rebuildingsociety.com Reviews 

Rebuilding Society offer the opportunity to invest in new or growing businesses. Historically some loans have been made to some very 'dodgy' businesses, and fraud has probably occurred. The bad debt rate is very high. It is investors who have paid the price for this, as recoveries have been virtually non-existent. Other loans have performed well, earning investors up to 20% returns. Recently, information presented on new loans has improved, and by investing here a decent return can be earned, perhaps around 10 to 15% if you avoid too many defaulted loans. This is not a place for the inexperienced investor however, invest with caution.

Having read my original post I apoligise for the tone and have edited my views rather than removing it as politely requested by the platforms controller/ owner.

I find the customer service on this site to have often been inadequate in tone, content and timeliness.

Statistics by the platform give late loans that are beyond 6 months past due of more than £2 million and rising. The statistics data cannot be cross referenced to loans thus one cannot analyse reasons why.

Bad debt definition on platform has been defined as written off and irrecoverable. No definition is given for p2p in general so an interpretation has been made until the regulator makes a ruling. I am sure this is repeated on other platforms.

In a public place there is a statement, at the time of this edit 09:30 22.05.17 about the ability to pay 5% of defaulted value to get to the front of the queue for payments.
In a series unwanted intrusive phone calls on 17th May 2017 the founder stated that it had only been available for a time at the start of the platforms life. He stated in a public place comments contrary to these comments for some reason.

FCA and HMRC IFISA approval has been granted after a period of hard work by platform staff.

The trust behind these acronyms will likely continue to encourage new investors to chase the highest rates. These will probably exhibit the highest future losses.

I too have sold out all except the untradeable, in recovery loans.

A further question in general applicable is what are the run down mechanisms that are in place if a platform runs into trouble anywhere on p2p?

On some platforms, we have the same ownership or management of the original platform that made the decisions on the main site, in charge of and, possibly deriving income from the potential rundown. That scenario seems odd and in need of review for overall p2p.

Potential investors, please read everything, including the prominent platform warnings, and if you are still uncertain then ask questions. Ask the platform, ask the borrower, ask the p2p independent forum for answers. If the answer from platform/ borrower is incomplete or its to a different question then seek clarrification. When trading on the secondary market please be aware the data, other than updates, have probably been there since the loan went live.

If loans are up at enormous discounts and they have been there for a while there is a reason.

Use primary market data to invest. Do YOUR OWN DUE DILLIGENCE as the site does not warranty its statements and assertions. If you do not know how then please learn before investing. The owner made a statement in public in late 2016, recently retweeted by them, where he agreed that Rebuilding Society was for experienced investors.

The use of trade association accreditation means little. The associations seem to have little joined up agreement between them over what their members should comply with in the interests of lenders and borrowers.

I once had lots of hope for this site. I once trusted its owner and founder. Sadly, It has all gone. I hope Rebuilding Society can achieve what the owner has recently publicly stated by the end of the summer. This will restore confidence in the platform.

I had high hopes for the platform and took them at face value. "Why we are safe to lend..." "why you can trust...." were statements on the site that have now been removed.

I wish everyone that has the good quality loans good fortune. I hope the recoveries team can continue their difficult work with increasing effectiveness in the best way they can to the benefit of the lenders.

I have been forced to remove the name of the platform head as this breaches trustpilot rules.

I was "politely asked to change my review to 3 stars" by said person.

Says it all really.

Updated.
I have again 21/9/23 been asked to review my statements above and give information about recoveries.

I have no current experience of the platform having been offered money to repay what had been put in.
Having neither accepted nor requested the sum the money was deposited into my account.
This was extracted and paid to a local charity as I do not accept hush money.

I have had updates on outstanding loans, and ones where recovery has been stopped, but have had no recent experience of the platform.

There may be a balance of recoveries but the platform can place it to their local Citizens Advice.

I am sure that recent users would be able to say how the platform is working under its changes and give a more up to date understanding of the investment risks currently being experienced.

As a lender I have found this company has a really simple platform to view all of my investments. So far so good!

Recovery of capital after default is pathetic: 13% recovered - that is an 87% loss - on the latest debacle. Plus, the amount of communication from ReBS to lenders is minimal, to say the least.

If a loan goes into default, it is a struggle to discover any information about what is happening. Promised loan updates never appear, and it is very difficult to even find them when they do, as defaulted loans are removed from your list of investments, oddly. That leaves no way to navigate to them (except through the past statements page). It is as though they have forgotten that you provided the money for the loan in the first place.

Meanwhile, I have withdrawn all investment though them - apart from four defaulted loans, for which I wait months for updates.

ReBS: it is our money you are playing with - get your act in gear!

We're delighted to have chosen Rebuildingsociety.com to assist with providing our business with growth funding. The initial application process wasn't as onourous as you would expect with some of the traditional High Street lenders.

Once approved, the loan was listed on the funding platform, which invited potential lenders / investors to comment and ask questions to determine whether they wanted to get involved with providing funds.

We've not seen this level of interaction before, but this approach is entirely refreshing as it means that potential lenders are taking a real interest in the business and its ideas for growth. The benefit to the business is that we now have an audience of potential business advocates and perhaps a new customer base who have a genuine desire in helping our business grow.

We would certainly recommend Rebuildingsociety.com to our business associates as a truly viable way of raising business finance.

Fast and efficient service but required a debenture

We were looking for funding and were recommended to Rebuildingsociety.com by Genie Lending.

What I found refreshing was that funders could buy in £10 units as opposed to £000 or £0000's and therefore the offer was open to a larger pool of funders.

I found the whole process very simple and the team at Rebuildingsociety were and have extremely easy to deal with and are available to answer any question.

I would recommend Rebuildingsociety.com to any business looking for crowd funding.

As said in the title