michaelc
Member of DD Central
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Post by michaelc on Feb 1, 2020 17:35:15 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. Just to be clear, you have cash in your account that is not allocated to any loans and you can't withdraw it ? I'm almost tempted to deposit a token £5 and withdraw it. As for the FO I would be happy to see more resources going their way. I mean I think its almost acceptable for the energy ombudsman for example to take many months to sort out issues but some of these issues like not being able to withdraw cash are straightforward but of potentially huge consequence for the person involved. Why not fast track such issues ? I wish you the best of luck and hope you're able to post your progress as it is made....
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11025
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Post by 11025 on Feb 3, 2020 10:01:04 GMT
I tried to withdraw some funds at the start of January , has anyone else tried to call them on 0800 368 9553 ?
Not very impressive , a recorded message saying please email.
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Post by df on Feb 3, 2020 14:04:26 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. Update: it's 12 days now since they replied and no progress was made. I've sent another e-mail. Automated response said that they'll reply within 10 days. Don't know what to think? Either their system is completely broken or they've spent client money on something else??? The last withdrawal hit my bank account was on 8th Dec 2019.
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IFISAcava
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Post by IFISAcava on Feb 3, 2020 14:27:16 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. Update: it's 12 days now since they replied and no progress was made. I've sent another e-mail. Automated response said that they'll reply within 10 days. Don't know what to think? Either their system is completely broken or they've spent client money on something else??? The last withdrawal hit my bank account was on 8th Dec 2019. Red flags turning deeper red
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markyg61
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Post by markyg61 on Feb 3, 2020 15:49:02 GMT
It doesn't bode well from what I'm reading here.
I hope you guys get back what's rightfully yours !
So glad I withdrew everything last September.
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Post by df on Feb 3, 2020 17:25:37 GMT
Update: it's 12 days now since they replied and no progress was made. I've sent another e-mail. Automated response said that they'll reply within 10 days. Don't know what to think? Either their system is completely broken or they've spent client money on something else??? The last withdrawal hit my bank account was on 8th Dec 2019. Red flags turning deeper red I wonder how long until we'll have to move this sub-board to a recently created one? I'm sure a number of investors have already flagged this up and eventually FCA will have no choice but to step in. I guess it will be a slightly different ball game from COL/LY/FS - it's the first one that fails to transfer clients' money.
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benaj
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Post by benaj on Feb 3, 2020 17:38:50 GMT
Red flags turning deeper red I wonder how long until we'll have to move this sub-board to a recently created one? I'm sure a number of investors have already flagged this up and eventually FCA will have no choice but to step in. I guess it will be a slightly different ball game from COL/LY/FS - it's the first one that fails to transfer clients' money. Has anyone tried contacting FO's Resolution Compliance Officer? Details are on the The Financial Services Register
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IFISAcava
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Post by IFISAcava on Feb 3, 2020 17:48:54 GMT
It doesn't bode well from what I'm reading here.
I hope you guys get back what's rightfully yours !
So glad I withdrew everything last September.
yeah - i dipped a toe in essentially for platform diversification. At just the wrong time! Been trying to get out for two months, so looking bad. Worst case though is that I'll lose maybe 0.25% of my total P2P capital here. I am beginning to think there is only handful of platforms I really trust and want to be invested in looking forwards. Overdiversification may actually have exposed me to a higher chance of being exposed to a duff platform.
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squid
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Post by squid on Feb 3, 2020 17:49:50 GMT
Not a penny more of my money will be heading to this platform. Emails rarely returned, telephone calls not returned. It seems the P2P slope is often a slippery one, unfortunately.
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Post by df on Feb 3, 2020 18:33:42 GMT
It doesn't bode well from what I'm reading here.
I hope you guys get back what's rightfully yours !
So glad I withdrew everything last September.
yeah - i dipped a toe in essentially for platform diversification. At just the wrong time! Been trying to get out for two months, so looking bad. Worst case though is that I'll lose maybe 0.25% of my total P2P capital here. I am beginning to think there is only handful of platforms I really trust and want to be invested in looking forwards. Overdiversification may actually have exposed me to a higher chance of being exposed to a duff platform. My exposure to this one is 5.1%. Not a good position be in considering about 16% of my p2p are shared between Col, FS, LY, MT and BM I agree on over diversification hazard, but it's difficult to develop a long term trust without trying a platform... I was in 19 platforms and now it is only 8 that I'm more or less actively investing with.
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11025
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Post by 11025 on Feb 4, 2020 9:28:52 GMT
Pretty unimpressed with this , as stated earlier , you cannot get through on the phone. I found the press office number on their website of 020 7785 7383 , I called them and was told they don't know anything about Welendus and I must have dialed an incorrect number , I pressed on and checked the number which was correct , then after some more questions I was able to establish they were the Press Office for Welendus but are not any more , I tried to establish when the relationship ceased but they would not give me that information. Apparently the 8 week wait time for the FO complaint reduces to 15 working days because of the nature of the complaint.
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Post by sayyestocress on Feb 4, 2020 10:33:26 GMT
Is there a law or t&c that limits how long they can take to process a withdrawal, anybody know?
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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 Feb 4, 2020 15:14:24 GMT
Still waiting. Has anyone had money withdrawn and paid anytime this year ?
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IFISAcava
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Post by IFISAcava on Feb 4, 2020 15:30:49 GMT
Still waiting. Has anyone had money withdrawn and paid anytime this year ? And has anyone had any useful contact with anyone at the platform recently?
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michaelc
Member of DD Central
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Post by michaelc on Feb 4, 2020 15:50:12 GMT
Their registered address is Level 39, Canary Wharf Almost makes it sounds like they are on level 39 of the building. Level 39 seem to provide tech startups (including fintech) office space www.level39.co/members/Don't know why neither welendus, funding ourselves, ptp ltd or funding ourselves ltd are not in that list. Maybe its always been like that?
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