sussexlender
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Post by sussexlender on Jun 23, 2019 8:40:06 GMT
The very recent e mail from Kuflink includes a detailed Terms & Conditions document which Annie tells us contains some new / amended Terms and Conditions.
I have requested that Kuflink provide another e mail to lenders with a brief summary of any changes to highlight these changes.
Many lenders may well not have the time to read this entire document or spot the changes etc.
I have no doubt Annie will oblige asap.
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jnm21
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Post by jnm21 on Jun 23, 2019 8:43:28 GMT
Thanks, I had noticed the notification of this tacked on to (burried at?) the bottom of the 'announcement' of new features, just as I was about to delete it! kuflink IT REALLY DESERVES A SEPARATE EMAIL! |
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Post by spareapennyor2 on Jun 23, 2019 11:37:24 GMT
send a reply
for highlighted changes
prehaps we can stuff the inbox for monday
poor show if you don`t scroll down you miss it
way to hide bad news
should have been a separate email yes
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Post by kuflink on Jun 24, 2019 8:17:55 GMT
Morning all,
Let me sit down with our compliance team and get a comprehensive list of all the changes together - I'll get this over to you as soon as possible.
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sussexlender
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Post by sussexlender on Jun 24, 2019 13:15:44 GMT
Many thanks.
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Post by kuflink on Jun 25, 2019 9:17:06 GMT
Just waiting for final word that we've covered all the changes, be with you soon!
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Post by kuflink on Jun 25, 2019 15:34:25 GMT
Hi all,
As you know, we’ve recently made some changes to our lender terms and conditions. We’d like to firstly point out that the entire document has been re-written with the intention of making it more user-friendly and easier to understand, regardless of how experienced an investor you are.
Please see below for a list of all material changes made to the T&Cs (that is, changes to the content and not just the wording) and do let us know if you need any further information.
Thanks,
Annie
• We have grouped our T&Cs together to make them easier to find for our investors. Our T&Cs are broken down into the following parts: Investor T&Cs, IF ISA T&Cs, Reserve Deals, Secondary Market, Refer a Friend cashback and New Investor Cashback.
• Part 1 Clause 3: Intermediary Services. We have simplified to include that Kuflink manages your Auto-Invest and IF-ISA property loan portfolio on your behalf, by re-allocating your funds in line with our lending policy (Part 1 Clause 3.1.11)
• Part 1 Clause 7: Cancellation We have changed the 14-day cooling off period to make it simpler to understand, whilst still offering investors the chance to test the products and withdraw their investment if they are not satisfied.
o In line with our T&Cs, a user can sign up to the platform and spend as much time as they like reviewing the investment products on offer. Once they choose their first investment, they will have 14 calendar days to change their minds if they are not happy. This 14-day cooling off period will only be applicable on your first investment on the Platform.
• Part 1 Clause 9.4: Our withdrawal process has always stated that it can take up to 5 working days to process, so we have included it in our T&Cs for extra clarity.
• Part 1 Clause 10: Missed payments and defaulted Loans. The content has remained the same, but the language has been simplified.
• Part 1 Clause 11: Enforcement of security Content remained the same, but language has been simplified. We have also added that Kuflink Bridging Ltd.’s 5% stake in each investment will not be repaid until after each lender in a deal has been repaid.
• Part 1 Clause 12.3. – Added “you will not earn interest on funds held in your wallet”
• Part 1 Clause 12.5: Client Money Added clause regarding FSCS protection in the event that Metro Bank were to become insolvent.
• Part 1 Clause 14.2 – Changed from 20 to 10 working days’ notice regarding changes to T&Cs and included that in not all scenarios will that be possible.
• Part 1 Clause 20: Kuflink’s stake as of 1st July 2019. Kuflink’s further 15% guarantee will be removed on new investments. All pre-existing investments will still be covered by the further 15% guarantee.
• Part 2 Clause 2.5: Explains that unless a user opts out, Kuflink will re-term their ISA account when they mature for one year. Kuflink will contact the investor three months before maturity and again one month before maturity in an attempt to discuss their IF ISA investment and their plans.
• Part 2 Clause 6: Death & Bankruptcy In the event that an investor dies, their ISA shall continue to accrue interest until the executor of their Will begins probate and the estate can be settled. Furthermore, we have included that in the event of death, an Additional Permitted Subscriptions (APS) may be set up for the deceased’s surviving spouse or civil partner.
• Part 2 Clause 9: Term Period Explains that unless a user opts out, Kuflink will re-term ISA account when they mature for another year. Kuflink will contact the investor three months before maturity and again one month before maturity in an attempt to discuss their IF ISA investment and their plans. (Repeated)
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Post by Ace on Jun 25, 2019 18:32:42 GMT
kuflink , I feel that the change referred to as Part 1 Clause 20 (which is actually in Part 1 Clause 21 of the new T&Cs dated 19/6/2019) is a material change to the lending conditions. As such, I believe that this should be clearly communicated to investors, rather than being buried in a rewrite of the T&Cs. The text is: " 21. Kuflink Guarantee
21.1. Until the 30th June 2019, Kuflink Group Plc guarantees to cover losses up to a further 15% of the Gross Loan Amount of each Select-Invest deal that is put on the platform (in addition to clause 20.1) in the event that Kuflink is unable to recover the total outstanding loan amount.
21.2. The additional Kuflink Guarantee will not apply from 1st July 2019 on any new deals that go on the platform.
21.3. Section 20.1 will continue to apply."
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carolus
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Post by carolus on Jun 25, 2019 20:28:08 GMT
kuflink , I feel that the change referred to as Part 1 Clause 20 (which is actually in Part 1 Clause 21 of the new T&Cs dated 19/6/2019) is a material change to the lending conditions. As such, I believe that this should be clearly communicated to investors, rather than being buried in a rewrite of the T&Cs. The text is: " 21. Kuflink Guarantee
21.1. Until the 30th June 2019, Kuflink Group Plc guarantees to cover losses up to a further 15% of the Gross Loan Amount of each Select-Invest deal that is put on the platform (in addition to clause 20.1) in the event that Kuflink is unable to recover the total outstanding loan amount.
21.2. The additional Kuflink Guarantee will not apply from 1st July 2019 on any new deals that go on the platform.
21.3. Section 20.1 will continue to apply." This is a huge change - and represents a further degradation of the investor protections. At least it means that I no longer need to worry about never having received a clear explanation of how the guarantee worked after it was introduced (still waiting for the promised response after more than a year!).
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Post by spareapennyor2 on Jun 26, 2019 7:11:46 GMT
anybody else found the link to be a unsupported file
in the e mail sent to them?
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littleoldlady
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Post by littleoldlady on Jun 26, 2019 8:22:36 GMT
I have never understood how the FCA ever allowed them to use the word "guarantee" and I suspect they have just woken up to the fact and told K to drop it.
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r00lish67
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Post by r00lish67 on Jun 26, 2019 8:24:27 GMT
kuflink , I feel that the change referred to as Part 1 Clause 20 (which is actually in Part 1 Clause 21 of the new T&Cs dated 19/6/2019) is a material change to the lending conditions. As such, I believe that this should be clearly communicated to investors, rather than being buried in a rewrite of the T&Cs. The text is: " 21. Kuflink Guarantee
21.1. Until the 30th June 2019, Kuflink Group Plc guarantees to cover losses up to a further 15% of the Gross Loan Amount of each Select-Invest deal that is put on the platform (in addition to clause 20.1) in the event that Kuflink is unable to recover the total outstanding loan amount.
21.2. The additional Kuflink Guarantee will not apply from 1st July 2019 on any new deals that go on the platform.
21.3. Section 20.1 will continue to apply." I'd say that's mighty restrained of you, Ace. Burying a fundamental change to the key USP of the whole platform in a change to the T's and C's (changes to which were not even highlighted initially) is pretty inexcusable behaviour in my view. It shouldn't need us to tell them that, really really poor form.
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carolus
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Post by carolus on Jun 26, 2019 10:41:41 GMT
I have never understood how the FCA ever allowed them to use the word "guarantee" and I suspect they have just woken up to the fact and told K to drop it. This was one of several questions I raised when they introduced it - never explained.
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sussexlender
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Post by sussexlender on Jun 26, 2019 11:14:47 GMT
I am pleased to see that using this first class open Forum and creating this thread in the first place has led to inter action with Kuflink and the summary above.
It was a mistake not to send a separate e mail announcing all the changes in the first place but Annie has taken on board my request and now these new T&C have been made clear.
I am slightly disappointed that they intend to bring them in on 1st July giving very little time for investors to absorb the full impact of the changes; changes that are being made unilaterally, without a reason being provided, and without investors having any options than to carry on or to stop putting cash into new loans.
I suspect the FCA becoming more involved in the mechanics of P2P lending has resulted in this change. They would not have liked the word "Guarantee" under any circumstances in P2P lending.
Most of the current loans on the KUflink site appear sound but I do not go for the 1 - 3 tier loans on any platform as there is the problem of the project becoming just too big to handle.
Best wishes to all that have added to this thread. SXLR
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sussexlender
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Post by sussexlender on Jun 28, 2019 11:50:08 GMT
In an attempt to help clarify the position here is a summary of a very helpful reply that I received from Kuflink who have responded very quickly to all my enquires and communications.
1. Kuflink’s 5% first loss stake is indefinite, which will still absorb the first loss of any Select-Invest loan, providing a degree of protection to all investors.
2. As of the 1st July 2019 the additional Kuflink guarantee of 15% will not apply to any new deals on the platform. The guarantee has never been needed and they have a very efficient collection team - as demonstrated so far by the zero losses to date.
In addition to the matters above, Kuflink have been regularly issued informative up dates on loans and recently sent e mails concerning 2 proposed loans that they decided to withdraw because some matters arose which did not satisfy their due diligence. The funds have ben returned to investors accounts.
I hope this information will assist investors in making decision. Summer is here  . Happy investing  .
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. Happy investing 
.