Peer-to-peer lending sites: MSE guide discussion

AdrianC

Ash_Pole wrote: »

I tried to pull everything out of Funding Circle (3.5% loss after 6 months, though strangely my IFISA is doing ok and I'm leaving that in).

Everything sold within a couple of days, but there's about £300 left in and I can't seem to sell it. It's showing on the summary as invested but on the 'sell' tab the amount showing as available for sale is only £3. Why is this?

Suspended loans?


You still have £300 invested in them, but they aren't sellable.

Ash_Pole

AdrianC wrote: »

Suspended loans?


You still have £300 invested in them, but they aren't sellable.

You're right! Seems I was doing even worse on FC than I thought.

JimmyTheWig

I put £1000 into RateSetter to get the £110 cashback via MSE.
I went for the 1 year option.
My money was matched.
Less than a month later the investment completed early.
My money is now being lent on the rolling rate.
Given I want to leave the money in for a year to get the cashback bonus I may as well have it on the 1 year rate.
Can't figure out how, from the website, I change it from rolling to 1 year. Or, now that the investment finished early, am I stuck with it in rolling?
Doesn't really matter as it was the cashback that was the most valuable part. But may as well (a) get the best from it and (b) understand how the thing works!

AdrianC

JimmyTheWig wrote: »

My money is now being lent on the rolling rate.
Given I want to leave the money in for a year to get the cashback bonus I may as well have it on the 1 year rate.
Can't figure out how, from the website, I change it from rolling to 1 year. Or, now that the investment finished early, am I stuck with it in rolling?

It's probably set to automatically reinvest.

Go to My Account -> Withdraw. Then select the "Next" button in the Release Your Investment box. Tick "ALL" for Rolling, and follow through. That'll take it back to uninvested cash over the course of the next hour or two.

Then invest it in the 1yr market, by clicking on the 1yr Last Matched Rate. It's currently 4.5%, but I'd not put anything in below about 4.8% - at that, it'll easily go within a day or so. I've had a lot of 5.0-5.2% matches in 1yr, but they might take a few days to go. Anything much higher might go, but not quickly.

Joe_Bloggs

As AdrianC says.
There is a case for splitting the interest rate on the money you are lending so that it does not all get lent out to the same contract. You can temporarily set unlikely high rates on part of the money to avoid all of it going to a single lender. If all of your money is in one basket then 100% early repayment of all of the money is much more likely.


There is a finite number of borrowers. If the lenders are encouraged to throw cash at this market then the impatient lenders will undercut each other to get a borrower.



Lenders in the 1 year market have no idea if the loan will be repaid as it is a single repayment of 1 years interest plus capital. I have my fingers crossed for around 4K just before 29th March.





J_B.

JimmyTheWig

AdrianC wrote: »

Go to My Account -> Withdraw.

Makes sense. Thanks for that.
I was concerned that the Withdraw button would bring it back to my current account and I'd lose the MSE bonus.

AdrianC

JimmyTheWig wrote: »

Makes sense. Thanks for that.
I was concerned that the Withdraw button would bring it back to my current account and I'd lose the MSE bonus.

You can only actually withdraw from the site monies that are in cash. So, first, you have to liquidate the investments.

masonic

For those embroiled in the Collateral Saga, the Joint Administrators have posted a letter stating that they are unable to provide a summary tax statement for 2017/18: https://www.bdo.co.uk/getmedia/830e48ef-7a32-41c7-9c28-3156ebbb7b28/Notice-Regarding-Tax-Returns.pdf.aspx

It may be advisable to write to HMRC and include this letter. One person who phoned HMRC was advised to do this, rather than write in the 'Notes' section of the online return or upload an electronic document. I will probably do so.

In other news, apparently the majority of loan parts have now been assigned to individual lenders.

fun4everyone

Bit ****ing late innit, most ppl have already filed.

takesyourchances

masonic wrote: »

In other news, apparently the majority of loan parts have now been assigned to individual lenders.

Thanks for the update, I have not been reading anything of late on Collateral, so it seems most of the loan parts are now matched to each of us and how much we put in each loan etc?


It will be a year soon from all this started, I have no idea how this will all pan out so have not been reading much lately on it.



Hoping the Liverpool loan on MT pay's back soon, I don't see any updates there was talk of late January not so long ago, will be happy if and when this loan pays back.