Peer-to-peer lending sites: MSE guide discussion

masonic

takesyourchances wrote: »

I have just £1000 in unbolted and not adding any more, just letting it recycle. Are you recycling repayments or withdrawing? I got in towards the end too.

I got about £5k invested in a couple of months, which was pretty good going I thought. I've now set all my limits to zero and will be running down the account. With the reduction in rates, there are just better opportunities elsewhere.

takesyourchances

masonic wrote: »

The boat probably hasn't been missed. The cryptocurrencies that will eventually succeed are probably not around yet. The popular ones at present have serious shortcomings, such as the huge energy requirements associated with their 'proof of work'. It's an interesting technology and worth looking into, even if it is a bit of a gamble as an asset class.

I remember going into a friends office few years ago and he had lots of computers running, it looked quite mad, I asked what he was doing and he said his brother was mining bitcoin.


I also thought when one of the guys in work who has no clue on any investing (does not invest in anything but is an expert investor type:)) was going on about bitcoin, I thought to myself if hes talking about it the boats been missed.



Maybe the ones that will succeed with not have the flaws of the others Would do no harm in educating myself at least on them more.

takesyourchances

masonic wrote: »

I got about £5k invested in a couple of months, which was pretty good going I thought. I've now set all my limits to zero and will be running down the account. With the reduction in rates, there are just better opportunities elsewhere.

You done well getting 5k invested in a couple of months, it took longer for me to get the £1000 fully invested. The rate reduction certainly was a let down. For all I have in it I will recycle it for now. I will review everything once I feel my ratios are more in line.

masonic

takesyourchances wrote: »

You done well getting 5k invested in a couple of months, it took longer for me to get the £1000 fully invested. The rate reduction certainly was a let down. For all I have in it I will recycle it for now. I will review everything once I feel my ratios are more in line.

Yes, I followed some tips posted on the P2PIF. The key was setting my per loan targets much higher than I really wanted (I think I set the provision and gold trust limits at £1000, and didn't invest in the bespoke loans). I also kept my available cash balance at >£1000 at all times as that affected allocations too. With those settings I never got more than £200-300 per loan, usually less.

takesyourchances

masonic wrote: »

Yes, I followed some tips posted on the P2PIF. The key was setting my per loan targets much higher than I really wanted (I think I set the provision and gold trust limits at £1000, and didn't invest in the bespoke loans). I also kept my available cash balance at >£1000 at all times as that affected allocations too. With those settings I never got more than £200-300 per loan, usually less.

It certainly worked alright for you with those tips. A lot of mine was going in a just £5 and £6 a loan and it did take several months to build it up.

fun4everyone

takesyourchances wrote: »

To be honest I don't know much on cryptocurrency, but can see why some would want to hold some of it as it is a digital world and you just never know. I see it gets a lot of hammer at times in threads, but I really don't know much on it which is surprising really as I am into technology and things too. I don't understand how bitcoin is mined or anything. I don't know if the boat has been missed on it getting in.

I don't believe the boat has been missed, in fact to be honest I think we are still at the beginning of something.

jamesd

masonic wrote: »

With those settings I never got more than £200-300 per loan, usually less.

When truly big loans come along you'll find that it can all be used. I have about £2,600 in one late loan and have gone over £1,000 many times. What can end up happening is those big loans becoming a high percentage of the loan book.

Don't ask for more than you're willing to take, do it long enough and you will get taken up on much of it.

masonic

jamesd wrote: »

When truly big loans come along you'll find that it can all be used. I have about £2,600 in one late loan and have gone over £1,000 many times. What can end up happening is those big loans becoming a high percentage of the loan book.

Don't ask for more than you're willing to take, do it long enough and you will get taken up on much of it.

Yes, I accepted that as a risk, but got lucky. I avoided setting any autoinvestment target for the bespoke loans and that seemed to be the category into which the large loans tended to fall. I also kept only a little over £1000 cash on account. I would have adjusted my other targets downwards if I started to get close to my full target. It's a non-issue for me now though as I've set all my targets to zero and I'm reinvesting repayments elsewhere.

takesyourchances

A couple more loans sold on the secondary market for me with Money Thing in the last day or so, so slowly a few more hundred out. The rest for sale seems to be behind larger amounts now, so I think some more will be a slower process or when they hopefully re-pay.



I will tally up what I have left in P2P overall and see were I am at.



I am still putting my withdrawals across to my stocks and shares investments and getting much closer to the 100K mark in my S&S investments.



I feel I prefer to be investing for the real long term and for life in many cases in my S&S holdings over P2P so I may draw slowly down further on P2P re-payments and drip feed them across to my S&S over time.



I have not read up much on Collateral on any of the other boards so will wait on some more news in the coming weeks and months ahead.

keyboardworrier

New updated FAQ's regarding collateral are available here https://www.bdo.co.uk/en-gb/collateral-companies-in-administration