ChipX Safety Net

Is there plans for a type of safety net for ChipX lenders? Ratesetter have the provision fund so would be good to know if there will be something similar for ChipX.

Or is the intention to have better returns with more risk?

Also, when do you expect to have full FCSC protection?

Hi @Trevt, I haven’t personally heard if that’s something we’re looking into, but @chip-shiv & @PaulChip will be the ones in the know!

They’ll also have a clearer idea for the FSCS protected accounts, but currently there’s no firm release date.

Would also be interesting to know what the planned borrower profile will be. There’s a lot of focus on the P2P market right now. A number have failed in recent times & there will no doubt be more. Only those with robust controls will survive. FSCS cover is unlikely in the short term. Might be a good idea to let chip-shiv and PaulChip see these posts & reply here.

Good question. Also see my further reply below.

Currently, we’ve been very cautious with who we’ve invited to borrow through ChipX, for the reasons you state. For example, only users who we can see are in their overdraft, and in an overdraft that’s considerably more expensive than they would be paying for the ChipX amount, and who have passed a full credit check.

Of course, @chip-shiv may be able to give you some more details!