optimist
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Post by optimist on Apr 7, 2021 22:56:10 GMT
I wouldn't say it's the worst. It could easily be the best on paper. In terms of default rates "reported", FO has made massive improvement from 27.4% in 2018 to 2.3% in 2020 for "short term" loans. Amazingly, new loans "issued" in 2021 has already exceeded 2.9 Mil in less than 3 months. I wish I know someone like Mr Waites from the FOS to put things right. To be fair, FOS took my case "very soon" before COVID and it was all resolved before the "flu". Maybe worth a second look when someone shouts out the good news again. Absolutely the worst, though I've generlly been lucky so out of a good bunch..
I am amazed that it can be legal to have terms and conditions that say that when a customer requests a withdrawal, the company keeps their money, keeps it invested and simply stops paying interest to the customer. What a scam! I would be delighted to get my original investment out without interest just to never have to deal with them again. In the past year of not paying their customers, they have lent out millions instead of paying us back, nor have they restarted the secondary market in that time and instead, just kept this free money. Maybe it's about to change but, generally, shame on you Fund Ourselves
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benaj
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Post by benaj on Apr 8, 2021 11:54:21 GMT
I hope it won’t be “ too long” for anyone to get all their money back.
Just wanted to say I have experienced far worse with other platforms, some I haven’t seen the money for almost 3 years for reasons like gone into administration, platforms vanished in thin air without administrators, turned into unregulated investment.
🤞🍀
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optimist
Member of DD Central
Posts: 122
Likes: 72
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Post by optimist on Apr 9, 2021 0:37:07 GMT
If they'd gone into administration, I might have some sympathy for them, because it is probably not intentional.
When I queried missing money, they told me everything was fine, but the maths never added up.
I asked to withdraw my money, but they didn't open the secondary market when promised. They kept my money invested, paid me nothing and got rich off it.
In my book, that puts them in a different league from an incompetent company that stuffed up and went bust.
These guys are FCA regulated and somehow managed to get that one past the FCA, and the ombudsman is asleep.
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