P2P

Where to make the most of your savings

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Derbyfella
Posts: 5
Joined: Sun Jan 10, 2016 10:42 pm

P2P

Postby Derbyfella » Tue Dec 27, 2016 10:08 pm

Back in the day...James posted some intresting stuff on the above link to the old forum here

http://stoozing.com/forum/YaBB.pl?num=1441959154/4#4

Is James still on here?

Im only using Moneything at the moment but doing alright, but looking to diversify and looking to try and get those 19% deals

joker
Posts: 70
Joined: Thu Jan 07, 2016 6:09 am

Re: P2P

Postby joker » Thu Dec 29, 2016 10:42 pm

I believe that james is around somewhere. My suggestion would be to have a read over the below though. A wealth of useful information and I know James posts there! Not sure, but I suspect one or two other folk may be there as well!

http://p2pindependentforum.com

Jamesd
Posts: 6
Joined: Tue Jan 05, 2016 1:13 am

Re: P2P

Postby Jamesd » Sun Sep 24, 2017 7:14 pm

I'm still here but hadn't been around since late last year. Some updated P2P platform thoughts, updated for stoozing below. I don't trust Lendy (formerly Saving Stream) to provide sufficiently complete and accurate loan descriptions, so don't use them. The core discussion at MSE can be useful.

No raw 19% interest deals but some interesting cashback from Collateral can be that or more sometimes.

At the moment I have about £50k stoozed at about 12.5% average interest rate before bad debt. Sadly down from over £60k due to lack of new deals on three cards.

1. Unbolted. Secured on pawned goods, with gold-backed loans paying 8% a year, and other pawned items like high value watches, silver and such paying 10.5%. Gold backed by insurance against a drop in the gold price and the other ones by a provision fund. Also some without either protection. You could probably invest at a rate of about £500-800 a week to a maximum of about £13,000-£21,000 because the normal loan term is six months until repayment, leaving 26 weeks worth the effective maximum. You'd probably get about 10% overall based on the mixture of loans between the types. Pretty much automatic lending, just set up a limit for autoinvest and feed more money in as it gets lent out. Stoozing: fixed six month terms, no early exit for lenders, slow to invest lump sums.

2. Lending Works. About 5% with protection fund. I don't use them.

3. RateSetter. About 3.5% for the rolling market (rapid access) product, with protection fund. Stoozing: unlikely to be very profitable, maybe useful to accumulate money before repaying a deal. I don't use them. Zopa doesnt really compare and not accepting new accounts at the moment.

Without protection fund, secured lending instead:

4. BondMason. About 7% after charges. They manage investments at lots of peer to peer platforms for you, a convenient way of diversifying among lots of places. No overall protection fund but some ways they invest may have one. Stoozing: takes weeks or months to get fully invested, withdrawing apparently decently fast, minimum investment requirement a pain. I don't use them.

5. Ablrate. 10-15% for loans secured on property of various sorts, from houses through business buildings, land and machinery. Assume perhaps 2% loss after sale of security for net return before tax of about 10-11%. Has an ISA. No protection fund, secured lending instead. Stick to £250-500 per loan until you know enough to do more by your own decision. Stoozing: start selling a month before deal end to be sure you get out in time.

6. MoneyThing. 10-12% for loans secured on buildings and land, rarely other things. Assume about 2% loss to bad debt after security, so about 10% net before tax. ISA planned, not available yet. No protection fund, secured lending instead. Stick to £250-500 per loan until you know enough to do more by your own decision. Stoozing: start selling a month before deal end to be sure you get out in time.

7. Collateral. 10-15% for loans mostly secured on land and buildings, though lots are property development loans that are fairly high risk compared to other P2P. Sometimes loans secured on pawned items at lower rates, very high demand for them. Maybe 9% returns after bad debt before tax. No protection fund, secured lending instead. Stick to £250-500 per loan until you know enough to do more by your own decision. Stoozing: start selling a month before deal end to be sure you get out in time.


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