Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    jamesd
    P2P: MoneyThing
    • #1
    • 2nd Aug 16, 7:29 PM
    P2P: MoneyThing 2nd Aug 16 at 7:29 PM
    This is a discussion for things specific to the MoneyThing peer to peer lending platform, to make it easier to find those as distinct from more general P2P discussions. More discussion is available at the P2P Independent Forum MoneyThing section.

    MoneyThing does a range of lending types that often avoid the ubiquitous property development loans seen in the P2P world at the moment but still does many of those. Interest rates are typically 12% but have ranged from 10-15%. All loans are secured on some sort of physical asset.

    The platform received full FCA approval in March 2017, replacing its former interim approval.

    As of 1 April 2017 there have been no defaults but eventually this is sure to change since it's a fact of life with lending.


    TOPICS: generic P2P, Ablrate, Lendy (formerly Saving Stream), MoneyThing.
    Last edited by jamesd; 16-04-2017 at 11:22 PM.
Page 6
    • Trentenders
    • By Trentenders 14th Jun 17, 7:48 PM
    • 1,158 Posts
    • 723 Thanks
    Trentenders
    I could tell you that it's legit, but you don't know who I am, so why would you trust me?

    You could check Companies House and the FCA Register for starters...

    P.S. They are legit
    • Flobberchops
    • By Flobberchops 14th Jun 17, 8:07 PM
    • 766 Posts
    • 548 Thanks
    Flobberchops
    Very quick question - I can see from just this forum post that quite a few people have signed up for this but can people just confirm that it is legit. I have signed up but it is asking for a certified copy of documents so I want to make sure this is the case before I upload anything.
    Originally posted by Zosa
    I had to do the same. This is a fairly standard request for financial providers. Please do your own research into MoneyThing but I think you'll find they are a popular and trusted platform with overwhelmingly positive reviews.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • anselld
    • By anselld 14th Jun 17, 10:20 PM
    • 5,814 Posts
    • 5,528 Thanks
    anselld
    Very quick question - I can see from just this forum post that quite a few people have signed up for this but can people just confirm that it is legit. I have signed up but it is asking for a certified copy of documents so I want to make sure this is the case before I upload anything.
    Originally posted by Zosa
    Presumably when you signed up you were expecting to upload money. Why are you suddenly more troubled by uploading documents?
  • jamesd
    can people just confirm that it is legit. I have signed up but it is asking for a certified copy of documents so I want to make sure this is the case before I upload anything.
    Originally posted by Zosa
    It's legitimate and one of the firms that has full rather than interim permission from the FCA so they survived that scrutiny. I have many tens of thousands invested there and have paid in and withdrawn may tens of thousands.
    • takesyourchances
    • By takesyourchances 2nd Oct 17, 2:57 PM
    • 654 Posts
    • 420 Thanks
    takesyourchances
    New loans seem to have slowed up on MT recently. I've idle funds awaiting new loans as have enough in the others. Was thinking to withdraw this money as seems slow lately for new loans.
    • TheShape
    • By TheShape 2nd Oct 17, 8:16 PM
    • 1,299 Posts
    • 1,113 Thanks
    TheShape
    Last week's Moneything Pipeline stated that there were two expected new loans due this week. Whether the materialise is another thing and I'd be inclined to withdraw pending an actual announcement.

    I 'temporarily' invested my idle balance in an existing loan with the intention of selling when a new loan became available. I'm now stuck in a very long sales queue.
    • takesyourchances
    • By takesyourchances 2nd Oct 17, 11:10 PM
    • 654 Posts
    • 420 Thanks
    takesyourchances
    Last week's Moneything Pipeline stated that there were two expected new loans due this week. Whether the materialise is another thing and I'd be inclined to withdraw pending an actual announcement.

    I 'temporarily' invested my idle balance in an existing loan with the intention of selling when a new loan became available. I'm now stuck in a very long sales queue.
    Originally posted by TheShape
    I withdrew tonight my idle money, this was my first withdrawal from MT and it arrived in my bank straight away so that was good. I put it into my S&S ISA, I am balancing investing in it too as I was going a bit lighter on it the last 6 months with P2P.

    If new loans appear, I can always add fresh money if they seem decent.

    There seems to be a very big sales queues at the moment, I don't want to add any more to current loans than I have in and awaiting fresh ones to spread things out a bit more hopefully. Recent weeks has been a bit harder with new loans across a few platforms.

    I have some investment trust investments going out this week as well and don't want to take my eye of these investments either.

    The slow up seemed to have come after recent defaults on MT which got me wondering too....
    • takesyourchances
    • By takesyourchances 22nd Nov 17, 7:04 PM
    • 654 Posts
    • 420 Thanks
    takesyourchances
    More Moneything problems with Plymouth, hopefully this will get resolved. I have to say, MT has the most problems of my P2P holdings so far. but will continue to invest in new loans, but I may start to limit how much until these all start to hopefully resolve.
    • keyboardworrier
    • By keyboardworrier 23rd Nov 17, 3:33 PM
    • 93 Posts
    • 99 Thanks
    keyboardworrier
    I've dodged having significant amounts locked up in defaults by pure luck on MoneyThing. I am starting to think that all the low hanging fruit has already been picked and the loans we're seeing now are higher risk than most realise. I am starting to think I should move money away from the platforms paying 12%+ and start to look at safer options elsewhere paying a max of around 7%
    • bigadaj
    • By bigadaj 23rd Nov 17, 6:22 PM
    • 10,817 Posts
    • 7,141 Thanks
    bigadaj
    I've dodged having significant amounts locked up in defaults by pure luck on MoneyThing. I am starting to think that all the low hanging fruit has already been picked and the loans we're seeing now are higher risk than most realise. I am starting to think I should move money away from the platforms paying 12%+ and start to look at safer options elsewhere paying a max of around 7%
    Originally posted by keyboardworrier
    There is always risk in these loans, they wouldn't be paying the rates they do if there wasn't. The whole point in lending to secured lenders is that it reduces the magnitude of losses.

    There's no certainty that your 7% options will be any safer than what you currently hold of course.
    • keyboardworrier
    • By keyboardworrier 23rd Nov 17, 6:34 PM
    • 93 Posts
    • 99 Thanks
    keyboardworrier
    There is always risk in these loans, they wouldn't be paying the rates they do if there wasn't. The whole point in lending to secured lenders is that it reduces the magnitude of losses.

    There's no certainty that your 7% options will be any safer than what you currently hold of course.
    Originally posted by bigadaj
    Of course there is no certainty, but my favoured platform at the moment (Kuflink) takes the first 20% of any losses if they occur and I think taking an interest rate hit for that kind of security is worth it. Also Assetz Capital have the hands off account paying 7% with a provision fund.

    I'll think about it some more but I have a feeling I will start to diversify away from the riskier end of P2P lending
    • TheShape
    • By TheShape 23rd Nov 17, 6:40 PM
    • 1,299 Posts
    • 1,113 Thanks
    TheShape
    Of course there is no certainty, but my favoured platform at the moment (Kuflink) takes the first 20% of any losses if they occur and I think taking an interest rate hit for that kind of security is worth it. Also Assetz Capital have the hands off account paying 7% with a provision fund.

    I'll think about it some more but I have a feeling I will start to diversify away from the riskier end of P2P lending
    Originally posted by keyboardworrier
    Doesn't the 20% first loss holding with Kuflink increase the chance of platform failure?

    I think the FCA wouldn't fully authorise a firm that invested their own capital in their loan offerings for this reason.
    • keyboardworrier
    • By keyboardworrier 23rd Nov 17, 6:45 PM
    • 93 Posts
    • 99 Thanks
    keyboardworrier
    Doesn't the 20% first loss holding with Kuflink increase the chance of platform failure?

    I think the FCA wouldn't fully authorise a firm that invested their own capital in their loan offerings for this reason.
    Originally posted by TheShape
    They are fully authorised. I am not sure if it increases the chance of platform failure, I would think that it increases the amount of care they put into doing DD on the loans they put onto the platform though.
    • agent69
    • By agent69 23rd Nov 17, 6:45 PM
    • 194 Posts
    • 97 Thanks
    agent69
    but will continue to invest in new loans,
    Originally posted by takesyourchances
    Chance would be a fine thing
    • TheShape
    • By TheShape 23rd Nov 17, 7:33 PM
    • 1,299 Posts
    • 1,113 Thanks
    TheShape
    They are fully authorised. I am not sure if it increases the chance of platform failure, I would think that it increases the amount of care they put into doing DD on the loans they put onto the platform though.
    Originally posted by keyboardworrier
    I see that they are. Moneything had to stop pre-funding loans to get full FCA authorisation. I made an assumption re platform funding of loans that wasn't correct. I'm not sure whether there is some limit to the amount of exposure to the loan book/each loan that is acceptable.

    You'd certainly hope so.
    • TheShape
    • By TheShape 23rd Nov 17, 7:38 PM
    • 1,299 Posts
    • 1,113 Thanks
    TheShape
    Back on topic:

    Having built up my investment in MoneyThing I am now slowly reducing my holding, partly due to loans repaying and a limited number of new loans becoming available.

    The only loan I have invested a little extra in is the Hotel which looks like its progressing well but even that is being funded by reducing other loan holdings rather than new funds.
    • keyboardworrier
    • By keyboardworrier 23rd Nov 17, 7:39 PM
    • 93 Posts
    • 99 Thanks
    keyboardworrier
    I see that they are. Moneything had to stop pre-funding loans to get full FCA authorisation. I made an assumption re platform funding of loans that wasn't correct. I'm not sure whether there is some limit to the amount of exposure to the loan book/each loan that is acceptable.

    You'd certainly hope so.
    Originally posted by TheShape
    Yes, I thought it was strange that some platforms weren't allowed to do it whilst others (The two that I am aware of are Kuflink and Octopus Choice) are allowed.
    • Flobberchops
    • By Flobberchops 23rd Nov 17, 8:00 PM
    • 766 Posts
    • 548 Thanks
    Flobberchops
    Having built up my investment in MoneyThing I am now slowly reducing my holding, partly due to loans repaying and a limited number of new loans becoming available.
    Originally posted by TheShape
    Ditto. MT is a bit of a wilderness at the moment, which is a shame.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • msallen
    • By msallen 23rd Nov 17, 8:38 PM
    • 853 Posts
    • 937 Thanks
    msallen
    I agree that there is a dearth of decent new loans on MT at present, so I have decided to exit the platform for now, with a view to going back into it when they offer an IFISA (as long as there is a decent loan pipeline again by then).

    I didn't think it was worth the effort of monitoring the platform for the few decent loans I had, so I've moved the cash over the Ablrate for now (where it is in an IFISA too).

    I just have a small amount left in the defaulted Prestbury and Birkenhead 'A' loans, both of which I'm confident will recover all the capital. Interest is a lot less certain though, especially on Birkenhead.
    • bigadaj
    • By bigadaj 23rd Nov 17, 9:55 PM
    • 10,817 Posts
    • 7,141 Thanks
    bigadaj
    Yes, I thought it was strange that some platforms weren't allowed to do it whilst others (The two that I am aware of are Kuflink and Octopus Choice) are allowed.
    Originally posted by keyboardworrier
    The FCA have not been happy with direct platform involvement in several cases, in most cases they have removed the issue around the platform lending and then funding such that the platform acts as an agent or intermediary.

    Provision funds are a tricky area, it's nice to think there's additional security but their existence and how robust they are have been open to question, Lendy being a prime example.

    I think the platforms are finding it difficult now, most seem to go through a honeymoon period starting with pawn and low value items, grow in scale which generally means property and then to maintain deal flow, and commission, revenue no doubt, start to take on loans they shouldn't.

    I have been happy with the three platforms I've been using for the last two years or so but all have had loans recently that I've ducked because if questions over security or valuation.

    Moneything have a new bollington loan tomorrow and I'm undecided, same borrower I believe as the soft default in Plymouth, though I have no money in the latter.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,197Posts Today

7,696Users online

Martin's Twitter