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spyguy

Wellesley - 4% On Saving

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Just seen the Wellesey ad - which is rare for me as I rarely watch live telly.

Tone + feel was building society. Even the logo.

https://www.wellesley.co.uk/

Offered 4%, rising to 6% on your money.

Wow! Thats good for a BS I thought.

Quick google - Wellesey are a peer to peer lender.

Can they really make claims like 4%?

Edited by spyguy

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Are my funds protected by the FSCS?

Although peer-to-peer lending is not covered by the Financial Services Compensation Scheme, at Wellesley & Co our customers are eligible to apply to our Discretionary Provision Fund if any borrower fails to meet their repayment commitments. Furthermore, every loan we make is backed with security over property in the United Kingdom which could be sold in the event of a borrower defaulting.

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Is Wellesley & Co Authorised and Regulated by the Financial Conduct Authority?

Wellesley & Co have been authorised and regulated by the Financial Conduct Authority since April 2014. Wellesley & Co's registration number is 655503.

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4% is not high for non-bank lending. I certainly wouldn't see it as a too-good-to-be-true red flag.

I wouldn't use it myself: if I lend money on commercial terms I want it to fund some productive business, not someone's indulgence. If I were considering it, I'd check its credentials and google for any relevant discussion that might indicate good or bad experiences.

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Daft I know but I was put off in any case by the way they pronounce 'Wellesley' . Have always heard it pronounced with 2 syllables, not 3 - my first school was in Wellesley Road with 2 syllables. Sounds all wrong as "WellESley'. Same effect as scam emails with spelling and grammar all over the place.

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So they are undermining the banks' business model and not creating money through fractional lending, while paying a better rate of interest than almost anywhere else.

What's not to like? There's a poster somewhere on the site who has been giving P2P lending a try since the start of the year (split over Zopa, Ratesetter and Funding Circle IIRC) and they have had few problems. They said the lack of FSCS protection meant they wouldn't put their house deposit fund into P2P, which is also my stand. Government protections like the FSCS can be proven irrelevant anyway, as savers in Cyprus can testify. If I owned my property outright, I would definitely be using P2P, split over several companies.

Oh, and Wellesley are advertising this with a thought to getting some of the pension funds that are looking for a home in April - I'd rather see that than more BTL...

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Daft I know but I was put off in any case by the way they pronounce 'Wellesley' . Have always heard it pronounced with 2 syllables, not 3 - my first school was in Wellesley Road with 2 syllables. Sounds all wrong as "WellESley'. Same effect as scam emails with spelling and grammar all over the place.

Ach go back to Gloucester.

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Peer to peer lending is not covered by the 85k guarantee and there lies the catch.

Unfortunately debtors have no morals ( I have found this out by lending to family)...this is an accident waiting to happen. They have been rejected by traditional banks for a reason.

http://www.bickerstaffs.co.uk/peer-to-peer-lending/

Edited by crashmonitor

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Ach go back to Gloucester.

If Cholmondeley is pronounced Chumley, how do you pronounce Bottomley?

And for your bonus points (for anyone not from Devon), pronounce Woolfardisworthy.

[edit to add] and for the non-welsh ...

llanfairpwllgwyngyllgogerychwyrndrobwlll

Edited by porca misèria

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Peer to peer lending is not covered by the 85k guarantee and there lies the catch.

Unfortunately debtors have no morals ( I have found this out by lending to family)...this is an accident waiting to happen. They have been rejected by traditional banks for a reason.

http://www.bickerstaffs.co.uk/peer-to-peer-lending/

I'll like to see how far the FSA will go in the event of multiple Northern Rock style runs.

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Why have these things sprung up in the first place.

Same as any other online retailer - cut out the middle man and pass the savings on to customers. P2P lenders aren't trying to fund a presence in hundreds of high streets around the country either.

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If Cholmondeley is pronounced Chumley, how do you pronounce Bottomley?

And for your bonus points (for anyone not from Devon), pronounce Woolfardisworthy.

[edit to add] and for the non-welsh ...

llanfairpwllgwyngyllgogerychwyrndrobwlll

Ha! I know that Devon one, since we have friends not far from there. Woolsery, innit?

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Can't we just have a string of regional industrial and commercial banks to help develop local economies throughout the country?

And, er, pick winners. Yeah, that'll work

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P2P is lending/borrowing without the illusory comfort and the real costs of a bank in the middle.

If it makes you feel uncomfortable morally, or makes you worry about debtors making good on their word then you should feel the same about putting money in a bank. It's just the same but with extra cost.

I don't do it for both those reasons. And I try to steer clear of banks as well.

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People seem to equate P2P as lending to high risk borrowers only. I'm not sure if that actually is the case and it certainly need not be the case forever.

Without the prospect of bail-outs, the outcomes of their risk assessment will be more transparent than with banks which suggests that, over time, P2P will be the more honest of the two.

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Woolfardisworthy = Woolsery

Woolsery were our local sunday league grudge match when I lived near Shebbear.

Edited by Reck B

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Daft I know but I was put off in any case by the way they pronounce 'Wellesley' . Have always heard it pronounced with 2 syllables, not 3 - my first school was in Wellesley Road with 2 syllables. Sounds all wrong as "WellESley'. Same effect as scam emails with spelling and grammar all over the place.

Ah yes. This'll be the whole Wellesley, whereas your school was no doubt named after just Arthur Wellesley.

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