Loanpad P2P - Reviews, experiences, info or updates, post them here. I'm having a dabble.

where_are_we

Good to see the proposed reduction in minimum reinvestment from £10 to 1p - the cash drag of this is annoying though, as Aceace points out materially not significant. I have auto reinvest option running on Premium 60 day access ISA @6.5% and I am reasonably happy "restricted" investor, now in my third year without feeling the need for too much surveillance. I hope returns will be competitive going forward compared to "safe" cash returns.

Sea_Shell

 *** UPDATE ***   For those with skin in the game.

Loan 9994199, which was (is) in Default, now states...

The property sold at auction at levels significantly above the Loanpad Senior Tranche. Redemption is therefore expected towards the end of March 2024.



They have also now had 400 loans repaid, with zero losses.     (590 made, 190 live)

brucefan_2

Sea_Shell said:

 *** UPDATE ***   For those with skin in the game.

Loan 9994199, which was (is) in Default, now states...

The property sold at auction at levels significantly above the Loanpad Senior Tranche. Redemption is therefore expected towards the end of March 2024.



They have also now had 400 loans repaid, with zero losses.     (590 made, 190 live)

@Sea_Shell

Thanks for the update. I keep trickling money in every month as and when I have spare once my Regular Savers are all funded and will continue to do so.

 I know P2p isn't everyone's cup of tea but I am very comfortable with Loanpad and how they operate.

Sea_Shell

Latest blog entries and their "meet the team" section.    This time its Neil Maurice, Chief Operating and Finance Officer.

When asked what are Loanpad's core values?  He says...

Trust, integrity, and morals. We invest every single penny of money as if it’s our grandmothers’.  We believe in being open, transparent, highly ethical, and highly moral in the way that we act.

That's good to hear.


They are now up to 5347 lenders, with an average investment of £16,706.   They have about 2.5% of cash currently uninvested.  (if i've worked that out right )

where_are_we

I`m hoping they don`t reduce the 6.5% I`m getting on my IFISA anytime soon. The remains of my £20k 23-24 ISA allowance, which I will allocate this coming week, will not be going to Loanpad but to my cash ISA. I know the perceived wisdom is not to try to time the stock market but I will wait for a dip before I invest my 24-25 ISA money in my stocks and shares ISA.

Sea_Shell

Just to let those of you who are interested know, if you haven't spotted it already...

The, one and only, loan that was in default (#9994199) has now been repaid in full.    21/3/24

Sea_Shell

Can I just double check how this flexible ISA thing works...

If, after 6th April, I haven't added any new money, is any money I withdraw after then considered a new deposit, if I subsequently add it back later.    

EG   Balance of £10,000 (all 'old' money).     Withdraw £2k on 1st May, and then put it back in June.

Does the £2k re-deposit count as 'new' ISA money for the tax year?

If then later in the year, I pull it out again, I can then put it back before April 25 without it counting as new money?

In other words, is it only 'flexible' within each tax year it's deposited? 

Albermarle

One of the market commentators on P2P is 4th WAY. 
Although generally an overoptimistic supporter they have warned that an increasing number of property developments and repayments are getting increasingly delayed.
Development Lending: "Last Six Months Have Been The Worst, Including The Pandemic" - 4thWay

Loanpad are still performing well but other platforms, some in rundown will likely be affected,

brucefan_2

@Sea_Shell

My understanding is that deposits into a flexible ISA are only flexible within the time frame of the financial year of the deposits first being made and only back into the ISA from which the funds were withdrawn. But that is only my understanding. Others with greater/better knowledge may be able to confirm this or not as the case may be.

Aceace

Sea_Shell said:

Can I just double check how this flexible ISA thing works...

If, after 6th April, I haven't added any new money, is any money I withdraw after then considered a new deposit, if I subsequently add it back later.    

EG   Balance of £10,000 (all 'old' money).     Withdraw £2k on 1st May, and then put it back in June.

Does the £2k re-deposit count as 'new' ISA money for the tax year?

If then later in the year, I pull it out again, I can then put it back before April 25 without it counting as new money?

In other words, is it only 'flexible' within each tax year it's deposited? 

Any cash you withdraw from a flexible ISA can be replaced in the same tax year as the withdrawal without counting as a new deposit. It needs to be replaced into the same ISA that it was withdrawn from. 

In your example, your £2k re-deposit does NOT count as new ISA money. You can withdraw and replace within the tax year as many times as you like.