jw01
Posts: 62 
Likes: 21
|
Post by jw01 on Feb 5, 2016 18:40:43 GMT
I would appreciate some advice from those more experienced than me.
I am looking for P2P platforms where I can deposit and forget; that is, monitor but not actively engage.
I am also looking for (relatively) safe platforms.
Although 12% rates are attractive, I do not have the experience, judgment, inclination or IQ to get involved.
I have a number of fixed rate bonds maturing from 2011 when 6-7% rates were common (although FSCS came in handy sometimes!), so 6-10% would be satisfactory given the extra risk.
My current deposits are as follows:
1 A substantial sum in Rate Setter. I have learned to set my own rate and hold my nerve.
2 A significant amount in Flying Circus (but gradually powering down).
3 I have dipped my toe in Lending Works (not yet in lending mode).
and
4 I am considering Wellesley Mini-Bond.
Any comments on these and particularly any other suggestions would be welcome.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Feb 5, 2016 18:49:38 GMT
I would say that Assetz Capital's GBBA product may be right up your street. Pays 7% (with a provision fund). Load it with cash and leave it to get on with it.
If you want to try something a little racier too, consider setting a modest default pre-funding target on Saving Stream (ie. the figure you'd like to invest in each new loan) and you'll be emailed by SS to add funds whenever a new loan launches. All SS loans currently pay 12%, backed by property security.
|
|
|
|
Post by chris on Feb 5, 2016 19:07:15 GMT
I would say that Assetz Capital's GBBA product may be right up your street. Pays 7% (with a provision fund). Load it with cash and leave it to get on with it. If you want to try something a little racier too, consider setting a modest default pre-funding target on Saving Stream (ie. the figure you'd like to invest in each new loan) and you'll be emailed by SS to add funds whenever a new loan launches. All SS loans currently pay 12%, backed by property security. To clarify the GBBA is backed by property security on top of the provision fund and pays 7% on deployed funds. If you enable the option then idle funds can also automatically earn 3.75% by being invested in our quick access account until they are needed. There is no fee or penalty for withdrawing, the system just needs to find a buyer for your loan units.
|
|
bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
|
Post by bigfoot12 on Feb 5, 2016 22:30:31 GMT
4 I am considering Wellesley Mini-Bond. I think that the Wellesley Mini Bond is a loan to Wellesley rather than P2P, so should the platform fail you are likely to lose much more than with P2P. I think it can go in an ISA which is one of main attractions, however there are probably better Bonds (not P2P) to put in an ISA.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Feb 6, 2016 1:40:31 GMT
My current deposits are as follows: 1 A substantial sum in Rate Setter. I have learned to set my own rate and hold my nerve. 2 A significant amount in Flying Circus (but gradually powering down). 3 I have dipped my toe in Lending Works (not yet in lending mode). and 4 I am considering Wellesley Mini-Bond. To be strict, none of those is a deposit. Deposits have the full cash FSCS protection and can only be provided by licensed deposit takers, which normally mean banks, building societies and similar institutions. I'm not aware of any EU P2P firm that is currently licensed to take deposits. More correct wording would have been "My current investments are as follows".
|
|
jw01
Posts: 62
Likes: 21
|
Post by jw01 on Feb 6, 2016 15:43:37 GMT
Point taken.
Given that, any ideas?
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Feb 6, 2016 15:52:11 GMT
For invest and forget
Land Bay
Lending Works
GBBA asstec
Wessley and co
GBBA is probably the best paying lend and forget although you could invest in the same loans without the provision fund if you wanted and get higher rates, I use both manually and GBBA, I use the GBBA when I can not be bothered basically
|
|
jjc
Member of DD Central
Posts: 414
Likes: 632
|
Post by jjc on Feb 6, 2016 17:29:36 GMT
I would take bigfoot12 ’s comments on W’s bond seriously. Landbay has worked fine for me so far. Perhaps ThinCats’ TLC’s? Investing via P2P funds (P2PGI, VPC, Ranger, GLI, a new one called Honeycomb I believe) could be an option, though possible correlation with financial markets might be one issue. FundingKnight are a smaller platform that have Autobid/Autobuy/Quickbuy (?) fire & forget tools. I don’t use them currently, but a recent email of theirs tells me their average returns ( net of estimated defaults) in 4Q15 is close to 9%. A 13% 5Y loan announced yesterday also caught my eye, though I haven’t looked at it. FK have just split with their former institutional investor (see their section on this forum buried way down under “More P2P Sites”). IMHO could be a platform worth watching this year, may have plans for new underwriters & perhaps also provision funds. The squeeze on rates on larger platforms might make FK more attractive to a wide range of investors if they can leverage something out of the margins their insto was taking out of loans, assuming they can get a reasonable level of deal flow in. End of (DYOR) plug. Good luck |
|
|
|
Post by bluechip on Feb 6, 2016 20:00:54 GMT
I had a 12 month mature with Quid Cycle which was seemless. I have a 3 year one with them and they just emailed me about an increase in their 3 & 5 year bonds (investments), however they phrase it. 5.2% on 3 years and 6.1% on 5 years.
I never see much about them, but its an alternative and works fine for me.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Feb 6, 2016 22:37:28 GMT
The House Crowd seem to be doing more bridging loans lately, secured by property, offering 9% interest, offered in £1k chunks. There's no SM -- though they'd help you find a buyer -- but with terms no longer than 12 months most people wouldn't need a SM, especially if their investment is spread over a number of loans with different maturity dates. So far this year they've done about four, so about one a week.
|
|
jw01
Posts: 62
Likes: 21
|
Post by jw01 on Feb 7, 2016 16:06:24 GMT
Many thanks for the suggestions. There's plenty of food for thought there.
I appreciate the need to do my own research, but with the number of platforms in existence it is helpful to get people's recommendations based on my criteria and to focus on a few.
Any other views welcome.
|
|
|
|
Post by tybalt on Feb 7, 2016 16:47:20 GMT
" I would take bigfoot12 ’s comments on W’s bond seriously. Landbay has worked fine for me so far. Perhaps ThinCats’ TLC’s? "
I do invest quite heavily on ThinCats but find it hard to recommended TLCs as they struggle to achieve the right level of diversity.
|
|
|
|
Post by Financial Thing on Feb 7, 2016 17:53:22 GMT
I've used the following set n forget successfully
Lending Works (5yr term)
Assetz Capital GBBA
Landbay (fixed Rate)
Recently withdrew from Landbay as the interest rate is too low, put about 1/4 of the Landbay cash into Money Thing's Managed Portfolios which are set and forget since they tend to renew every 6 months.
|
|
pikestaff
Member of DD Central
Posts: 2,189
Likes: 1,546
|
Post by pikestaff on Feb 7, 2016 18:18:10 GMT
...FK have just split with their former institutional investor (see their section on this forum buried way down under “More P2P Sites”). IMHO could be a platform worth watching this year, may have plans for new underwriters & perhaps also provision funds. The squeeze on rates on larger platforms might make FK more attractive to a wide range of investors if they can leverage something out of the margins their insto was taking out of loans, assuming they can get a reasonable level of deal flow in... I'd be surprised if GLI were taking anything out. It's more likely they were subsidising the platform. My concern with FK would be can it survive without another investor to take their place?
|
|
