james
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Post by james on Apr 15, 2014 1:22:04 GMT
The competition then would be with 8-9% tax free from some VCT investments after the effect of the 20% tax rebate on the purchase price. I thought the tax rebate on VCT investments was 30%. Have I got that wrong? Has it changed recently No change, just a typo.
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tarq
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Post by tarq on Apr 16, 2014 10:07:42 GMT
I filled in the £50 coupon form a few days after I'd started an account. They kindly gave it to me as I'd invested more than the minimum required, even though my account was up & running, but not lent out. So I'm a happy bunny.
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spiral
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Post by spiral on Apr 18, 2014 17:03:58 GMT
I find either method of incentives can be infuriating if I'm not on the right side of the fence. Personally I think any incentive should apply to both new and existing customers equally. I opened a AC account in Feb and studied the system but went on holiday in early March without having committed funds. They recently announced a loyalty bonus for which I didn't qualify so that peeved me somewhat because I was going to invest. To that end I didn't add any money so the loyalty bonus from them has deterred me from investing. My funds went to Wellesley (who I'd also been investigating) where I qualified for the cashback, but should any further offers be made selectively for which I don't qualify, they can say goodbye to further investments from me. At least Zopa's cashbacks apply to all.
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Post by bigcynic on Apr 20, 2014 16:07:37 GMT
Interesting you say you're investigating Wellesley Spiral.....so am I. I'm not comfortable with a P2P run by what appears to be a bunch of ex-traders/speculators. I've still not dipped my toe in the water.
And has anyone noticed that the security trustee and the security trustee pages seems to have vanished off the website. What's that about?
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Post by mrclondon on Apr 20, 2014 17:54:34 GMT
And has anyone noticed that the security trustee and the security trustee pages seems to have vanished off the website. What's that about? Well spotted. Perhaps wellesleyco could comment, especially as this page references the now missing "The Security Trustee" page.
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oldgrumpy
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Post by oldgrumpy on Apr 20, 2014 18:39:09 GMT
And has anyone noticed that the security trustee and the security trustee pages seems to have vanished off the website. What's that about? Well spotted. Perhaps wellesleyco could comment, especially as this page references the now missing "The Security Trustee" page. I can see this in the T & C (Lender agreement) 2.1 ..........“Security Trustee” refers to Lakehouse Security Trustees Limited (company number 8738060), an independent trustee company set up to hold in trust all Security subject to the terms of the Finance Documents. The link to security trustee page from the FAQ is broken.
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Post by bigcynic on Apr 20, 2014 19:39:01 GMT
Gets even more interesting. If you look at Companies House website, the Security Trustee who used to be on the website, a Mr Gumbridge, resigned as a director and secretary on the 8th of April. He's no longer on the website. The registered office was also changed to the same address as Wellesleys registered address the same day as the resignation. So who is the independent security trustee now? Who's looking after the assets?
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Post by chielamangus on Apr 22, 2014 9:33:28 GMT
Resignation of security trustee - Wellesley will be responding this afternoon. They responded immediately to my question about it. I am reassured.
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Post by wellesleyco on Apr 22, 2014 11:34:11 GMT
Good Afternoon all, Sorry for the lack of response, I hope that you all had a good Bank holiday weekend. We understand that offers like these for new customers are a fractious issue for existing customers. There is nothing more annoying that buying something then seeing it cheaper elsewhere. While there is no offer for existing customers currently, when we looked into this offer, we created a timeline of promotional offers that we wish to unfold over the coming months which of course includes offers to our loyal existing customers. It goes without saying that we value all of our customers and wish to reward them in due course, however we feel that unlike the Bank of England, ‘forward guidance’ of these offers would not work for us. bigcynic Thank you for your comment. By way of some feedback, the founders of Wellesley & Co have significant experience in managing FSA/FCA regulated companies. For example, Graham Wellesley and Lorenzo Naldini have been authorised controllers and owners of two major UK brokerage firms (IFX PLC and ODL Securities) both of which held many hundreds of millions (if not billions) of client money and as such are acutely familiar with the rules and regulations of operating a regulated business that handles client funds. Whilst we appreciate that trading is very different from lending, there are a number of common principles that apply when running large regulated entities and we feel that this prior experience should provide greater comfort to our investors, not less. Further to this, our head of credit is Paul Cragg (previously of Ansbacher & Co) who has around 40 years of experience in property lending and he heads up our team of property finance specialists. On to your Second point for which I shall also tag oldgrumpy, mrclondon, chielamangus and spiral, so they can see it too. The Security Trustee, Lakehouse Security Trustees Limited, has acknowledged the resignation of the Director Malcolm Grumbridge. It is very sad that Malcolm has had to step down at short notice from his post due to a serious medical condition. We wish Malcolm the best and are very sympathetic to his resignation. Therefore, where we currently stand is that we are actively seeking a replacement. This is a very specialist role and is of paramount importance owing to the responsibility for lender’s capital. The role requires an exceptional knowledge of the laws applicable and understanding of Wellesley & Co. Naturally we are unlikely to rush the process of hiring a replacement. In the interim period, the board members of Wellesley Group have stepped in to act as Directors of the security trustee in an individual capacity and as such we incur fiduciary responsibilities. We have received legal advice on how to implement a conflicts of interest management programme to make sure that the presence of common directors between both firms does not create issues. We feel that this is likely the most reasonable way to manage the issue in the short term on the basis that it is industry standard with two of our larger rivals acting in similar fashions. The Website is in the process of being updated with the correct information. I hope this clarifies our position on these issues. As always, further response to ours is welcomed!
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oldgrumpy
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Post by oldgrumpy on Apr 22, 2014 11:42:44 GMT
"The Security Trustee, Lakehouse Security Trustees Limited, has acknowledged the resignation of the Director Malcolm Grumbridge. It is very sad that Malcolm has had to step down at short notice from his post due to a serious medical condition."
That is very sad news; I'm sure we all wish him well.
In some ways it would have been less upsetting to lenders if it was a boardroom disagreement.
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bugs4me
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Post by bugs4me on Apr 22, 2014 14:43:32 GMT
Good Afternoon all, Sorry for the lack of response, I hope that you all had a good Bank holiday weekend. We understand that offers like these for new customers are a fractious issue for existing customers. There is nothing more annoying that buying something then seeing it cheaper elsewhere. Sorry but the example simply doesn't 'do it for me'. We're not talking about seeing the same item cheaper elsewhere. To put it into context (hopefully). I regularly buy a loaf of bread at say the ***** supermarket and have done so for many months. But there's a special offer open to new customers only which is cheaper than (the loyal) customer pays - namely myself. I do not qualify but the one who just happened to pop in off the street does. So suddenly my loyalty goes out of the window as it's being taken for granted. It just leaves a slightly bitter taste but then again banks and BS have been using this 'racket' for as long as I can remember and aren't bothered with churn rates.
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