ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on May 6, 2014 21:08:46 GMT
Ey up lad - you've strayed over to our side of the border there! Nah then lass ah’ve been investing with BS & L virtually since they started as I strongly agree with their ethos and, being a true Tyke, I’ll even deal with Lancastrians if there’s summat in it for me. Very leaky border in these 'ere Pennine uplands - time we tightened up the entry controls
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Post by oldatheist on May 6, 2014 22:53:59 GMT
I invested a modest sum with Burnley Savings & Loans at 5% for 2 years today and could have had the same rate for 1 year. Perhaps not as good as Wellesley’s 18 month offering but it leaves Ratesetter standing and it’s fully secured.
I don't think the level of security is higher than RS, you have a personal guaranty from the owner of the company, which does not sound as secure as the ring fenced pot of money RS has. There also seems to be a waiting list to get your money loaned out so you may have it hanging around a while before you can start to earn interest.
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Post by yorkshireman on May 7, 2014 8:26:46 GMT
I invested a modest sum with Burnley Savings & Loans at 5% for 2 years today and could have had the same rate for 1 year. Perhaps not as good as Wellesley’s 18 month offering but it leaves Ratesetter standing and it’s fully secured.
I don't think the level of security is higher than RS, you have a personal guaranty from the owner of the company, which does not sound as secure as the ring fenced pot of money RS has. There also seems to be a waiting list to get your money loaned out so you may have it hanging around a while before you can start to earn interest. You’re quite right, there is a waiting list for new investors but you don’t commit any money until you’re accepted therefore you can still be earning interest elsewhere, Ratesetter 1 month perhaps? However, once you’re “in” so to speak with B S & L you can continue to reinvest your money at the end of each investment term. Security is something I take very seriously and having discussed this with B S & L I am satisfied that the level of security offered is equal to that offered by Ratesetter if not better.
I still have money invested with RS at 7% but I personally don’t find their current rates attractive or competitive regardless of the provision fund.
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Post by yorkshireman on May 7, 2014 8:29:46 GMT
Nah then lass ah’ve been investing with BS & L virtually since they started as I strongly agree with their ethos and, being a true Tyke, I’ll even deal with Lancastrians if there’s summat in it for me. Very leaky border in these 'ere Pennine uplands - time we tightened up the entry controls ‘appen.
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mjh
New Member
Posts: 1
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Post by mjh on Jul 6, 2014 13:26:24 GMT
I invested a modest sum with Burnley Savings & Loans at 5% for 2 years today and could have had the same rate for 1 year. Perhaps not as good as Wellesley’s 18 month offering but it leaves Ratesetter standing and it’s fully secured.
Burnley Savings and Loan isn't covered by the FSCS, if that's what you mean. BS&L's reference for interim permission consumer credit register is 646136 - look them up here and you'll see a similar set of permissions to that of Rate Setter (633741). There's the same level of statutory compensation - ie none.
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Post by yorkshireman on Jul 6, 2014 19:09:59 GMT
I invested a modest sum with Burnley Savings & Loans at 5% for 2 years today and could have had the same rate for 1 year. Perhaps not as good as Wellesley’s 18 month offering but it leaves Ratesetter standing and it’s fully secured.
Burnley Savings and Loan isn't covered by the FSCS, if that's what you mean. BS&L's reference for interim permission consumer credit register is 646136 - look them up here and you'll see a similar set of permissions to that of Rate Setter (633741). There's the same level of statutory compensation - ie none. I’ve never implied that BS & L is covered by statutory compensation, I suggest you speak directly to them for an explanation of the compensation.
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