bigfoot12
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Post by bigfoot12 on Aug 12, 2019 6:02:50 GMT
... dragging their feet in payment of amounts over 1K . Anyone else experiencing this? That wasn't my experience. I made multiple withdrawals over £10k without any difficulty. Each took 2-3 working days to reach my account.
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Post by scepticalinvestor on Aug 12, 2019 11:16:42 GMT
I was looking forward to my weekly email on how great things were going. I noted that week 1 after the new fees they told us how little sm values had dropped (6%) and how, although there were a lot of withdrawals from the platform, they took a lot of money in. Week 2 they didn’t mention withdrawals or new cash and only mentioned a small improvement in the decrease in sm values. Today, nothing. I’m sure it all going really well. Mr Warren bath has started with a bang......turned a decent platform into a pile of ****. Their recent Trustpilot reviews have a few people complaining about a delay in processing withdrawals. I've not experienced any myself, but it's only been very small amounts.
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Post by scepticalinvestor on Aug 12, 2019 11:17:32 GMT
has anyone taken their case to the financial ombudsman service as yet? and if so, what is the process and they key points around your complaint Still waiting for PP to give me their final response (their initial response was to like it or lump it) so I can go to the FOS. The key point for the complaint is that (practically speaking) they make it impossible to exit without significant losses plus the additional maintenance fee (I know it's only £1, but it's the principle) which they will not reimburse even if you exit within 6 months. Going by past FOS cases, the regulator is relaxed about firms making changes to fees for commercial reasons as long as they continue to treat pre-existing customers fairly by giving them a chance to exit without additional costs.
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hazellend
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Post by hazellend on Aug 19, 2019 17:34:37 GMT
Property partner have started reporting bad reviews and there’s even a single glowing review which seems planted.
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p2ploser
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Post by p2ploser on Aug 19, 2019 17:43:04 GMT
Must be starting to get rattled. The truth often hurts.
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Post by sayyestocress on Aug 20, 2019 8:16:18 GMT
Property partner have started reporting bad reviews and there’s even a single glowing review which seems planted. I wouldn't say it's definitely planted. Not everyone will be as negative towards the changes as the general consensus seems to be here and on trustpilot and I feel some reasonable points are made. It's not blatantly fake like some of Lendy's dodgy positive reviews. Though whether it's planted or not there's no escaping that PP are suffering serious reputational damage (at least amongst the small fry like myself) and putting those copy and paste replies to the negative reviews is unlikely to appease any of us. As the remainers seemed to gobble up the discounted shares of the leavers I suspect there is enough appetite for PP to continue assuming they got their sums right for their new model. It's clear I will still have money 'stuck' in PP until the 5 year exit mechanic at the earliest as I'm not prepared to discount any lower than I have already and my shares are not selling. My dividend return looks like it will be ~ 2.5% (I offloaded most of my higher yielding properties some time ago, was winding down anyway) for the time being which isn't terrible as long as I don't suffer great losses to exit. Who knows how that will pan out....?
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hazellend
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Post by hazellend on Aug 20, 2019 9:31:53 GMT
Property partner have started reporting bad reviews and there’s even a single glowing review which seems planted. I wouldn't say it's definitely planted. Not everyone will be as negative towards the changes as the general consensus seems to be here and on trustpilot and I feel some reasonable points are made. It's not blatantly fake like some of Lendy's dodgy positive reviews. Though whether it's planted or not there's no escaping that PP are suffering serious reputational damage (at least amongst the small fry like myself) and putting those copy and paste replies to the negative reviews is unlikely to appease any of us. As the remainers seemed to gobble up the discounted shares of the leavers I suspect there is enough appetite for PP to continue assuming they got their sums right for their new model. It's clear I will still have money 'stuck' in PP until the 5 year exit mechanic at the earliest as I'm not prepared to discount any lower than I have already and my shares are not selling. My dividend return looks like it will be ~ 2.5% (I offloaded most of my higher yielding properties some time ago, was winding down anyway) for the time being which isn't terrible as long as I don't suffer great losses to exit. Who knows how that will pan out....? It’s not the returns that bothered me. If there had been a property price crash that would have been fine with me, I like volatility. What bothered me is what I see as unethical , untrustworthy behaviour and the devious style of implementation.
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Post by sayyestocress on Aug 20, 2019 11:19:55 GMT
I wouldn't say it's definitely planted. Not everyone will be as negative towards the changes as the general consensus seems to be here and on trustpilot and I feel some reasonable points are made. It's not blatantly fake like some of Lendy's dodgy positive reviews. Though whether it's planted or not there's no escaping that PP are suffering serious reputational damage (at least amongst the small fry like myself) and putting those copy and paste replies to the negative reviews is unlikely to appease any of us. As the remainers seemed to gobble up the discounted shares of the leavers I suspect there is enough appetite for PP to continue assuming they got their sums right for their new model. It's clear I will still have money 'stuck' in PP until the 5 year exit mechanic at the earliest as I'm not prepared to discount any lower than I have already and my shares are not selling. My dividend return looks like it will be ~ 2.5% (I offloaded most of my higher yielding properties some time ago, was winding down anyway) for the time being which isn't terrible as long as I don't suffer great losses to exit. Who knows how that will pan out....? It’s not the returns that bothered me. If there had been a property price crash that would have been fine with me, I like volatility. What bothered me is what I see as unethical , untrustworthy behaviour and the devious style of implementation. Yep, agree with that for sure.
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Post by scepticalinvestor on Aug 21, 2019 14:26:43 GMT
Has anyone got a 'final response' letter from PP yet to a formal complaint?
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p2ploser
Member of DD Central
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Post by p2ploser on Aug 21, 2019 17:33:08 GMT
Not yet. They’re dragging it out hoping we forget
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Post by kyle1873 on Aug 29, 2019 13:29:16 GMT
PP sent me this email today.
Warren (Property Partner)
Aug 29, 13:14 BST
Dear Mr
In recent weeks, you have contacted Property Partner to make a complaint regarding changes to our fee structure and terms & conditions, which were announced on 15 July 2019.
I and/or other members of the team have been in contact with you, but I wanted to follow-up with the objective of understanding whether you intend to pursue your complaint.
We are dealing with a number of similar complaints and will respond formally to these within the timeframe required (approximately within the next 2 weeks). Before we respond formally, we need to ensure that our responses are consistent for all clients that have complained.
A further consideration is that the number of complaints that we have received represents a very small fraction of our clients - so our responses also need to result in equitable and fair treatment for the vast majority of clients that have not complained. As such, we will not be able to charge most of our clients the new fees, whilst agreeing not to charge a small group that have complained.
The changes announced clearly have a negative impact on clients’ dividends. However, the new fee structure does not reduce the value of the properties in which clients have invested and allows Property Partner to continue as a sustainable business.
Some clients have questioned the internal processes that lead to the new fee structure. It is documented and verifiable that we engaged in a thorough examination of the alternatives and that we had clear reasons for selecting the new fee structure as the best available option for protecting the interests of our clients. The process included benchmarking the amount charged against a broad range of industry standards. It also included extensive legal and regulatory analysis on the basis for introducing the new fee structure, including appropriate engagement with regulatory authorities.
Some clients have suggested that the changes should have been made in a different way to reduce or avoid the impact on clients’ existing investments. Unfortunately, having carefully considered the alternatives prior to announcement, any dilution to the measures we have taken would increase the risk of needing to commence an unplanned and untimely sale of the property portfolio and wind down of the business. At the start of this process, we would need to close the resale market and suspend dividends for all properties.
If this sale process and business wind-down was forced to occur at a time when the property market was weak (as we are currently experiencing), there is the prospect of incurring unnecessary and potentially significant capital losses on clients’ investments. By introducing the new fee structure, we can avoid that outcome.
Some time has passed since your initial complaint and I would appreciate the opportunity to discuss your concerns directly. If you are open to that, please could you propose a few times that are convenient for you and the best number to call on, and I will try to call you at one of those times.
Kind regards Warren
Warren Bath CEO
I replied with the following.
Hello, Warren
That's a lot of words that don't say very much or address the real concern. Well done.
I think you'll find you changed a contract mid term. This basic understanding is why people have complained. We should have been allowed to see out our current investments with the initial agreed conditions.
I highly intend to continue my complaint. Especially when I'm not sure what you have done is legal.
I have sold out of your platform out of distrust, not because my dividends were less. I actually left at around a 7%pa profit!
You've just reminded me to go give you a bashing on trust pilot, thanks. I see you removed the score from your website.
I don't know what they are trying to do with that email. Make you feel like you are a minority complaining about nothing?
Again, the actual cheek!
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Post by shootingstar on Aug 29, 2019 14:12:17 GMT
interesting to see that response!
I submitted a formal complaint soon after the news took place...and I am now considering writing another formal letter that actually quantifies my losses and expected recompense.
Has anyone else attempted to quantify what they want to get as a result of complaining? Maybe ideas can be shared here
I am thinking 1) expected value of dividend stream is impaired 2) value of my position in properties has effectively fallen as shown by price falls on the secondary market (in part reflects point 1 above and the point the platform is less attractive)
...Its Interesting to see they have not listed anything new of late, suspect they would struggle at the present time to raise money
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pom
Member of DD Central
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Post by pom on Aug 29, 2019 14:14:27 GMT
I and/or other members of the team have been in contact with you Well don't I feel honoured - mine has "I remember our telephone conversation well" instead at this point At least now I've seen yours and have conf how much of it is a std letter I feel less irritated by the "appreciate the opportunity to discuss" bit. Right now for various reasons my general attitude is CBA. Although at least it's reminded me I have some sales proceeds I might as well withdraw
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Post by scepticalinvestor on Aug 29, 2019 14:18:17 GMT
I got the email as well.
I have absolutely no idea what he was on about besides trying to obfuscate the issue. Also spotted the cheeky part about "objective of understanding whether you intend to pursue your complaint." They probably put that in to close the complaints of those of us who can't be bothered to respond.
I replied that I will pursue the complaint.
WB is clearly rattled by the volume of complaints and worried about the £550 fee that Property Partner will have to shell out for each case (after the first 25) that go to the Ombudsman. I hope more people complain!
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Post by scepticalinvestor on Aug 29, 2019 14:20:12 GMT
interesting to see that response!
I submitted a formal complaint soon after the news took place...and I am now considering writing another formal letter that actually quantifies my losses and expected recompense.
Has anyone else attempted to quantify what they want to get as a result of complaining? Maybe ideas can be shared here
I am thinking 1) expected value of dividend stream is impaired 2) value of my position in properties has effectively fallen as shown by price falls on the secondary market (in part reflects point 1 above and the point the platform is less attractive)
...Its Interesting to see they have not listed anything new of late, suspect they would struggle at the present time to raise money It might be worth doing so. They will at least compare it with the cost of your complaint going to the Ombudsman.
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