Half way there and a slight change of direction

elantan

Can anyone explain ( or give me a link to) P2P lending ? I'm still trying to decide what to do with the money that I used to pay off the mortgage ( the extra bit) and had hear that there was something in the pipeline regarding pensions so now is maybe not the best time to go down the pension route ... Maybe P2P lending might cover that wee gap but I am not positive on how it wall works tbh

ourcornercottage

Hi I have been using funding circle for a few months now and have not had anyone default as yet. I put in £200 in December and think my average is about 9% and I tend to go for lower risk although be aware that there is risk involved. If you want a referral just PM your email then if you choose to sign up we both get £50 or something if you put in a certain amount. If you don't no harm done but the option is there.

elantan

Thanks Corner ... Is there a safe amount to put in ? Ie £500 is ok but dont put as much as £1k in for example ?

ourcornercottage

elantan wrote: »

Thanks Corner ... Is there a safe amount to put in ? Ie £500 is ok but dont put as much as £1k in for example ?

I went on the idea of how much I was willing to lose to be honest as its not guarenteed in any way. It's totally a personal thing, in my mind £200 was a good start although if I had more money I probably would have added to this by now. Others I know of have started with £100 and others have gone for thousands.

It's worth noting that no amount is actually safe.

beanielou

There is one my friend has just used.
The name will come to me in a mo.

Zopa springs to mind.

Goldiegirl

I reckon Mr Ed is your man for P2P:)

elantan

Just googled and found a MSE link explaining it all ... I havnt looked at it before as we were never in the position to use it so didnt bother, with us now redirecting the extra money paid into the mortgage into a pension idea and the info that is coming out regarding pensions just now it seems like a good time to investigate it, I dont think it will be a long term strategy ( but who knows) but it may fill a wee short term gap

elantan

Just back from the dentist ... I speak funny ... well I always have spoken funny only now it is even funnier ... Mr El laughed at me when I tried to explain his latest pay deal from his company, he swears it isnt the pay deal but the way I spoke:cool::rotfl::rotfl::rotfl::rotfl:

edinburgher

Personally I'm using R@teSetter for the most part, I like their FE rating and the fact that they have a provision fund in case of defaults. Not a penny lost since they opened, according to their blurb

elantan

Its pay day tomorrow, I have spent the last wee while thinking of what ( if anything ) I would write on the MFW hall of fame board when we become MF.

It's made me kinda realise we are doing everything backwards, its not recommended that people re mortgage and put their debt onto secured from non secured ... yep we tick that box, it is recommended that people have an emergency fund, ermmm nope not really... So we seem to be doing things differently, I am ok with this though as there are reasons.

We remortgaged and put our unsecured debt into the secured debt via remortgage, for us it eased the stress of finding the money every month, the debt is more manageable and we have never ever got back into debt ( ok with the exception of the fires which are on 0% credit cards)

We dont have an emergency fund as such as I know that if we did it would be spent and we would constantly be topping it up, I think though once we are mortgage free we will have to start building one up.

So our journey is a bit of a strange one, but it is the right one for us, I spose it goes to show every journey is individual