|« Earn £25 with Zopa||Earn £25 with Funding Circle »|
Quakle website to shutdown
The Quakle website was offline for a while this month, and it went unnoticed until today when MRC_London posted on the Zopa forum that Quake had posted further information. As you can see from the information below the website will be offline from the end of this month, so we thought we would repost the information here for future reference.
Dear Quakle Members,
We are sorry to tell you that we are going to close the website by the end of November, after new loan applications were stopped several months ago. This follows last month’s announcement and will also cover a few questions that we have anticipated. The thread remains open for further questions for as long as the website is active.
This decision was made after considering the difficulties to seek expansion funds in a currently crowded market and to find potential buyers with the proper skills and authorisations for a loan book that is fairly small.
In order to make this as less painful as possible, we have spent the past couple of months to set up the tools that would enable the transactions to be processed while the Quakle website is off.
Payments to the lenders’ bank account will be made every first Monday of the month for the money that was collected in the past whole month. We recommend lenders to make sure that their bank account details are up-to-date now because changing your bank account information once the website is closed may result in significant delays in getting your money back.
Late payer accounts will continue to be chased by the debt collection agency - CCSG – and when some money is recovered via the collection accounts, it will be processed in the same way as the other payments.
We managed to secure a server facility that will be used to maintain contact with you via email. The address to be used is the current contact address [removed by P2P Money] and will be open for queries and questions for existing members only. We kindly ask you not to communicate this address to third parties. When requesting details about a particular loan, we ask you to provide the following information :
- your ID number located in ‘My Account’ or your screen name,
- the screen name of the borrower you are talking about or the loan ID,
- the amount of money you have lent in total to this person, i.e. the money owed to you before any repayment from the borrower.
This will also enable us to send details of your loan book every month in your email box. We provide this information so that you are not ‘blind’ and have a good idea of the money that is owed to you, however, the exact amount may be different because of the costs from the debt collectors. Unfortunately, with this system in place, we couldn’t get an easy way to take them into consideration.
I will also personally review the debt collection costs from time to time and make sure they are kept to a minimum.Kind Regards,Josselin, Quakle Team
This is sad news indeed, but I suspect that while Quakle is the first P2P provider that is closing, it won't be the last. However on a more positive note the major players are continuing to show a very large year-on-year growth.