jnm21
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Post by jnm21 on Apr 22, 2018 20:54:01 GMT
Sorry kaya, I'm with r00lish67 & Ace - yes the comms was a disaster, but it was salt on an already difficult to swallow pill - the change has for me (& many others here it seems) killed the USP & means I am looking for another platform (urgently because I have my largest investment maturing) - this is the second platform I have left because of PF issues, both due to structural changes & woeful comms. It is sad to see kuflink scuttle the ship (for me anyway) just after the gains (& costs) of the excellent referral offer (which caused me to join a few months earlier than planned). I cannot see how they can do an about face, I doubt that they will want to, but hey if it worked for Hammond!
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bugs4me
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Post by bugs4me on Apr 22, 2018 21:44:49 GMT
Sorry kaya , I'm with r00lish67 & Ace - yes the comms was a disaster, but it was salt on an already difficult to swallow pill - the change has for me (& many others here it seems) killed the USP & means I am looking for another platform (urgently because I have my largest investment maturing) - this is the second platform I have left because of PF issues, both due to structural changes & woeful comms. It is sad to see kuflink scuttle the ship (for me anyway) just after the gains (& costs) of the excellent referral offer (which caused me to join a few months earlier than planned). I cannot see how they can do an about face, I doubt that they will want to, but hey if it worked for Hammond! I cannot see them reversing this decision. It's been made for whatever reason - just maybe they couldn't sustain the 20% first loss investment but that's pure speculation on my part. Only KF really know the answer and their not answering anything ATM. They've given up trying to defend their generous offer.
IIRC reading elsewhere, hasn't the CEO just been replaced by the head of their Sales and Marketing Department or am I confused with another platform?
Like others, they are now just a 'run of the mill' P2P company with lower than generally acceptable interest rates for the risk, not particularly good loan presentation, etc. They offer a partial PF - not sure how that works although I'm also confused how it works on other platforms but at least it's meant to be 100% of investor loss at some stage. No SM and confirmed no intention to offer one in the future.
Maybe if they had been able to keep the 20% in place until they had matured then maybe, just maybe, the removal of the 20% would have been more acceptable to investors once they had built up a track record.
Same boat as yourself jnm21 - looking for other areas but as I'm in withdrawal mode from more than one platform then my smallish 4 figures in KF won't bother me.
At this stage think KF will just be another smallish P2P platform - there are plenty of them. And there was me thinking they were onto something - silly me!!!
KF is not my company, I'm not a shareholder so what they do is entirely up to them. It is my hard earned cash though and where that goes in the future is entirely up to me.
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invester
P2P Blogger
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Post by invester on Apr 23, 2018 8:55:27 GMT
Wasn't it Property Partner whos CEO changed?
Anyway, the radio silence is a good thing IMO. They've probably realised by now they have dropped a testicle somewhere.
The changes needed on the website are ambiguous enough to allow them to revert back to the standard model without too much hoo-hah. Surely they must realise that at this early stage going against the wishes of a group of customers is not a good thing.
Wonder if this will effect the payment of incentives? I deposited on the 6th, but had no bonus money. Aware that it should be due this week but assuming that 1,000 new members have been acquired that is £200,000 to be paid - that could have funded quite a few loans.
If the incentive money goes in as cash and everyone withdraws it that is a worry for me, as we saw from Coll these platforms don't tend to have massive cash balances.
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puddleduck
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Post by puddleduck on Apr 23, 2018 10:23:35 GMT
WWonder if this will effect the payment of incentives? I deposited on the 6th, but had no bonus money. Aware that it should be due this week but assuming that 1,000 new members have been acquired that is £200,000 to be paid I suspect that Kuflink decided to offer the ridiculously generous referral scheme using money they would have otherwise fronted up as part of their 20% stakes. I would assume the idea is to attract more investors to fill out the extra 20% that has suddenly become available, so I'm guessing this was all hatched prior to the referral drive. When you deposited on the 6th, did you put in into any of the self-select 'reserve' loans - as they won't draw down for a while. I had £100 paid to me today for a referral I did, they do seem to be paying, and I don't expect them to suddenly stop.
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kaya
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Post by kaya on Apr 23, 2018 12:25:21 GMT
Sorry kaya , I'm with r00lish67 & Ace - yes the comms was a disaster, but it was salt on an already difficult to swallow pill - the change has for me (& many others here it seems) killed the USP & means I am looking for another platform (urgently because I have my largest investment maturing) - this is the second platform I have left because of PF issues, both due to structural changes & woeful comms. It is sad to see kuflink scuttle the ship (for me anyway) just after the gains (& costs) of the excellent referral offer (which caused me to join a few months earlier than planned). I cannot see how they can do an about face, I doubt that they will want to, but hey if it worked for Hammond! Yeah well, maybe just trying to sweet-talk them a little . Really would like a SM so that I could maybe sell up a bit. As puddleduck says, the recent referral scheme really was ridiculously generous. Makes you wonder...
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jnm21
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Post by jnm21 on Apr 23, 2018 12:38:17 GMT
Unless they start offering 10%+ with this PF change, the SM & select invest ISA are irrelevant - I am out and I suspect many more feel the same! The SM would however show kuflink how folk feel - old skinned loans trading at/above par & new PF ones only shifting at a discount should speak volumes.
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r00lish67
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Post by r00lish67 on Apr 25, 2018 14:44:57 GMT
A sad day, it looks like the first of the new breed of KL loans has arrived. It's a 70% LTV loan against a leasehold flat above a shop, at 6.25% p.a. to investors. The old 20% first-loss stake wording has been removed, and not even a mention of their provision fund on first glance. I just hope I haven't missed my chance to dive in early and avail of the chance to earn zero interest for a few weeks followed by half the going rate of interest for this type of loan by writing this post.
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Post by ajf1985x on Apr 25, 2018 15:01:06 GMT
You mean the 91.5% LT90Day doesn’t swing it for you... you can invest 20% more now
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r00lish67
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Post by r00lish67 on Apr 25, 2018 15:12:39 GMT
You mean the 91.5% LT90Day doesn’t swing it for you... you can invest 20% more now Fortunately, I'm a TSB customer, so I can not only invest my money but somebody else's too. They won't believe how lucky they've been!
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Post by ajf1985x on Apr 25, 2018 15:33:25 GMT
A sad day, it looks like the first of the new breed of KL loans has arrived. It's a 70% LTV loan against a leasehold flat above a shop, at 6.25% p.a. to investors. The old 20% first-loss stake wording has been removed, and not even a mention of their provision fund on first glance. I just hope I haven't missed my chance to dive in early and avail of the chance to earn zero interest for a few weeks followed by half the going rate of interest for this type of loan by writing this post. It’s over 50% pre funded already!
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jnm21
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Post by jnm21 on Apr 25, 2018 21:35:15 GMT
kuflink usually tout their loans on here - I wonder have they fallen out with us?
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bugs4me
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Post by bugs4me on Apr 25, 2018 22:05:26 GMT
kuflink usually tout their loans on here - I wonder have they fallen out with us? Probably. Seems most P2P platforms like to shout how great they are, brilliant credit committee, 100's of years of experience on the management team, etc, etc.
Then when they're challenged they go to ground. There remain a few unanswered questions which won't receive the courtesy of a reply. But that tends to be how P2P platforms operate. All high fives when they start and shout from the roof tops then when pertinent queries are raised they go silent. Is it just plain old fashioned arrogance or was the initial hype pure BS?
Still, provided my small four figure investment is safe with their 20% skin in the game then so be it.
They managed to fill the Margate property based on a 70% LTV which exceeded over a 90% LTV based on a 3 month sale. Little wonder then that the skin in the game has been removed with a PF of sorts that has never been conveniently fully explained.
So at this stage, all I will do is wave them goodbye (regarding future investments from myself) and wish them good luck.
It's at times like this that I appreciate the existence of the P2PIP - an area where you can call platforms to account, ask questions and see exactly what they're made of.
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Post by Ace on Apr 25, 2018 22:07:26 GMT
Well it's all gone now! Perhaps it's just sucking up the referral bonuses. What do we know? Edit: crossed with bugs4me.
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Post by hari on Apr 25, 2018 22:46:44 GMT
Hi all,
I am sorry that your concerns have not been answered in a clear fashion. The change is policy is something that lenders will have queries about and we as a team should be answering them for you.
I acknowledge all the feedback provided so far and rest assure I'll get answers by tomorrow AM. While I don't normally work within the investor relations team but as an active lender on other platforms and being passionate about P2P in general, these are all valid points raised.
Kind regards, Hari CTO Kuflink
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jnm21
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Post by jnm21 on Apr 26, 2018 4:59:17 GMT
Hi all, I am sorry that your concerns have not been answered in a clear fashion. The change is policy is something that lenders will have queries about and we as a team should be answering them for you. I acknowledge all the feedback provided so far and rest assure I'll get answers by tomorrow AM. While I don't normally work within the investor relations team but as an active lender on other platforms and being passionate about P2P in general, these are all valid points raised. Kind regards, Hari CTO Kuflink Thanks hari - particularly welcome & surprising in light of the recent reservation filling so quickly - perhaps the marketing of the 'non-change' went down better elsewhere. My main gripe, based on how seemingly indisputable it is (the PF distrust is more subjective, but firmly believed by most folk here, me included) is that previously the coverage was 25%, i.e. in a 100K loan, kuflink put down 20K, we put down 80K - 20:80 is 25%. Personally had you halved the skin to 10% I would have still invested (albeit drastically less), but as it stands, you are offering half market rate with no added value for me from a PF of sorts that has been terribly explained & at best sounds like a half (or 20%) hearted fair weather friend! Make the PF 100% 'coverage' and I still would rather have a 10% skin. I feel strongly that those arguing passionately that the coverage is the same were badly out of their depth at best! Perhaps safest that they went to ground. I need the 1 tranche skinned, future tranches not situation explained in black & white - if I don't like the answer (i.e. if it was mis-sold) I want my money out! With me that is the smallest amount, but you need to be aware that others may be in the same boat for 4 or 5 figures! Thanks again hari for posting & I hope you can help. My intention above was to try & help summarise my position - with money at stake, passions run high!
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