P2P: MoneyThing

elephantrosie

james is like the p2p guru here. so many have waited for his return.

anyways, my p2p ifisa for this tax year is assetz capital. rather low interest rates offered, but wanting to diversify.

do you guys know if i can transfer my old cash isa money to more than one ifisa in a tax year?

jamesd

takesyourchances wrote: »

Do you feel the quality of loans being offered on MT are not as good as earlier in the year for example? ... I am holding out for some better loans on MT for new cash.

I haven't been keen on most of the recent ones. I did put the full allocation into the car flipper but I'd previously lent to MoneyThing to lend to them during a test a couple of years ago. There's nothing wrong with waiting.

Re the Plymouth student loan, the borrower seems to have borrowed more, not via MoneyThing, presumably to help get the work completed so they can sell and move on, presumably with Bollington. The existing MoneyThing charge has priority so this is good rather than bad: more money to be spent to increase value of the security.

ams25 wrote: »

With the recent spate of defaults on MT have been wondering about building up my P2P holdings. Have you changed anything...given your high allocation.

Not so much because of those but Collateral has got quite a bit of money for cashback loans. I'm not keen on the current cashback loans there and expect the Chesterfield loan to be withdrawn, either because it becomes clear that it won't fill or because the seller (the receiver, remember the borrowing company is in receivership) accepts a lower offer from someone else. If that happens I expect most of what is available on the secondary market to be snapped up quickly, so you might want to buy anything that you like the look of now.

Worth knowing that for development lending at Collateral the first tranche at 12% normally has capital repayment priority if there's a default. The later tranches may pay more but for that reason are riskier. I prefer the safer first tranches because property development is already some of the riskiest secured P2P around.

I've accumulated around £17k at Unbolted mostly via autolend over the last four months. Could have done more but it's illiquid and I might need the money around the new tax year start.

Ablrate remains the place where I have the biggest amount. Excellent secondary market, not the common property loans and an ISA. They also disclose their cut in the loan proposal and are more forthright about risks of new loans than mostl - the valuation of the current boat loan is an excellent example. New loans there mean that there's more on the secondary market at better prices than usual at the moment. Use their debit card funding method until the new year because bank transfers will be slower than usual.

Declarations of interest: I'm selling some of assorted loans at Ablrate and Collateral so there's a chance that you might buy off me if I'm offering the lowest price at Ablrate or at the front of the queue at Collateral. Not currently selling anything at MoneyThing but the same applies there if that changes.

jamesd

elephantrosie wrote: »

do you guys know if i can transfer my old cash isa money to more than one ifisa in a tax year?

Yes, to as many IFISAs as you like. 50 different ones would be fine.

The restrictions are all on current year money.* You can open an unlimited number of ISAs in a tax year but you're only allowed to have current year new money in one of each type. You can move current year money to another of the same type but you can't leave any of the current year money behind.

*Except LISA which has stricter restrictions.

elephantrosie

does unbolted not have SM?

Fatbritabroad

jamesd wrote: »

Yes, to as many IFISAs as you like. 50 different ones would be fine.

The restrictions are all on current year money.* You can open an unlimited number of ISAs in a tax year but you're only allowed to have current year new money in one of each type. You can move current year money to another of the same type but you can't leave any of the current year money behind.

*Except LISA which has stricter restrictions.

Thanks James that's helpful I have about 3k in ablrate and another 2k in ratesetter Nd the bonus comes up soon.I wanted to move it to a new ifisa but couldn't pay in as I've paid into ablrate. So I can move the equivalent amount from my s and s isa to a n other ifisa and move the ratesetter money back in then . Any other ifisa you'd recommend?

TheShape

elephantrosie wrote: »

does unbolted not have SM?

No it doesn't.

jamesd

Fatbritabroad wrote: »

Thanks James that's helpful I have about 3k in ablrate and another 2k in ratesetter Nd the bonus comes up soon.I wanted to move it to a new ifisa but couldn't pay in as I've paid into ablrate. So I can move the equivalent amount from my s and s isa to a n other ifisa and move the ratesetter money back in then . Any other ifisa you'd recommend?

I'm assuming that the Ratesetter money isn't in an ISA or that it's all past year money.

At the moment your current year IFISA money is with Ablrate so new IFISA money has to go to Ablrate. But you could transfer from Ablrate.

If the S&S ISA money is current year money the only IFISA it can be transferred to is Ablrate because that's where the current year IFISA money is. Or you could transfer current year money from both to the same different ISA.

If the S&S ISA money is from past years it can go to as many different IFISAs as you like.

That all assumes that the £20k ISA allowance matters to you. If you only have £3k to play with you could just withdraw it from Ablrate and lose that £3k of allowance. You'd still have £17k of allowance available so it won't matter because that £17k is still more than the £3k.

I like Ablrate and currently expect to have around £100k of IFISA money with them by the end of the tax year.

elephantrosie

Fatbritabroad wrote: »

Thanks James that's helpful I have about 3k in ablrate and another 2k in ratesetter Nd the bonus comes up soon.I wanted to move it to a new ifisa but couldn't pay in as I've paid into ablrate. So I can move the equivalent amount from my s and s isa to a n other ifisa and move the ratesetter money back in then . Any other ifisa you'd recommend?

i am with Assetz capital for this tax year. you can consider them. lower interest rate though.