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Post by captainconfident on Sept 16, 2015 12:23:15 GMT
Time for a report on 9 months report on my investly experience.
Since I pitched in some funds, I picked up parts of six loans and my av. interest rate is 20.2%. All the loans I took were 2 year. Two of my loans are overdue, one of them very overdue and there is still no secondary market.
Communication via email from Investly is good to very good, and they are aware that the future of their site, given their small investor base, probably hangs on getting their overdue borrowers up to date. My faith was certainly waining. There was quite a mid- year loan drought, and I thought the end of Investly was insight
Recently things have picked up. Currently there are two live loans at 20%, an architect and a loan to 'Andre Farm' for cheese making, which has a website and Facebook page so charming that I will break my own two year loan only rule. So to my surprise, I found myself increasing my investment in Investly. Report ends.
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Post by rec on Oct 2, 2015 9:40:40 GMT
Thanks captainconfident for your report, it is very accurate. After a quiet spell earlier in the year, we are now in the position to grow and have been building up the team. We have been improving our communication to investors and the increase in marketing has now been attracting new businesses. The company you mentioned Andre Farm is our first β¬50k loan and currently has an interest rate of 20%. We also have some exciting news to share, in the next couple of weeks we will be launching a new design and invoice discounting product on to the site. I hope you will give it a try when itβs launched and give us more feedback. Many thanks, REC
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shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
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Post by shimself on Feb 15, 2016 16:41:28 GMT
Rather odd, I am registered on the site, passports, gas bill, email address and so on, but they STILL won't let me look at the loans on offer until I send some money.
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Post by kristjan on Apr 6, 2016 9:37:02 GMT
Rather odd, I am registered on the site, passports, gas bill, email address and so on, but they STILL won't let me look at the loans on offer until I send some money. A test deposit as low as 1 cent/pence is required to confirm bank accounts.
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shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
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Post by shimself on Apr 6, 2016 9:56:08 GMT
Rather odd, I am registered on the site, passports, gas bill, email address and so on, but they STILL won't let me look at the loans on offer until I send some money. A test deposit as low as 1 cent/pence is required to confirm bank accounts. Now you tell me. (An English expression which means yoiu should have told me at the beginning)
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Post by kristjan on Apr 6, 2016 12:19:28 GMT
A test deposit as low as 1 cent/pence is required to confirm bank accounts. Now you tell me. (An English expression which means yoiu should have told me at the beginning) This requirement is something that a lot of peer-to-peer sites have, but we'll consider adding a line that informs you of why it's needed. I'm very sorry about the delay. I was waiting for confirmation from admins so that I could start posting here (official representatives are required to get approval). Usually the fastest way to get a reply is to send an email to our support staff. However, starting from today, I'm here to help so now you have two options.
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Post by mohito on Nov 6, 2016 19:56:31 GMT
Hi,
Im intererested in Investly to invest, but what happend if the invoice is in default, do they have these invoices secured ? or eventually is there something like in the others p2p sites , buyback or its covered by Investly ?
Thanks
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Post by buttchopf23 on Nov 7, 2016 7:18:31 GMT
The seller is then required to purchase the invoice back, if they can't then... well this is going to be interesting, as it hasn't happened to date.
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Post by kristjan on Nov 7, 2016 8:43:11 GMT
Hi, Im intererested in Investly to invest, but what happend if the invoice is in default, do they have these invoices secured ? or eventually is there something like in the others p2p sites , buyback or its covered by Investly ? Thanks Hi, If the debtor cannot make the payment, we will do a recourse - i.e. ask the invoice seller to repurchase the invoice with interest (and late fees). Most of the debtors are many times larger than the smaller companies selling the invoices which means that the risk of payment difficulties is rather low. Sellers also sign a director's guaranty, which means we can ask for payment from the seller company's director as a last resort. To help investors assess the risks involved, we display a credit rating and insolvency probability (these are provided by credit agencies) in addition to the description of the companies sent via email (this information will be displayed on the new website as well). Our credit team analyses both the seller and debtor company before selling any invoices. From the seller we receive bank statements dating back 6 months, which allows us to assess the creditworthiness of young and small companies as well as larger ones. These and other questions are covered in our investor support knowledge base: investors.investly.co/hc/en-gb
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Post by mohito on Nov 7, 2016 12:57:07 GMT
Hi,
If the debtor cannot make the payment, we will do a recourse - i.e. ask the invoice seller to repurchase the invoice with interest (and late fees). Most of the debtors are many times larger than the smaller companies selling the invoices which means that the risk of payment difficulties is rather low. Sellers also sign a director's guaranty, which means we can ask for payment from the seller company's director as a last resort. To help investors assess the risks involved, we display a credit rating and insolvency probability (these are provided by credit agencies) in addition to the description of the companies sent via email (this information will be displayed on the new website as well).
Our credit team analyses both the seller and debtor company before selling any invoices. From the seller we receive bank statements dating back 6 months, which allows us to assess the creditworthiness of young and small companies as well as larger ones.
These and other questions are covered in our investor support knowledge base: investors.investly.co/hc/en-gb
Hi Kristjan,
Thanks
but what happend if the debtor after your recource will not be able/ willing .. etc pay the invoice ? Thanks Regards
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Post by kristjan on Nov 7, 2016 13:09:24 GMT
Hi Kristjan, Thanks but what happend if the debtor after your recource will not be able/ willing .. etc pay the invoice ? Thanks Regards The recourse is against the seller: if the debtor cannot/will not pay, we ask for payment from the company that sold the invoice. Each and every invoice seller agrees to this when they sign up as a customer of ours. This arrangement also means that invoice sellers are motivated to list only the strongest debtors' invoices on our platform. Before agreeing to sell an invoice from a new buyer, we run credit checks on our own and set a credit limit based on our findings. If the seller company does not pay, we ask for payment from the guarantor. Before the funds are paid out, we ask the debtor company to confirm they've received the goods/services (this means we don't finance future deliverables) and that they're happy with them. We also ask them to confirm the payment will be made to an Investly bank account.
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Post by buttchopf23 on Nov 7, 2016 15:30:55 GMT
When do you start a recourse?
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Post by wickedxuk on Jan 1, 2017 16:08:00 GMT
How are Investly members getting after a few more months? Would anyone care to give an updated experience?
Thanks in advance ππ
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Post by wiseclerk on Jan 1, 2017 16:53:46 GMT
No defaults for me and only very few lates. But nowadays nearly all the EUR invoices close at 8%. Some GBP invoices carry higher interest.
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Post by buttchopf23 on Jan 1, 2017 21:29:30 GMT
I pulled out because of the mostly at 8% ending auctions and the only few gbp invoices.
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