Peer-to-peer lending sites: MSE guide discussion
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Another Growth Street payment now received in holding account (additional 16%)2
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drphila said:Another Growth Street payment now received in holding account (additional 16%)
I was a little confused earlier as to what exactly the 33% in the email below from Growth Street referred to given the distribution earlier today:
I am very pleased to let you know that we have made the first distribution to investors. The total amount that has been distributed is £5.3m. The relevant proportion of the funds relating to your investment are now available in your holding account to withdraw.
On the basis of recoveries to date, we’re pleased to have been able to bring forward the first date of distribution from September. Our Relationship Management, Risk and Credit teams have made strong progress in recovering repayments across our borrower portfolio, and we have offboarded 18 out of 90 borrowers. The amount that has been distributed equates to 33% of the total amount assigned at the declaration of the Resolution Event.Both payments however do roughly equate to 33% of my total investment. Here's hoping for further progress in September.
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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.
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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in control of the P2P firm you would not.Quite a few of the available IF ISAs are flexible, so uninvested cash can be withdrawn and replaced before the end of each tax year.
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Another large payment has been released by Growth Street ahead of the scheduled next payment date bringing the total released to just under 50%
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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/
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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"
Retired 1st July 2021.
This is not investment advice.
Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."0 -
Another Growth Street payment today, taking total released to around 60%
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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."
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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?
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