iren
Member of DD Central
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Likes: 300
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Post by iren on Feb 23, 2021 17:00:31 GMT
An email from Octopus today states:
-Octopus Choice has stopped trading “permanently”
-The platform fee, already removed when the market was closed, will be “waived indefinitely”.
-A sale of 25% of the loan book has been agreed.
-Octopus will “continue to work on other options for returning the remaining capital to investors” but are “not prepared to accept any discount to achieve immediate liquidity”
-Investors are invited to a webinar on 26 March for a discussion of these matters and the outlook for the market, and to answer any questions.
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liso
Member of DD Central
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Post by liso on Feb 23, 2021 18:54:46 GMT
Slow to load but yes, logged in successfully
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oldtimer
Member of DD Central
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Post by oldtimer on Feb 23, 2021 18:54:50 GMT
Has anyone managed to login? I just keep going around in circles between the announcement of closure and the login page. I logged in about 20 minutes ago
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iren
Member of DD Central
Posts: 302
Likes: 300
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Post by iren on Mar 4, 2021 19:40:29 GMT
Pleased that 36.5% of my capital as at the last mid month statement is now cash pending withdrawal. I’m hoping a solution is found for the rest of the portfolio that doesn’t leave us with some dregs hanging around for years in recovery.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 4, 2021 7:01:10 GMT
Since the suspension about 15 months ago 65% of my investment has been returned and transfers are made monthly. I expect there will be a long tail and I worry a little about how Octopus will view, man and fund the shrinking pot. The time spent managing non-performing loans is much greater. Maybe they will be able to sell the rump portfolio to a debt collection type company, but as that would involve a large haircut I suppose they might need lenders agreement.
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macq
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Posts: 1,924
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Post by macq on Jun 13, 2021 8:00:41 GMT
Since the suspension about 15 months ago 65% of my investment has been returned and transfers are made monthly. I expect there will be a long tail and I worry a little about how Octopus will view, man and fund the shrinking pot. The time spent managing non-performing loans is much greater. Maybe they will be able to sell the rump portfolio to a debt collection type company, but as that would involve a large haircut I suppose they might need lenders agreement. At the time when they sold part of the loan book in early spring they said that they would not consider a haircut on the remaining part so hopefully that will stay the case (the 5% holding per loan might help).I am sure they would like to close and put the p2p side behind them and sell the rest but we can only hope that the monitoring of loans has been taken over by their property team which was already existing for nearly 20 years and the costs merged (but i have wondered since the start why they just don't take over the loans themselves) I have also noticed when phoning about my ISA transfer that you now seem to go through to Octopus investment customer services who also seem to deal with their investment funds and VCT's etc so guess the admin has been merged in another way also?
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littonowl
Member of DD Central
Posts: 398
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Post by littonowl on Jun 16, 2021 10:57:58 GMT
Has anyone managed to login? I just keep going around in circles between the announcement of closure and the login page. Having the same problem, when I log in with the correct details, it instead keeps offering me to sign up (to a now defunct website!? ). Was always a dreadful website, and this isn't the first time I've encountered this issue, pleased to see that some things don't change...
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 16, 2021 21:57:39 GMT
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jcb208
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Post by jcb208 on Jun 17, 2021 19:47:41 GMT
Sent a payment to my bank account for the princely sum of 1 pence yesterday
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Post by overthehill on Jun 18, 2021 9:38:58 GMT
Sent a payment to my bank account for the princely sum of 1 pence yesterday Been there done it and do it. Just to annoy certain p2p companies who are not excelling at customer service or hanging onto your money without a good enough reason.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 18, 2021 18:47:52 GMT
Sent a payment to my bank account for the princely sum of 1 pence yesterday Been there done it and do it. Just to annoy certain p2p companies who are not excelling at customer service or hanging onto your money without a good enough reason.
I suspect that jcb208 meant that OC sent it, as part of their regular monthly transfer.
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jcb208
Member of DD Central
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Post by jcb208 on Jun 20, 2021 17:28:43 GMT
Sent another payment 2 days later of £2.80 ,only got £12.80 left in there now,the 1p payment was interest
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liso
Member of DD Central
Posts: 389
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Post by liso on Sept 6, 2021 12:30:03 GMT
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on Sept 6, 2021 15:20:53 GMT
Since the suspension about 15 months ago 65% of my investment has been returned and transfers are made monthly. I expect there will be a long tail and I worry a little about how Octopus will view, man and fund the shrinking pot. The time spent managing non-performing loans is much greater. Maybe they will be able to sell the rump portfolio to a debt collection type company, but as that would involve a large haircut I suppose they might need lenders agreement. At the time when they sold part of the loan book in early spring they said that they would not consider a haircut on the remaining part so hopefully that will stay the case (the 5% holding per loan might help).I am sure they would like to close and put the p2p side behind them and sell the rest but we can only hope that the monitoring of loans has been taken over by their property team which was already existing for nearly 20 years and the costs merged (but i have wondered since the start why they just don't take over the loans themselves) I have also noticed when phoning about my ISA transfer that you now seem to go through to Octopus investment customer services who also seem to deal with their investment funds and VCT's etc so guess the admin has been merged in another way also? Good point about the 5% holding. They could sell the rump at 95% of par without agreement from lenders and without upsetting us. Fingers crossed.
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macq
Member of DD Central
Posts: 1,924
Likes: 1,192
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Post by macq on Sept 6, 2021 17:51:29 GMT
At the time when they sold part of the loan book in early spring they said that they would not consider a haircut on the remaining part so hopefully that will stay the case (the 5% holding per loan might help).I am sure they would like to close and put the p2p side behind them and sell the rest but we can only hope that the monitoring of loans has been taken over by their property team which was already existing for nearly 20 years and the costs merged (but i have wondered since the start why they just don't take over the loans themselves) I have also noticed when phoning about my ISA transfer that you now seem to go through to Octopus investment customer services who also seem to deal with their investment funds and VCT's etc so guess the admin has been merged in another way also? Good point about the 5% holding. They could sell the rump at 95% of par without agreement from lenders and without upsetting us. Fingers crossed. As per the link above the 5% holding and large parent company have probably helped save some grief for investors so far - but still wonder why their own property arm does not take the loans on.
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