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Post by patricko on Jul 20, 2014 22:26:03 GMT
I'm just wondering if people here have experience of early withdrawal of funds from Wellesley. How quickly and easily did it happen.
Thank you.
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11025
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Post by 11025 on Jul 21, 2014 8:27:15 GMT
I have not , I am on an 18 month term with 15 to go , but would be interested to hear if anyone else has used this option.
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tarq
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Post by tarq on Jul 21, 2014 16:07:15 GMT
I have withdrawn my monthly interest each month for the last 2 months, and that took a couple of days to arrive in my bank account.
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baz657
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Post by baz657 on Jul 21, 2014 16:53:50 GMT
Presumably patricko was asking about early withdrawal of capital before the due date? I have no knowledge but was hoping to clarify for somebody who maybe does. |
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spockie
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Post by spockie on Jul 22, 2014 5:40:26 GMT
I've done it once. Took approx 24 hours.
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11025
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Post by 11025 on Jul 24, 2014 14:14:44 GMT
I've done it once. Took approx 24 hours. Good to know.
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spiral
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Post by spiral on Jul 25, 2014 8:02:50 GMT
Never tried it myself but can only assume there is no difference to the speed whether your money is on offer or just in the holding account because the way Wellesley work, your money isn't necessarily loaned out because its on offer and the rematching algorhythm would just redistribute your loaned out funds the following week.
The only time I could ever see it not being available instantly would be if your sale caused Wellesley to be >100% matched.
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Post by patricko on Jul 25, 2014 12:03:08 GMT
Many thanks for replies. That's all quite encouraging.
One of the things I like about Wellesley is that it is a relatively trouble/work free P2P platform.
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Post by mars1bar on Jul 29, 2014 14:00:51 GMT
Spockie - what was the 'interest penalty'?
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Post by uncletone on Jul 29, 2014 18:14:26 GMT
Wellesley's FAQ on the matter: here |
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spiral
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Post by spiral on Jul 30, 2014 7:35:24 GMT
Wellesley's FAQ on the matter: herePage not found error for me!
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oldgrumpy
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Post by oldgrumpy on Jul 30, 2014 8:20:29 GMT
Me too, but when I looked yesterday UncleT's link worked OK and led to Wellesley's clear explanation of how the interest rate would be reduced to that applying t the actual term band the cash actually remained on loan.
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Post by uncletone on Jul 30, 2014 8:36:59 GMT
Weird. Anyway, trusting Wellesley won't mind, the relevant text is:
If you request an early access to your funds, there is no fee.
However, there is an interest rate penalty that will re-align the rate of return that you receive to fairly represent the period that your funds have been committed.
Your new rate will be applicable to your original lending date, rather than the current date.
You will be able to review this new rate before confirming your decision.
For example, if you chose a 4 Year Interest paid on Maturity Term @ 7%, and required your funds after 3 years, when you request early access we would return your cash with the equivalent of the 3 year rate (6.5%) interest included.
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oldgrumpy
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Post by oldgrumpy on Jul 30, 2014 8:42:26 GMT
Those being the old rates, maybe W&Co are busy substituting figures matching their current rates. Strange it takes so long to alter a couple of figures then return the page to view.
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spiral
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Post by spiral on Jul 30, 2014 15:52:25 GMT
So does this mean that if you cash in a £1000 6% 5 year term after 1 year and the going rate for 1 year at the time is 2%, you repay in essence 4% which is the excess interest you received during that 1 year period that you held it (which is similar to RS approach)?
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