09dolphin
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Post by 09dolphin on Apr 6, 2016 17:27:07 GMT
As fairly new to P2P investing I'd appreciate information from more experienced forumites.
Invested in the NI land loan. Was fully funded and then had the message saying delayed because of St Patricks day, then the loan would be activated very soon after Easter and then FS were chasing up as everything had been completed by them. My money has been tied up for more than 3 weeks. Is this normal and how long is the maximum money can be tied up for?
I do note that some loans are activated almost as soon as they are fully funded.
In the future how do I prevent money being tied up earning nothing (only get a couple of percent where it is but at least it's something).
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SteveT
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Post by SteveT on Apr 6, 2016 17:29:35 GMT
It's not normal but it can happen occasionally, usually only with property loans that hit completion issues. I think FS have a hard limit (28 days) after which they cancel a loan if still not completed. Sometimes they have paid something to lenders in "compensation" when this has happened.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 7, 2016 0:50:48 GMT
As fairly new to P2P investing I'd appreciate information from more experienced forumites.
Invested in the NI land loan. Was fully funded and then had the message saying delayed because of St Patricks day, then the loan would be activated very soon after Easter and then FS were chasing up as everything had been completed by them. My money has been tied up for more than 3 weeks. Is this normal and how long is the maximum money can be tied up for?
I do note that some loans are activated almost as soon as they are fully funded.
In the future how do I prevent money being tied up earning nothing (only get a couple of percent where it is but at least it's something). It's best to avoid property loans which don't have a start date for interest payment, or stick to rollovers and non-property loans. However, I got caught out on this one as well. The original email stated "Loan is due to be drawn down on Wednesday 16th March". I took that to mean it was ready to go. Given that FS has had their best month ever maybe we will get compensated.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Apr 7, 2016 10:53:12 GMT
I'm tied up in this loan as well. Only thing left is waiting and maybe FS will show some goodwill with additional bonus/interests.
There should be some penalties imposed if the loans does not drawn down on time. But I'm not holding my breath.
That is why I only invest in loans that have started paying interests or there is a date when there will.
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jamesc
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Post by jamesc on Apr 8, 2016 16:28:40 GMT
Hi Steve
You mention a 28 day hard limit can you tell me where I might find that please. This loan has been delayed once more and is fast approaching 28 days ?
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SteveT
Member of DD Central
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Post by SteveT on Apr 8, 2016 16:44:33 GMT
Suggest you check with FS via their Live Chat, but I seem to remember it from a couple that were cancelled after long delays over Xmas.
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Post by doorway on Apr 9, 2016 14:24:49 GMT
As fairly new to P2P investing I'd appreciate information from more experienced forumites.
Invested in the NI land loan. Was fully funded and then had the message saying delayed because of St Patricks day, then the loan would be activated very soon after Easter and then FS were chasing up as everything had been completed by them. My money has been tied up for more than 3 weeks. Is this normal and how long is the maximum money can be tied up for?
I do note that some loans are activated almost as soon as they are fully funded.
In the future how do I prevent money being tied up earning nothing (only get a couple of percent where it is but at least it's something). It's best to avoid property loans which don't have a start date for interest payment, or stick to rollovers and non-property loans. However, I got caught out on this one as well. The original email stated "Loan is due to be drawn down on Wednesday 16th March". I took that to mean it was ready to go. Given that FS has had their best month ever maybe we will get compensated.
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Post by doorway on Apr 9, 2016 14:32:57 GMT
Why are we not asking for our money back ? ........ or are we holding out interest compensation ?
(right of access is a fundamental of legal checking, only now, supposedly, the reason for delay).
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Post by Deleted on Apr 11, 2016 16:00:42 GMT
It is FS's process, every Portal has a different process and some of them are more attractive than others. As others have said, if you don't like it buy the loan in the secondary market or buy different loans in FS or in other Portals.
For me, I see it as a reason to invest smaller sums in FS than I do in other Portals, it makes my money work harder.
My other advice is read these various threads and look out for the newbie guides that exist in some of them. Saves a lot of time in the long run.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Apr 29, 2016 11:23:19 GMT
Time to revive that thread as the the loan 2157766811 is still not active....
Last comment on 22/Apr said it will be activated "early" this week but its Friday and still didn't.
It promises to pay interests from 4 April so will see...
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Post by scores on Apr 30, 2016 18:08:45 GMT
This delay in loans being drawn down is occurring more frequently now.All we get told are false promises from borrowers and their Solicitors.Loan is expected to be drawn down by end of week,or after a holiday,or when someone comes home from a holiday..Am not going to invest any new money into FS. Other platforms pay interest as soon as you have invested,instead of waiting a month.or longer in some cases.Will stick with them from now on.
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Post by fundingsecure on Apr 30, 2016 21:48:44 GMT
Time to revive that thread as the the loan 2157766811 is still not active.... Last comment on 22/Apr said it will be activated "early" this week but its Friday and still didn't. It promises to pay interests from 4 April so will see... Just to clarify - anyone invested in this loan will be paid interest from 4th April, regardless of when their bid was placed. FundingSecure
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