Hi, please could you have £4,500 removed from my CHIP X account and into my CHIP Savings account, as I don’t see why I should be taking a heavy financial loss in terms of interest out of an altruistic concern for CHIP. As of 17/07/19 I have “Deployed funds: £39.47” only and “Queued funds: £4,960.54”. I look forward to hearing from you, With Kind regards
I’m afraid this isn’t something we can do over the forum due to account security. Can you please email email@example.com ? Thanks!
How interesting that I have exactly the same amount in deployed funds…
I do t think it’s surprising though. I don’t know the inner mechanics of ChipX but my understanding was that the community would provide micro-loans.
So I guess the system loans out a total amount and spreads that evenly across people that were willing to loan - in this instance that resulted in everyone contributing £39.47. In doing so, it spreads the risk in case of a default.
I am somewhat guessing here though.
That was my understanding also
Yep, that’s correct! It minimises risk to the lenders by spreading out your funding over a number of different borrowers.
Hopefully this is more than one loan!
Chip X is not fully up and running, you are a group of test debtors & creditors.
On the investment round in November, Chip said Chip X will launch on 8th January 2019. It is now nearly 8 months later and very little updates to why such a delay or the reasons for it. I think investors deserve the truth.
It was launched with a test group.
We have an update on Chip X available here:
While it didn’t launch on the 8th January, it has been running as a limited trial, very successfully.
hi Sarah, still waiting to hear about subscription charges