benaj
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Post by benaj on Jan 13, 2020 9:42:21 GMT
Between Aug 19 - Sep 19, I received several partial withdrawals while after initiated withdraw requests. 80% of my investment were paid back to my bank within first week in July 19.
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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 Jan 13, 2020 18:53:59 GMT
FO have confirmed you don’t get interest and you can’t cancel request so there is no incentive for them to sell your loans as they will keep the interest.
I can’t find this in T&C if sales were in days rather than months that would be ok but several months interest is unacceptable and may constitute unfair contract.
I will be posting on truspilot etc to make this more prominent.
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Post by Ace on Jan 13, 2020 23:34:26 GMT
I've had a bit more time to check my investments and have found the likely criteria that determines whether or not a withdraw request can be cancelled. The investments that have not yet had a partial transfer-out can be cancelled. I think this is those that did not manage to sell any loans when the initial withdrawal request was made. I only have a sample of 6 loans that have not yet had their withdraw request complete, so can't be 100% sure, but my two invetments that didn't have a partial transfer out do have the "Cancel Request" button present; the other four don't. I realise that this is at odds with what Godanubis was told by FO, but it's not a massive surprise to me that FO don't understand their own platform. I haven't actually tried pressing the "Cancel Request" button as I've been waiting quite a few months for these withdrawals to complete, and I don't want to risk being sent to the back of any escape queue, so I can't comment on whether it actually works.
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Godanubis
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Post by Godanubis on Jan 14, 2020 11:47:14 GMT
I've had a bit more time to check my investments and have found the likely criteria that determines whether or not a withdraw request can be cancelled. The investments that have not yet had a partial transfer-out can be cancelled. I think this is those that did not manage to sell any loans when the initial withdrawal request was made. I only have a sample of 6 loans that have not yet had their withdraw request complete, so can't be 100% sure, but my two invetments that didn't have a partial transfer out do have the "Cancel Request" button present; the other four don't. I realise that this is at odds with what Godanubis was told by FO, but it's not a massive surprise to me that FO don't understand their own platform. I haven't actually tried pressing the "Cancel Request" button as I've been waiting quite a few months for these withdrawals to complete, and I don't want to risk being sent to the back of any escape queue, so I can't comment on whether it actually works. Yes I have all my live loans 20+ waiting some should have conclude last week. If they pay on time I expect the money this week if not I will have to wait for PF to buy them after default period. Max was 160 days and my withdrawal requests were made in 11th September 2019 so I should expect payment from them by mid February as loans were activated before September. We will see. Just an afterthought does anyone know how to stop reinvestment of completed loans so you can withdraw if required without actuall having to put in a withdrawal request. I have thought you could change to short term only with 5% rate and high diversity as this is unlikely to fill fast and give me time to put in a request to withdraw as funds would be pooled. I think you should have option to withdraw pooled funds without a full withdrawal of investment as these are unallocated this should be possible.
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benaj
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Post by benaj on Jan 14, 2020 13:35:03 GMT
Just an afterthought does anyone know how to stop reinvestment of completed loans so you can withdraw if required without actuall having to put in a withdrawal request. IIRC, 1. PF bonus payment is paid out to Investment balance for "withdrawal" to the bank or transfer to "investment". 2. Repayment from completed loans stay within "investment" and awaiting to be matched according to rates set in the settings. According to the FAQ, fundourselves.com/faq.html
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zlb
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Post by zlb on Jan 14, 2020 15:00:24 GMT
Just an afterthought does anyone know how to stop reinvestment of completed loans so you can withdraw if required without actuall having to put in a withdrawal request. IIRC, 1. PF bonus payment is paid out to Investment balance for "withdrawal" to the bank or transfer to "investment". 2. Repayment from completed loans stay within "investment" and awaiting to be matched according to rates set in the settings. According to the FAQ, fundourselves.com/faq.htmlthat withdrawal request mechanism you've quoted, doesn't work then. Or that's how it appears, but don't they have a caveat somewhere about 'only if funds available'?
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benaj
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Post by benaj on Jan 14, 2020 15:11:22 GMT
IIRC, 1. PF bonus payment is paid out to Investment balance for "withdrawal" to the bank or transfer to "investment". 2. Repayment from completed loans stay within "investment" and awaiting to be matched according to rates set in the settings. According to the FAQ, fundourselves.com/faq.htmlthat withdrawal request mechanism you've quoted, doesn't work then. Or that's how it appears, but don't they have a caveat somewhere about 'only if funds available'? In the past, once the withdrawal / partial withdrawal appears on the "Transaction History" fundourselves.com/transactions.htmlThe money will appear in the bank once the "confirmed" status is "checked / ticked". May be it's better contact them to "press the button"
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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 Jan 14, 2020 20:52:52 GMT
Bacically they hold your money until you want to withdraw it without interest. the only way is to put individual small allocations as they don't appear to be in any hurry to sell your loans while they make excess interest.
Sadly I believed them to be a good choice but these factors mean i will be withdrawing all funds ASAP
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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 Jan 14, 2020 21:39:28 GMT
Does anyone know a quick way to find out when a loan is due for repayment all mine seem to be 5 years in loan agreements. is the no of days the term from start date ?
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Post by tmn on Jan 14, 2020 22:01:05 GMT
I'm still waiting for my cash withdrawals from the 30 Nov.
My 8 weeks FCA notice will soon be up so will be raising this and the other matters raised above?
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benaj
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Post by benaj on Jan 14, 2020 22:31:37 GMT
Does anyone know a quick way to find out when a loan is due for repayment all mine seem to be 5 years in loan agreements. is the no of days the term from start date ?
In the loan agreement of each loan, 3. key loan terms show the agreed loan duration. A lot of loans on this platform are completed before the end of term or after the due date. fundourselves.com/loansummary.htmlThe analytics tool can list the estimated due dates of all the loans (including those without interest earnings) .
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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 Jan 14, 2020 23:06:05 GMT
Does anyone know a quick way to find out when a loan is due for repayment all mine seem to be 5 years in loan agreements. is the no of days the term from start date ?
In the loan agreement of each loan, 3. key loan terms show the agreed loan duration. A lot of loans on this platform are completed before the end of term or after the due date. fundourselves.com/loansummary.htmlThe analytics tool can list the estimated due dates of all the loans (including those without interest earnings) . Thanks i was looking there take one example
I sort it by due dates but can't see actual date and loan agreement is short term with Loan Term – 1827 days
A simple list with live loans showing amount and expected end date would be useful as far as I see they can have your dosh for 5 years ( with borrower paying 22%) and you get nothing if you request withdrawal and they dont sell part
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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 Jan 16, 2020 19:19:09 GMT
I had email yesterday from FO wanting to call TO DISCUSS but did not see it untill this evening. I've given them a time to call tomorrow so we will see.
in meantime I have scored T&C and can only find this
15.3. The sale price for loan parts will be the outstanding principal amount, less any relocation costs and plus any interest accrued during the month. The accrued interest will be updated automatically at the end of each day.
15.4. If you sell loan parts, the sale proceeds will be transferred to your personal investor account from the buying investor's personal account after deduction of our loan part sale fee.
From this interest IS accrued !!!!!
I assume requesting a withdrawal is a request to sell then withdraw. THERE ID NO MENTION OF NO INTREST IF WITHDRAWAL REQUESTED>
There is no mention anywhere of what SALE FEE IS.
To summerise you get no interest for months then they charge you for selling !!!!
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benaj
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Post by benaj on Jan 16, 2020 22:00:01 GMT
About 11 months ago, there was a discussion how to run down investment to minimise the loss of accrued interest. p2pindependentforum.com/thread/14322/ideas-run-investmentI suppose if we can go back in time, those who had many “invesments” could run down the account more efficiently, but the main draw back of having more investments could suffer cash drag due to the “age” of investment, older investment was top of the pack to acquire juicy return while the younger ones may not get enough loans around pay day.
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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 Jan 21, 2020 22:08:05 GMT
Update. After a call from FO as promised and a long conversation around withdrawals needing clarity. I am happy to say things were resolved satisfactorily at the moment.
The improvements on going to the platform are a positive sign. Interest on pooled funds is a good start in maintaining investor interest and effectively eliminating lag time.
Interest on withdrawal requests should follow as a mater of urgency.
Now an easy fix should be an option where you can choose to have interest and completed loans added to your unallocated funds therefore able to be withdrawn or as now reinvested at a particular rate. This would make ISA fund transfer easier each year. This would also make the platform more attractive to those that would like a regular income.
I have been informed that exciting new things are coming I look forward to these. At the moment I will keep a reasonable investment with FO as returns are reasonable.
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