spockie
Member of DD Central
Posts: 299
Likes: 84
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Post by spockie on Jul 1, 2014 17:21:24 GMT
Yes, at the moment I shall be taking out rather than adding.
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webwiz
Posts: 1,133
Likes: 210
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Post by webwiz on Jul 2, 2014 9:10:55 GMT
Perhaps they are all watching Wimbledon or the World Cup. I invested a five figure amount on 29th May in the Income product. The money is still showing as not lent.
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Grumpy mamil
Life is too short for cheap red wine
Posts: 12
Likes: 1
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Post by Grumpy mamil on Jul 2, 2014 15:48:03 GMT
At least you're still accruing interest. F:)
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Post by uncletone on Jul 3, 2014 19:03:29 GMT
As a pensioner for whom a five figure investment will never be described as "small", I have to register contentment with Wellesleys rates and service. The fact that i can get a better rate with Ratesetter has been resolved by investing money at a better rate with Ratesetter. The lower return from Zopa is there as another investment, as is the higher rate with the house crowd. I justify the spread of my pennies as "diversification". I have multiple five figure investments with each of them.
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Post by mrclondon on Jul 3, 2014 19:19:05 GMT
I invested a five figure amount on 29th May in the Income product. The money is still showing as not lent. Ditto my funds from a few days later. If the reduction in rates has slowed (but not stopped entirely) the inflow of cash I suspect W&C will be quite happy at this point in time. The simplicity of their offering is such that they know that when they need to ramp up the funds coming in, a interest rate rise (and/or cashback) is all that will be needed.
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jul 10, 2014 13:37:39 GMT
Still waiting for the long promised loan allocation system. I really hate not knowing who owes me money.
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Post by uncletone on Jul 10, 2014 19:19:44 GMT
It's Wellesley & Co, isn't it?...
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Post by wellesleyco on Jul 11, 2014 14:34:07 GMT
There are a range of changes being made accross the site in the coming weeks, the auto-matching function is part of that. We have been delaying the launch of this to coincide with some other work on the site as it became more efficient to do so.
We have a very exciting few weeks ahead for the platform
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jul 12, 2014 7:23:52 GMT
It's Wellesley & Co, isn't it?... I think it should be the borrowers backed up by the guarantee fund. The idea of p2p being that if the platform goes bust I'm still ok.
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Post by uncletone on Jul 12, 2014 19:00:06 GMT
From their website:
"If Wellesley & Co were to stop trading for any reason it would present some risk to you in that the firm would no longer be able to manage borrower repayments back to your account. We have taken a number of precautionary steps to ensure that in the unlikely event of our insolvency you would have protection.
All customer money that is not on loan is held in a segregated client money trust account with Lloyds Bank, Threadneedle Street, London.
The security provided by a borrower in favour of the loan is held by an independent security trustee for the benefit of the customers of Wellesley & Co.
We have made arrangements with our Security Trustee to take-over the administration of our customer loans in the case of Wellesley & Co no longer trading. The trustee will manage the day to day operations of Wellesley & Co to ensure that the platform can continue to be offered to existing customers and that all borrower payments of interest and capital are credited to your account as normal. The directors of Wellesley & Co have committed to assist the Security Trustee and the costs of operating would be covered by the Provision Fund."
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Jul 14, 2014 17:46:42 GMT
From their website: "If Wellesley & Co were to stop trading for any reason it would present some risk to you in that the firm would no longer be able to manage borrower repayments back to your account. We have taken a number of precautionary steps to ensure that in the unlikely event of our insolvency you would have protection. All customer money that is not on loan is held in a segregated client money trust account with Lloyds Bank, Threadneedle Street, London. The security provided by a borrower in favour of the loan is held by an independent security trustee for the benefit of the customers of Wellesley & Co. We have made arrangements with our Security Trustee to take-over the administration of our customer loans in the case of Wellesley & Co no longer trading. The trustee will manage the day to day operations of Wellesley & Co to ensure that the platform can continue to be offered to existing customers and that all borrower payments of interest and capital*** are credited to your account as normal. The directors of Wellesley & Co have committed to assist the Security Trustee and the costs of operating would be covered by the Provision Fund." My point is that if it's not possible to tell me at any moment which borrower owes me money, then it is uncertain, and if it's uncertain I feel insecure. Other people who were owed money by Wellesley (which in an insolvency there must be such) might well argue and I wouldn't be in a good position to argue back. I'd be interested to know also how they manage to be accurate in shuffling funds in and out of the client account every day. re *** above There are no borrower payments of interest to me are there?
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Post by yorkshireman on Jul 14, 2014 18:15:33 GMT
From their website: "If Wellesley & Co were to stop trading for any reason it would present some risk to you in that the firm would no longer be able to manage borrower repayments back to your account. We have taken a number of precautionary steps to ensure that in the unlikely event of our insolvency you would have protection. All customer money that is not on loan is held in a segregated client money trust account with Lloyds Bank, Threadneedle Street, London. The security provided by a borrower in favour of the loan is held by an independent security trustee for the benefit of the customers of Wellesley & Co. We have made arrangements with our Security Trustee to take-over the administration of our customer loans in the case of Wellesley & Co no longer trading. The trustee will manage the day to day operations of Wellesley & Co to ensure that the platform can continue to be offered to existing customers and that all borrower payments of interest and capital*** are credited to your account as normal. The directors of Wellesley & Co have committed to assist the Security Trustee and the costs of operating would be covered by the Provision Fund." My point is that if it's not possible to tell me at any moment which borrower owes me money, then it is uncertain, and if it's uncertain I feel insecure. Other people who were owed money by Wellesley (which in an insolvency there must be such) might well argue and I wouldn't be in a good position to argue back. I'd be interested to know also how they manage to be accurate in shuffling funds in and out of the client account every day. re *** above There are no borrower payments of interest to me are there? Apart from a larger provision fund what’s the difference to Ratesetter? I don’t know who I’m lending to on RS unless I’m missing something.
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spiral
Member of DD Central
Posts: 895
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Post by spiral on Jul 15, 2014 8:12:45 GMT
Apart from a larger provision fund what’s the difference to Ratesetter? I don’t know who I’m lending to on RS unless I’m missing something. But you do have a contract and in the event that RS goes belly up AND the provision fund is insuffient/poorly managed, someone can tell that Joe Bloggs who defaulted was one of your loans so it is you that doesn't get paid. WIth Wellesley ATM, I don't have that contract so if the same scenario occurs, I have no evidence to the contrary. Admittedly, the contract from RS would have to be deciphered so I would be reliant on being told the truth there also, but there is an added sense of security and definitely a lot more to go on if you wanted to challenge any such statement.
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