Peer-to-peer lending sites: MSE guide discussion

masonic

Seldonista said:

I have ISAs with the big 3 that I opened over the last 3 years, for the ones that aren't lending out is the cash they hold FSCS protected or not? I'd rather not fiddle with it and keep the ISA allowance.

P2P firms are required by CASS rules to hold uninvested cash in a ring-fenced clients account with a bank that has FSCS protection. If that bank goes bust you would have a FSCS claim, but if the money went missing while in control of the P2P firm you would not.

Quite a few of the available IF ISAs are flexible, so uninvested cash can be withdrawn and replaced before the end of each tax year.

drphila

Another large payment has been released by Growth Street ahead of the scheduled next payment date bringing the total released to just under 50%

Nardge

For those that may not know yet:
Ratesetter is to be bought by Metro Bank and will thus close to further investment...
With Kind Regards
https://www.4thway.co.uk/candid-opinion/investors-learn-from-ratesetters-sale-to-metro-bank/

quirkydeptless

Nardge said:

For those that may not know yet:
Ratesetter is to be bought by Metro Bank and thus closed to further investment...
With Kind Regards
https://www.4thway.co.uk/candid-opinion/investors-learn-from-ratesetters-sale-to-metro-bank/

"RateSetter's current shareholders – its current owners – include Woodford Investment Management ... If Metro Bank doesn't return the pot, it looks like RateSetter's current investors will make a hefty loss of more than 70% of the money they put in."

"Oh no, not again"

drphila

Another Growth Street payment today, taking total released to around 60%

coyrls

quirkydeptless said:

Nardge said:

For those that may not know yet:
Ratesetter is to be bought by Metro Bank and thus closed to further investment...
With Kind Regards
https://www.4thway.co.uk/candid-opinion/investors-learn-from-ratesetters-sale-to-metro-bank/

"RateSetter's current shareholders – its current owners – include Woodford Investment Management ... If Metro Bank doesn't return the pot, it looks like RateSetter's current investors will make a hefty loss of more than 70% of the money they put in."

I don't really get this "return the pot" option.  RateSetter's current shareholders will get what Metro Bank pay for the shares, there's no reason to suppose that, in addition, their investment (in the "pot") will also be returned to them.

Otis71

Evening all,
Newish P2P dabbler here, so still looking across various operators so I can spread the platform risk.
One I've looked at is Kuflink, which I recall getting some decent reviews in the past. However, looking at the Companies House records of the various group companies, their accounts are VERY overdue - the last ones filed are for June 2018.
I'll be avoiding them for now of course, but is there anything on the grapevine that I've missed?

grumiofoundation

Otis71 said:

Evening all,
Newish P2P dabbler here, so still looking across various operators so I can spread the platform risk.
One I've looked at is Kuflink, which I recall getting some decent reviews in the past. However, looking at the Companies House records of the various group companies, their accounts are VERY overdue - the last ones filed are for June 2018.
I'll be avoiding them for now of course, but is there anything on the grapevine that I've missed?

The last 2 (maybe 3?) loans due to pay back with kufflink have all been extended - not really that surprising in normal times anyway let alone now... 

DragonQ

quirkydeptless said:

Nardge said:

For those that may not know yet:
Ratesetter is to be bought by Metro Bank and thus closed to further investment...
With Kind Regards
https://www.4thway.co.uk/candid-opinion/investors-learn-from-ratesetters-sale-to-metro-bank/

"RateSetter's current shareholders – its current owners – include Woodford Investment Management ... If Metro Bank doesn't return the pot, it looks like RateSetter's current investors will make a hefty loss of more than 70% of the money they put in."

"Oh no, not again"

Hmm, that's a bit rubbish, I only just re-invested a grand in RateSetter a month or two ago! Kufflink is the one we've used the most over the last few years and so far has been great.

ZeroSum

DragonQ said:

quirkydeptless said:

Nardge said:

For those that may not know yet:
Ratesetter is to be bought by Metro Bank and thus closed to further investment...
With Kind Regards
https://www.4thway.co.uk/candid-opinion/investors-learn-from-ratesetters-sale-to-metro-bank/

"RateSetter's current shareholders – its current owners – include Woodford Investment Management ... If Metro Bank doesn't return the pot, it looks like RateSetter's current investors will make a hefty loss of more than 70% of the money they put in."

"Oh no, not again"

Hmm, that's a bit rubbish, I only just re-invested a grand in RateSetter a month or two ago! Kufflink is the one we've used the most over the last few years and so far has been great.

I think there's a bit of confusion. 
The investors that article is referring to is the shareholders & not the lenders