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Post by Ace on Jan 21, 2020 22:46:59 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option where you can choose to have interest and completed loans added to your unallocated funds therefore able to be withdrawn or as now reinvested at a particular rate.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. Thanks for reporting back. Was there any discussion on why withdrawl requests from many months back are still stuck? I.e. Why the loans in withdrawn investments have not been sold to other investors?
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zlb
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Post by zlb on Jan 21, 2020 23:26:06 GMT
I had an email telling me loans had finally been "sold" - I think that some of the value should at least have come out of the pf. Anyone know how long FO are leaving unpaid repayments for, before being called defaults? And what about FO buying up loans? If they are really permitted to do that, then at what point is FO money applied?
I now don't know how to get my 6p unassigned deposit out.
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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 Jan 22, 2020 11:46:11 GMT
I had an email telling me loans had finally been "sold" - I think that some of the value should at least have come out of the pf. Anyone know how long FO are leaving unpaid repayments for, before being called defaults? And what about FO buying up loans? If they are really permitted to do that, then at what point is FO money applied? I now don't know how to get my 6p unassigned deposit out. To answer bothyou and Ace. I did ask about stuck loans and it appears that the criteria for sale are quite strict where a small extension or other factor holds up the process. I think that the PF should buy unsold parts after 30ish days. This would give the PF a boost in the long run as most of loans purchased this way would be unlikely to default and all interest would be retained. This could be done on a first com basis until PF was reduced to 100% so there is no impact on overall good operation of the platform. I can’t really see why all loans for sale are not just allocated to New Money on a first basis if PF is >100% as there is really no greater risk to the buyer. A restriction that the loan has >30 days to run and borrower up to date would be prudent restrictions.
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Post by Ace on Jan 22, 2020 17:07:45 GMT
I had an email telling me loans had finally been "sold" - I think that some of the value should at least have come out of the pf. Anyone know how long FO are leaving unpaid repayments for, before being called defaults? And what about FO buying up loans? If they are really permitted to do that, then at what point is FO money applied? I now don't know how to get my 6p unassigned deposit out. To answer bothyou and Ace. I did ask about stuck loans and it appears that the criteria for sale are quite strict where a small extension or other factor holds up the process. I think that the PF should buy unsold parts after 30ish days. This would give the PF a boost in the long run as most of loans purchased this way would be unlikely to default and all interest would be retained. This could be done on a first com basis until PF was reduced to 100% so there is no impact on overall good operation of the platform. I can’t really see why all loans for sale are not just allocated to New Money on a first basis if PF is >100% as there is really no greater risk to the buyer. A restriction that the loan has >30 days to run and borrower up to date would be prudent restrictions. Thanks. Since the vast majority of my stuck loans are to FO themselves it begs the question as to which criteria these loans contravene to prevent them from being sold. Perhaps FO's DD has improved to the point where they can identify themselves as a dodgy borrower!
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Ukmikk
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Post by Ukmikk on Jan 22, 2020 19:03:47 GMT
To answer bothyou and Ace. I did ask about stuck loans and it appears that the criteria for sale are quite strict where a small extension or other factor holds up the process. I think that the PF should buy unsold parts after 30ish days. This would give the PF a boost in the long run as most of loans purchased this way would be unlikely to default and all interest would be retained. This could be done on a first com basis until PF was reduced to 100% so there is no impact on overall good operation of the platform. I can’t really see why all loans for sale are not just allocated to New Money on a first basis if PF is >100% as there is really no greater risk to the buyer. A restriction that the loan has >30 days to run and borrower up to date would be prudent restrictions. Thanks. Since the vast majority of my stuck loans are to FO themselves it begs the question as to which criteria these loans contravene to prevent them from being sold. Perhaps FO's DD has improved to the point where they can identify themselves as a dodgy borrower! With the FO loans it's possible there are no lenders with this option switched on who don't already hold the same loans. ie. you need new blood to take them on, and new blood could be in short supply. Are they actually selling any short term loans now or has that all dried up?
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Post by Ace on Jan 22, 2020 20:19:39 GMT
Thanks. Since the vast majority of my stuck loans are to FO themselves it begs the question as to which criteria these loans contravene to prevent them from being sold. Perhaps FO's DD has improved to the point where they can identify themselves as a dodgy borrower! With the FO loans it's possible there are no lenders with this option switched on who don't already hold the same loans. ie. you need new blood to take them on, and new blood could be in short supply. Are they actually selling any short term loans now or has that all dried up? From a quick scan, only one of my remaining loans is a short term loan. It's due date is 18/9/2019! Surely it should have been purchased by the PF by now.
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Post by df on Jan 22, 2020 20:37:03 GMT
Received a reply to my recent e-mail asking to process my withdrawal. They apologising for delay and reassuring that they are currently working on the issue and expect to have a resolution by next week.
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Ukmikk
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Post by Ukmikk on Jan 23, 2020 9:40:51 GMT
With the FO loans it's possible there are no lenders with this option switched on who don't already hold the same loans. ie. you need new blood to take them on, and new blood could be in short supply. Are they actually selling any short term loans now or has that all dried up? From a quick scan, only one of my remaining loans is a short term loan. It's due date is 18/9/2019! Surely it should have been purchased by the PF by now. Apologies, I should have been clearer; With the FO *business* loans it's possible there are no lenders with this option switched on who don't already hold the same loans. ie. you need new blood to take them on, and new blood could be in short supply. Are they actually selling any *new* short term loans now or has that all dried up?
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Post by df on Jan 24, 2020 13:48:48 GMT
From a quick scan, only one of my remaining loans is a short term loan. It's due date is 18/9/2019! Surely it should have been purchased by the PF by now. Apologies, I should have been clearer; With the FO *business* loans it's possible there are no lenders with this option switched on who don't already hold the same loans. ie. you need new blood to take them on, and new blood could be in short supply. Are they actually selling any *new* short term loans now or has that all dried up? I have 3 loan parts recently (8-11 days ago) allocated to my very first investment (Dec 2017). I assume they are new short-term loans. All my investments are switched to short-term only.
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Post by tmn on Jan 25, 2020 14:13:35 GMT
Still waiting for my payment from the 30 Nov.
Just to be clear this is not loans waiting to be sold this is money sitting in my client cash account!
Still counting down the days before I can register the complaint with the FCA. What sort of powers do the FCA have?
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IFISAcava
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Post by IFISAcava on Jan 25, 2020 16:07:21 GMT
Same position - small free unassigned cash withdrawal requests (three from mid December onwards) not yet completed.
Huge red flag to me (see also - recent Euro P2P issues that started this way) - glad I only dipped a toe into the ISA.
Trying to dip my toe out again - but my ISA transfer request delayed like everyone else's due to unsold loans.
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Post by sayyestocress on Jan 25, 2020 18:40:07 GMT
Still waiting for my payment from the 30 Nov. Just to be clear this is not loans waiting to be sold this is money sitting in my client cash account! Still counting down the days before I can register the complaint with the FCA. What sort of powers do the FCA have? Isnt it the financial ombudsman that you complain to?
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Post by gravitykillz on Jan 25, 2020 20:50:50 GMT
Same position - small free unassigned cash withdrawal requests (three from mid December onwards) not yet completed. Huge red flag to me (see also - recent Euro P2P issues that started this way) - glad I only dipped a toe into the ISA. Trying to dip my toe out again - but my ISA transfer request delayed like everyone else's due to unsold loans. Was just reading about envestio. Sad to hear about those that were swindled.
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Post by tmn on Jan 30, 2020 20:35:10 GMT
Still waiting for my cash withdrawal from the 30 Nov. It has now been 8 weeks so I have reported them to the Financial Ombudsmen Service.
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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 Jan 30, 2020 21:24:37 GMT
Still waiting for my cash withdrawal from the 30 Nov. It has now been 8 weeks so I have reported them to the Financial Ombudsmen Service. Mine had been fine up till now. Just about 10 days. There is no possible excuse. I will wait one more day for reply to email then I'll join you in official complaint.
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