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Post by nooneere on Jun 16, 2020 19:30:36 GMT
My ISA was due to mature on 1 July and I didn't receive the bonus but happy to get capital and interest. Am I being brave or stupid in not withdrawing now but trying to keep it within the ISA wrapper and getting another ISA provider to apply for it? I don't think there is any danger for the ISA funds. My transfer form was emailed to CrowdProperty late last night. CP have already acknowledged receipt and requested details from GS, so should be one of the first to test the system. I'll update when transfer completes. Your choice of destination platform is good information for those of us that know your expertise p2pindependentforum.com/thread/16402/performance-report-2019Your performance report for 2020 is going to make historic reading ...
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Greenwood2
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Post by Greenwood2 on Jun 16, 2020 19:34:39 GMT
I don't think there is any danger for the ISA funds. My transfer form was emailed to CrowdProperty late last night. CP have already acknowledged receipt and requested details from GS, so should be one of the first to test the system. I'll update when transfer completes. Your choice of destination platform is good information for those of us that know your expertise p2pindependentforum.com/thread/16402/performance-report-2019Your performance report for 2020 is going to make historic reading ... All of our crystal balls need polishing I think.
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Post by Ace on Jun 17, 2020 16:35:07 GMT
I don't think there is any danger for the ISA funds. My transfer form was emailed to CrowdProperty late last night. CP have already acknowledged receipt and requested details from GS, so should be one of the first to test the system. I'll update when transfer completes. Your choice of destination platform is good information for those of us that know your expertise p2pindependentforum.com/thread/16402/performance-report-2019Your performance report for 2020 is going to make historic reading ... I think it would be more fitting to replace the word 'expertise' with 'experience'. Yes, this year's report could be quite, err... interesting. Hope I don't have too much egg on my face. Anyway, my transfer has successfully completed. This is a record ISA transfer time for me; 47 hours from emailing forms at midnight to having the transferred funds available on the new platform. Well done in this respect to both GS and CP. I was pleasantly surprised that the funds in GS's ISA account were paid in full with all interest and a small bonus. My final XIRR was 6.15%. I did read all of the Ts&Cs when I invested, but had failed to understand that under a Resolution Event the ISA would be paid in priority to the standard account (so not much expertise shown there) . Had I realised that the ISA had a higher rate with far superior security I would probably have invested far more in the ISA. Did anyone understand this prior to the RE? I've received nothing from my GS standard account, so may well end up with a small loss overall. Good luck to all.
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Post by nooneere on Jun 17, 2020 17:56:48 GMT
I was clever enough to pull out of GS last November ... and then moved the money to [ahem] AC ... so I will get it back later than you.
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aureus
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Post by aureus on Jun 17, 2020 18:09:47 GMT
As others have pointed out, day 90 of the Liquidity Event was Sunday (14th June). But Growth St continued to match loan orders well into Monday.
By the time the Resolution Event was (eventually) announced, 50%+ of my loan portfolio consisted of orders matched that same day (15th June).
This seems deeply suspect.
I wonder if any of the legal experts on here has a view as to whether this is permitted by the terms and conditions?
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benaj
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Post by benaj on Jun 17, 2020 18:37:35 GMT
Someone lucky mentioned getting 100% on this roulette.
I suppose due to the nature of this unqiue model, it’s possible for an individual to lose 100% if GS hasnt taken any actions for the Resolution Event.
Let’s hope the matter will be resolved sooner
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Post by Ace on Jun 17, 2020 19:06:18 GMT
I was clever enough to pull out of GS last November ... and then moved the money to [ahem] AC ... so I will get it back later than you. I'm in AC too, but the vast majority of my funds are in the MLA, so not a problem. I've always preferred the MLA, but did put some funds in the access account as a "temporary" measure (more egg on face).
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bod
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Post by bod on Jun 18, 2020 12:07:01 GMT
If you are categorised as a restricted investor there is no option to make a deposit under cash therefore you are unable to find your account details to transfer the ISA. This has been referred to to the tech team who are going to try to address the issue.
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pom
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Post by pom on Jun 19, 2020 14:41:09 GMT
If you are categorised as a restricted investor there is no option to make a deposit under cash therefore you are unable to find your account details to transfer the ISA. This has been referred to to the tech team who are going to try to address the issue. Reading this I have to wonder if it is actually an issue or if the system is actually trying to protect you because perhaps you already have too much invested for a restricted investor. It is after all perfectly possible for a restricted investor to have 25k in a regular ISA, but if you have that much in an IFISA either you've invested "too much" because restricted =max 10% or if this were 10% you should actually be classified as HNW (250k+). It's none of my business, and you don't have to answer. I've just often wondered how any platform could ever actually do anything to prevent restricteds investing more than 10%, except at this obvious threshold.
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bod
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Post by bod on Jun 19, 2020 19:01:42 GMT
It was trying to protect you as restricted investors were no longer able to invest in Growth Street ISAs at all.
I know I probably shouldn't have but on a couple of platforms where I knew I had no intention of investing any more (was just waiting for the bonus payments before getting out) I did classify myself as 'restricted'. I don't remember the definitions for Growth Street but think the other option may have been self-certified sophisticated investor, which I am in reality having investments in 11 P2Ps. It wasn't a problem until I needed my account details.
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pom
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Post by pom on Jun 19, 2020 22:07:11 GMT
It was trying to protect you as restricted investors were no longer able to invest in Growth Street ISAs at all. I know I probably shouldn't have but on a couple of platforms where I knew I had no intention of investing any more (was just waiting for the bonus payments before getting out) I did classify myself as 'restricted'. I don't remember the definitions for Growth Street but think the other option may have been self-certified sophisticated investor, which I am in reality having investments in 11 P2Ps. It wasn't a problem until I needed my account details. Ah right - I forgot they did that. Well I hope they can provide you with your details - tho I was told once, for another IFISA that was also managed by Goji that they didn't really need the account refs anyway. After all if they have your name, address and NI it's not going to be that hard to match people up.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 21, 2020 23:35:15 GMT
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r00lish67
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Post by r00lish67 on Jun 22, 2020 9:10:31 GMT
Despite the necessary drama of the headline, I recall reading in the terms that borrowers can not only negotiate extensions with GS in a resolution event but even receive further cash from them if appropriate. Which is all very sensible really. There should be a good portion of borrowers who can refinance with all of the QE cash sloshing about. Shame about the inevitable tail of lemons.
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Post by kezza on Jun 22, 2020 10:43:12 GMT
The shame of this all is that they could have likely continued operations had they better written the ToS for this kind of event. Their was no issue with the loanbook itself - just the GS model. Even a system in which they payback proportionally for all queued withdrawls (as we are now) would gave worked well enough as they reduced the loanbook size - everyones money is stuck in now for at least 1 year anyway. They also could have then taken new investors hopefully injecting some liquidity for those who want to get out.
Forcibly winding up will just cause additional losses on the more risky borrowers who may either just go under or who will just get large extensions from GS anyway (effectively operating as normal). The longer they take winding up, the more operational costs will eat into reimbursements making some borrowers pretty worthless from our point of view.
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Post by Ace on Jun 22, 2020 12:06:04 GMT
I doubt it. 1. GS has never been very informative. 2. Having some wind down examples from other platforms - the flow of information tend to reduce or almost disappear. I'm quite disappointed with the volume of information in today's communication. They had 3 months to prepare it and yet many questions are unanswered. I feel lucky being able to withdraw 4.5% of my funds today, but I didn't really understand the pattern of further distributions. I can't view my live investments any more, does it mean I have to log in every day to see if I have anything available to withdraw? What does "at least on quarterly basis" mean? It's obvious that the scheduled bonuses are cancelled, but they could've communicated this in the e-mail. No mention of IFISA bonds... I was quite keen on GS and doubled my investment last December for 2% bonus opportunity. It was a big mistake, can only blame myself for being greedy. Rant over At least the situation is much clearer than with FO (former Welendus) where we are in complete darkness. The IFISA bonds were repaid in full with interest last week.
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