Peer-to-peer lending sites: MSE guide discussion
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https://parliamentlive.tv/event/index/3a271490-6b19-4277-811e-4c7df311936e?in=11:19:53
Posted on p2p forum. Treasury Select Committee grilling the FCA. Hit Unmute.0 -
I tried to pull everything out of Funding Circle (3.5% loss after 6 months, though strangely my IFISA is doing ok and I'm leaving that in).
Everything sold within a couple of days, but there's about £300 left in and I can't seem to sell it. It's showing on the summary as invested but on the 'sell' tab the amount showing as available for sale is only £3. Why is this?0 -
I tried to pull everything out of Funding Circle (3.5% loss after 6 months, though strangely my IFISA is doing ok and I'm leaving that in).
Everything sold within a couple of days, but there's about £300 left in and I can't seem to sell it. It's showing on the summary as invested but on the 'sell' tab the amount showing as available for sale is only £3. Why is this?
You still have £300 invested in them, but they aren't sellable.0 -
I put £1000 into RateSetter to get the £110 cashback via MSE.
I went for the 1 year option.
My money was matched.
Less than a month later the investment completed early.
My money is now being lent on the rolling rate.
Given I want to leave the money in for a year to get the cashback bonus I may as well have it on the 1 year rate.
Can't figure out how, from the website, I change it from rolling to 1 year. Or, now that the investment finished early, am I stuck with it in rolling?
Doesn't really matter as it was the cashback that was the most valuable part. But may as well (a) get the best from it and (b) understand how the thing works!0 -
JimmyTheWig wrote: »My money is now being lent on the rolling rate.
Given I want to leave the money in for a year to get the cashback bonus I may as well have it on the 1 year rate.
Can't figure out how, from the website, I change it from rolling to 1 year. Or, now that the investment finished early, am I stuck with it in rolling?
Go to My Account -> Withdraw. Then select the "Next" button in the Release Your Investment box. Tick "ALL" for Rolling, and follow through. That'll take it back to uninvested cash over the course of the next hour or two.
Then invest it in the 1yr market, by clicking on the 1yr Last Matched Rate. It's currently 4.5%, but I'd not put anything in below about 4.8% - at that, it'll easily go within a day or so. I've had a lot of 5.0-5.2% matches in 1yr, but they might take a few days to go. Anything much higher might go, but not quickly.0 -
As AdrianC says.
There is a case for splitting the interest rate on the money you are lending so that it does not all get lent out to the same contract. You can temporarily set unlikely high rates on part of the money to avoid all of it going to a single lender. If all of your money is in one basket then 100% early repayment of all of the money is much more likely.
There is a finite number of borrowers. If the lenders are encouraged to throw cash at this market then the impatient lenders will undercut each other to get a borrower.
Lenders in the 1 year market have no idea if the loan will be repaid as it is a single repayment of 1 years interest plus capital. I have my fingers crossed for around 4K just before 29th March.
J_B.0 -
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JimmyTheWig wrote: »Makes sense. Thanks for that.
I was concerned that the Withdraw button would bring it back to my current account and I'd lose the MSE bonus.0 -
For those embroiled in the Collateral Saga, the Joint Administrators have posted a letter stating that they are unable to provide a summary tax statement for 2017/18: https://www.bdo.co.uk/getmedia/830e48ef-7a32-41c7-9c28-3156ebbb7b28/Notice-Regarding-Tax-Returns.pdf.aspx
It may be advisable to write to HMRC and include this letter. One person who phoned HMRC was advised to do this, rather than write in the 'Notes' section of the online return or upload an electronic document. I will probably do so.
In other news, apparently the majority of loan parts have now been assigned to individual lenders.0
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