Peer-to-peer lending sites: MSE guide discussion

TheShape

With all the primary and secondary activity on Moneything I've been unable to resist the temptation to invest. The chance to pick up a diverse range of loans was too much for me, it's like financial crack, I think I need an 'intervention'.

takesyourchances

TheShape wrote: »

With all the primary and secondary activity on Moneything I've been unable to resist the temptation to invest. The chance to pick up a diverse range of loans was too much for me, it's like financial crack, I think I need an 'intervention'.

:rotfl:I was wondering how long you could resist the debit card :rotfl:

I added some funds for the view for tomorrow and bought into the wine loan and a couple more, I am just after adding some more funds for tomorrow and I have a few for sale as well, but there is a lot of money in front before mine will sell

It is a hive going on at the moment! 820K on the SM as I type this....

TheShape

TheShape wrote: »

With all the primary and secondary activity on Moneything I've been unable to resist the temptation to invest. The chance to pick up a diverse range of loans was too much for me, it's like financial crack, I think I need an 'intervention'.

takesyourchances wrote: »

:rotfl:I was wondering how long you could resist the debit card :rotfl:

I added some funds for the view for tomorrow and bought into the wine loan and a couple more, I am just after adding some more funds for tomorrow and I have a few for sale as well, but there is a lot of money in front before mine will sell

It is a hive going on at the moment! 820K on the SM as I type this....

I've just made a deposit 'for' the new loan tomorrow but if anything comes up on the SM that I'd like then I'll be taking that and making a further deposit. I had some of the wine yesterday but would like to get some of the longer dated loans in that. Every time I refresh the page there's something else appearing. I expect the deposit won't land until the morning though:(

I also had a small amount from a property loan repay on Collateral which I managed to reinvest in a Grouped car loan on the SM.

I noticed you mentioned Ablrate earlier. If you've had the email update you'll see there's a car stocking loan available tomorrow. I won't be taking any, as it's the same borrower as what is by far my largest Ablrate loan but I will invest in the other one due Thursday. Coincidentally that's the day a repayment of capital and interest is due from my large-ish car stocking loan so I'll be able to diversify into the new loan.

jamesd

It's the best time to get started at MoneyThing that I've seen for ages. Lots of different loans at rates between 10% and 13% so in one day you can get quite a bit invested there with decent diversification. If you've been wondering about giving it a go, now's a good day to get started.

Also looks like a good time at Abrate but the situation at MoneyThing is more uncommon so while you should do both if getting started, do MoneyThing first.

There is currently no loan at either place that I would be unhappy to have, so just spreading your money around should be a good plan while you learn more. Don't stick it all in one 13% loan! No loan is perfect and even the best could go wrong somehow.

Biggles

elephantrosie wrote: »

I thought p2p interest comes under CGT. well i must be wrong.
how about income gained from S&S?

Income from interest (or dividends) is income and taxable like the rest of your income.

Income derived from buying an asset and selling it at a profit is capital gains and subject to Capital Gains Tax.

All of the above have their own allowances before you have to pay tax on them, which you should check.

takesyourchances

@Jamesd If you don't mind sharing, for the 10% plus P2P loans do you use any other platforms outside of Ablrate and Moneything and how many P2P platforms do you use in general?

Ratesetter rates are looking very low recently, 5 year just over 3%, so I stopped putting any more in there after it dropped below 5% and re-payments recently I have been drip feeding into Moneything etc for example and same with Funding Circle's re-payments.

I am thinking a bit more to draw these down this way, but with the higher rate platforms (10% plus) I am just using the three at present, MT, Collateral and Ablrate and wondering is that enough for platform spread.

Always read your posts with interest so appreciate any comments.

Thanks.

elephantrosie

only one new loan on ablrate. maybe i should withdraw my money and transfer to MT

takesyourchances

elephantrosie wrote: »

only one new loan on ablrate. maybe i should withdraw my money and transfer to MT

You can get loans underway also on the secondary market to build up, I have bought into 12 or so from I opened on the secondary market. I will be adding to this new loan on Ablrate tonight, personally I like having the options of the 3 higher rate platforms I am using.

TheShape

TheShape wrote: »

Still early days in p2p having only opened my first account back in February. I've got approx £8.5k in p2p across 5 platforms but not particularly evenly spread.

Ablrate approx £3.5k
Collateral approx £1.5k
Moneything approx £1.5k
Lending Works (IFISA) approx £1.5k
Funding Secure < £500

I will be investing more in Collateral and Moneything as loans become available but relatively few new loans have been available and it's been more difficult to invest through the SM than with Ablrate. .

What a difference a month makes:

Ablrate approx £3.8k
Collateral approx £3.2k
Moneything approx £5.5k
Lending Works (IFISA) approx £1.5k
Funding Secure < £500

takesyourchances

TheShape wrote: »

What a difference a month makes:

Ablrate approx £3.8k
Collateral approx £3.2k
Moneything approx £5.5k
Lending Works (IFISA) approx £1.5k
Funding Secure < £500

Indeed it does, you have certainly grew your investments

There was me thinking Monday was quite so put some into my S&S ISA (glad I did also).

I ended up putting a total of £550 today into the MT loan, highest yet in a single loan and £100 into the Ablrate loan. Will see what the rest of the week brings I may need to hide my debit card for this week