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Post by barnsleybiker on Aug 24, 2023 13:26:03 GMT
when i joined the loan-pad premium account i was fully aware of the 60 day constraint on cash removal. this wasn't a problem. i like loan-pad and to be honest most of our savings seem to have gravitated here over the years when ratesetter and zopa etc wound down.
we are planning to move house and i may (or hopefully may not) need to use some Loan-pad cash to get us sorted.
the loan-pad site says "Access times are based on normal market conditions and cannot be guaranteed"
I've always found LP accommodating in the few times I've contacted them, at the moment i have the daily interest paying into the LP classic account hoping this will be a speedy withdrawal, but its only a trickle.
has anyone any experience of asking for large cash lumps returned from either a classic or premium account? especially in these turbulent times?
i may need to ask LP for upto £80,000........... that'll scupper my early retirement to the Bahamas (or Bridlington!) ouch!
thanks LP chums
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Post by Ace on Aug 24, 2023 13:50:51 GMT
Yes, I've withdrawn 5 figure sums a few times and 4 figure sums often. Classic withdrawals were always the next day, and premium withdrawals were always after the 60 day notice.
I have a friend who has made at least one next day 5 figure premium withdrawal, subject to a 0.5% fee on the amount withdrawn.
There is currently £1.3m unallocated cash in the accounts for servicing withdrawal requests, but this obviously fluctuates daily.
Might be worth considering setting up a series of rolling premium withdrawals, just in case. You can cancel them if not needed.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,012
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Post by dave4 on Aug 24, 2023 14:20:44 GMT
Yes, I've withdrawn 5 figure sums a few times and 4 figure sums often. Classic withdrawals were always the next day, and premium withdrawals were always after the 60 day notice. I have a friend who has made at least one next day 5 figure premium withdrawal, subject to a 0.5% fee on the amount withdrawn. There is currently £1.3m unallocated cash in the accounts for servicing withdrawal requests, but this obviously fluctuates daily. Might be worth considering setting up a series of rolling premium withdrawals, just in case. You can cancel them if not needed. Like above, Rolling withddrawls from premium account for the win, never had a issue with many hi 4 figure and low 5 figure withdrawls. . Ps when removing cash remember to reset both is and standard interest repaid into settings.
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firedog
Member of DD Central
Posts: 310
Likes: 387
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Post by firedog on Aug 24, 2023 14:28:01 GMT
Never had a problem getting money out of Loanpad.
They are usually accommodating even if you need instant access to funds in the 60-day Premium account (subject, as Ace has reported, to a 0.5% fee).
But like others I've usually instigated rolling withdrawals, cancelling them as they approach.
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ashtondav
Member of DD Central
Posts: 1,805 
Likes: 1,087
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Post by ashtondav on Aug 24, 2023 14:48:12 GMT
when i joined the loan-pad premium account i was fully aware of the 60 day constraint on cash removal. this wasn't a problem. i like loan-pad and to be honest most of our savings seem to have gravitated here over the years when ratesetter and zopa etc wound down. we are planning to move house and i may (or hopefully may not) need to use some Loan-pad cash to get us sorted. the loan-pad site says "Access times are based on normal market conditions and cannot be guaranteed" I've always found LP accommodating in the few times I've contacted them, at the moment i have the daily interest paying into the LP classic account hoping this will be a speedy withdrawal, but its only a trickle. has anyone any experience of asking for large cash lumps returned from either a classic or premium account? especially in these turbulent times? i may need to ask LP for upto £80,000........... that'll scupper my early retirement to the Bahamas (or Bridlington!) ouch! thanks LP chums I’m in much the same situation. Ordered a withdrawal of £60,000 60 days ago and now in cash. It’s a shame you can’t have more in the classic account as I will now have to withdraw £40,000 to the BS…
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Post by barnsleybiker on Aug 24, 2023 15:44:47 GMT
thanks all. it should all work out well.
my missis just spent the afternoon on "rightmove" looking for our perfect pad, she's also on zoopla checking price's friends bought houses at!!! crafty one my missis!
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benaj
Member of DD Central
Posts: 4,889
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Post by benaj on Aug 24, 2023 16:22:39 GMT
I’m in much the same situation. Ordered a withdrawal of £60,000 60 days ago and now in cash. It’s a shame you can’t have more in the classic account as I will now have to withdraw £40,000 to the BS… Coutts parent company offers “fixed” rate account @ 5.55%, free to withdraw anytime before 29th September.
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Post by Harland Kearney on Aug 24, 2023 19:49:26 GMT
Never had any issues, also during the COVID 2020 March-April liquidity crunch P2P Loanpad is one of the only platforms that did not have any issues with its pooled-style products.
A real-life crisis test for the platform is performed with flying colors.
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dh1
Member of DD Central
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Post by dh1 on Aug 24, 2023 21:52:05 GMT
I too have withdrawn and variously shifted money out of Loanpad. In each case, I have asked that there be no penalty. There hasn't been. Just ask!
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