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Post by df on Nov 22, 2019 0:02:39 GMT
In my "Transaction history" I have two unconfirmed withdrawals, one dated 16th Nov and another 18th. Is contacting FO to process withdrawals is a norm now or should I wait for a little longer? iirc withdrawals used to be arriving on the same or next day.
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Post by Ace on Nov 22, 2019 0:15:10 GMT
My withdrawals have been pending for 4 weeks. Stats still show 24% pooled, so don't know why they can't offload my loans.
No response from an email query on this from 13 days ago. Reposted again today.
Feels to me like they've given up.
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benaj
Member of DD Central
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Post by benaj on Nov 22, 2019 11:55:18 GMT
In my "Transaction history" I have two unconfirmed withdrawals, one dated 16th Nov and another 18th. Is contacting FO to process withdrawals is a norm now or should I wait for a little longer? iirc withdrawals used to be arriving on the same or next day. I don't know about the current withdrawal speed. My last "unconfirmed" withdrawals were paid between 1-4 working days. My experience on this platform taught me "unconfirmed" withdrawals will be paid "soon". May be worth contacting FO regarding your concern if no money arriving today. Compared to Lendy, it took Lendy 4 working days to transfer money to my "registered" bank.
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trium
Member of DD Central
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Post by trium on Nov 22, 2019 13:37:54 GMT
I'm still waiting for them to liquidate my "stuck" loans - apparently made to FO themselves. Nearly a month now. All my other loans were sold immediately but it took 10 days (6 business days) to hit my bank account.
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Post by ianrother on Nov 26, 2019 19:00:18 GMT
I requested withdrawal of some pooled fund on October 30th and have still not received the funds back into my bank account 25 days later. FO said it takes 2-3 weeks to verify large withdrawals - my value was about £4000. Not sure why it takes so long to verify and I am not at all happy with their explanation!
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Post by df on Nov 26, 2019 19:26:44 GMT
I requested withdrawal of some pooled fund on October 30th and have still not received the funds back into my bank account 25 days later. FO said it takes 2-3 weeks to verify large withdrawals - my value was about £4000. Not sure why it takes so long to verify and I am not at all happy with their explanation! One of mine is only £73.85, pooled fund, 8 days now and it is still pending. No response from FO to my e-mail... It's gone silent - I don't see much point trying making any more withdrawals..... I'm wondering if the platform is in the process of joining the "in administration" club. Saying that, I still get regular newsletters with moneysaving tips (they still appear in spam folder despite I continuously mark them as 'not spam') - so it's not completely quiet.
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Ukmikk
Member of DD Central
Posts: 445
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Post by Ukmikk on Nov 27, 2019 12:31:31 GMT
I requested withdrawal of some pooled fund on October 30th and have still not received the funds back into my bank account 25 days later. FO said it takes 2-3 weeks to verify large withdrawals - my value was about £4000. Not sure why it takes so long to verify and I am not at all happy with their explanation! Sounds like a stalling tactic to me.
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Post by failedtheturingtest on Nov 27, 2019 13:40:33 GMT
FO said it takes 2-3 weeks to verify large withdrawals - my value was about £4000. Not sure why it takes so long to verify and I am not at all happy with their explanation! Sounds suspiciously like a cash flow management excuse to me, too. I can't imagine what they could be 'verifying' for two to three weeks! Keep pestering them! I'm glad I got out while the getting was good, a few months ago.
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Post by ianrother on Nov 29, 2019 20:31:17 GMT
Wish I had - anyone else think they have problems - this money is supposed to be ring fenced and not used so they should not have a issue returning it - looking very dodgy
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Post by sayyestocress on Dec 2, 2019 9:45:35 GMT
I don't think things are dodgy, I just think the problem is simply the strange way the investments withdrawal process works. If for example you have £1000 investment that you wanted to withdraw, but say one £10 loan couldn't be sold off with no lenders looking to lend at that rate, then the £990 gets stuck in limbo because the system waits till it can repay the full £1000. I think there's some short-sightedness with how their system works - it's fine if lender demand is high at all rates but otherwise lender money gets stuck and causes no end of frustration and fuels the kind of speculation the company certainly don't want.
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Post by Ace on Dec 2, 2019 10:00:08 GMT
I don't think things are dodgy, I just think the problem is simply the strange way the investments withdrawal process works. If for example you have £1000 investment that you wanted to withdraw, but say one £10 loan couldn't be sold off with no lenders looking to lend at that rate, then the £990 gets stuck in limbo because the system waits till it can repay the full £1000. I think there's some short-sightedness with how their system works - it's fine if lender demand is high at all rates but otherwise lender money gets stuck and causes no end of frustration and fuels the kind of speculation the company certainly don't want. I really hope you're right, but the facts don't point that way. I've had several withdrawl requests stuck for 5 weeks, despite their stats indicating that they've had more than 10% of funds on their platform waiting for investments throughout that time. The numbers presented on my account summary pages simply don't add up. Emails querying these facts have gone unanswered for many weeks, including follow-ups. It doesn't look good.
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Post by ianrother on Dec 2, 2019 13:42:16 GMT
I have requested withdrawal of pooled funds on Oct 31st and have not received the cash yet - I have emailed FO and told checks have to be made - no idea what they mean - put in a formal complaint and awaiting response - maybe just a systems issue - or maybe not . I am putting no more money in until I am re assured I can draw out pooled funds - they are not very good at investor customer service that’s for sure!
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Post by ianrother on Dec 2, 2019 13:45:53 GMT
With regard to some prior comments - I am not talking about selling investments - this is actually cash that FO show on my account as awaiting withdrawal but I have not received the money after a month. My other investments also haven’t sold on the secondary market but that is another issue
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Post by df on Dec 2, 2019 15:19:34 GMT
I don't think things are dodgy, I just think the problem is simply the strange way the investments withdrawal process works. If for example you have £1000 investment that you wanted to withdraw, but say one £10 loan couldn't be sold off with no lenders looking to lend at that rate, then the £990 gets stuck in limbo because the system waits till it can repay the full £1000. I think there's some short-sightedness with how their system works - it's fine if lender demand is high at all rates but otherwise lender money gets stuck and causes no end of frustration and fuels the kind of speculation the company certainly don't want. About a month ago I've requested withdrawal on one of my investments. The pooled part of it was paid into my bank account imminently. The other part was presumably sold 5 days later as it appeared on "transactions" list, but still not confirmed. The other request I've made more recently is stuck. Pooled (+immediately sold) part is sitting in "transactions" unconfirmed and the other smaller part is still to be sold. I've sent an e-mail asking to resolve this a while ago - no response. Now requested withdrawal of bonus - we'll see if this one will get confirmed and arrive to my bank account
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Post by df on Dec 2, 2019 15:28:42 GMT
I don't think things are dodgy, I just think the problem is simply the strange way the investments withdrawal process works. If for example you have £1000 investment that you wanted to withdraw, but say one £10 loan couldn't be sold off with no lenders looking to lend at that rate, then the £990 gets stuck in limbo because the system waits till it can repay the full £1000. I think there's some short-sightedness with how their system works - it's fine if lender demand is high at all rates but otherwise lender money gets stuck and causes no end of frustration and fuels the kind of speculation the company certainly don't want. I really hope you're right, but the facts don't point that way. I've had several withdrawl requests stuck for 5 weeks, despite their stats indicating that they've had more than 10% of funds on their platform waiting for investments throughout that time. The numbers presented on my account summary pages simply don't add up. Emails querying these facts have gone unanswered for many weeks, including follow-ups. It doesn't look good.Another observation. I've noticed that all (active) platforms I'm in have already requested "appropriateness" checks. Is this the case with other UK platforms? (asking you because you are in many more platforms as I am). In my understanding FCA deadline for it is 9th December. Nothing like this came from FO.
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