Is your IFISA full of overdue loans?

The rates of 20%+ are an absolutely meaningless number
 - Assuming the loan replays/defaults on time (if only!!), most of these loans have not much more than 30 days left, so you are actually getting a 2%ish return and taking all the risk. Over such a short period of time it is more of a bet than a investment.
- If the loan drags on beyond the 6 months then the 20% will tend towards the original interest rate over time

At no stage do you actually get a 20% return over the course of a year

Imagine it's a combination of factors. Those being sold at high discount are more likely to be the ones with concerns over them, even if whatever majority you mention do get refreshed within a reasonable timeframe. But every additional day over the 180 will have a disproportionate effect on that 20% figure which is why some are saying they are meaningless (unless loans were renewed/closed far more precisely than we've ever seen from FS).

As others have said, full IFISAs due to time of year, but also yes, a lot of people probably blocked up with overdues (certainly on this forum) or those that aren't are holding back or have invested elsewhere until they are happy to return to FS.

Some of course still happily using SM and investing lots but conservative sentiment on here does indicate not as many longer term members are.

I disagree if you have a small amount £5000 or less you can make over 20% if you aggressively manage it rather than just buying near end discounted loans. If you are very careful on loans you hold. 1% of capital takes a long time to get down to normal rate as it is only the interest on the interest bought you are loosing.

Yes it can be confusing at first. Most learn quickly. The increase in returns from those paying nearly on time usually makes up for the others provided you diversified and keep individual investments low % of capital <1%