|
Post by marcusponds on Dec 6, 2019 12:01:26 GMT
Sadly, very predicable with the level of defaults. I can't see how wind down can be completed by end January. What happens to the loans which are still active or suspended then? They are aiming for 12 months to wind down. Ah, yes, thanks. But the question remains?
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Dec 6, 2019 12:05:00 GMT
A sad but not unexpected announcement.
Regardless of mistakes made or issues the platform has faced I think Ed and Sophie have always acted with integrity which is a lot more than can be said for some of the other platform operators.
I wish them well in whatever venture they decide to pursue next.
|
|
|
Post by SophieThing on Dec 6, 2019 12:30:50 GMT
I wonder how this leaves people like myself who have withdrawn a substantial amount of funds from the flexible isa as there have been no new loans. Now there appears to be no way of paying the money back and getting it transferred out to retain the tax free status. SophieThing any advice on this please, I too am in similar position, planned to pay funds back in at end of march to "roll over", also, transferring ifisa "dribs and drabs" is gonna get expensive, is there anything that can be done here? automatic transfer of funds as available to a nominated platform as /when available would be useful, but suspect ISA rules wouldn't allow. Brian (this is all previous years funds BTW)
Hi brianacAdditional IFISA FAQ's added to the site. In short, we will allow deposits for replacement of IFISA funds. Kind regards Sophie
|
|
|
Post by SophieThing on Dec 6, 2019 12:33:48 GMT
Hi All,
Thank you to everyone for taking the time to comment here and to send us emails.
Ed and I and all the team here are very appreciative of the support we have had from lenders. We will do our best to live up to expectations. Ed and I will be answering all of the emails we have received personally over the next couple of days.
Kind regards,
Sophie
|
|
upperdeane
Member of DD Central
Posts: 493
Likes: 245
|
Post by upperdeane on Dec 6, 2019 13:03:08 GMT
I've sent en email to MT re ISA transfer out fee (I believe £50 per transfer) and asked them if the fee will be waived now we are in wind-down and our funds may be coming in multiple payments as loans repay and defaults are recovered. It could be very costly in transfer fees for us to gradually transfer all our ISA money out. Ill let the forum know when i get a reply. Update. MT Have put a note on the website: MoneyThing have a £50 transfer out fee. Will MoneyThing waive this fee?
The transfer out fee will remain in place. Transfer-outs are a manual process, take considerable time and the fee is commensurate of the work involved. It is also in place to discourage lenders from making multiple transfer-out requests for small amounts as this will become an unnecessary administrative burden.
However, we will not be unreasonable on fees and if lenders elect to transfer-out in one single amount we will waive the fee. Lenders that want to make a request for fees to be waived will need to email support just before they make the transfer-out request so that we pick this up, it will not be applied automatically.
|
|
IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Post by IFISAcava on Dec 6, 2019 13:31:41 GMT
I've sent en email to MT re ISA transfer out fee (I believe £50 per transfer) and asked them if the fee will be waived now we are in wind-down and our funds may be coming in multiple payments as loans repay and defaults are recovered. It could be very costly in transfer fees for us to gradually transfer all our ISA money out. Ill let the forum know when i get a reply. Update. MT Have put a note on the website: MoneyThing have a £50 transfer out fee. Will MoneyThing waive this fee?
The transfer out fee will remain in place. Transfer-outs are a manual process, take considerable time and the fee is commensurate of the work involved. It is also in place to discourage lenders from making multiple transfer-out requests for small amounts as this will become an unnecessary administrative burden.
However, we will not be unreasonable on fees and if lenders elect to transfer-out in one single amount we will waive the fee. Lenders that want to make a request for fees to be waived will need to email support just before they make the transfer-out request so that we pick this up, it will not be applied automatically.Given that I eventually transferred all my holdings out all in one go even more annoying now that the ISA fee waiver I was promised was never applied by MT!
|
|
travolta
Member of DD Central
Posts: 1,458
Likes: 1,167
|
Post by travolta on Dec 6, 2019 18:03:40 GMT
Poor old Moneything They have the most graceful handling ofcustomers. Poor old us too. 2500K down.....boohoo. Happy Xmas All
|
|
copacetic
Member of DD Central
Posts: 305
Likes: 666
|
Post by copacetic on Dec 6, 2019 18:48:02 GMT
Sophie & Ed,
I'm saddened to hear you're winding down the business but appreciate the commercial reasons for doing so. Of the 9 platforms I invested in over the years in my opinion MoneyThing has definitely come out on top for integrity and clear communications with lenders. Where the situations arose when there was a choice about doing what was best for MT and what was best for lenders, MT always dealt fairly and often more than fairly with us. I'm sure your employees also appreciate this sense of fairness in keeping them on board until after the holidays.
I hope you have happy and relaxing Christmas (with plenty of chocolate!) and good luck with whatever you decide to do next in the new year!
|
|
|
Post by brianac on Dec 6, 2019 19:32:52 GMT
Hi brianac Additional IFISA FAQ's added to the site. In short, we will allow deposits for replacement of IFISA funds. Kind regards Sophie
Brian
|
|
|
Post by Badly Drawn Stickman on Dec 6, 2019 21:00:41 GMT
The front page is going to need a bit of re-arranging It will, the amount on the secondary market is slowly reducing I would guess this is MoneyThing manually cancelling sales? If it is, maybe they could say and I'm sure some of us would be happy to cancel ours for them, if not as you were everybody.
|
|
|
Post by df on Dec 6, 2019 21:24:35 GMT
Didn't come as a surprise, I've expected this. We have now a handful of "discontinued products" in p2p sector to compare - imo MT has done it in a smart way. I don't know where I will end up with MT, but looking at what I've earned and what I've got left in defaults there is chance that I'll break even or likely face a small loss (mainly due to my own fault overexposing to racing vehicles and NUL). Whatever the result might be, I will regard my experience with MT as positive. There are many "things" I liked about "Things" and this style of exit is exactly what I expected. My full respect to MT, you've done the right "thing"
|
|
|
Post by Ace on Dec 6, 2019 21:34:00 GMT
The front page is going to need a bit of re-arranging It will, the amount on the secondary market is slowly reducing I would guess this is MoneyThing manually cancelling sales? If it is, maybe they could say and I'm sure some of us would be happy to cancel ours for them, if not as you were everybody. Mine have all been cancelled already; not by me.
|
|
|
Post by df on Dec 6, 2019 21:37:57 GMT
The front page is going to need a bit of re-arranging It will, the amount on the secondary market is slowly reducing I would guess this is MoneyThing manually cancelling sales? If it is, maybe they could say and I'm sure some of us would be happy to cancel ours for them, if not as you were everybody. I've canceled one myself today. It was MTBL I've decided to re-list at competitive discount. Cancelling was no problem, but putting it back on sale didn't work... then I've looked at my e-mails... So it might be that "idiots" like me did it - not MT
|
|
|
Post by Badly Drawn Stickman on Dec 6, 2019 22:12:39 GMT
It will, the amount on the secondary market is slowly reducing I would guess this is MoneyThing manually cancelling sales? If it is, maybe they could say and I'm sure some of us would be happy to cancel ours for them, if not as you were everybody. Mine have all been cancelled already; not by me. I was pretty sure they have to do it manually, I have just deleted mine I doubt its as quick a job at their end.
|
|
|
Post by elephantrosie on Dec 7, 2019 19:23:21 GMT
I am left with a small amount on MT.
|
|