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YES-secure go quiet
There has been a lot of comment on the YES-secure forum that (ironically) there has been no communication from YES-secure themselves. Below is a posting from MRC_London on the YES-secure forum that sums up the situation:
It is now very nearly six weeks [since my last posting on this topic]. In that time just a single loan has been disbursed (listing expiry 13th Oct) with the previous two disbursements having listing expiry dates of 2nd Oct and 29th Aug respectively. (Just to reinforce the point that is just 2 loan approvals from all the Sept, Oct , & early Nov listings)
There has however been a steady (although not spectacular) stream of £20's being supplied to YS for the privilege, in most (?) cases, of being denied a verified listing.
As things stand this evening, we have the pitifully small collection of 2 live listings, 1 expired listing awaiting borrower acceptance, and 3 listings awaiting underwriter approval. With no listings awaiting verification prior to go live.
On this evidence, together with the lack of recent communiqués from YS commenting on strategic direction, I stand by my opinion that we are witnessing a "soft closing" of the platform.
After the recent demise of Quakle there is understandable concern surrounding the fate of YES-secure after lenders started posting that they had experienced higher than expected bad debts so early on in the loan.
P2P Money has attempted to contact YES-secure to ask about bad debts, and we are still awaiting a response. We hope the situation can be resolved quickly and we await a positive response from YES-secure.