drum
Posts: 17 
Likes: 4
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Post by drum on Feb 10, 2015 11:10:51 GMT
Can anybody tell me is lovefruitful.com been discussed anywhere one here, and if not is this a good place to discuss it?
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Feb 10, 2015 11:58:27 GMT
Rather odd that it gives an interim permission number that draws a blank on the FCA link. They also talk about protected savings which I thought was a nono.
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bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Feb 10, 2015 12:02:38 GMT
I haven't heard of it before, but I only follow the largest of the P2P platforms. Here would seem to be a good place to discuss it. If you are connected to it in some way (other than being an ordinary borrower or lender) you should declare that. I am surprised that the FCA has allowed them to 'get away' with their home page. Everywhere lenders are described as savers, their money is called savings and they even call it Protected Savings. My first assumption was FSCS, but no they mean their loans are secured just like many other P2P platforms out there. I will be avoiding for now. Edit: Post crossed with JamesFrance. |
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Post by mogzi on Feb 10, 2015 12:03:25 GMT
Mentions of 'savers' and 'savings' is a big FCA no no in the P2P world
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Post by mogzi on Feb 10, 2015 12:04:53 GMT
Rather odd that it gives an interim permission number that draws a blank on the FCA link. They also talk about protected savings which I thought was a nono. Looks like they have quoted their consumer credit licence number as opposed to their interim permission number.
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Post by batchoy on Feb 10, 2015 12:32:51 GMT
Rather odd that it gives an interim permission number that draws a blank on the FCA link. They also talk about protected savings which I thought was a nono. Looks like they have quoted their consumer credit licence number as opposed to their interim permission number. Definitely their IP number which covers P2P, as well as Credit Broking, Debt Administration and Provision of Credit Information.
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Post by Ton ⓉⓞⓃ on Feb 10, 2015 13:45:23 GMT
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drum
Posts: 17
Likes: 4
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Post by drum on Feb 10, 2015 15:23:54 GMT
At 6% I was tempted to use it for storing some funds ready for investment into funding circle as opportunities that suit me arise, however it would appear that several "issues" with the website have been identified on here (thanks for that) and on talking to them about withdrawals, you actually lose any interest earned for the month you withdraw the money, so to get the 6% interest they advertsie, you need to withdraw the money at exactly the right time. Think I'll be better off with a couple of 5% current accounts for the time being.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
Likes: 893
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Post by JamesFrance on Feb 10, 2015 15:59:39 GMT
Strange that if you search for their interim permission number, as the FCA site says you can do, nothing appears. A name search works OK and shows the same number in the result.
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Investor
Member of DD Central
Posts: 662
Likes: 590
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Post by Investor on Feb 10, 2015 18:31:29 GMT
At 6% I was tempted to use it for storing some funds ready for investment into funding circle as opportunities that suit me arise, however it would appear that several "issues" with the website have been identified on here (thanks for that) and on talking to them about withdrawals, you actually lose any interest earned for the month you withdraw the money, so to get the 6% interest they advertsie, you need to withdraw the money at exactly the right time. Think I'll be better off with a couple of 5% current accounts for the time being. And by all means point us in the direction of these 5% current accounts with instant access.
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Post by uncletone on Feb 10, 2015 19:54:14 GMT
TSB. 5% on balances up to £2000. They have probably changed the rules by now, but some people (financial experts like wot I is) used to be able to open two accounts, two more for the spouse, and (with a bit of whinging in person at the local branch) two joint accounts, ending up with £12000 making 5%, and as instant access as you can get. (Anybody else collecting debit cards?). Usual putting money on the inter-account carousel rules applied.
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am
Posts: 1,495
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Post by am on Feb 10, 2015 20:37:22 GMT
Having glanced at their site I see that they are lending on commercial mortgages. It's not obvious how their loan protection will cope next time the commercial property market crumbles.
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drum
Posts: 17
Likes: 4
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Post by drum on Feb 17, 2015 15:05:53 GMT
£1.25 interest on £250 over 31 days, is also not 6% interest, it should be £1.27, they have obviously taken the yearly interest and divided it by 12. Maybe that's a tiny bit petty of me, but they seem very unclear on some of the finer details.
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c88dnf
Member of DD Central
Posts: 364
Likes: 266
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Post by c88dnf on Feb 18, 2015 0:29:04 GMT
TSB. 5% on balances up to £2000. They have probably changed the rules by now, but some people (financial experts like wot I is) used to be able to open two accounts, two more for the spouse, and (with a bit of whinging in person at the local branch) two joint accounts, ending up with £12000 making 5%, and as instant access as you can get. (Anybody else collecting debit cards?). Usual putting money on the inter-account carousel rules applied. Alas, from January 31st 2015 it's been 1 account per person maximum and you have to fund every account with £500 from a non-TSB account each month.
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mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
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Post by mikes1531 on Feb 18, 2015 10:59:37 GMT
£1.25 interest on £250 over 31 days, is also not 6% interest, it should be £1.27, they have obviously taken the yearly interest and divided it by 12. Maybe that's a tiny bit petty of me, but ... I know at least one other platform that does this -- for what seems to be a logical reason. They say that they need to do this because their borrowers' monthly payments are the same every month so the amounts credited to lenders' accounts need to be consistent with that. That made sense to me.
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