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Post by Badly Drawn Stickman on Apr 2, 2021 19:27:12 GMT
So I am the only one petty enough to leave small random pence in all my accounts to see what they do about it? Not sure sellout is the right description for the trades, think buyout (or snatchin away) would have been more accurate. And now effectively five days of waiting for it to arrive Apart from those minor points, time to execute the 'Master plan'. You wouldn't have had a chance with LB and GS, they've transferred all funds directly to investors' bank accounts. RS is the only one I know who is doing it differently. What other platforms ended p2p lending and repaid lenders in full? I am mildly curious as to what (if anything) they do about it, not sure unless they had altered the limit I could withdraw it now anyway. I have a FO complaint (ISA related) outstanding with RS so it is in my interests to keep the account live, they were not exactly very cooperative near the end. No idea with LB but yes pretty sure the GS default was send it to bank accounts, I was more than happy to ask for that as soon as it was available. On a wider view if RS do not at some point automatically send 'balances out' they could well have a lot of accounts with small balances that people have forgotten about.
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Post by df on Apr 2, 2021 19:58:06 GMT
You wouldn't have had a chance with LB and GS, they've transferred all funds directly to investors' bank accounts. RS is the only one I know who is doing it differently. What other platforms ended p2p lending and repaid lenders in full? I am mildly curious as to what (if anything) they do about it, not sure unless they had altered the limit I could withdraw it now anyway. I have a FO complaint (ISA related) outstanding with RS so it is in my interests to keep the account live, they were not exactly very cooperative near the end. No idea with LB but yes pretty sure the GS default was send it to bank accounts, I was more than happy to ask for that as soon as it was available. On a wider view if RS do not at some point automatically send 'balances out' they could well have a lot of accounts with small balances that people have forgotten about. This will probably be followed by a series of reminders and for the remaining pennies they will have to issue bank transfers. Can't imagine they are going to keep the accounts and client bank account forever. Or may be I'm wrong, I can still login to my Landbay account and download my statements. This however could be due to they have continued with the same business, just got rid of p2p element (majority of LB's lenders were institutional) and keeping investors' accounts live does no harm.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Apr 2, 2021 20:15:25 GMT
So I am the only one petty enough to leave small random pence in all my accounts to see what they do about it? Not sure sellout is the right description for the trades, think buyout (or snatchin away) would have been more accurate. And now effectively five days of waiting for it to arrive Apart from those minor points, time to execute the 'Master plan'. You wouldn't have had a chance with LB and GS, they've transferred all funds directly to investors' bank accounts. RS is the only one I know who is doing it differently. What other platforms ended p2p lending and repaid lenders in full?Strangely 'Yes Secure', which I thought was a total loss, absolutely amazed they paid back everything. Squirrl (not sure if that is spelt right) I didn't really expect to lose money, but got back everything anyway. Possibly others I've forgotten.
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Post by Ace on Apr 2, 2021 20:32:15 GMT
You wouldn't have had a chance with LB and GS, they've transferred all funds directly to investors' bank accounts. RS is the only one I know who is doing it differently. What other platforms ended p2p lending and repaid lenders in full?Strangely 'Yes Secure', which I thought was a total loss, absolutely amazed they paid back everything. Squirrl (not sure if that is spelt right) I didn't really expect to lose money, but got back everything anyway. Possibly others I've forgotten. Growth Street?
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Post by df on Apr 2, 2021 20:45:28 GMT
You wouldn't have had a chance with LB and GS, they've transferred all funds directly to investors' bank accounts. RS is the only one I know who is doing it differently. What other platforms ended p2p lending and repaid lenders in full?Strangely 'Yes Secure', which I thought was a total loss, absolutely amazed they paid back everything. Squirrl (not sure if that is spelt right) I didn't really expect to lose money, but got back everything anyway. Possibly others I've forgotten. I've never heard of these two. Did they issue bank transfers or asked investors to withdraw?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Apr 3, 2021 5:55:00 GMT
Strangely 'Yes Secure', which I thought was a total loss, absolutely amazed they paid back everything. Squirrl (not sure if that is spelt right) I didn't really expect to lose money, but got back everything anyway. Possibly others I've forgotten. I've never heard of these two. Did they issue bank transfers or asked investors to withdraw? If I remember correctly they both closed down their web sites and just sent the funds to your bank. I think Squirrl just couldn't get enough good borrowers. Yes Secure lent to individuals (a bit like Zopa Listings) and had lots of bad debt at the end (not on the scale of some of the current disasters), which they suddenly decided to cover after they had closed. I had got out well before the end but still got a surprise £40 of old bad debt back, some lenders had comparatively big losses repaid. Just remembered Yes Secure changed their name to Encash at some point.
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adrianc
Member of DD Central
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Post by adrianc on Apr 3, 2021 7:24:42 GMT
The end of an era.
1/20th of 1% of my peak balance has just been withdrawn.
First payment in was November 2014, my second toe-dip in P2P after a Fundamental C*ck*p - roughly 10x today's withdrawal. 5.84% XIRR over the entire term.
Even if my remaining Assetz balance is written off as a total loss, it'll still be ahead (just), but otherwise the dull and boring platform came good in the end.
Farewell, RS. I shall miss you. Not the "you" of the recent past - we've been on active draw-down for very nearly two years now. But the "you" of those golden years.
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Post by captainconfident on Apr 3, 2021 19:32:26 GMT
Well, that's one fewer passwords to remember.
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jcb208
Member of DD Central
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Post by jcb208 on Apr 3, 2021 20:43:22 GMT
Well one thing i got right last year, released most of my Ratesetter money as soon as I could last summer and stuck it in the Stock market and returned 32% to date so covered all my P2P losses + profit . Ratesetter turned out to be very good for me as an early investor
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ashtondav
Member of DD Central
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Post by ashtondav on Apr 4, 2021 8:41:43 GMT
Withdrawn all. Shame, good risk adjusted returns for a good few years from RS, and certainly one of my favourites. P2p remains the ideal asset between equities and bonds, so I do hope the likes of AC and Z can resume “business as usual” soon, and this pandemic has done us all a favour by shaking out the weaker players.
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travolta
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Post by travolta on Apr 4, 2021 9:49:40 GMT
I've a feeling that it might just get frittered away ...:-( I've no complaints about RS across the years ...did good . Nice little parties in London and Birm with canape and wine beanos . I wonder how they fared out of the deal.
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mickj
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Post by mickj on Apr 6, 2021 7:33:58 GMT
Tax Statements available for 2020>2021 good work & thanks RateSetter.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Apr 6, 2021 8:04:21 GMT
So I am the only one petty enough to leave small random pence in all my accounts to see what they do about it? Not sure sellout is the right description for the trades, think buyout (or snatchin away) would have been more accurate. And now effectively five days of waiting for it to arrive Apart from those minor points, time to execute the 'Master plan'. they will probably leave it in a client account and expect you to act on it. i doubt you will be contacted again on this unless via automated email
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Post by moonraker on Apr 6, 2021 16:33:33 GMT
I dutifully did a NextDay withdrawal of all my funds on April 2 and got an acknowledgement that they would be in my nominated account on the next working day - that's today. Fair enough, but at 1715 they hadn't appeared.
In contrast last night I arranged a transfer from my account with another organisation and the money had arrived by 1000 this morning.
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trevor
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Post by trevor on Apr 6, 2021 16:54:56 GMT
Given that today is the first working day since all our money was put in our holding accounts and tomorrow is the next working that’s when I’m expecting to see my money in my bank account
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