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Peer2Peer Finance News | August 20, 2017

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provision fund

RateSetter’s new chairman heralds benefits of provision fund

July 17, 2017 |

RATESETTER’S new non-executive chairman Paul Manduca (pictured) has heralded the peer-to-peer lender’s “simplicity”, citing its provision fund as an example, on his first day in his new role.

The asset management veteran said that financial innovation can sometimes result in … Read More

RateSetter to launch hire purchase loans

July 5, 2017 |

RATESETTER has announced plans to start offering Hire-Purchase (HP) products for commercial and individual borrowers later this month.

While details on the interest rates and underwriting criteria are yet to be released, the company has confirmed that the HP loans … Read More

JustUs modifies ‘Rainyday’ fund to cover interest only

June 15, 2017 |

JUSTUS will no longer cover capital payments under the terms of its ‘Rainyday’ pot, in a remodelling of its provision fund.

Effective immediately, the firm will only cover the interest on unsecured loan payments and not capital. This applies to … Read More

Zopa clarifies coverage ratios ahead of Core account launch

June 9, 2017 |

ZOPA has clarified the expected implications of phasing out of its provision fund as it prepares to launch Zopa Core on Thursday, a new account which will not be backed by the fund.

On 15 June, the peer-to-peer platform’s target date … Read More

RateSetter continues to boost transparency with new expected losses committee

April 4, 2017 |

RATESETTER has set up a new committee on expected losses as part of a review of the way it monitors and reports on credit risk.

The panel, which will come into effect later this month, comprises the peer-to-peer lender’s chief … Read More

Allen: Most P2P lenders want comfort of provision fund

March 18, 2017 |

THE MAJORITY of lenders considering peer-to-peer would want the reassurance of a provision fund, according to P2P credit risk expert Kevin Allen (pictured).

The industry veteran, who was RateSetter’s first-ever chief risk officer, said that less engaged investors would be … Read More

P2P investing firm calls for end to provision funds

February 8, 2017 |

PEER-TO-PEER lenders should not use provision funds, a P2P investment manager has argued in a new report.

BondMason claims the funds, used by platforms such as Zopa and RateSetter, are just a tool to attract lenders.

The provision fund is a … Read More

RateSetter updates lender terms ahead of provision fund changes

February 2, 2017 |

RATESETTER has published updated lender terms as it prepares to tweak its provision fund.

The new terms have been published on Thursday, one month ahead of the changes to the fund to address concerns that it is too “binary.”

Under previous … Read More

RateSetter dumps £2.1m of bad debt

December 21, 2016 |

RATESETTER has sold £2.1m of bad loans to debt management company 1st Credit, in what is believed to be a first-of-its-kind deal for UK peer-to-peer lending.

The non-performing loans were written between 2010 and 2015. These tend to be loans where … Read More

Landbay COO expects tighter scrutiny of provision fund calculations

December 12, 2016 |

LANDBAY’S chief operating officer has said he expects the Financial Conduct Authority (FCA) to tighten up the way peer-to-peer lenders calculate provision funds, as part of its tougher regulation of the sector.

“We’ve had many discussions with the FCA about … Read More