Do you recommend AC

AC ought to be strung out to dry wrt their "provision fund". It’s a bl**dy nonsense when someone can say they’ve had a defaulted loan since summer 2017 and not a payment from the PF. The ONLY justification for a frankly ludicrous 20% "diversification" level, is a functioning PF - otherwise it’s a disgrace.

i recommend their QAA. I wouldn’t touch anything else with a barge pole and a peg on my nose - until the "February changes".

They don’t. It’s incompetence., masquerading as a business model duped by poor IT.



For a real giggle go to their default stats. Hmmm, no defaults. EVER. Oh right. Oh wrong! They have defaults but don’t like calling them defaults so they have no defaults. AC have a unique approach to the PF concept - it doesn’t pay out until your grand kids are drawing their pensions. At least until the fabled February changes. Watch  that space, and until then bung it in  the AC QAA account, which is really quite good.

I was thinking about the QAA account or possibly the 30 day account as won't need immediate access to funds given its ISA money (i.e. shouldn't be touched easily - in my book anyway).

I shall ponder/procrastinate a couple more days and then get my act together and sort my ISA situation out. 

Yes, I intend to stick with the MLA but have now opened my AC IFISA with a few pennies and leaving it in the QAA until MLA is accessible through the ISA. 

Not keen on going into the GBBA2 via ISA until I see evidence that the diversification issue is resolved post Feb.  Hence no mad rush to open the ISA.  The lack of PF is not a deal breaker as am already investing elsewhere with no PF (albeit it at higher rates which makes it feel 'worth it').

 

AIUI, those issues are to be addressed in February, buts its alarming to hear that some AC departments are unaware of a February change! Accounts other than MLIA, 30 day and QAA are not fit for purpose, currently.

I think the QA and 30 day accounts are excellent market-leaders for the stashing of cash you know you will need to withdraw in say 6 months or so.  Having withdrawn a large percentage of my P2P investments across various platforms last summer to support a house purchase by one of my sons, all the cash went straight back into the 30day account when the purchase fell through.  This is money I no longer regard as mine so am not going to put at risk.  Other cash I invest almost exclusively through the ML account.  I dabbled in the Property and Green accounts just to see how they worked.  Managed to withdraw almost all from Property over a few weeks (a stubborn £2.50 remains) and about 80% from Green, although no sales here since late Dec.  In my experience, liquidity in the ML account is good if you are careful in the choice of loans.  For cash I may need back in say 6-12 months, I post requests for smaller loans, LTV less than 70%, that aren't constantly shown with £££s of units available for immediate purchase.  It isn't instant but opportunities do come up for some of the older loans at 8% plus rates.

Thanks - yes, that is a bit clearer, though it isn't stated when any ongoing interest payments might start. 

Like I said, with those tweaks I think AC will effectively cover most people's P2P needs, except the highest risk/highest return end (which I think they have made a conscious attempt to withdraw from, and which other sites cover just fine).  

Even with the changes, I'll still be focusing on the MLIA and QAA/30 day in future, with ISA cash (I'm gradually putting all my P2P into ISA wrapping, which is far and away the most important factor deciding which platforms I am focussed on - currently up to 71% of P2P investments within ISA wrapping), but it will cost me time to deal with the necessary MLIA management.