Encash aka Yes Secure

I only dipped my toe in the water and everything was repaid without a problem. But, when I wanted to withdraw my 'earnings' they did want to see a copy of my bank statement showing the original investment made to them which I thought was a little strange.

Never heard anything about scams, etc.

I was a lender on quite a few of their earlier loans (2010 & 11) but stopped funding new loans once the max bid rates were dropped in stages to the current levels because of the tax-offset problem as a higher rate tax payer.  By luck rather than anything else my loan book XIRR is c. 9% pa  over the 3 years, and by the end of this month virtually all my loans will have matured.  The "scam" referred to by an earlier poster refers to the fact that the credit checking on the very early loans wasn't as good as it could have been and allegedly a borrower slipped through with falsified payslips/P60 and made just 1 or 2 repayments ... YS never commented directly so its hard to say whether it was an actual scam or not.

I have just listed on the YS secondary market my remaining three tradable (i.e. every repayment on time ) loan parts so that I can make a final withdrawal early next month.

I think credit to them, they've ended it professionally and with fairness. It could have been messy.

Here is their final email text:



Dear Member
We are writing to advise you that YES-secure.com has decided to stop its Peer to Peer lending business by 31 March 2014. From 1 April 2014, Peer to Peer lending will become regulated by the Financial Conduct Authority. Although YES-secure.com has enjoyed offering this service, the number of members we have is relatively small. We have taken the opportunity of the change in regulation to review our business strategy and concluded, with some sadness, not to continue with Peer to Peer lending.
As a result of this decision, we will be paying to you an amount equal to the full amount of any loans due, plus any outstanding YES-secure.com fees (if any), and all interest payable up to the date of payment. According to the Loan Agreement, upon this payment, those loans will be automatically assigned by you to YES-secure.com.
This payment will equal your "Customer Funded Lending Net Balance" plus your "Customer Funded Lending Default Balance", less any amounts which relate to loans declared default and in connection with which a County Court Judgment has been received against the borrower (as indicated under "Get Status" on your "My Funding Lending Details" page, "Late Payers" tab).
You will see that this means we have included overdue balances, even though the older balances would probably not have been recovered had YES-secure.com continued with its Peer to Peer business. We have also included balances subject to IVAs and already passed to the Collections Agency which again may not be recovered in full.
This payment will be made to the YES-secure.com Client Bank Account, and YES-secure.com will reduce the balance on relevant loans to zero, as it would have done in the event of early full repayment by a borrower. These sums will then be transferred to your Nominated Account within 7 days. In making this payment to your Nominated Account, we will use the bank details you have previously provided to us. In the event that these details have changed, please let us know promptly as otherwise your payment may be delayed and in some circumstances we may not be able to make a payment at all. As a reminder, it is your responsibility to inform us of those changes.
You also have a "My encash Account Balance", an "Auto Lending Balance" and a "Withdrawal Request Balance" outstanding. These sums will be paid to your Nominated Account in addition to the sum mentioned above.
Please see the attached table for details of all relevant balances and the total sum to be transferred.
If you have any questions about this process please contact support@yes-secure.com. Otherwise, we would like to thank you for your custom and wish you well with your future investments.

Ineptitude personified, P2P is better off without tin pot outfits like this who cannot even communicate in intelligible English on the phone.