Peer-to-peer lending sites: MSE guide discussion

jamesd

Deadline for agreeing to let Collateral UK administrator BDO take legal action against borrowers without first going to court to get that authority is this Friday, 11 Jan. If you haven't replied to their email agreeing yet, please do.

LesD

Lostdoggy wrote: »

Hello all,


A bit of a novice question here from first time forum user, so apologies if I am hijacking thread, or if I'm being dim....


I applied for a Ratesetter Rolling account via MSE link in early December. MSE quoted that the first 5,000 applicants investing £1k+ would receive cashback, but this cashback would not be paid until after 12 months. I transferred in £1,200 straight away.


How do I know if I have qualified for cashback? (I had no message upon setup and can't see anything within Ratesetter).


Thanks!

I may not be a novice to MSE, but I'm certainly a novice wrt P2P! And, like you, I applied to Ratesetter in December following the MSE puff.

I am concerned at the seemingly woeful standard of admin. at the company. They have just asked a second time for ID evidence which I previously sent to them by return.

In the era of financial scamming, this smacks of a concern open to hackers.

I have long ago suggested readers should not come to MSE (and other similar consumer sites) for advice on financial investment matters. And I am now definitely taking my own advice and cancelling my application.

masonic

LesD wrote: »

I have long ago suggested readers should not come to MSE (and other similar consumer sites) for advice on financial investment matters. And I am now definitely taking my own advice and cancelling my application.

It was a mistake for the main site to get into the promotion of investment products, however, those who come to the MSE forums in search of help understanding investment matters generally fare somewhat better.

fun4everyone

jamesd wrote: »

Deadline for agreeing to let Collateral UK administrator BDO take legal action against borrowers without first going to court to get that authority is this Friday, 11 Jan. If you haven't replied to their email agreeing yet, please do.

Yeah I have replied agreeing to what they ask. I have also made my complaint about the FCA.

I should say that I am slightly wary about giving BDO the permissions they ask for. They seem very keen to get that from us and I don't think their motives are truly 100% aligned with ours. However in this case I have taken into consideration what others have said who's interests are aligned with mine and have more invested than me. Hope it works out ok.

I am not impressed with what I have seen so far from BDO.

jamesd

BDOs interests definitely aren't fully aligned but they also know that this administration is being watched by the FCA and that Parliament is also contacted so the worst that can be expected is some inefficiency and their usual charges with the not particularly fast or slow rate of progress.

Overall average recovery will probably be pretty good but heavily dependent on the loans people were in.

I'll probably do decently because around half of my money was in bridging on completed student flats and more on already completed small developments. Either nothing or a bit in an early high precedence part of the big unfinished tower. Not much in pawn.

Anyone doing a tax return can just tick the box to say that the return contains estimated values. In the notes write something like:

"I had money invested via peer to peer lending firm Collateral UK which is in administration, denying me access to records. It's unclear at present whether it will be cost-effective for the administrator to produce the records or not. This return contains an initial coarse estimate of £x of interest and £y of disposals for CGT but with all sales constrained to be at the purchase price no other CGT effect beyond inability to report to HMRC with normal detail is likely. I expect to update this return once the administration and liquidation are further along and include final estimates then if records don't become available."

CGT parts can be skipped if not relevant for you.

fun4everyone

I pay for a professional to do my tax return, and took their advice on this situation. Costs a bit which is very un-mselike but lets me sleep easy.

masonic

I few people have reported that they have been advised by a professional to just leave the figure for Collateral out, with a note, and amend when more information is known. That's the approach I have taken. There is still uncertainty over what sort of income Collateral "interest" would fall under, as it was not Article 36H P2P.

jamesd

Anything which tells HMRC that it'll be revised later should suffice. Enough so that HMRC knows that there isn't any attempt at evasion.

I'm not keen on just leaving interest out because it is potentially taxable, depending on allowances applicable. But if someone paid for professional advice following it makes sense.

taylornj

jamesd wrote: »

Deadline for agreeing to let Collateral UK administrator BDO take legal action against borrowers without first going to court to get that authority is this Friday, 11 Jan. If you haven't replied to their email agreeing yet, please do.

I did mine, sometime in December, just checked it's 23rd Dec.


No acknowledgement has been received and forgot to set e-mail options - delivery, and read, should have done that.

itwasntme001

jamesd wrote: »

Deadline for agreeing to let Collateral UK administrator BDO take legal action against borrowers without first going to court to get that authority is this Friday, 11 Jan. If you haven't replied to their email agreeing yet, please do.

Does everyone need to do this? Or is this merely just a vote so that if the majority agree, then it will apply to everyone even those who did not vote?