and who knows how long selling the relevant assets will take if it comes to that. I hope to get my invested capital back but we will see.

3. Cash on accounts : resolved quickly. The active loans - several years before everything is wound up. I can forsee me still receiving payments from my investments here years down the line