mary
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Post by mary on Sept 4, 2017 6:49:01 GMT
According to today's Times, RS have doing more undisclosed wholesale lending of £75m via Wellesley and ArchOver.
While most has been repaid, £1m is still outstanding.
What other problems lurk undisclosed?
Edit, to clarify that the lending was Via, not To.
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ashtondav
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Post by ashtondav on Sept 4, 2017 7:06:08 GMT
They used them as intermediaries, just as they use other intermediaries. They did not lend to the companies themselves.
Typical Murdoch toilet paper non news.
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dorset
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Post by dorset on Sept 4, 2017 7:22:17 GMT
They used them as intermediaries, just as they use other intermediaries. They did not lend to the companies themselves. Typical Murdoch toilet paper non news. Not really true. By lending to a platform and then through to other platforms and thence goodness knows where you are changing the platform risk profile. RS is now so opaque as a platform that it is difficult to justify the 2.5% return on rolling and the risk of an eventual lock in.
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mary
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Post by mary on Sept 4, 2017 7:51:18 GMT
And the Times revealed that just 100 loans account for 20% of the total lending, let's hope that those loans are secured, but obviously we will never know!
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kaya
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Post by kaya on Sept 4, 2017 7:56:56 GMT
So Ratesetter lend through Wellesley who lend through XXXXX who lend through.......who knows, Ratesetter?
I have finally worked out what P2P means. Pass the Parcel.
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Post by bracknellboy on Sept 4, 2017 8:04:24 GMT
They used them as intermediaries, just as they use other intermediaries. They did not lend to the companies themselves. Typical Murdoch toilet paper non news. Not really true. By lending to a platform and then through to other platforms and thence goodness knows where you are changing the platform risk profile. RS is now so opaque as a platform that it is difficult to justify the 2.5% return on rolling and the risk of an eventual lock in. my interpretation the article is more along the lines of ashtondav (well the first two sentences) not dorset. It says it lent 'via them' using them as a 'source of borrowers'. That is not the same as lending 'to' a platform.
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dorset
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Post by dorset on Sept 4, 2017 8:15:25 GMT
Not really true. By lending to a platform and then through to other platforms and thence goodness knows where you are changing the platform risk profile. RS is now so opaque as a platform that it is difficult to justify the 2.5% return on rolling and the risk of an eventual lock in. my interpretation the article is more along the lines of ashtondav (well the first two sentences) not dorset . It says it lent 'via them' using them as a 'source of borrowers'. That is not the same as lending 'to' a platform. exactly as I said lending through other platforms to who knows where.
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ashtondav
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Post by ashtondav on Sept 4, 2017 8:32:50 GMT
No! Completely wrong. Ratesetter credit checked all loans. This WAS NOT a loan to Wellesy, they were loans to individuals and no more opaque than the loans RS makes to their individual borrowers. They were not wholesale loans.
Fake news, amazing.
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annie
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Post by annie on Sept 4, 2017 8:33:03 GMT
I agree with dorset . How can you have effective credit control of defaults if you are relying on another platforms' systems? Mudying already muddy waters. No capital guarantees and yet no great shakes on interest rates for the risks involved, now more evidence of lack of control too. |
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dorset
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Post by dorset on Sept 4, 2017 8:54:26 GMT
No! Completely wrong. Ratesetter credit checked all loans. This WAS NOT a loan to Wellesy, they were loans to individuals and no more opaque than the loans RS makes to their individual borrowers. They were not wholesale loans. Fake news, amazing. Yes we all know it was not a loan to Wellesly. But who vetted the borrower, who collects the payments, who chases up the bad debt, who checks on Wellesly. I don't loan through Wellesley but if I want to I'll do that directly not through RS.
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ashtondav
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Post by ashtondav on Sept 4, 2017 9:02:21 GMT
In that sense you are already lending through many intermediaries on sites like RS and Zopa.
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Post by bracknellboy on Sept 4, 2017 9:03:39 GMT
dorset : I think there is a simple terminology "issue" going on. You say that this is 'exactly what you said', but it isn't. What you said was: "By lending to a platform.." Its that which is being "countered". Who did hte CCs etc is very valid, as would be was it individual or a 'basket' put together by the third party. I think it was the form, and from what I recall the longer article went on to say that RS cc'd each loan. But without going back and checking OI'm not sure.
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alender
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Post by alender on Sept 4, 2017 10:09:36 GMT
So Ratesetter lend through Wellesley who lend through XXXXX who lend through.......who knows, Ratesetter? I have finally worked out what P2P means. Pass the Parcel.But what happens when the music stops!
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rick24
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Post by rick24 on Sept 4, 2017 11:33:02 GMT
Does this 'revelation' perhaps illustrate the difficulty of finding borrowers?
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macq
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Post by macq on Sept 4, 2017 12:04:35 GMT
So Ratesetter lend through Wellesley who lend through XXXXX who lend through.......who knows, Ratesetter? I have finally worked out what P2P means. Pass the Parcel.But what happens when the music stops! Get down quick and cover your a*** 
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