Peer-to-peer lending sites: MSE guide discussion

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  • Nardge
    Nardge Posts: 246 Forumite
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    Dear Masonic and Jamesd,

    Many thanks for taking the time to guide me and minimise repercussions with HMRC

    5th April is tomorrow, perhaps you'd know the approximate timeframe before HMRC get in touch? 1 month? 6 months?

    To ensure all new IFISA/P2P ISA Forum users are clear, the moment 6th of April arrives, all 'new' or 'current' tax year ISA money will become classified as 'old' or 'previous' tax year ISA money, thus from the 6th such funds can be moved to other platforms, and in conjunction, if wished for, a new IFISA platform can be opened and funded with the new tax year's (2019/2020) ISA allowance.

    With Kind Regards
  • masonic
    masonic Posts: 23,279 Forumite
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    It will probably be closer to 6 months than 1 month and might be even longer.
  • agent69
    agent69 Posts: 343 Forumite
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    Zero_Sum wrote: »
    Given that the safer P2P options are currently returning around the 5% mark


    Safer being a relative term.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
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    agent69 wrote: »
    Safer being a relative term.

    Hence why i safer rather than safe
  • anotherbloke
    anotherbloke Posts: 1 Newbie
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    I have noticed that funding circle has become more difficult to leave than it was previously. They quoted 27 days a week ago, today they are quoting 30 days average time to sell your loans.
    Martin's comments from the past on this P2P platform were made when this was several days..... now it is several weeks! Subscribe with due caution.
    I am in the queue to leave and don't expect to see a penny before May (written April 6th)
  • Empor
    Empor Posts: 83 Forumite
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    anotherbloke wrote: »
    I have noticed that funding circle has become more difficult to leave than it was previously. They quoted 27 days a week ago, today they are quoting 30 days average time to sell your loans.
    Martin's comments from the past on this P2P platform were made when this was several days..... now it is several weeks! Subscribe with due caution.
    I am in the queue to leave and don't expect to see a penny before May (written April 6th)

    I put my holding up for sale on 6th March. Still waiting.
  • Nardge
    Nardge Posts: 246 Forumite
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    edited 13 April 2019 at 5:03PM
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    Good afternoon,

    Please find enclosed the link to 4th Way's CEO list of top 7 Property ISAs!
    I believe his thoughts should count for something...

    https://www.4thway.co.uk/candid-opinion/top-property-ifisas/?utm_source=4thWay%20News%20and%20Tips&utm_campaign=28e41a9c58-Newsletter_54&utm_medium=email&utm_term=0_415f2326f1-28e41a9c58-583091249

    Since we've started a new Tax Year, and I'm already diversified through Ratesetter, Zopa, Funding Circle, Growth Street, Lending Crowd, Assetz Capital, Octopus Choice, Kuflink, and now Lending Works, I wished to find other firms to further spread the £50,000 about.

    From the CEO's list, I'm already with two firms of choice (highlighted red above), Landbay pay a pittance and I'll thus avoid, leaving CapitalRise, CrowdProperty, Proplend, and LoanPad as potential candidates.

    The things I'm looking for are:
    • Good Reputation
    • Size and Age (these will be small and young though I presume)
    • Higher Interest Bracket (than those currently invested in)
    • Autodiversification
    • Secondary Market
    • Flexibility
    • Free Transfer In
    • Free Transfer Out
    If you have anything negative to say vis-à-vis these potential new firms, I'd be grateful to hear!

    With Kind Regards
  • keyboardworrier
    keyboardworrier Posts: 192 Forumite
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    edited 12 April 2019 at 12:54PM
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    The new variable market on MoneyThing (Currently at discounts only, premiums coming later) looks quite slick. The only thing I would change is to have an easier way of modifying the discount without having to cancel the sale and go through the process of listing it again.
  • takesyourchances
    takesyourchances Posts: 828 Forumite
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    edited 12 April 2019 at 11:44AM
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    keyboardworrier wrote: »
    The new variable market on MoneyThing (Currently at discounts only, premiums coming later) looks quite slick. The only think I would change is to have an easier way of modifying the discount without having to cancel the sale and go through the process of listing it again.


    I agree I cancelled and reset but was happy to get out of the Liverpool loan within 1 hour as had 550 for sale for must of been 5 months and the repayment of the loan put back several times. I'm as good as finally out of mt and will just wait on resolutions of 500 odd in 2 defaults
  • masonic
    masonic Posts: 23,279 Forumite
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    keyboardworrier wrote: »
    The new variable market on MoneyThing (Currently at discounts only, premiums coming later) looks quite slick. The only thing I would change is to have an easier way of modifying the discount without having to cancel the sale and go through the process of listing it again.
    I can see the logic though. There is no ambiguity about whether or not you'll keep your place in the queue if you change your discount. It mirrors the updated system over at Ablrate, which, before it was changed allowed people to list parts for sale at a high premium soon after launch, then drop to a discount later and queue-jump all those with the same price who had first listed their parts for sale at a later date than the parts originally listed at a premium. Having someone drop their price to match mine, but jump ahead of me in the queue was infuriating!

    Cancelling and relisting ensures the listing date can be used to fairly rank loan parts listed for sale at the same discount.
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