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Post by smokeykipper on Jun 28, 2015 17:44:54 GMT
Good evening all,
I am new to the P2P scene (and this forum), i have previously dabbled on and off in very small amounts just to get used to a couple sites and different systems/formats prior to committing a significant sum. After falling out of love with other platforms I have now chosen Wellesley in which to grow an egg or two. Wish me luck. Happy to receive any Advice/Recommendations from seasoned P2P’ers.
Regards
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spiral
Member of DD Central
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Post by spiral on Jun 29, 2015 7:46:24 GMT
After falling out of love with other platforms I have now chosen Wellesley in which to grow an egg or two. Wish me luck. Good luck. I personally dabbled with Wellesley a year or so ago. They did the usual cashback promotion along with highly competitive rates to draw people in and I was caught. Unfortunately, shortly after this, rates dropped to become nothing better than average. They started heavily promoting their bonds as opposed to their P2P side. In fact I think it was mooted that this caused them to have to resign from the P2P finance association. They were also very forthcoming in their involvement on this website in the early days which also gave a level of confidence. Alas, that has now pretty much ceased. That said though, W is still one I have an eye on and in terms of their P2P side, I think they are probably the closest to "Does what it says on the tin" and although I am not currently investing, it is in all our interests to have healthy competition out there. I would be interested to hear (as a newbie) why you fell out of love with the other platforms you dabbled in.
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SteveT
Member of DD Central
Posts: 6,873
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Post by SteveT on Jun 29, 2015 8:25:15 GMT
Good evening all, I am new to the P2P scene (and this forum), i have previously dabbled on and off in very small amounts just to get used to a couple sites and different systems/formats prior to committing a significant sum. After falling out of love with other platforms I have now chosen Wellesley in which to grow an egg or two. Wish me luck. Happy to receive any Advice/Recommendations from seasoned P2P’ers. Regards What's not to love about MoneyThing? 
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rogerbu
Member of DD Central
Posts: 398
Likes: 213
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Post by rogerbu on Jun 29, 2015 10:17:57 GMT
Good evening all, I am new to the P2P scene (and this forum), i have previously dabbled on and off in very small amounts just to get used to a couple sites and different systems/formats prior to committing a significant sum. After falling out of love with other platforms I have now chosen Wellesley in which to grow an egg or two. Wish me luck. Happy to receive any Advice/Recommendations from seasoned P2P’ers. Regards What's not to love about MoneyThing? Shush!! Don't let the secret out of the bag, there might not be enough 'eggs' for existing MT users!
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rogerbu
Member of DD Central
Posts: 398
Likes: 213
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Post by rogerbu on Jun 29, 2015 10:26:50 GMT
Good evening all, I am new to the P2P scene (and this forum), i have previously dabbled on and off in very small amounts just to get used to a couple sites and different systems/formats prior to committing a significant sum. After falling out of love with other platforms I have now chosen Wellesley in which to grow an egg or two. Wish me luck. Happy to receive any Advice/Recommendations from seasoned P2P’ers. Regards On a more serious note. Do make sure you understand the risk differences between Wellesley's Bonds & Wellesley's normal loans. With WL Bonds, you are lending direct to WL. If WL goes belly up, there is absolutely no reason to think this might happen, but if it did, then all the bond investment would be at risk. With loans you are diversified across all of WL's loan portfolio. One borrower default should not be a killer. If WL goes belly up, there is absolutely no reason to think this might happen, but if it did, then as part of the FCA approval there is a process in place for your repayments to continue.
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Post by smokeykipper on Jun 29, 2015 17:57:20 GMT
Thanks for the replys, to answer the question posed, I tried a number including zopa, not mad on my money not earning from the word go, additionally I quite like from a personal perspective my money to be backed an asset that could be sold in the event of a belly up... I didn't touch the bonds for the exact reason that you eluded to, but thank you for going over that should I not have realised  |
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2boi
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Post by 2boi on Jul 15, 2015 11:47:26 GMT
wellesley have their minibond which is indeed lending to them but they also have their ISA bond which as far as I can tell lends to wellesley lenders and so is safer than the mini bond. see this thread p2pindependentforum.com/thread/2158/wellesley-p2p-isa-bond?page=3 Wellesley don't make the difference clear enough in my view. one general thing i would say is that when I started in p2p I was struck by the number of lenders who don't take security for the loans and just rely on spreading the risk. This is horrific to me and an accident waiting to happen, especially since the recent budget attack on the very people likely to take out these unsecured loans. A handful of p2p providers do secure - wellesley against property, others against cars, aircraft, watches jewellery, you name it but at least there is some security. see this discussion boards.fool.co.uk/secured-v-unsecured-p2p-lending-13221134.aspx |
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