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Post by mrclondon on Jan 6, 2014 22:12:52 GMT
A few minutes ago the forum hit a new record of 94 concurrent users (previous record was 80 at the end of November) ... and 68 of these were looking at the Wellesley threads! I wonder where the forum has been mentioned to suddenly see so many visitors - you've all very welcome, but perhaps one of you willl be brave enough to to sign up and tell us ?
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 7, 2014 18:51:14 GMT
A few minutes ago the forum hit a new record of 94 concurrent users (previous record was 80 at the end of November) ... and 68 of these were looking at the Wellesley threads! I wonder where the forum has been mentioned to suddenly see so many visitors - you've all very welcome, but perhaps one of you willl be brave enough to to sign up and tell us ? Looks like you've had no takers and Wellesley have gone quiet since you posted the XIRR analysis. Hmmm.........
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Post by wellesleyco on Jan 9, 2014 11:37:36 GMT
mrclondon, thank you so very much for your analysis, we agree with the values you have presented and that XIRR is exceptionally close to AER values. Furthermore I would like to apologise for the delay in responding to this forum, the member of staff who normally manages this forum is on holiday and as such this slipped through the net. We also agree with your synopsis that our on maturity terms are priced differently from our interest monthly terms when comparing AER rates. As mentioned, our rates are annualised simple rates and therefore do not factor the effective compounded return. We chose to advertise these as simple rates on the basis that most other P2P lending companies do the same and as such would be a sensible way to compare. We acknowledge that regulated deposit taking institutions such as banks have an obligation to quote AER and whilst we are aware of no guidance provided to the P2P industry to do so we agree with the points raised on this forum and will therefore start to provide AER rates to our lenders. Our goal is to make our P2P platform as user friendly and as fair as possible to our customers and therefore we will always do anything we can to respond to customer demand or comment. If any forum user would like to have a conversation with me by telephone or email I would be more than happy to oblige (Andre Turnbull, aturnbull@wellesley.co.uk, 0207 025 5186). I think it is also fair to say that the XIRR analysis highlights some inefficiencies between our rates and therefore we will address these in-line with the comments made on this forum.
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Post by mrclondon on Jan 9, 2014 13:52:34 GMT
As mentioned, our rates are annualised simple rates and therefore do not factor the effective compounded return. We chose to advertise these as simple rates on the basis that most other P2P lending companies do the same and as such would be a sensible way to compare. For interest paid monthly or annually the difference between flat and compounded rates is not so great as to be a cause for concern. However on 3/4/5 year interest on maturity loans (a concept that is unique to yourselves I believe) the difference can become significant as the analysis of your rates showed. I think it is also fair to say that the XIRR analysis highlights some inefficiencies between our rates and therefore we will address these in-line with the comments made on this forum. Do you have a target date in mind for updating your website, both for these AER related issues, and your earlier comment regarding the new 6 and 12 month terms ?
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Post by wellesleyco on Jan 9, 2014 19:44:43 GMT
Hi mrclondon we intend to have the website fully up to date by the beginning of next week. The new 6month and 12 month interest on maturity terms are available within our platform at annualised rates of 3.75% and 4.75% respectively, these were added about 30 minutes ago. We will not be offering monthly interest on these two terms.
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Post by mrclondon on Jan 9, 2014 20:00:26 GMT
Attached is the revised XIRR analysis based on rates / terms currently available on the website. Note that as well as the new 6 and 12 month interest on maturity terms as mentioned by Wellesley in the previous post, there is also now 18 month interest on maturity and 5 years monthly interest terms.
Attachment is only applicable to loan commitments made before 14th January 2014
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Post by wellesleyco on Jan 14, 2014 16:48:13 GMT
mrclondon thank you for uploading the latest table regarding the XIRR calculations on our list of rates published. I thought that it would be wise if I provided an update on the changes that we have made to our advertised interest rates as a result of the suggestions made on this forum. Firstly, we have added a new section on our website which shows the AER next to our normal annual % rates. This will hopefully allow our customers to more easily compare our rates against those quoted by banks and other financial institutions. We would like to thank the users of this forum very much indeed for their input into this and please be assured that we are very much interested to receive feedback and suggestions on any part of our business with a view to continuously improving our products and services. With respect to the rates offered on our Interest Monthly versus Interest on Maturity terms, we have made some adjustments to some of our rates so that the AER for both product types are much more similar to each other. These changes are: • 18 Month Capital has been reduced from 5.75% to 5.73% • 3 Year Income has been reduced from 6% to 5.95% • 4 Year Income has been reduced from 6.5% to 6.18% • 5 Year Income has been reduced from 7% to 6.38% • Please note that these changes only impact customers committing new money to one of these terms and therefore anyone who has already signed up to one of these is completely unaffected. To view all of our rates including AERs please visit www.wellesley.co.uk/invest_now. We are in the process or re-designing the outlay of this page so it reads slightly easier I would also like to thank our customers for the very healthy response to our 6 month and 12 month terms, these are proving to be very popular. Please feel free to raise any questions that you may have so that we may provide a full response. Thank you
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Post by mrclondon on Jan 15, 2014 14:04:47 GMT
wellesleyco One small suggestion - after logging out of the secure site there is no link to enable a return to the home page of the public website. Perhaps the logo at the top of the secure site login page should clickable back to the home page.
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Post by wellesleyco on Jan 15, 2014 15:01:56 GMT
mrclondon thank you very much for that comment. Point noted and I completely agree with you. We will look to correct that as soon as possible. We are as ever appreciative of the feedback and are reviewing the layout and 'user-friendliness' of the secure site so we welcome any points on this in particular from customers.
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Post by rudry2677 on Jan 19, 2014 21:27:42 GMT
It is Sunday evening and I have just made a transfer of a small sum of my hard earned pension from Barclays to Wellesley & Co. Now remember it is Sunday. Within 30 mins I received acknowledgement of funds received albeit probably automated and a few moments later my funds were earning interest. Very impressed. Thank you
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Post by batchoy on Jan 20, 2014 16:35:57 GMT
First interest payments received, though not enough to reinvest so at the moment they are sitting earning nothing.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jan 22, 2014 13:32:20 GMT
Tried to register today. Everything OK until the "log in" screen came up. Then it insisted I was inserting incorrect details. Then when I tried to check "forgotten password" the site said it did not recognise my email address. is there a time delay before acceptance onto the site?
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Post by batchoy on Jan 22, 2014 13:37:23 GMT
It all went through very easily for me, drop them a line or give them a ring, its always good to put customer service to the test.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jan 22, 2014 13:45:19 GMT
Thanks for reply. I've emailed them.
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mikes1531
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Post by mikes1531 on Jan 22, 2014 15:54:19 GMT
is there a time delay before acceptance onto the site? Have you checked your spam/junk folder? On some websites, registration is a two step process, with the first step generating an email that you have to respond to in order to complete the registration. That often stops rogue registrations.
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