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Post by borderer on Apr 7, 2015 16:59:17 GMT
Has anyone had experience of getting their money back out of the Wellesley 30 Day Easy Access Account? I would like to make a reasonable deposit but there is a possibility that I may need some or all of the funds sometime later this year. I note that Wellesley state the following on their website:
Once we have received your 30 day notice, Wellesley & Co will manage an orderly repayment of your funds after the 30 days, provided that either:
a) Wellesley Finance Plc having sufficient own funds to buy back the loans that your funds are matched to
Or;
b) Wellesley & Co Limited can match your loans to other lenders’ funds.
It is therefore important that you understand that return of your funds after 30 calendar days is not guaranteed and therefore the repayment of your funds could be delayed as a result. Please note that if we are unable to repay your funds we will prioritise the return of your funds before making any new loans through our platform.
Priority will also be given to 30 day access funds, over all lending terms, therefore access will be granted prior to any early access requests on other terms.
This seems to me to say that you will get your money back in 30 days unless Wellesley decide otherwise, in which case they will return it when it financially convenient for them.
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Post by mrclondon on Apr 7, 2015 22:19:57 GMT
I can only add another question to that of the OP as I have yet to use this term (but will shortly). Are withdrawals of part of an investment block permited ?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 8, 2015 0:09:08 GMT
I can only add another question to that of the OP as I have yet to use this term (but will shortly). Are withdrawals of part of an investment block permited ? No, if you give notice it is for all of the microloan. If you invest £20 as one chunk you cant just withdraw £10 of it.
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oldgrumpy
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Post by oldgrumpy on Apr 8, 2015 6:36:20 GMT
That's well worth remembering. I will be making multiple small investments in 30 day when I need to, and the rate stays reasonable.
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Post by cautious on Apr 8, 2015 6:48:48 GMT
Although one could withdraw the total to your holding account, transfer what you need to your bank account, then re-invest the remainder back into 30 day term.
The only snag I can see is the higher the sum invested the longer it may take to get it back.
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justsaying
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Post by justsaying on Apr 8, 2015 7:17:46 GMT
I have my 30 day money spread in smallish chunks across the month, and, as Wellesley can change the interest rate whenever they see fit, I give 30 days notice as soon as it is invested and then reinvest it myself at the end of the 30 day period.
Although this is a bit of a faff, it means that I have access to a chunk every couple of days, and more importantly, I won't have cash stuck if Wellesley decide to reduce the interest rate.
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Post by jackpease on Apr 8, 2015 10:35:49 GMT
Like justsaying i invest then give in my notice for flexibility - which i have been using of late. So i have been drawing it down over the last week or two and it seems to clear into my account about two days after the notice period is up - i've done about ten chunks like this of varying sizes. It's working really well for me and i did the 'early access' thing on some longer term loans and that worked too.
Jack P
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Investor
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Post by Investor on Apr 8, 2015 13:16:52 GMT
Appreciate the 30 day rate is variable, but is it variable throughout the loan period or fixed at the point you invest at that rate for the 30 days of your investment?
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Post by mrclondon on Apr 8, 2015 13:25:46 GMT
Appreciate the 30 day rate is variable, but is it variable throughout the loan period or fixed at the point you invest at that rate for the 30 days of your investment? AIUI variable on a daily basis through out the loan. Although having said that it seems to remain stable at a given rate for quite lengthy periods - they are clearly using this term to balance out supply and demand for funds. Given the recent (generous) 18 month offer its probable that there is generally a shortage of funds at present and so its possible the 3.6% will be held for some time yet. Can't help but wonder whether the ISA bond offer wasn't as successful as they had hoped.
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spiral
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Post by spiral on Apr 9, 2015 7:41:33 GMT
I have my 30 day money spread in smallish chunks across the month It's interesting that you do this. I recently signed my mum up to RS to use the monthly market but we fell at the first hurdle because she really wanted to be able to access some of her money on any single day. Unfortunately the only way to do this was to do what you've done here and my mum not being computer savvy would have to leave that part up to me which wasn't convenient for either of us. I suggested at the time (in the RS thread) that it would be useful if RS could set up an auto spread investment whereby it would divide your account balance + expected returns over next calendar month by the number of days in that period and invest no more than that amount on the day in question. This would spread the amounts loaned out into roughly equal chunks thereby giving you daily access to at least 1/31st of your on loan total. Maybe Wellesley could give this idea some thought.
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bugs4me
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Post by bugs4me on Apr 9, 2015 10:05:43 GMT
I have my 30 day money spread in smallish chunks across the month It's interesting that you do this. I recently signed my mum up to RS to use the monthly market but we fell at the first hurdle because she really wanted to be able to access some of her money on any single day. Unfortunately the only way to do this was to do what you've done here and my mum not being computer savvy would have to leave that part up to me which wasn't convenient for either of us. I suggested at the time (in the RS thread) that it would be useful if RS could set up an auto spread investment whereby it would divide your account balance + expected returns over next calendar month by the number of days in that period and invest no more than that amount on the day in question. This would spread the amounts loaned out into roughly equal chunks thereby giving you daily access to at least 1/31st of your on loan total. Maybe Wellesley could give this idea some thought. Possibly a good idea but W are not as active on this forum as they were when they first started. So suggest you mail your suggestion to them direct.
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ramblin rose
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Post by ramblin rose on Apr 10, 2015 6:41:23 GMT
They don't post much, but they do log into the forum regularly, so probably keeping a quiet eye on things.
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spiral
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Post by spiral on Apr 10, 2015 7:56:04 GMT
They don't post much, but they do log into the forum regularly, so probably keeping a quiet eye on things. Personally I think many people come up with good ideas here on the forum. Any company would be mad not to at least look as a gem may be identified that is easy to adopt.
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