Re: Any experience of Unbolted?
Hi Mike I initially though P2P sounded a good idea . It was being discussed quite negatively on the radio at lunch time. I hadn't realised the debts were sold on as were the subprime mortgages that cause the crash. It was suggested that there could be trouble ahead.Re: Any experience of Unbolted?
Yes I heard the same programme - that was Zopa - which I also have but am reducing, more because I don't like how they arrange withdrawal of funds. There is a lot of scaremongering about P2P but it's all tosh when it comes to the big guys at least I think, as the Govt regulates them and is even backing Ratesetter to lend to businesses. The only issue raised today was there is no cover by the govt compensation scheme but as ratesetter are famous for - nobody ever lost a penny and their own funds are there to cover any loss due to defaults and not one person has lost one penny so far. I like it to be honest. Anyway it's the Unbolted thing that has sparked my interest today so any experiences there would be fab.Re: Any experience of Unbolted?
So after five months of using unbolted I'm a. It underwhelmed. It's basically an online pawnbroker using physical objects, like jewellery as collateral, and my money to lend against loans. The idea is OK but the site is not so slick and the loans are not transferable, meaning you can't get your money out until loans are repaid. I am gradually moving money out of funding circle, zopa and unbolted in favour of ratesetter as it seems the best of the lot so far.
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