Peer-to-peer lending sites: MSE guide discussion

jamesd

takesyourchances wrote: »

James what is your thoughts on Growth Street?

No opinion, you've looked more at them than I have.

takesyourchances

jamesd wrote: »

No opinion, you've looked more at them than I have.

No worries James I read up on them and reviews on 4thway and Financialthing etc, will see how I feel it goes with some hands on money in it now.

takesyourchances

Just been looking over the Forum Auctions Ltd loan on Unbolted, I have just been using auto for bling but might put some of the idle funds I have into this as it looks a good offering on the platform to me. @Jamesd, are you invested in this one?

where_are_we

I have been dipping my toes into the water with P2P. Took the £100 bonus from ratesetter for £1000 for a year. I have also started a IFISA with Assetz Capital with £3000 in its GBBA2 account target 6.25% because I don`t feel knowledgeable about being in the manual account. I know GBBA1 had a higher target interest rate. They are now offering a 1% spring bonus on new money invested before 4/4/18 and paying it until 30/6/18 which equates to about .25% on an annual basis. I was thinking of adding £2000 to my IFISA this year. P2P would still constitute less than 5% of total investments. In view of the negative comments on some P2P recently on this forum am I doing a sensible thing? Would I do better in my S&S ISA.

takesyourchances

where_are_we wrote: »

I have been dipping my toes into the water with P2P. Took the £100 bonus from ratesetter for £1000 for a year. I have also started a IFISA with Assetz Capital with £3000 in its GBBA2 account target 6.25% because I don`t feel knowledgeable about being in the manual account. I know GBBA1 had a higher target interest rate. They are now offering a 1% spring bonus on new money invested before 4/4/18 and paying it until 30/6/18 which equates to about .25% on an annual basis. I was thinking of adding £2000 to my IFISA this year. P2P would still constitute less than 5% of total investments. In view of the negative comments on some P2P recently on this forum am I doing a sensible thing? Would I do better in my S&S ISA.

Just to point out with Assetz Capital, their provision fund is not set up like Ratestters for example in GBBA type accounts. With a default the fund might only cover interest, not captial as some found out. I have £70 frozen for months in their Green Energy account for example on default and have the rest out after finding more out regarding the prevision fund recently on the P2P forum. I did not fully understand at the time their PF worked that way, I thought it was like Ratesetters so learnt from that. I have ran this platform down now personally and got out asides that frozen £70. Their auto system seems to have went through improvements though to spread funds around recently.

At a higher rate than Ratesetter at the moment Lending Works is offering 6% for 5 years. In addition to the provision fund there is insurance backing as another protection layer. I have some funds with them now. As always do your own research and undertand what you are investing in.

If you have £3000 with Assetz, I would personally diversify platform and product for another £2000 and spread it more around and not keep all the eggs in one basket as such. The 1% bonus would not sway me over diversifying more which is important in P2P as those of us in Collateral found out.

Some info on Lending Works.

http://www.financialthing.com/lending-works-review/

I am still holding P2P, but trying to be selective now especially while my funds are tied up with Collateral and more hands on experience using various platforms and taking the knocks that can come with P2P and defaults and platform problems.

5% is not a big overall holding in your portfolio, but I would still spread it around. I will carry on with P2P but more controlled than last year. Hope that helps and I am adding to S&S regular too. If you are comfortable self selecting, Ablrate seems to be the preference here now, no provision fund and asset backed and a spread can be bought on the secondary market with small amounts each.

Fatbritabroad

Hi i habe 4k in ablrate at the moment and am looking at opening a second ifisa in the new tax year to diversify. Im currently considering ratesetter on the 5 year market as i want a decent rate of interest 5% plus. Any others people would consider? Looking at another 3k to 4k. Ideally want auto diversification fire and forget type bit if there is an easy secondary market ala abl then happy to use this

takesyourchances

Fatbritabroad wrote: »

Hi i habe 4k in ablrate at the moment and am looking at opening a second ifisa in the new tax year to diversify. Im currently considering ratesetter on the 5 year market as i want a decent rate of interest 5% plus. Any others people would consider? Looking at another 3k to 4k. Ideally want auto diversification fire and forget type bit if there is an easy secondary market ala abl then happy to use this

As far as I gather you can open a second IFISA in the new tax year, I have an IFISA with Ablrate also. But if you open a second IFISA in the new tax year from what I gather you can only contribute into one of them per tax year.

As above in my post, at the moment Lending Works is offering 6% on 5 year, has insurance as well as provision fund. Ratesetter rates can often fall below 5% on 5 year, I got tired of rate changing on small repayments and things. Exit is 0.6% on Lending Works subject to demand of buyers for your loans.

takesyourchances

Those of us in Collateral and the Bolton loan there, some photos of the development on going at Bolton is good to see that someone kindly posted on the P2P forum today. There is a lot of funds in this developement.

http://www.p2pindependentforum.com/thread/8844/bl00026-development-student-accommodation?page=27

jamesd

takesyourchances wrote: »

As far as I gather you can open a second IFISA in the new tax year, I have an IFISA with Ablrate also. But if you open a second IFISA in the new tax year from what I gather you can only contribute into one of them per tax year.

You can only have new in that tax year money in one. No limit on past year money. Someone with 4k now could put 4k into say a cash ISA this tax year and in the new one transfer say £500 each into eight new IFISAs.

Fatbritabroad

Thanks yes im aware of the rules on this but im not intending to put new money in to abl next year just reinvest dividends and paid loans. Im keeping p2p at less than 10% of non pension investments. Im investing in the two new loans comkng up and putting a bit of cash to take advantage of the portfolio loans coming up but i want something a little 'safer' and to diversify my p2p holdings. So something with auto diversification and insurance. Any other sites youd recommend