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Post by tmn on Jan 10, 2020 15:40:17 GMT
I think the reason for them holding onto the cash is not due to incompetence (although they might be incompetent too) it is more likely a cash-flow issue.
Also, I see that they have been invited to Austria to represent UK FinTechs at the end of the month. Well I bet they wouldn't of if the DTI had read this thread?
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Post by gravitykillz on Jan 10, 2020 16:51:05 GMT
Surely this should be an issue covered by the media ? I dont think you guys are complaining loud enough. There is not even a warning on Google reviews. Only complaints are via this thread. If the same thing happened on ratesetter it would probably be on sky news.
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Post by ianrother on Jan 10, 2020 17:31:12 GMT
What I can’t understand is if there are unused pool funds as per the stats page then how come no one seems to be buying loans on the secondary market - mine are at 12% and nothing has sold in nearly 3 months. Good earner for FO though as they don’t pay any interest to me so what’s their incentive to match buyers and sellers. Yet they make a big deal about there being a secondary market and being able to sell loans - something does not add up - investors being taken for a ride!
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michaelc
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Post by michaelc on Jan 11, 2020 18:32:03 GMT
Boy, am I glad I got out of this in time.
One thing I've learned (at a cost of nearly 20K across three now dead platforms) is not to trust anything at all including figures on the screen and explanations of how things work. The only company I would trust are those which come with FSCS protection such as banks and brokers. FSA regulation seems to mean almost nothing.
I hope I'm wrong and FO comes good.
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zlb
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Post by zlb on Jan 11, 2020 23:56:28 GMT
So they aren't paying out from the pf?
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Godanubis
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Post by Godanubis on Jan 12, 2020 10:16:50 GMT
So they aren't paying out from the pf? It’s not from defaults it is just the are not selling loans and you have to hold to end which can be years although they say the average term is about 4 months.
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Godanubis
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Post by Godanubis on Jan 12, 2020 10:31:46 GMT
I think the reason for them holding onto the cash is not due to incompetence (although they might be incompetent too) it is more likely a cash-flow issue. Also, I see that they have been invited to Austria to represent UK FinTechs at the end of the month. Well I bet they wouldn't of if the DTI had read this thread? I can’t see anything in T&C to say interest is not paid on pending withdrawals. As you can’t cancel a withdrawal request this would be an unfair contract as they would have an incentive to not sell your parts. You would never ask for a withdrawal if you knew you would have to wait to term in the meantime you got no interest. I have just emailed them to confirm interest is accruing and you cannot cancel a withdrawal request.
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Godanubis
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Post by Godanubis on Jan 12, 2020 10:38:24 GMT
So they aren't paying out from the pf? It’s not from defaults it is just they are not selling loans and you have to hold to end which can be years although they say the average term is about 4 months.
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Post by tmn on Jan 12, 2020 12:53:21 GMT
I think the reason for them holding onto the cash is not due to incompetence (although they might be incompetent too) it is more likely a cash-flow issue. Also, I see that they have been invited to Austria to represent UK FinTechs at the end of the month. Well I bet they wouldn't of if the DTI had read this thread? I can’t see anything in T&C to say interest is not paid on pending withdrawals. As you can’t cancel a withdrawal request this would be an unfair contract as they would have an incentive to not sell your parts. You would never ask for a withdrawal if you knew you would have to wait to term in the meantime you got no interest. I have just emailed them to confirm interest is accruing and you cannot cancel a withdrawal request. Correct, I think pending withdrawals should still accrue interest. They also recently made a change so that pooled funds will also earn up to 8%. You will be lucky to receive a reply from them.
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Post by df on Jan 12, 2020 21:31:52 GMT
I think the reason for them holding onto the cash is not due to incompetence (although they might be incompetent too) it is more likely a cash-flow issue. Also, I see that they have been invited to Austria to represent UK FinTechs at the end of the month. Well I bet they wouldn't of if the DTI had read this thread? I can’t see anything in T&C to say interest is not paid on pending withdrawals. As you can’t cancel a withdrawal request this would be an unfair contract as they would have an incentive to not sell your parts. You would never ask for a withdrawal if you knew you would have to wait to term in the meantime you got no interest. I have just emailed them to confirm interest is accruing and you cannot cancel a withdrawal request. It's in FAQ's: "Please note that you will become ineligible to earn interest after making the withdrawal request."
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Godanubis
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Post by Godanubis on Jan 13, 2020 4:39:47 GMT
I can’t see anything in T&C to say interest is not paid on pending withdrawals. As you can’t cancel a withdrawal request this would be an unfair contract as they would have an incentive to not sell your parts. You would never ask for a withdrawal if you knew you would have to wait to term in the meantime you got no interest. I have just emailed them to confirm interest is accruing and you cannot cancel a withdrawal request. It's in FAQ's: "Please note that you will become ineligible to earn interest after making the withdrawal request." I don’t see that in t&c . As you can’t cancel request that would be an unfair term as there is no control of your funds. Other platforms that don’t pay interest allow you to cancel withdrawal. If I don’t get reply I will raise official complaint. As a note now only 90p in pool for FISA account.
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Post by sayyestocress on Jan 13, 2020 8:28:33 GMT
It's in FAQ's: "Please note that you will become ineligible to earn interest after making the withdrawal request." I don’t see that in t&c . As you can’t cancel request that would be an unfair term as there is no control of your funds. Other platforms that don’t pay interest allow you to cancel withdrawal. If I don’t get reply I will raise official complaint. As a note now only 90p in pool for ISA account. Pretty sure you can cancel the withdrawal request. Iirc If you click the info button for the investment being withdrawn you have the option of cancelling the request
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Godanubis
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Post by Godanubis on Jan 13, 2020 8:37:57 GMT
I don’t see that in t&c . As you can’t cancel request that would be an unfair term as there is no control of your funds. Other platforms that don’t pay interest allow you to cancel withdrawal. If I don’t get reply I will raise official complaint. As a note now only 90p in pool for ISA account. Pretty sure you can cancel the withdrawal request. Iirc If you click the info button for the investment being withdrawn you have the option of cancelling the request That option is not available once submitted. I emaild them and the said I could not cancel request.
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Post by sayyestocress on Jan 13, 2020 8:50:44 GMT
There's a big green button on the right hand side of the investment being withdrawn (where it tells you how much is still lent out and how much is pooled) under investment portfolio in manage investments, no?
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Post by Ace on Jan 13, 2020 8:59:01 GMT
There's a big green button on the right hand side of the investment being withdrawn (where it tells you how much is still lent out and how much is pooled) under investment portfolio in manage investments, no? I've just checked again and found that the "Cancel Request"button is present for some investments but not for others. I can't determine what criteria is being used. It appears to be random.
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