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P2PFA
Nov 19, 2014 20:20:27 GMT
Post by jumpingjackflash on Nov 19, 2014 20:20:27 GMT
Hi
I thought Wellesley were a member of the P2PFA? They are no longer listed as being so. Have I missed something?
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acorn
Posts: 118
Likes: 23
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P2PFA
Nov 19, 2014 21:21:14 GMT
Post by acorn on Nov 19, 2014 21:21:14 GMT
Have just checked the P2PFA site and found the following:-
Clicking on the Market Invoice link takes me to the Wellesley website
The Lending Works link gives a 404 error "page not found".
Doesn't exactly inspire confidence.......
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P2PFA
Nov 19, 2014 21:23:39 GMT
via mobile
Post by jumpingjackflash on Nov 19, 2014 21:23:39 GMT
So maybe it is Market invoice that is no longer a member?
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acorn
Posts: 118
Likes: 23
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P2PFA
Nov 19, 2014 21:32:33 GMT
Post by acorn on Nov 19, 2014 21:32:33 GMT
Have just checked their press item dated 7th Nov, and neither Lending Works nor Wellesley are listed as members at that time but Market Invoice is, so the crossed link Market Invoice/Wellesley is not good.
(sorted me grammer, afore I got a pasting,guv!)
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P2PFA
Nov 19, 2014 22:02:00 GMT
Post by batchoy on Nov 19, 2014 22:02:00 GMT
The P2PFA website has always been messed up particularly on the members page which doesn't inspire confidence, but then again a lot of the P2P platforms have issues with their websites so it is probably fairly representative of the industry.
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P2PFA
Nov 20, 2014 23:01:20 GMT
Post by westonkevRS on Nov 20, 2014 23:01:20 GMT
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sl75
Posts: 2,092
Likes: 1,245
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P2PFA
Nov 21, 2014 13:05:04 GMT
Post by sl75 on Nov 21, 2014 13:05:04 GMT
Looks like a good decision to me - the Wellesley Savings Bonds had never seemed to me compatible with the P2P concept. Although I had read the details carefully enough to realise that this was an entirely different proposition with entirely different risks to their P2P products, I'd bet there'd be several others who didn't, and perhaps are holding those Savings Bonds already, incorrectly believing themselves to be participating in P2P loans of some kind.
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P2PFA
Nov 21, 2014 19:39:45 GMT
Post by jumpingjackflash on Nov 21, 2014 19:39:45 GMT
yes - the savings bond always looked a bit misleading to me. I can see how people would think it was a P2P investment when looking at the details you are lending to a relatively new company at a far lower rate than a bank would (or FC would!). Seems a sensible decision by the P2PFA
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P2PFA
Nov 21, 2014 22:57:03 GMT
Post by uncletone on Nov 21, 2014 22:57:03 GMT
Seems a sensible decision by the P2PFA The decision was apparently made by Wellesley.
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bugs4me
Member of DD Central
Posts: 1,841
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P2PFA
Nov 21, 2014 23:02:13 GMT
Post by bugs4me on Nov 21, 2014 23:02:13 GMT
Now the FCA are involved it's a possibility that the P2PFA are no longer bringing anything to the party perhaps?
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pikestaff
Member of DD Central
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P2PFA
Nov 22, 2014 7:27:18 GMT
Post by pikestaff on Nov 22, 2014 7:27:18 GMT
Seems a sensible decision by the P2PFA The decision was apparently made by Wellesley. But based on the AltFi article I'd say the decision was mutual and they jumped before they were pushed. I also get the impression from the article that the savings bond was not the only issue although it was the biggest.
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Post by Matthew on Nov 25, 2014 11:00:50 GMT
Have just checked their press item dated 7th Nov, and neither Lending Works nor Wellesley are listed as members at that time but Market Invoice is, so the crossed link Market Invoice/Wellesley is not good. (sorted me grammer, afore I got a pasting,guv!) Hi guys Just to confirm - Lending Works has been a member of the P2PFA since 29 September 2014. The P2PFA site has a misdirected link which we've asked them to amend, but nothing to worry about. Thanks
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elliotn
Member of DD Central
Posts: 3,063
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P2PFA
Nov 26, 2014 6:28:56 GMT
Post by elliotn on Nov 26, 2014 6:28:56 GMT
Would be nice for Wellesley to reassure lenders here. Also the Stats page, where loans have been increasing without a Provision Fund update.
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elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
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Post by elliotn on Nov 26, 2014 6:34:56 GMT
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Post by yorkshireman on Nov 26, 2014 12:27:47 GMT
That’s all well and good but “experts” in the financial sector as a whole do not have a good track record in my book. Caveat Emptor.
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