agent69
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Post by agent69 on Jan 31, 2018 19:26:00 GMT
I've been in and out of many P2P platforms, and never had any issues in withdrawing funds. I've just made my first request to take money out of FS, and it looks like they don't want to part with my funds (all I have asked is to repay funds to the bank account that original funds were supplied from).
I received an email today saying
Dear Agent 69,
As part of our obligation as a financial company, FundingSecure conducts anti-money laundering checks (NOT credit checks) against all investors that join our platform, to ensure we meet the regulations set-out by the FCA. These checks are made when investors meet certain criteria.
We use a third party provider, Equifax, to verify the bank details of our investors. Occasionally, due to lack of data held by them, we are unable to validate these details. This has unfortunately happened with your account.
Therefore, please forward a copy of a document that links you to your bank account, such as a copy of a bank statement, debit card or cancelled cheque
Does anyone know why FS require this information, when other platforms apparently don't. Do money laundering checks apply if I am taking money out of my account? I am particularly put off by the fact that Equifax are involved, having just received a letter from them saying that they were hacked in May 2017 and they have lost some of my personal information?
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Post by beepbeepimajeep on Jan 31, 2018 19:31:28 GMT
This is completely normal and standard for any institution you transact financially with.
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poppyland
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Post by poppyland on Jan 31, 2018 19:57:24 GMT
I had a similar thing recently with my son's bank account. It seems weird that FS would make a fuss about returning money to the account used to pay in the money in the first place. Also, if it's a requirement to verify things, why don't all the platforms have the same procedure? Still, once you've sent in a scan of the bank statement it should all be fine - sometimes it's best to just jump through the hoops as asked.
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stevio
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Post by stevio on Jan 31, 2018 21:50:27 GMT
I've been in and out of many P2P platforms, and never had any issues in withdrawing funds. I've just made my first request to take money out of FS, and it looks like they don't want to part with my funds (all I have asked is to repay funds to the bank account that original funds were supplied from). I received an email today saying Dear Agent 69,
As part of our obligation as a financial company, FundingSecure conducts anti-money laundering checks (NOT credit checks) against all investors that join our platform, to ensure we meet the regulations set-out by the FCA. These checks are made when investors meet certain criteria.
We use a third party provider, Equifax, to verify the bank details of our investors. Occasionally, due to lack of data held by them, we are unable to validate these details. This has unfortunately happened with your account.
Therefore, please forward a copy of a document that links you to your bank account, such as a copy of a bank statement, debit card or cancelled cheque
Does anyone know why FS require this information, when other platforms apparently don't. Do money laundering checks apply if I am taking money out of my account? I am particularly put off by the fact that Equifax are involved, having just received a letter from them saying that they were hacked in May 2017 and they have lost some of my personal information? Normal practice, but implemented differently by platforms
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 31, 2018 22:37:14 GMT
If you were sending a very large payment then it could have been the bank demanding to know you were checked under aml.
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rogerthat
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Post by rogerthat on Feb 2, 2018 15:40:37 GMT
Don't want to do this subject to death but can someone advise how long it takes to withdraw some funds (selling any loans is not required)..a few K ..?..I have some double glazing to pay for by the end of February..FS have had bank details etc for ages so I'm not expecting previous tales on the thread to re-occur. The D Debit mandate is already set up in preparation on my B Acc. But to avoid falling into a repayment plan I will be looking to pay it by 24 or 25th Feb...thanks
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james21
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Post by james21 on Feb 2, 2018 16:20:42 GMT
Don't want to do this subject to death but can someone advise how long it takes to withdraw some funds (selling any loans is not required)..a few K ..?..I have some double glazing to pay for by the end of February..FS have had bank details etc for ages so I'm not expecting previous tales on the thread to re-occur. The D Debit mandate is already set up in preparation on my B Acc. But to avoid falling into a repayment plan I will be looking to pay it by 24 or 25th Feb...thanks I have made half a dozen withdrawals this year (as am reducing on FS and because of a dire lack of good new loans) all were back in my account same day
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Post by brummiefred on Feb 2, 2018 16:27:30 GMT
Yes agree, yesterday's withdrawal was in my bank within hours.
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r1200gs
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Post by r1200gs on Feb 2, 2018 16:28:48 GMT
Don't want to do this subject to death but can someone advise how long it takes to withdraw some funds (selling any loans is not required)..a few K ..?..I have some double glazing to pay for by the end of February..FS have had bank details etc for ages so I'm not expecting previous tales on the thread to re-occur. The D Debit mandate is already set up in preparation on my B Acc. But to avoid falling into a repayment plan I will be looking to pay it by 24 or 25th Feb...thanks Next day for me.
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rogerthat
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Post by rogerthat on Feb 2, 2018 16:35:23 GMT
Ah..no need to panic then..thanks
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 3, 2018 1:42:34 GMT
Don't want to do this subject to death but can someone advise how long it takes to withdraw some funds (selling any loans is not required)..a few K ..?..I have some double glazing to pay for by the end of February..FS have had bank details etc for ages so I'm not expecting previous tales on the thread to re-occur. The D Debit mandate is already set up in preparation on my B Acc. But to avoid falling into a repayment plan I will be looking to pay it by 24 or 25th Feb...thanks I have made half a dozen withdrawals this year (as am reducing on FS and because of a dire lack of good new loans) all were back in my account same day Leave your money where it is get Tesco loan at 3.3% to pay for DG and draw-down monthly to pay loan. £10000 pays £100 at least a month in interest. Loan £200 a month over 60 months so by end of 60 months your capital will have dropped £6000 and you would have paid off the Tesco loan  ie £4000 better off your way windows at £10000 cost you £18000 ie. Capital and lost interest compounded on 12%
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 3, 2018 2:08:23 GMT
Sorry 2am bit groggy actual figures are for £10000 at 12% taking out £200 a month
Year Year Withdraw Year Interest Total Withdraw Total Interest Balance
1 (£2,400.00) £1,106.38 (£2,400.00) £1,106.38 £8,706.38
2 (£2,400.00) £942.32 (£4,800.00) £2,048.71 £7,248.71
3 (£2,400.00) £757.45 (£7,200.00) £2,806.16 £5,606.16
4 (£2,400.00) £549.14 (£9,600.00) £3,355.29 £3,755.29
5 ( £2,400.00) £314.40 (£12,000.00) £3,669.69 £1,669.69 (left)
I have £100K mortgage costs £114 a month if I paid it off I would be £114 a month better off.
The 100K over 7 years after paying monthly interest would be worth £231,559 (13% compounded)
If I'd paid mortgage of and saved £112 I would have £15660 .
That"s why Einstein said "Compound Interest is the eighth wonder of the world "
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rogerthat
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Post by rogerthat on Feb 3, 2018 11:08:57 GMT
Sorry 2am bit groggy actual figures are for £10000 at 12% taking out £200 a month Year Year Withdraw Year Interest Total Withdraw Total Interest Balance 1 (£2,400.00) £1,106.38 (£2,400.00) £1,106.38 £8,706.38 2 (£2,400.00) £942.32 (£4,800.00) £2,048.71 £7,248.71 3 (£2,400.00) £757.45 (£7,200.00) £2,806.16 £5,606.16 4 (£2,400.00) £549.14 (£9,600.00) £3,355.29 £3,755.29 5 ( £2,400.00) £314.40 (£12,000.00) £3,669.69 £1,669.69 (left) I have £100K mortgage costs £114 a month if I paid it off I would be £114 a month better off. The 100K over 7 years after paying monthly interest would be worth £231,559 (13% compounded) If I'd paid mortgage of and saved £112 I would have £15660 . That"s why Einstein said "Compound Interest is the eighth wonder of the world " Interesting....all windows and 2 quality exterior doors actually cost £5000 (Xmas sale 2016/7 fitted end Feb 17) I paid £100 deposit on a 1yr buy/fit now pay 12 months later so I have to pay £4900 + £70 early settlement fee before end Feb 18 to avoid going into instalment plan...in other words nearly as good as interest free. That £5K if invested (currently its not but in the FS kitty) earning say 10% average means £500 interest less tax @ 20% = £400...say over two years £800 [ my IFISA is currently full though £3K might be up for renewal fairly soon..£5K in that of course would be tax free..so potentially £1K interest (nett) in an ideal world] Another point to bear in mind is that to all intents and purposes I will have already had 1 yrs interest free credit (bar the £70) if that's the way I go Just checked Tesco loans and £5000 borrowed over 24month / 2 yrs..total cost £5181.36 (3.5% APR) monthly repayment £215.89..so the difference is < £600 Certainly food for thought..have to say though I'm generally anti credit orientated..no mortgage and no credit cards either Thanks for your suggestion...I will give it some serious thought
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 3, 2018 16:40:13 GMT
Hi we are taught don't get debt but as with my mortgage £114 a month £100000 at 1.25% Money £100000 currently getting 18% Tax free . I pay £114 from other sources Year Year Interest Total Interest Balance 1 £19,561.82 £19,561.82 £119,561.82 2 £23,388.46 £42,950.28 £142,950.28 3 £27,963.67 £70,913.95 £170,913.95 4 £33,433.88 £104,347.83 £204,347.83 5 £39,974.15 £144,321.98 £244,321.98 So as you see I am £244,321 in 5 years ( better off as money is in FISA) for doing nothing but investing wisely I'm retired (did so in my 50's) But if you are working put your earnings (up yo you salary less current pension contributions max £40000 PA) into a SIPP and good old HMRC add 20%. 10 years £597000 save extra £200 a month and 10 years is £664000 (your outlay £338000) If you so wish pay of £100000 mortgage you are left with £564000 This at mere 12% pays you £5640 a month TAX free for just investing £314 a month if you can get the £100000 from savings pension lump sum . The moral is don't use your cash if you can get at least 4 times by borrowing it. |
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Post by portlandbill on Feb 4, 2018 9:32:24 GMT
No risk with p2p then?
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ie £4000 better off 