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Post by bernythedolt on Nov 15, 2019 21:00:33 GMT
The FCA wouldn't be interested. They would have accepted the complaint, but they don't respond to individuals so I didn't bother.
Decided to vote with my feet instead.
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aju
Member of DD Central
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Post by aju on Nov 17, 2019 9:49:40 GMT
Yeah thats why i put winkie in there. Sadly having to vote with ones feet can be costly too in time waiting for funds to return, less costly than paying to leave though.
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Post by Deleted on Nov 17, 2019 12:45:34 GMT
The FCA wouldn't be interested. They would have accepted the complaint, but they don't respond to individuals so I didn't bother. Decided to vote with my feet instead. You are right the FCA would not be interested but the Financial Ombudsman is for individuals and cases like this. The problem with Peer2Peer lending is that by very nature we all have small amounts in lots of loans so any complaint if upheld will result in a very small compensation and individuals think its just not worth their time. But if you have already complained to the Platform and received a final response you are not happy with why not just cut and paste it into the online Fin Omb form and let them rule on it? If it goes in your favour everyone else who suffered the same issue will be able to make a claim from the Platform and they will start to take complaints more seriously. JMO
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aju
Member of DD Central
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Post by aju on Nov 17, 2019 14:49:14 GMT
Just as an example but its not clear what crowdfunding sites are involved but this ombudsmans link gave the following info suggesting not that much activity yet with 19% upheld rate.
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Post by Deleted on Nov 17, 2019 19:47:16 GMT
Ratesetter have no complaints currently.
Even Funding Circle only have 8 and look at the amount of complaints on here....
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Post by bernythedolt on Nov 17, 2019 22:20:02 GMT
Yeah thats why i put winkie in there. Sorry aju , I missed that nuance. And where you put your winkie in is none of my concern...
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Post by bernythedolt on Nov 18, 2019 2:09:35 GMT
The FCA wouldn't be interested. They would have accepted the complaint, but they don't respond to individuals so I didn't bother. Decided to vote with my feet instead. You are right the FCA would not be interested but the Financial Ombudsman is for individuals and cases like this. The problem with Peer2Peer lending is that by very nature we all have small amounts in lots of loans so any complaint if upheld will result in a very small compensation and individuals think its just not worth their time. But if you have already complained to the Platform and received a final response you are not happy with why not just cut and paste it into the online Fin Omb form and let them rule on it? If it goes in your favour everyone else who suffered the same issue will be able to make a claim from the Platform and they will start to take complaints more seriously. JMO Thanks. Advice taken, complaint submitted to FOS, hopefully for the benefit of anyone experiencing funds locked up. Maybe hear back in 6 months...
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Post by cinereus on Nov 18, 2019 19:17:34 GMT
I wonder if we should have a thread just for notifications of higher rates and then a new post email would alert us. No discussions, just updates on current rates. I like your style.. count me in. Surely better to scrape it automatically rather than hope someone on here is logged in and noticed and bothers to post about it?
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Nov 18, 2019 19:27:15 GMT
I like your style.. count me in. Surely better to scrape it automatically rather than hope someone on here is logged in and noticed and bothers to post about it? I'm sure most of us are all ears if you care to assist. I am sort of scraping the 1Y for changes - I have a reloader extension that I doctored a little ( Well I removed all the BS advert stuff that I was not happy with and rebuilt it to use it to watch when the whole thing starts up.) I can see changes in the corner of my eye when Mrs Aju does not want to go to the shops!!! but you are sort of right I've missed the P2Pforum warnings a few times but then I also miss the reloader a few times as well. What I tend to do is set my lends up at a higher level than I am expecting just in case there is a flash of activity that I miss. I then wait a week or so and if it's not lifting up, at present there is £1,235,993.59 blocking higher rates at present its moving in there a little slowly even as I write this. So this morning I moved my 5.7% punt that had been there a week or so and dropped it into the 4.8% when there was about £200k below it and the wall above it. It got snapped up when I wasn't watching about an hours later but the 4.9% has been resting quite a while. Its useful to know that recently RS seemed to stuff very large loans in there that snaps up quite a bit hence the higher punt initially. The other rates are just stuck in my view.
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Post by ruralres66 on Nov 19, 2019 19:08:52 GMT
But my money they said was matched on Tuesday. The contract is dated today so that is two days of lost interest...... I've just double checked mine and indeed I had several lend orders that are showing as on loan from today (14th Oct) but the funds were 'taken' prior to today. I hadn't noticed that detail until I double checked. So basically they have indeed nicked a day or two interest from us. Most people won't even notice probably. I'm sure many more have been affected without even realising.
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Post by ruralres66 on Nov 19, 2019 19:12:22 GMT
"Re: Complaint about investor account
Thank you for raising your concerns with my colleague Harry and Ash on 14th and 15th November 2019. We are sorry you have had cause to make a complaint and assure you that we take all complaints very seriously. I have been allocated as your Complaint Handler and my full contact details are below. Please also find attached our complaints procedure.
I understand your complaint to be about being unhappy after placing an order on 12th November 2019, you were unable to access the funds placed and you believe the funds were matched and you were unsure why it was taking so long for the funds to move out on loan. You were advised the funds were only matched on 14th November 2019 and you feel as a result you did not have access to your funds for 2 days and have now lost out on interest on the contract. Furthermore the same issue occurred on your ISA account as funds were showing as matched on 12th November 2019, however they did not show as being on loan until 14th November 2019.
If we have not accurately reflected the basis of your complaint, please contact us immediately. Please be assured your complaint will be investigated and we may contact you for additional information to assist in our enquiries.
You should receive our final response letter within eight weeks of the date we received your complaint. If we have been unable to conclude our investigation within eight weeks, we will write to you advising of the steps we have taken so far, advise when we anticipate to be able to resolve your complaint and provide you with information relating to your rights at that time.
If you have any queries in the meantime please do not hesitate to contact us.
Yours sincerely,
Mahomed <removed by moderator>"
Guess what Mahomad, , I spy the same situation again today on 1 year ISA and Everyday! Screen shots to prove.....
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