Peer-to-peer lending sites: MSE guide discussion
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I've been told by Thincats that in order to change my bank account, I have to pay £48 for anti laundering checks again. Is this the same for other P2P platforms? This takes away half of the incentive for actually changing bank accounts.0
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I've been told by Thincats that in order to change my bank account, I have to pay £48 for anti laundering checks again. Is this the same for other P2P platforms? This takes away half of the incentive for actually changing bank accounts.
It is a bit rubbish. You'd think their other fees to lenders could be amended to cater, maybe with a limit on how often you can change.
I did discover an apparent loophole. I recently switched bank accounts and, as is normal with the switch service, the bank notified the depositor of change of details. TC sent me an email saying they'd changed my details "free of charge".0 -
That sounds ludicrous. Unless you are a Politically Exposed Person or similarly high-risk, the cost of "anti laundering checks" should be mainly your time cost in sending them a bank statement or voided cheque. The time of an employee to check it isn't an obvious fake would be normal duties and not something most reputable companies would charge separately for. I smell Wonga-like gouging.
If you were forced to change your bank account by divorce or separation and refused to stump up £48, what would they do, insist on paying your money to an account they know is no longer yours?
Yes, I do know the answer - they'd stop paying out entirely and freeze your account until you cough up. It was just to illustrate the absurdity of charging a huge fee for following a routine instruction from a client.
(ThinCats is a silly name for a platform anyway. I assume it refers to "fat cats" meaning someone who makes lots of money, but why would I want to be a thin cat who doesn't make any money? As Shakespeare said, let me have about me cats that are fat.)0 -
Well I didn't have a choice in changing account as HSBC automatically upgraded me and so I took the opportunity to go to a better account anyway with Halifax. I do find it a total rip off and so am wondering if other platforms charge the same way?
I can't see anything in the Ts and Cs unless I am missing something?0 -
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TC also has a forum, two in fact, where you can challenge the charge or need.
TC made a cost lowering charge over the new year, now charging 1% on the secondary market not £25 minimum.I can't see anything in the Ts and Cs unless I am missing something?
You can read about AML and the charge in section 4 of the Ts&Cs.0 -
I was missing something obvious then haha.
I have decided to go ahead with it as up until this point I have been pleased with Thincats. I have logged a complaint about the fact though. Maybe if enough people do they will look into doing something about it? They say "
The AML fee is charged by Street UK and it is an administrative fee for running the checks.".0 -
Considering investing in a Peer to Peer with Wellesley and wondered if anyone had any feedback or information on them? Many thanks0
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Julesmarket wrote: »Considering investing in a Peer to Peer with Wellesley and wondered if anyone had any feedback or information on them? Many thanks
Rates aren't great, you can get better at Ratesetter. I only invested with them because they were giving away a free iPad mini, which I sold for £170 profit. Not had any problems with them but will most likely withdraw as soon as my term is over.0 -
Who is paying for Wellesleys expensive TV ad campaign and ipads? Your rates.
Ratesetter and Zopa both gave £50 bonus and have a default fund, and decent rates imho. And appear stable.illegitimi non carborundum0
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