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Post by Ace on Aug 22, 2018 21:23:07 GMT
That's odd, I don't have the 'Investment top up' setting! I've adopted the process of changing the diversification setting from 10% to 10.5% once the initial investment has been fully lent out. I haven't been able to check that this works yet as I'm only one week in to my Welendus journey. My hope is that once the first £10 loan (of a £100 investment) is repayed with a few pence of interest (say 12p) it will then be relent as £10.12. It should have the advantage of lending out the full interest (up to 50p in this case) to the next available loan. This is not ideal as it will eventually require me to re-raise the diversification setting to minimise the cash drag. It sounds odd that you don't have the function but a couple of possible explanations could be its still propagating. I've only had the function for 13 days and i've been with WLU for a few months so you might just be in the queue for the update still (bear in mind WLU are tiny right now compared to some of the big boys and no doubt their server budget reflects that). The second could be, that i have noticed you can't modify/withdraw a new instruction within the first few weeks at least, of it's creation. This could be a compliance requirement or a non obvious external requirement. So you may have a sightly restricted account if you have only been with WLU for a week. I would say the complete investment cycle for WLU is about 6 weeks so just hang on it there i assure you the platform is working as i expected. I have observed examples of individuals throwing a full scale strop for not getting what they were expecting after 2 weeks of using the platform  , patience is key. Thanks for the reply. I've been able to modify a new instruction within the first day, so doesn't look like that's a problem for me. nsiam, could you please provide some clarification.
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Post by sayyestocress on Aug 23, 2018 8:44:59 GMT
I'm not sure if this is the exiting news but WLU have introduced the function to re-add 'additional earnings' and 'interest' to the lending queue. Previously it was only possible to reinvest 'additional earnings' and 'interest' by depositing another minimum of £100 first. This move significantly reduces cash drag and puts compound earnings to work, maximising returns. Hi Proptechfish, Where is this function, I can't find an option to lend or not lend interest earned anywhere? Or is interest automatically added to the lending queue? If that is the case how do we choose not to relend interest? Is there a minimum amount that can be re-lent as I appear to have a number of small amounts queued but not being lent, including 58p from one of my original investments which never got lent out. Many thanks. Interest automatically stays within the investment that it came from and gets lent out. I'm not aware of a setting to not reinvest the interest. I would quite like this option. As you're new you're unlikely to have any additional interest yet as this only kicks in if you've had the PF take the loan and it seems it is paid out in a once monthly run.
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Ukmikk
Member of DD Central
Posts: 445 
Likes: 298
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Post by Ukmikk on Aug 23, 2018 9:34:58 GMT
Hi Proptechfish , Where is this function, I can't find an option to lend or not lend interest earned anywhere? Or is interest automatically added to the lending queue? If that is the case how do we choose not to relend interest? Is there a minimum amount that can be re-lent as I appear to have a number of small amounts queued but not being lent, including 58p from one of my original investments which never got lent out. Many thanks. Interest automatically stays within the investment that it came from and gets lent out. I'm not aware of a setting to not reinvest the interest. I would quite like this option. As you're new you're unlikely to have any additional interest yet as this only kicks in if you've had the PF take the loan and it seems it is paid out in a once monthly run. Thank you. I thought it would be useful to give them a call and get someone to talk me through the process, however it appears they are too busy to answer the phone..
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Post by Proptechfish on Aug 23, 2018 17:03:41 GMT
Hi Proptechfish , Where is this function, I can't find an option to lend or not lend interest earned anywhere? Or is interest automatically added to the lending queue? If that is the case how do we choose not to relend interest? Is there a minimum amount that can be re-lent as I appear to have a number of small amounts queued but not being lent, including 58p from one of my original investments which never got lent out. Many thanks. Interest automatically stays within the investment that it came from and gets lent out. I'm not aware of a setting to not reinvest the interest. I would quite like this option. As you're new you're unlikely to have any additional interest yet as this only kicks in if you've had the PF take the loan and it seems it is paid out in a once monthly run. Right I have just gone through my transactions statement and I think you are right in saying interest earned on performing loans is automatically queued for reinvestment (interest paid the day after the loan completion), however interest paid on provision fund acquired loans (also called additional earnings (paid on the 1st of the following month)) is not, this has to be manually assigned to an instruction. Well at least on my account it is anyway.
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Ukmikk
Member of DD Central
Posts: 445
Likes: 298
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Post by Ukmikk on Aug 23, 2018 17:17:39 GMT
Interest automatically stays within the investment that it came from and gets lent out. I'm not aware of a setting to not reinvest the interest. I would quite like this option. As you're new you're unlikely to have any additional interest yet as this only kicks in if you've had the PF take the loan and it seems it is paid out in a once monthly run. Thank you. I thought it would be useful to give them a call and get someone to talk me through the process, however it appears they are too busy to answer the phone.. .. or indeed call me back after the automated phone line asked me to leave a message. I appreciate that this is a platform in its infancy, however 'nil points' for customer service is still unacceptable. nsiam, would appreciate you responding to some of the enquiries on here please, and also could you advise when your customer service phone line will resume operations. Many thanks.
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Post by nsiam on Aug 23, 2018 19:41:17 GMT
Thank you. I thought it would be useful to give them a call and get someone to talk me through the process, however it appears they are too busy to answer the phone.. .. or indeed call me back after the automated phone line asked me to leave a message. I appreciate that this is a platform in its infancy, however 'nil points' for customer service is still unacceptable. nsiam , would appreciate you responding to some of the enquiries on here please, and also could you advise when your customer service phone line will resume operations. Many thanks. Hi Ukmikk, apologies for the delay returning your call. We received your message and I actually wanted to personally call you back but I was very busy today so its my bad. I will try to call you back tomorrow morning. With regards to the customer service operations, we have made new hires who will be starting beginning of September so we would expect massive improvement here.
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Post by nsiam on Aug 23, 2018 19:51:44 GMT
I'm not sure if this is the exiting news but WLU have introduced the function to re-add 'additional earnings' and 'interest' to the lending queue. Previously it was only possible to reinvest 'additional earnings' and 'interest' by depositing another minimum of £100 first. This move significantly reduces cash drag and puts compound earnings to work, maximising returns. Hi Proptechfish , Where is this function, I can't find an option to lend or not lend interest earned anywhere? Or is interest automatically added to the lending queue? If that is the case how do we choose not to relend interest? Is there a minimum amount that can be re-lent as I appear to have a number of small amounts queued but not being lent, including 58p from one of my original investments which never got lent out. Many thanks. , there is no on/off switch for auto-reinvest yet. For now, all earned interest goes back to the lending queue of the same investment to get re-lent. You cannot switch off the auto-reinvest yet. What Proptechfish is referring to, is the option to top-up additional earning to existing investments. As you are a new lender, you do not have additional earnings yet - but very soon you will. The minimum for lending/re-lending is £1 GBP. So as long as you have £1+ in the queue, it will be lent out.
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Post by nsiam on Aug 23, 2018 20:07:13 GMT
It sounds odd that you don't have the function but a couple of possible explanations could be its still propagating. I've only had the function for 13 days and i've been with WLU for a few months so you might just be in the queue for the update still (bear in mind WLU are tiny right now compared to some of the big boys and no doubt their server budget reflects that). The second could be, that i have noticed you can't modify/withdraw a new instruction within the first few weeks at least, of it's creation. This could be a compliance requirement or a non obvious external requirement. So you may have a sightly restricted account if you have only been with WLU for a week. I would say the complete investment cycle for WLU is about 6 weeks so just hang on it there i assure you the platform is working as i expected. I have observed examples of individuals throwing a full scale strop for not getting what they were expecting after 2 weeks of using the platform , patience is key. Thanks for the reply. I've been able to modify a new instruction within the first day, so doesn't look like that's a problem for me. nsiam , could you please provide some clarification. The modify investment button is disabled when there is a live loan offer to borrower(s) which is pending approval. (i.e. when a loan offer is made to the borrower and they are reviewing it before clicking accept). Hope this explains why the "Save" button is not always available when modifying investments. So if you are trying to update/modify your investment and do not find the "save" button, give it few minutes and try again. Its usually easier to modify investments at quitter times of the day. i.e. early morning and evenings.
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Post by nsiam on Aug 23, 2018 20:09:38 GMT
Hi Proptechfish , Where is this function, I can't find an option to lend or not lend interest earned anywhere? Or is interest automatically added to the lending queue? If that is the case how do we choose not to relend interest? Is there a minimum amount that can be re-lent as I appear to have a number of small amounts queued but not being lent, including 58p from one of my original investments which never got lent out. Many thanks. Interest automatically stays within the investment that it came from and gets lent out. I'm not aware of a setting to not reinvest the interest. I would quite like this option. As you're new you're unlikely to have any additional interest yet as this only kicks in if you've had the PF take the loan and it seems it is paid out in a once monthly run. responded better and quicker then me. Thanks :-)
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Post by nsiam on Aug 23, 2018 20:27:49 GMT
Just noticed that I had few typos in my previous responses. They are now corrected. Apologies here.
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Post by Ace on Aug 23, 2018 23:49:54 GMT
I've adopted the process of changing the diversification setting from 10% to 10.5% once the initial investment has been fully lent out. I haven't been able to check that this works yet as I'm only one week in to my Welendus journey. My hope is that once the first £10 loan (of a £100 investment) is repayed with a few pence of interest (say 12p) it will then be relent as £10.12. It should have the advantage of lending out the full interest (up to 50p in this case) to the next available loan. This is not ideal as it will eventually require me to re-raise the diversification setting to minimise the cash drag. I can confirm that this strategy works. Yesterday I had a £10 loan complete early with 3p interest. There was already another 2p queued in that investment due to a previous interest payment. Later that day a new loan was formed for £10.04. Not absolutely sure why the full £10.05 was not lent, but I'm guessing that it's probably a rounding issue.
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Ukmikk
Member of DD Central
Posts: 445
Likes: 298
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Post by Ukmikk on Aug 24, 2018 9:25:24 GMT
.. or indeed call me back after the automated phone line asked me to leave a message. I appreciate that this is a platform in its infancy, however 'nil points' for customer service is still unacceptable. nsiam , would appreciate you responding to some of the enquiries on here please, and also could you advise when your customer service phone line will resume operations. Many thanks. Hi Ukmikk , apologies for the delay returning your call. We received your message and I actually wanted to personally call you back but I was very busy today so its my bad. I will try to call you back tomorrow morning. With regards to the customer service operations, we have made new hires who will be starting beginning of September so we would expect massive improvement here. Hi nsiam, appreciate you taking time out to respond, especially in the evening, thank you. Hiring CS staff should be a big step forward  . Best regards.
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Ukmikk
Member of DD Central
Posts: 445
Likes: 298
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Post by Ukmikk on Aug 28, 2018 10:17:44 GMT
I never did receive the promised call back so still 'nil points' for customer service I'm afraid.
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Post by nsiam on Aug 28, 2018 17:06:26 GMT
I never did receive the promised call back so still 'nil points' for customer service I'm afraid. I actually called but no answer. I wonder if I called another investor maybe?! Can you please drop me a PM or send us an email to hello@welendus.com requesting to pass the message to me please? Thanks, Nadeem
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Ukmikk
Member of DD Central
Posts: 445
Likes: 298
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Post by Ukmikk on Aug 29, 2018 17:20:40 GMT
I never did receive the promised call back so still 'nil points' for customer service I'm afraid. I actually called but no answer. I wonder if I called another investor maybe?! Can you please drop me a PM or send us an email to hello@welendus.com requesting to pass the message to me please? Thanks, Nadeem Saying what? I'm not sure that would help now, if I had had a problem I would have done this already, what I was hoping for was timely support. But thanks anyway. What would help would be an example calculation for your PF coverage as requested on another thread. Many thanks as always. Kind regards.
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, patience is key. 
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