Performance report for 2023 (and quarterly updates in 2024)
Dec 31, 2023 19:34:51 GMT
wiseclerk, ilmoro, and 19 more like this
Post by Ace on Dec 31, 2023 19:34:51 GMT
My 6th year of P2P investing is drawing to a close. Here's a warts-and-all report on how it went for me.
2023 has been another steady year for me in terms of a continued stream of profits from my performing platforms, but a few problems have resulted in a disappointing fall in my XIRR from 7.42% to 6.69%. As always, these figures exclude accrued profits that haven't yet been paid. This means that the figures are still likely to be understated due to the large number of bullet loans, including quite a few new ones, that are yet to repay. However, these accrued profits could also be hit by losses, so it's very difficult to be sure of the future combined effect. Total funds in my P2P portfolio rose by about 12%, partly due to natural growth and partly due to a reduction in cash holdings.
The main drivers for the drop in my portfolio XIRR in order of impact are:
ABLrate is still the biggest drag on my returns. It was my largest platform at the point its wind-down was announced. At the point of announcement it represented about 17% of the portfolio (was as high as 19% before that), and was easily my largest income producer. It's now my 3rd largest platform at 10.7%, but is producing virtually no income. What happens with my outstanding capital there could have a significant impact on my portfolio XIRR for many years to come. The outstanding capital equates to 48% of my all-time P2P net profits (down from 65% last year).
The underlying expected average return rate on my target platform mix is around 11.4%. The underlying expected average return rate on my current platform mix is around 10.0%. Whether my XIRR rises or falls next year is likely to be heavily influenced by whether I suffer losses or receive repayments from ABLrate. I'm expecting some of each. I'm still not clever enough to put a numerical estimate on the balance between the two, but now that they're entering administration I'm expecting all of the ABLrate profit to be wiped out as a minimum. In all likelihood it will probably be much worse than that. Raising my XIRR will also be influenced by how successful I am at moving from my current platform mix to my target platform mix.
My investable funds are split roughly 50:50 between P2P and S&S (mostly in global index trackers). In 2022 my P2P portfolio trounced my S&S portfolio, pushing P2P ahead over the 5 years since I'd started this game. When I first drafted this paragraph back in early December P2P was still ahead overall, though down on this year. A late surge from global shares by 4% in December has pushed the 6 year S&S portfolio ahead again.
For those interested in the numbers:
My S&S portfolio is up 13.5% over 2023, more than reversing the 10% drop in 2022. It's up by 48.0% over the six years, 6.75% XIRR.
My P2P portfolio is up by 47.5% over the six years, 6.69% XIRR.
So, the 2 portfolios are essentially neck and neck. As forecast, and as demonstrated above, the P2P half has given me a far smoother ride than the S&S half. Whether I can achieve my long-term aim of beating global shares with P2P will largely depend on whether I can avoid making future big mistakes like ABLrate, and on how bad that mistake turns out to be.
The remarkably smooth returns from P2P are still working well in providing a stable income to live off of during my early retirement until my company pensions kick in. This still needs to be tempered with whatever the fallout from the ABLrate administration turns out to be, but the possible worst case impact from this has reduced over the past year.
I'm very happy with my decision to replace traditional bonds in my portfolio with P2P and to increase that allocation to 50%. I believe that this has reduced my overall risk and volatility while increasing my long term returns. It's certainly much more fun for me.
Now for the table...
All accounts have been running for between 5 and 6 years except where stated.
As for last year, I'll give one combined figure for each platform. The previous year's figures can be found in last year's update here. Again, all XIRRs now include referral bonuses and cashbacks. They exclude accrued interest unless stated otherwise. For those not familiar with XIRRs (eXtended Internal Rate of Return), they are an annualised return measure, similar to the APRs for borrowing and AERs for saving, to allow an easy direct comparison between platforms. Why the FCA mandate the use of APR and AER but not XIRR is a continuing annoyance of mine.
Note that the newer a platform is the more understated its results will be due to having had fewer loans mature, especially so where they charge upfront fees and/or use bullet loans.
My strategy for the last year was (with how it went in blue):
My strategy for 2024:
Good luck in 2024 everyone. Please feel free to ask questions or add your own reports to this thread. I very much enjoy reading about how P2P is working for others. There were some interesting discussions and alternative views following last year's report here.
2023 has been another steady year for me in terms of a continued stream of profits from my performing platforms, but a few problems have resulted in a disappointing fall in my XIRR from 7.42% to 6.69%. As always, these figures exclude accrued profits that haven't yet been paid. This means that the figures are still likely to be understated due to the large number of bullet loans, including quite a few new ones, that are yet to repay. However, these accrued profits could also be hit by losses, so it's very difficult to be sure of the future combined effect. Total funds in my P2P portfolio rose by about 12%, partly due to natural growth and partly due to a reduction in cash holdings.
The main drivers for the drop in my portfolio XIRR in order of impact are:
- An almost total lack of income from my remaining ABLrate capital.
- Write-off of the pub loans on ABLrate.
- Write-off of a loan on Proplend (though a recovery is still possible here).
- Write-off of all remaining capital on Grupeer.
- Continuing lack of returns from Brickowner loans.
- Unproductive capital tied up in other administrations/rundowns (Assetz Capital, Moneything).
- A continuing number of overdue loans across many property development loan platforms (Blend, CapitalStackers, CrowdProperty, Crowdstacker, Shojin). I'm expecting all of these to recover the vast majority of their overdue loans.
ABLrate is still the biggest drag on my returns. It was my largest platform at the point its wind-down was announced. At the point of announcement it represented about 17% of the portfolio (was as high as 19% before that), and was easily my largest income producer. It's now my 3rd largest platform at 10.7%, but is producing virtually no income. What happens with my outstanding capital there could have a significant impact on my portfolio XIRR for many years to come. The outstanding capital equates to 48% of my all-time P2P net profits (down from 65% last year).
The underlying expected average return rate on my target platform mix is around 11.4%. The underlying expected average return rate on my current platform mix is around 10.0%. Whether my XIRR rises or falls next year is likely to be heavily influenced by whether I suffer losses or receive repayments from ABLrate. I'm expecting some of each. I'm still not clever enough to put a numerical estimate on the balance between the two, but now that they're entering administration I'm expecting all of the ABLrate profit to be wiped out as a minimum. In all likelihood it will probably be much worse than that. Raising my XIRR will also be influenced by how successful I am at moving from my current platform mix to my target platform mix.
My investable funds are split roughly 50:50 between P2P and S&S (mostly in global index trackers). In 2022 my P2P portfolio trounced my S&S portfolio, pushing P2P ahead over the 5 years since I'd started this game. When I first drafted this paragraph back in early December P2P was still ahead overall, though down on this year. A late surge from global shares by 4% in December has pushed the 6 year S&S portfolio ahead again.
For those interested in the numbers:
My S&S portfolio is up 13.5% over 2023, more than reversing the 10% drop in 2022. It's up by 48.0% over the six years, 6.75% XIRR.
My P2P portfolio is up by 47.5% over the six years, 6.69% XIRR.
So, the 2 portfolios are essentially neck and neck. As forecast, and as demonstrated above, the P2P half has given me a far smoother ride than the S&S half. Whether I can achieve my long-term aim of beating global shares with P2P will largely depend on whether I can avoid making future big mistakes like ABLrate, and on how bad that mistake turns out to be.
The remarkably smooth returns from P2P are still working well in providing a stable income to live off of during my early retirement until my company pensions kick in. This still needs to be tempered with whatever the fallout from the ABLrate administration turns out to be, but the possible worst case impact from this has reduced over the past year.
I'm very happy with my decision to replace traditional bonds in my portfolio with P2P and to increase that allocation to 50%. I believe that this has reduced my overall risk and volatility while increasing my long term returns. It's certainly much more fun for me.
Now for the table...
All accounts have been running for between 5 and 6 years except where stated.
As for last year, I'll give one combined figure for each platform. The previous year's figures can be found in last year's update here. Again, all XIRRs now include referral bonuses and cashbacks. They exclude accrued interest unless stated otherwise. For those not familiar with XIRRs (eXtended Internal Rate of Return), they are an annualised return measure, similar to the APRs for borrowing and AERs for saving, to allow an easy direct comparison between platforms. Why the FCA mandate the use of APR and AER but not XIRR is a continuing annoyance of mine.
Note that the newer a platform is the more understated its results will be due to having had fewer loans mature, especially so where they charge upfront fees and/or use bullet loans.
| Platform | XIRR to end 2023 | Notes |
|---|---|---|
| ABLrate | 7.24% | Now entering administration following 17 months of a largely failed wind-down. See discussion above. This is the platform I've got most wrong. I was impressed with how much capital ABLrate managed to retrieve from bad loans in my early years with the platform. They were dogged in going after delinquent borrowers who clearly were trying to avoid repayment. I was also impressed by AF's repayment record. I became overconfident and invested too heavily. The lack of information on outstanding loans, now completely dried up, is very concerning. There seems to be a concerted effort from many borrowers to avoid repaying their debts. It appears to me that neither the regulator or the legal system is strong enough or interested enough to hold them to account. Perhaps the administrator will prove more effective; given the track record of previous administrations, I won't be holding my breath. Despite the above, ABLrate is still my largest profit, currently representing 16.1% of my all-time P2P net profits. More than a third of my outstanding capital on ABLrate is profit. Due to lack of apparent progress on the delinquent loans I'm now expecting to lose all of that profit and probably more. |
| Assetz Capital | 8.70% | Now in wind-down. I've been withdrawing for some time now. See here for details. It looks like my expectation of a final outcome of an XIRR of somewhere around 6.5% will prove to be too optimistic. I'm now expecting it to be nearer 5% due to further losses. It was fun, but now looks like being a poor return for the amount of effort I spent. I'm extremely unimpressed by the platforms decision to make lenders pay for the wind-down while still extracting the maximum possible in fees. Shame on AC, and shame on the FCA for allowing it. |
| Assetz Exchange | 9.57% | New in Sep 2019. I feel that I was exceptionally lucky to get in early here as much of my profits are due to increased premiums between me buying and selling. I sold off around three quarters of my loans to lock in those premiums. I held on to some of the older style properties to see what happens when they get sold. The increase in yields for new properties, along with the inflation linked rent increases make this platform look more attractive again now. I had been generally removing income from this platform, but I do now sometimes reinvest it in new properties. I like the recent introduction of new features like Pre-Launch Buy Orders. I might consider opening an ISA there in the new season now that we will be able to spread our new ISA funds over multiple platforms. |
| AxiaFunder | 5.25% | New in Jan 2019. Now my largest, and favourite, platform. My overall return is low so far due to many long running commercial cases that haven't yet concluded and a large premium I paid for a loan on the SM which hasn't yet completed. There is 1 large loan has concluded but hasn't yet paid up, so the overall position should improve when it does. I'm particularly keen on the portfolio loans, where funds are diversified over many cases within a single investment. I invested in all of these in an effort to generate a regular income. This is now coming to fruition with 29 tranche repayments from the Housing Disrepair loans to the first law firm to be funded, plus one other. These have returned an average XIRR of nearly 22%. Repayments from the second law firm should speed up total repayments in the new year. I'm at a point where I can fund new loans purely from repayments, and also extract some income, but I'll probably increase my exposure to counterbalance my overreliance on property secured lending elsewhere. IMO, these are currently the best risk adjusted returns in P2P. |
| Blend | 3.17% | New in May 2021. Property development loans with a £1k minimum. I like the loans here, but the cash drag required to get invested and lack of an ISA means that I made the decision to withdraw. I'm documenting how this goes here. There have been a few loans recently where there was availability for manual lending, so no cash drag. I was tempted to invest, but didn't because I need to withdraw from somewhere to fund living expenses, and it would spoil my platform rundown stats. My XIRR is starting to rise due to some minor repayments. It's still artificially low due to my largest loan being delayed by a year. I'm now scheduled to be fully exited in August 2024. I'm still expecting a final XIRR of around 9%. |
| Brickowner | 0.19% | The return so far is mostly from cashbacks and some minor periodic interest as most of my investments only pay at maturity and none have matured yet. I seem to be in perpetual delays on this platform. Yet another year has passed and still no completions! I've lost count of the number of times that rearranged milestones/completions have been missed. The extensive delays are likely to have serious impacts on the returns. At least one loan is likely to be a total write-off. I have some loans that should return a profit, but it's hit and miss whether I'll end up with an overall profit or a loss. My best guess is that I'll just about break even. |
| British Pearl | -6.44% | New in May 2019. They've took a rash decision during Covid to sell all properties at a loss to a platform backer, leaving me with an unnecessary loss!!! I'm now fully out and won't be back. |
| CapitalRise | 7.02% | New in Feb 2019. Another favourite. XIRR is understated as most loans pay interest at maturity, would be 8.9% including accrued interest. This platform is the most accommodating for ISA transfers as they allow you to reserve an allocation while waiting for the transfer to complete. I'm a little annoyed by project progress updates being out of date by the time we receive them. |
| CapitalStackers | 0% | New in April 2022. Higher risk/return development loans, though several different risk levels are available on most loans. £2.5k minimum per loan (£500 on the SM). They have a great deal of info and analysis on the loans that really appeals to me. They also publish regular monitoring updates in full. None of my loans have repaid yet. 4 of my 7 loans are running late. 1 loan will be repaid a couple of months early in January. 4 more are now due to repay in 2024, so I should have some idea of how things are going at next year's update. |
| Connective Lending | 13.35% | Now closed. New in Feb 2021. It was a welcome addition to the pawn loan market. The website was fairly poor, and didn't work well on my android tablet, but the returns were excellent. I sorely miss this platform. |
| CP Capital | 12.55% | New in May 2022. CrowdProperty's sister platform for 2nd charge mezzanine loans where CP own the first charge. £1k minimum. Too few loans to keep funds deployed, but can easily share funds with CP. 2 of my 3 loans have now fully repaid with an excellent return. I'm unlikely to take on new loans here as I rarely have £1k of unallocated funds on CP, but I'd be happy to lend if I did. |
| CrowdProperty | 5.03% | New in Jan 2019. Another one of my favourites. Seems to have exceptionally good DD. Many loans pay interest at maturity, so XIRR is understated. On the negative side, there are a few issues on the lending side that they could and should have addressed by now (another year passes without them being addressed!). Like others, I'm frustrated by the slow rate that defaulted loans are being resolved. It's reason why my XIRR appears to be stuck in the doldrums. I expect to see a substantial rise in my XIRR over the course of next year. I believe that the chance of a net loss on a well diversified portfolio here is extremely remote. I'm monitoring the rundown of my Standard Account here, as I'm moving the funds to my ISA Account. |
| Crowdstacker | 4.58% | Reduced XIRR due to exposure to the A*th*nt*c Al*h**s* loan default. The Q****s loan has also defaulted recently. Both defaults are in the old style loans. The newer property development mezzanine loans are doing well. I've had 6 successfully repay so far. They now have a regular supply of these mezzanine loans. Time will tell whether they can pull it off. Cash drag is a major annoyance, as is the time it takes them to return cash, and the fact that their ISA isn't flexible. I don't currently have an ISA account here. I might be tempted to open one after April to transfer repayments from the standard account into if the loan flow is high enough to keep the funds deployed. |
| Elfin Market | 9.02% | New in Feb 2020. Small toe in water here, but I'm slowly increasing due to decent returns so far. The current return rate is 9.5%. I'm cautious with investing on unsecured consumer loan platforms as I haven't had one that was really worth the risk yet. Another year without problems is making me feel more comfortable. I'd like more transparency as a lender. I'd also invest more if they accepted ISA transfers. I will probably add more to this platform in the new tax year when we will be able to spread the ISA allowance across multiple platforms. |
| Funding Circle | 3.39% | Now in wind-down. The incompetence of this platform is well documented elsewhere. I have no live loans left now. I'm not expecting any further returns following the recent debt sale. I've escaped with a small profit, but it's another platform that turned out to be not really worth the effort. |
| Growth Street | 6.98% | Fully exited and closed. A shame. I quite liked this platform. |
| Grupeer | -97.59% | This platform has completely stalled since May 2020. No payments or account updates of any kind since then. I decided to write off the remaining capital this year, as there appears to be no chance of any recovery. |
| HNW Lending | 7.35% | New in Dec 2020. Asset backed loans with a minimum of £10k (£5k in ISA or autolend). Most loans pay interest monthly, which I prefer. Very outdated website. I suffered quite a bit of cash-drag on my early loans due to them not starting when forecast, and some being cancelled. I didn't suffer from cash drag this year. Many loans run late, but they do seem to be competent at achieving full recoveries (I'm aware of 1 that resulted in a total loss, but I wasn't in it, and platform rules have changed to make this less likely in future). Half of my extant loans are overdue. I've had 5 loans complete with full repayment so far. On balance, I trust the platform to professionally manage the security, so continue to lend. |
| Kuflink | 13.00% | My XIRR is massively boosted here by early bonuses. My underlying return is 6.85%. The underlying rate has been rising and should rise further as recent rates are higher. I steer well clear of most higher tier loans as the rates are usually too low on these for the risk. I've been withdrawing from Standard loans. I was adding more funds to the ISA before they introduced a £500 minimum for current year ISA funds. I'm not really sure why I object to this, since I'm prepared to lend on other platforms with £5k minimums! I guess it is because it seems so unnecessary given that the platform was already running smoothly with very low minimums, and still does for past year ISA funds. I also greatly object to them confusing lenders by overstating the returns on their auto accounts. I'm currently reinvesting income in my ISA account. I'm happy with their loan management. Many run late, like all property development platforms, but none have resulted in losses to lenders yet. |
| LandlordInvest | 11.81% | New in Feb 2019. Running smoothly, but not enough loans. SM is very liquid. I like this platform. It's been a consistent performer from the start. Monthly payments, mostly from retained funds, means that you get a reliable income. I've been adding to my ISA, but can't keep the funds deployed, so I'm having to use the ISA flexibility, which is a bit of a faff. |
| Lending Works | 4.64% | Now in wind-down. I greatly reduced my exposure to this platform in Dec 2019 as I was annoyed/concerned that they took too long to react to the rapidly shrinking PF issue. I stupidly left some funds in my IFISA, which were trapped, but were very slowly repaying. I'm almost completely out now, just 17p left. |
| LoanPad | 5.90% | New in Sep 2019. Another favourite. With funds daily diversified over 177 loans and rising, on average less that 0.6% of capital is allocated per loan. We have the added protection of loans being shared with 16 different lending partners on a first loss basis. I think that the often comparison with longer term fixed-rate FSCS protected accounts is unfair (see discussion in last year's report). Rolling withdrawals work well for quicker access in the Premium account. Safest platform in P2P with a unique MO. An absolute stalwart. |
| Lendy | 2.34% | I only have a small investment trapped in administration here thanks to the warnings on the forums. I expect to make a large percentage loss, but a very small loss in absolute cash terms. Some minor payments were received from the administrator this year. |
| Mintos € | 14.90% | Good return. I'm out as they don't accept new investments from UK investors. |
| Mintos £ | 11.76% | Good return. I'm completely out since Sep 2020. |
| MoneyThing | 5.98% | This platform is now in administration. I'm expecting losses. Capital is slowly being returned, but outstanding capital is still 2.5 times my all time platform net profit. |
| OnStep | 3.17% | Now in wind-down. New in Feb 2020. An Unbolted cousin. I liked the concept, but they only ever sourced 1 loan. Most profit is expected at the end of the loan through property equity, so initial XIRR will be low. |
| Property Partner | 11.42% | I'm passively withdrawing from this platform. I got outrageously lucky with one of the few loans I picked that has performed very well. |
| Proplend | 7.95% | Another favourite. I'm trying to shift from Standard to ISA as Standard loans repay. I've found it a little easier to keep funds fully deployed in Tranche B and C loans this year. I've had a write-off in one loan, which has obviously dented my return, but there's a chance that funds could be recovered. I'd rather platforms didn't write-off loans where there was a reasonable chance of recovery, but I sense that I'm in the minority. |
| Qardus | 17.52% | New in Oct 2020. Sharia compliant platform. Returns have been very good so far. The defaulted loan from last year hasn't made any further payments. Fortunately I was well diversified on this platform, so a complete loss of the remaining capital in the bad loan won't reduce my XIRR below 15%. There haven't been any further defaults this year, though a couple of other loans are currently a couple of weeks late. |
| Rate Setter | 4.46% | Never been keen on this platform, which has now closed. Was always too much hassle for too little return. Out now. Glad to escape without a capital haircut. |
| Robocash | 12.44% | I'm withdrawing from my euro platforms. Can't complain about the returns. Fully out now. |
| Shojin | 4.99% | New in Oct 2021. Higher risk/return development loans with a £5k minimum. I like this platform, lots of detailed info on the investments, and they come across as very knowledgeable. Returns are very understated as no loans have completed yet. I would like more dynamic info on my active loans. I was told this was coming last year. It didn't happen. The 3 loans that were scheduled to repay this year didn't, as is typical of this type of lending. The platform have been very open about the circumstances and seem to be handling things professionally. I need to see some repayments before investing more. |
| SoMo | 10.85% | New in Dec 2020. Bridging loans with a £5k minimum. Not the slickest of websites, but functions well enough. My loans have done well. I withdrew because the rates fell too low for me, but they are up again now, so I'm back. In fact, the rates seem pretty good for bridging loans with no development risk. I only have 1 loan there currently, which is long overdue. I would gladly add more if I had spare funds. I'd like more frequent and more meaningful updates on overdue loans. |
| Unbolted | 8.93% | Another favourite. A consistent performer with stable returns. I like it for diversification into pawn loans. Difficult to get funds deployed without setting large autolend maximums. Cash drag has been a bit of a problem this year, but hasn't had a major impact on returns yet. It's tempting to remove funds when cash drag increases, but leaving them on the platform seems to help increase allocations, so it would probably be counterproductive. Return includes accrued interest as it's too tricky to remove. |
| Uown | 7.99% | Potential for higher returns at end of investments. I like Uown, but I seem to be in the minority. I'm in 3 loans currently. Lack of an ISA might result in me drawing down when the new ISA freedoms come in. |
| Welendus/Fund Ourselves | 4.83% | I lost all faith in this platform. I'm finally out without a loss, but took over a year to withdraw, which ruined the return. |
| Zopa | 3.13% | Now closed. Felt like the risk v reward balance was too heavily weighted on the risk side. I was withdrawing before they closed, so glad to be out. A waste of time for me. |
My strategy for the last year was (with how it went in blue):
- Move as much as possible from non-ISAs to ISAs. (Some, but quite a few of my preferred loans didn't have ISA options).
- Put this year's remaining ISA allowance in a cash ISA then split it into multiple IFISAs in the new tax year. (Wasn't needed, as I used my whole ISA allowance on CapitalStackers).
- Lower platform limit to 15% of portfolio (but allow AF to go up to 20% when using portfolio loans as they are internally diversified). (Yes. AxiaFunder is currently highest at 15.7% of my P2P portfolio, with just over half of that in the portfolio loans; CrowdProperty is second at 10.9%).
- Liquidate underperforming platforms and non ISA wrapped investments as and when cash is required. (Yes, but on going: added BN and BO as platforms to withdraw from).
- Maintain a number of rolling withdrawal requests in Loanpad to fund any extra unexpected cashflow needs. (Yes. I also use these to fund desirable new loans, as long as there's a plan to restore the Loanpad balance in the near future. I similarly use them to restore flexible ISA balances across the end of the tax year).
- Try not to be tempted by new platforms (I have too many already, but a few are in wind-down). (Yes, for the first time I have 0 new platforms. I have fully exited 10 platforms and reduced 9 more to less than 1% of portfolio each. 18 platforms have > 1% of portfolio each).
- Reinvest maturing loans if cash is not needed. (Yes).
- Keep reading P2PIF and exit platforms earlier rather than later if it looks like they're in trouble. (Ongoing).
- Raise my average overall XIRR from this years 7.42%. (No. Now 6.69% due to various factors listed above. Most notably, ABLrate wind-down/administration).
- Arrange for at least 4 loans totalling at least £5k of maturing funds per calendar month for at least 12 months ahead. (Almost. It worked well this year. Oct, Nov & Dec are currently a little short for next year, but hopefully the months with extra loans maturing will fill in any gaps. I still have time to add some shorter term loans to pad out those months. I also have 59 loans (31 last year) across 14 platforms (9 last year) totalling £129k (£44k last year) that are running late which should fill in some gaps. LP can also be used to plug gaps and various platforms have SMs that could also come to the rescue. I also have lots of amortising loans from the likes of Qardus and AxiaFunder, and many others that pay regular monthly interest, which helps if cash is needed).
- Invest in more AxiaFunder portfolio loans to generate a regular high-rate income. (Yes. Portfolio loans now represent 55% of my AF funds. I need to keep investing in new portfolio loans to maintain or increase this, as these funds get returned relatively quickly).
My strategy for 2024:
- Keep going with last year's strategy.
- Raise my average overall XIRR from this year's 6.69%.
- Add new types of AF Portfolio loans as they are introduced to further increase diversification.
- Make use of new ISA freedoms in the new tax year to move cash from Standard to ISA accounts in multiple platforms.
Good luck in 2024 everyone. Please feel free to ask questions or add your own reports to this thread. I very much enjoy reading about how P2P is working for others. There were some interesting discussions and alternative views following last year's report here.
