YES-Secure

mjm3346

jon_boy75 wrote: »

Individuals also have to pay back their debts

Since when? Just a quick look at the BR/IVA etc sections on this forum proves that untrue.

paddyrg

churchrat wrote: »

If you decide to invest do they continue to repay the loan if the borrower defaults? or does the investor have to chase up the defaulter themselves?

If it's anything like Zopa, they chase the debt up with agencies, but there are no guarantees, you may lose some money, hence you choose an interest rate to reflect how risk-averse you are :-)

CHR15

I had a quick glance at the t&C's but not in any depth. It looks like they do chase non payers but for a fee. Those fees would completely eradicate any profits very quickly.

If you only lend to low risk applicants the profit will disappear at the first default.

jon_boy75

mjm3346 wrote: »

Since when? Just a quick look at the BR/IVA etc sections on this forum proves that untrue.

ok then, individuals are required/encouraged/obliged to pay back their debts, or risk being unable to access credit for some time

whether they actually do or not is up to them

TastyTeeth

jon_boy75 wrote: »

I believe they're part of Yes-Pay, or an offshoot of that company, which pre-dates Yes Loans.

But I agree, high chance of them being tarred with the same brush!

Do you know this for sure?

From my visits to their website, and through the way they don't actually finance 100% (if any) of each loan, they certainly don't look like anything to do with YES Loans.

jonesMUFCforever

jon_boy75 wrote: »

What exactly was that punitive interest rate?

.

12% was the rate.

BugsyBrowne

jonesMUFCforever wrote: »

12% was the rate.

12% seems quite steep for a loan unless it was a small loan,in that case its pretty good, any reason why you didn't use sainsburys loans..

jon_boy75

TastyTeeth wrote: »

Do you know this for sure?

From my visits to their website, and through the way they don't actually finance 100% (if any) of each loan, they certainly don't look like anything to do with YES Loans.

I know this for sure, they're part of YesPay, which is a seperate company

jon_boy75

jonesMUFCforever wrote: »

12% was the rate.

fair enough...i dont think that's punitive in any way

TastyTeeth

jon_boy75 wrote: »

I know this for sure, they're part of YesPay, which is a seperate company

Still confused - part of YES Loans or not?