Is there any P2P lending left.. ??

Aceace

Ratesetter has announced that Metro Bank will purchase the remaining loan portfolio on 2nd April 2021. Lenders will receive the full face value of their loans plus interest up to that date. Ratesetter will keep any remaining money in the provision fund, I.e. no compensation will be provided for the 50% interest rate cut during Covid that was used to bolster the PF.

Lenders with early withdrawal requests outstanding might as well cancel them if they are in accounts that involve fees (I.e. any accounts other than Access) as all risk of default has now been removed, assuming the cash isn't required before 2nd April.

IvanOpinion

Aceace said:

In case anyone missed it. Ratesetter are returning to full interest from tomorrow.

Given that they're running down the loanbook, and the fact that there is currently £6m queued for investment at 3% or less, its not worth trying to invest there, but it's looking better than it did for those that don't monitor their accounts. 

Looks like all Ratesetters lenders are gong to be fully repaid at the start of April.

Aceace

IvanOpinion said:

Aceace said:

In case anyone missed it. Ratesetter are returning to full interest from tomorrow.

Given that they're running down the loanbook, and the fact that there is currently £6m queued for investment at 3% or less, its not worth trying to invest there, but it's looking better than it did for those that don't monitor their accounts. 

Looks like all Ratesetters lenders are gong to be fully repaid at the start of April.

Yes, perhaps you missed the post above 😉

where_are_we

I have about 3% of my wealth in IFISA`s made up of Ratesetter and Assetz Capital. I put £1K into Ratesetter to get the bonus. I see from there email that all accounts will close on 2/4/21. I`m not sure whether to transfer the Ratesetter IFISA into another P2P IFISA or my stocks and shares ISA. I presume I can do either. Do I set this transfer in motion straight away? Is there any difficulty transferring a IFISA to a stocks and shares ISA?

Aceace

where_are_we said:

I have about 3% of my wealth in IFISA`s made up of Ratesetter and Assetz Capital. I put £1K into Ratesetter to get the bonus. I see from there email that all accounts will close on 2/4/21. I`m not sure whether to transfer the Ratesetter IFISA into another P2P IFISA or my stocks and shares ISA. I presume I can do either. Do I set this transfer in motion straight away? Is there any difficulty transferring a IFISA to a stocks and shares ISA?

You can transfer to either type, but some don't accept transfers in from IFISAs. 
You need to wait until the cash is in your holding account before completing the transfer form(s) for the new home. 

EDIT: If you wait until the new tax year you can split the funds to multiple new destinations. 

CharllieSays

I've been using Ratesetter, Funding Circle and LendInvest for the last few years. As others have pointed out, Ratesetter is now returning money to lenders. Funding Circle has halted private investment for now (they haven't said if/when this will continue). LendInvest is the only one that has kept going through the lockdown with no major disruption (fewer loans on offer for a while, but otherwise business as usual). So I'm transferring half of my Ratesetter money to there and looking for another P2P platform for the rest. Any other recommendations?

Aceace

CharllieSays said:

I've been using Ratesetter, Funding Circle and LendInvest for the last few years. As others have pointed out, Ratesetter is now returning money to lenders. Funding Circle has halted private investment for now (they haven't said if/when this will continue). LendInvest is the only one that has kept going through the lockdown with no major disruption (fewer loans on offer for a while, but otherwise business as usual). So I'm transferring half of my Ratesetter money to there and looking for another P2P platform for the rest. Any other recommendations?

Here's a few platforms that I'm currently very happy with: Loanpad, CrowdProperty, Proplend, SoMo, Unbolted, CapitalRise, Kuflink, ABLrate. Happy to try answer any questions on them, but please do your own DD. Here's a recent summary of the platforms I've tried so far: https://p2pindependentforum.com/post/414901/thread

CharllieSays

Thanks for that. I've signed up to Kuflink and will use that and LendInvest for now. If the worst of corona-gate is coming to an end, then I'll start to look at adding 1-2 additional platforms into the mix.

Aceace

If you like Kuflink then you might also like CrowdProperty. It's very similar in many ways, with a bit higher rates but it's much more difficult to get funds deployed due to its popularity. 

mikb

CharllieSays said:

Funding Circle has halted private investment for now (they haven't said if/when this will continue) .... Any other recommendations?

Yes -- don't be over-eager if/when Funding Circle re-open their doors.

Just stand back and watch as others jump headlong into the stream of "solid, reliable, well-analysed loans" that the platform accepts to squander money into

When due diligence is "Computer says yes!" and security is a word we haven't used round these parts in a long time ... you are asking for trouble. I don't see how FC will ever re-open its retail-facing side. Probably best to quietly slink away muttering about how coronavirus and Brexit made it challenging etc.

It wasn't always that way, they allowed it to slide downhill while chasing growth and an IPO at any cost.