|
Post by sayyestocress on Dec 13, 2017 17:19:39 GMT
Ahh okay - how far do I have to go? I have set up the account but not added debit card details Not sure how far, actually. I filled in the card details straight after creating the account and got a token a few days later iirc.
|
|
|
Post by nsiam on Dec 14, 2017 10:18:56 GMT
nsiam - Are you the also responsible for updating the website? If not, how many people are employed looking after this. The reason I ask, is and if I sound blunt I apologise, is that your English here has a few 'ouch' typos and usage of grammar. Now on a forum, we can be relaxed about this, but probably not on a commercial website. The errors are quite similar, so do you update the site as well? If so you might want to get a proof reader. puddleduck no apologies needed. Your comment is welcome. Between myself and my co-founder, yes. We do all the website updates ourselves. We are a very small team doing all the work in house and extremely busy at this stage as you can imagine. But I still like to take the time to respond to your questions and comments here in the forum directly. I know my English may not be the best specially when rushing to respond to continue my other work. So apologies here. With regards to the website, we have done a review yesterday and made many small corrections. We will also get a proper proof read before our public release. Meanwhile, if you do have any comments, please feel free to share them here or privately. Apologies again, we are working on it.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Dec 17, 2017 20:03:57 GMT
Good evening nsiam (Nadeem), firstly I'd like to thank you and technical support for ironing out an interface glitch that was preventing me from completing my registration process. I like the simplicity of the user interface and applaud your stated aims to seek to disrupt the ridiculously expensive sub prime consumer loans market so I would like to ask a few questions if I may?: a) Will it be made possible for each investor to set their own investment amount per loan and per loan grade on an incremental auto-invest basis from £10 up? Personally I wouldn't be happy to subscribe on a percentile allocation basis because being low net worth I genuinely need the certainty of a fixed allocations amount; PF or no this is important to me. No-one likes to feel that their liquid funds are inaccessible; currently I cannot see how investors can request a withdrawal to Bank via their dashboard: b) Is it possible to disengage from future auto-allocations to allow capital and interest to be returned to the dashboard balance as each loan matures, again this is not apparent? c) By what method can an investor independent of the office seek that his/her funds returned to their Bank account (subject to the £10 minimum withdraw), again this is not apparent. The p2p investor community comprises men and women from many different backgrounds and wealth levels, we all have a role to play and something to contribute. Thank you in anticipation of your replies. All the best, J. Your questions hold for those with larger pots as well. 1% max allocation could technically end up with all of a loan. Watching with interest.
|
|
|
Post by nsiam on Dec 19, 2017 9:40:01 GMT
Good evening nsiam (Nadeem), firstly I'd like to thank you and technical support for ironing out an interface glitch that was preventing me from completing my registration process. I like the simplicity of the user interface and applaud your stated aims to seek to disrupt the ridiculously expensive sub prime consumer loans market so I would like to ask a few questions if I may?: a) Will it be made possible for each investor to set their own investment amount per loan and per loan grade on an incremental auto-invest basis from £10 up? - At the moment this is not possible but we can look into adding this functionality.Personally I wouldn't be happy to subscribe on a percentile allocation basis because being low net worth I genuinely need the certainty of a fixed allocations amount; PF or no this is important to me.- Sure, we will look into it. No-one likes to feel that their liquid funds are inaccessible; currently I cannot see how investors can request a withdrawal to Bank via their dashboard: - You will see the option under "Manage Investments" once the funds are received and ready to be used. It takes about 7 days at the moment and you will receive an email confirmation once its ready. When withdrawing your funds, you will have a tick box asking if you would like to withdraw to re-invest. If this check box is checked, the funds will return to your account as un-assigned so you can re-assigned to a different risk/return as you would like. If the box is un-checked, the funds will be sent to your bank account either by a direct Debit Card refund or bank transfer.b) Is it possible to disengage from future auto-allocations to allow capital and interest to be returned to the dashboard balance as each loan matures, again this is not apparent? - We will add this feature very soon.c) By what method can an investor independent of the office seek that his/her funds returned to their Bank account (subject to the £10 minimum withdraw), again this is not apparent .- As per the reponse above, the withdrawal options will be available once the investment is received.The p2p investor community comprises men and women from many different backgrounds and wealth levels, we all have a role to play and something to contribute. Thank you in anticipation of your replies. All the best, J. Hi @magenta14 , no worries at all. Great to hear that the technical issue is now sorted for you. We are here to help. I am pleased to hear that like our simple user interface. This was once of our main targets and we will aim to make it even better as we progress. So you feedback is more than welcome and much appreciated. I have responded to your questions in red above. Hope this helps.
|
|
mouse
Posts: 55
Likes: 29
|
Post by mouse on Dec 22, 2017 17:25:34 GMT
love child of the money platform ?
|
|
mouse
Posts: 55
Likes: 29
|
Post by mouse on Dec 22, 2017 17:34:22 GMT
|
|
|
Post by nsiam on Dec 23, 2017 9:03:29 GMT
love child of the money platform ? If you look at the incorporation dates, Welendus and The Money Platform both started at around the same time early 2015. Both companies are not connected but had similar goals in mind with different approach and execution. The Money Platform followed the FCA Sandbox route which is very quick where Welendus followed the traditional full FCA authorisation route which took significantly longer and hence getting to market slightly later.
|
|
|
Post by nsiam on Dec 23, 2017 9:30:10 GMT
Hello nsiam (Nadeem), thank you for your reply. Look forward to the adjustments being made as mentioned above. Please further questions this time related to the provision fund:A performing loan is one where all repayments are made in a timely fashion. How will Welendus handle its Non performing loans?:a) What is your grace period for late payment (how many days). b) At what point does a late paying loan become a defaulted loan (how many weeks/months)? c) At what point does a defaulted loan become classified as irrecoverable ie bad debt? (weeks/months)? d) At what point would Welendus release funds from its PF to compensate its lenders? e) PF cover is it for Capital only Or Capital & Interest?
One more question:g) Does Welendus ever envisage selling its Non performing loans to a debt recovery agency to enable it to recoup some of the Capital (timeline beginning from b) above)? Thank you for your consideration, I look forward to reading your replies. J. "A performing loan is one where all repayments are made in a timely fashion." - Correct Question a) and d): After 7 days of no repayments, the provisional fund will take over the loan and refund the lender for the principal (Subject to Ts&Cs). This will help release the capital for the lender to start lending again and get the capital working for them as quickly as possible. The aim of the provisional fund is to take the hassle away from the investors so they do not need to worry about questions b) and c) above. Question e): The provisional fund will reimburse the lender for the capital only. Question g): Not at this stage. Debt collection will be managed in-house.
|
|
michaelc
Member of DD Central
Posts: 4,868
Likes: 2,762
|
Post by michaelc on Dec 23, 2017 21:52:52 GMT
I'm also interested in this and I also signed up to TMP but suspended investing pretty quickly due to :
1/ Requirement to invest 100% in each loan. 2/ Flowing from that a high minimum investment. 3/ Not many loans. 4/ Some anecdotal evidence of poor returns/losses.
5/ Less obvious and of most interest to me is transparency. I lend on a property I can check its Land Registry entry, borrower identity and history, RICS valuation (yes I know a lot of them over value and in some cases vastly over value but they're unlikley to have made up the property out of thin air). I can also view what the property looked like when Google was last over and in some cases I can see pics shared by other members. In other words I can really satisfy myself that the security and the borrower are real. So my question is how to do that in the pay day lending arena? The thing that bugged me with TMP was I was 100% reliant on the platform to tell me of both the existence of the borrower and whether or not he repaid. Now I know it would presumably be fraud if these borrowers were made up (or real but reassigned to other lenders in a hidden way) and it would hopefully be unlikely that any FCA accredited organisation would do any of that but it just nags at me that I don't have the extra level of tangibility that sharing in bigger loans on the other platforms gives me.
So my question would be what differentiates yourselves from TMP and is there some way to somehow better connect lenders with borrowers without compromising their privacy unacceptably? If that can't be done, one ends up with a lot of questions and possible suspicion when one is told "...borrower number 7445 has defaulted therefore your balance will be deducted.....". As an aside, it might tempt a less than ethical platform to notice those lenders doing well (by luck) and decide to shuffle defaulting borrowers to them from other lenders to reduce the variance (or other unethical practices) of the overall lender experience.
|
|
|
Post by df on Dec 24, 2017 2:23:35 GMT
Hi nsiam When do you anticipate to start lending?
|
|
|
Post by nsiam on Dec 24, 2017 8:40:58 GMT
Hi nsiam When do you anticipate to start lending? Hi df, We will open the lending door in the first week of January 2018. We will be making an announcement very soon with the exact date.
|
|
|
Post by nsiam on Dec 24, 2017 10:07:08 GMT
I'm also interested in this and I also signed up to TMP but suspended investing pretty quickly due to : 1/ Requirement to invest 100% in each loan. 2/ Flowing from that a high minimum investment. 3/ Not many loans. 4/ Some anecdotal evidence of poor returns/losses. 5/ Less obvious and of most interest to me is transparency. I lend on a property I can check its Land Registry entry, borrower identity and history, RICS valuation (yes I know a lot of them over value and in some cases vastly over value but they're unlikley to have made up the property out of thin air). I can also view what the property looked like when Google was last over and in some cases I can see pics shared by other members. In other words I can really satisfy myself that the security and the borrower are real. So my question is how to do that in the pay day lending arena? The thing that bugged me with TMP was I was 100% reliant on the platform to tell me of both the existence of the borrower and whether or not he repaid. Now I know it would presumably be fraud if these borrowers were made up (or real but reassigned to other lenders in a hidden way) and it would hopefully be unlikely that any FCA accredited organisation would do any of that but it just nags at me that I don't have the extra level of tangibility that sharing in bigger loans on the other platforms gives me. So my question would be what differentiates yourselves from TMP and is there some way to somehow better connect lenders with borrowers without compromising their privacy unacceptably? If that can't be done, one ends up with a lot of questions and possible suspicion when one is told "...borrower number 7445 has defaulted therefore your balance will be deducted.....". As an aside, it might tempt a less than ethical platform to notice those lenders doing well (by luck) and decide to shuffle defaulting borrowers to them from other lenders to reduce the variance (or other unethical practices) of the overall lender experience. Hi michaelc, Some of Welendus features may answer some of your questions and concerns. We have built Welendus with lenders and borrowers in mind to offer the best sustainable product for both alike. The main feature to answer your questions above are as follow; 1. AutoDiversify(TM) will apply auto diversification for all lenders automatically limiting the investment in each loan to no more than 10% of the lender's investment 2. You can start lending from £100 with Welendus and with AutoDiversify(TM), you will be investing in at least 10 loans. If you invest larger sum, say £5,000, then you your portfolio may include 1-to-1 loans. 3. "Not many loans" We are aware of the waiting time issues with other lenders and will try to mitigate it with marketing but cannot disclose more about this publicly. 4. We will be very transparent with our results with a summary page showing actual live performance for all lenders. 5. We are very strict with our ID and fraud policies as some lenders may have already experienced. This strict policy will apply to borrowers as well. With regards to doing your due diligence on a property loan, one lender can invest £1,000s or 100,000s on a property investment and therefore can afford to do the due diligence on each investment deal personally. Where a lender investing the same amount in consumer short-term loans of say £500, they will have a lot loans to review and a lot of due diligence to do and hence the automated approach we are following. We are following the automated approach mainly to give the lender a simplified user experience and to ease the due diligence work load on the lender. We have the AutoMatch(TM) feature in place to match loans to the lenders investment based in their pre-selected required return and risk. With that in mind, I will take your comment on-board to enhance our AutoMatch (TM) feature with additional filtration criteria to give lenders more personal satisfaction/assurance and more control over the their lending. With regards to the last statement, We see all the points mentioned above as key differentiator for Welendus that will make our offering more competitive. In addition, we have full transparency with Welendus loan book performance summary page as per point 4) above. In addition, lenders have detailed summary page with all your loans and loans cannot be moved around unless you withdraw or the provisional fund take over. So messing about with the loan book for each lender to distribute the performance is not an option. Our system is capable of notifying the lenders of any transaction and/or change done on any of their loans. This is for an increased transparency. I hope I managed to answer your questions. I am sure that as you start using Welendus you will have more questions and suggestions for improvements which I will be more than happy and looking forward to hear. The good thing is that we have built all our tech in house so we can be more agile when it comes to improving our service to meet your needs.
|
|
|
Post by nsiam on Dec 24, 2017 10:26:15 GMT
I'm also interested in this and I also signed up to TMP but suspended investing pretty quickly due to : 1/ Requirement to invest 100% in each loan. 2/ Flowing from that a high minimum investment. 3/ Not many loans. 4/ Some anecdotal evidence of poor returns/losses. 5/ Less obvious and of most interest to me is transparency. I lend on a property I can check its Land Registry entry, borrower identity and history, RICS valuation (yes I know a lot of them over value and in some cases vastly over value but they're unlikley to have made up the property out of thin air). I can also view what the property looked like when Google was last over and in some cases I can see pics shared by other members. In other words I can really satisfy myself that the security and the borrower are real. So my question is how to do that in the pay day lending arena? The thing that bugged me with TMP was I was 100% reliant on the platform to tell me of both the existence of the borrower and whether or not he repaid. Now I know it would presumably be fraud if these borrowers were made up (or real but reassigned to other lenders in a hidden way) and it would hopefully be unlikely that any FCA accredited organisation would do any of that but it just nags at me that I don't have the extra level of tangibility that sharing in bigger loans on the other platforms gives me. So my question would be what differentiates yourselves from TMP and is there some way to somehow better connect lenders with borrowers without compromising their privacy unacceptably? If that can't be done, one ends up with a lot of questions and possible suspicion when one is told "...borrower number 7445 has defaulted therefore your balance will be deducted.....". As an aside, it might tempt a less than ethical platform to notice those lenders doing well (by luck) and decide to shuffle defaulting borrowers to them from other lenders to reduce the variance (or other unethical practices) of the overall lender experience. Hi michaelc , Some of Welendus features may answer some of your questions and concerns. We have built Welendus with lenders and borrowers in mind to offer the best sustainable product for both alike. The main feature to answer your questions above are as follow; 1. AutoDiversify(TM) will apply auto diversification for all lenders automatically limiting the investment in each loan to no more than 10% of the lender's investment 2. You can start lending from £100 with Welendus and with AutoDiversify(TM), you will be investing in at least 10 loans. If you invest larger sum, say £5,000, then you your portfolio may include 1-to-1 loans. 3. "Not many loans" We are aware of the waiting time issues with other lenders and will try to mitigate it with marketing but cannot disclose more about this publicly. 4. We will be very transparent with our results with a summary page showing actual live performance for all lenders. 5. We are very strict with our ID and fraud policies as some lenders may have already experienced. This strict policy will apply to borrowers as well. With regards to doing your due diligence on a property loan, one lender can invest £1,000s or 100,000s on a property investment and therefore can afford to do the due diligence on each investment deal personally. Where a lender investing the same amount in consumer short-term loans of say £500, they will have a lot loans to review and a lot of due diligence to do and hence the automated approach we are following. We are following the automated approach mainly to give the lender a simplified user experience and to ease the due diligence work load on the lender. We have the AutoMatch(TM) feature in place to match loans to the lenders investment based in their pre-selected required return and risk. With that in mind, I will take your comment on-board to enhance our AutoMatch (TM) feature with additional filtration criteria to give lenders more personal satisfaction/assurance and more control over the their lending. With regards to the last statement, We see all the points mentioned above as key differentiator for Welendus that will make our offering more competitive. In addition, we have full transparency with Welendus loan book performance summary page as per point 4) above. In addition, lenders have detailed summary page with all your loans and loans cannot be moved around unless you withdraw or the provisional fund take over. So messing about with the loan book for each lender to distribute the performance is not an option. Our system is capable of notifying the lenders of any transaction and/or change done on any of their loans. This is for an increased transparency. I hope I managed to answer your questions. I am sure that as you start using Welendus you will have more questions and suggestions for improvements which I will be more than happy and looking forward to hear. The good thing is that we have built all our tech in house so we can be more agile when it comes to improving our service to meet your needs. Plus the provisional fund of course
|
|
michaelc
Member of DD Central
Posts: 4,868
Likes: 2,762
|
Post by michaelc on Dec 24, 2017 16:27:58 GMT
5. We are very strict with our ID and fraud policies as some lenders may have already experienced. This strict policy will apply to borrowers as well. With regards to doing your due diligence on a property loan, one lender can invest £1,000s or 100,000s on a property investment and therefore can afford to do the due diligence on each investment deal personally. Where a lender investing the same amount in consumer short-term loans of say £500, they will have a lot loans to review and a lot of due diligence to do and hence the automated approach we are following. We are following the automated approach mainly to give the lender a simplified user experience and to ease the due diligence work load on the lender. HI, thanks for your detailed response. I suspect I might get involved at some level save for this issue which still troubles me. I do apologies for my rambling question and should have made it clearer which I'll try to do now at the risk of sounding blunt. It boils down to this: Suppose for simplicity you have at a given time only three borrowers in your platform: Alice, Bob and Charlie If I am allocated a loan for a £100, I am told it is lent to borrower ID 123. Unknown to me, 123 corresponds to Alice. Now, how do I know that my borrower 123 won't change in a few days to Bob without me knowing? (How could I know, I don't know about Alice or Bob). Perhaps my borrower 123 isn't even a single borrower but "under the covers" is mapped to several borrowers. How do I even know that 123 corresponds to anyone? A rogue platform could just produce a number and make a loan out of it. So my comparison with the large property loans was more about the reality and tangibility of the loan and borrower. It is that that I couldn't get my head around with TMP. Because the borrowers were just numbers, it felt more like roulette. I suspect there might be novel solutions to this but can't quite think what they might be. In the very early days of Zopa, borrowers engaged with lenders directly in a kind of Q&A if I recall, but I don't know if that solves all of the problem. If this problem were solved, I'd be wading right in !
|
|
|
Post by nsiam on Dec 25, 2017 17:40:37 GMT
5. We are very strict with our ID and fraud policies as some lenders may have already experienced. This strict policy will apply to borrowers as well. With regards to doing your due diligence on a property loan, one lender can invest £1,000s or 100,000s on a property investment and therefore can afford to do the due diligence on each investment deal personally. Where a lender investing the same amount in consumer short-term loans of say £500, they will have a lot loans to review and a lot of due diligence to do and hence the automated approach we are following. We are following the automated approach mainly to give the lender a simplified user experience and to ease the due diligence work load on the lender. HI, thanks for your detailed response. I suspect I might get involved at some level save for this issue which still troubles me. I do apologies for my rambling question and should have made it clearer which I'll try to do now at the risk of sounding blunt. It boils down to this: Suppose for simplicity you have at a given time only three borrowers in your platform: Alice, Bob and Charlie If I am allocated a loan for a £100, I am told it is lent to borrower ID 123. Unknown to me, 123 corresponds to Alice. Now, how do I know that my borrower 123 won't change in a few days to Bob without me knowing? (How could I know, I don't know about Alice or Bob). Perhaps my borrower 123 isn't even a single borrower but "under the covers" is mapped to several borrowers. How do I even know that 123 corresponds to anyone? A rogue platform could just produce a number and make a loan out of it. So my comparison with the large property loans was more about the reality and tangibility of the loan and borrower. It is that that I couldn't get my head around with TMP. Because the borrowers were just numbers, it felt more like roulette. I suspect there might be novel solutions to this but can't quite think what they might be. In the very early days of Zopa, borrowers engaged with lenders directly in a kind of Q&A if I recall, but I don't know if that solves all of the problem. If this problem were solved, I'd be wading right in ! Borrower 123 is a single borrower and cannot be swapped. The loan agreement is between the lender and the borrower. Swapping borrowers as explained above would be classed as fraud in my opinion. Keep in mind that the identity of the borrower is hidden from the lender for privacy reasons. But we are regulated by the FCA and any such misdoing will not go under the radar. Also trust is key. If you put your money on any peer-to-peer platform you should trust them enough not to be fraudulent.
|
|