|
Post by rosieandjim on Sept 2, 2016 15:00:12 GMT
Can we have the anticipated update please? It's now 4pm, heading close towards the weekend. What's happening with the repayment of 000360 and 000363 please?
|
|
pauls
Posts: 68
Likes: 36
|
Post by pauls on Sept 5, 2016 10:49:36 GMT
What news on the overdue invoice Kristjan? Currently we're still waiting. It can take up to a week for the cheque to clear in some instances. We will let investors know if there are any other issues. It is well over a week. Has the cheque cleared?
|
|
|
Post by rosieandjim on Sept 5, 2016 10:51:13 GMT
Halfway through Monday now and it's interesting that we still have no update. It implies there might be a problem that doesn't want to be shared?
2 invoices are now well overdue with little communication from the platform as to the status. There's been no 'official' email from Investly either, only the replies on here.
I'll be taking my funds elsewhere which is a shame because I like the platform, but with a lack of focus on keeping your investors updated it's become way too risky for my appetite.
|
|
|
Post by kristjan on Sept 5, 2016 12:05:54 GMT
At this point we haven't gotten a response, but we will give an update as soon as we have the information. In case the debtor does have difficulties paying, we do a full recourse - i.e. ask the invoice seller to repurchase the invoice. In most cases company directors have also provided a personal guaranty.
I'm sorry for that I didn't respond earlier. I don't normally check the forums on the weekend and I had to attend an important meeting today. In terms of communication we are going to improve the website to make communication faster and clearer. I completely agree that the current process needs improvement.
|
|
|
Post by kristjan on Sept 5, 2016 12:40:17 GMT
I apologise for the spotty communication. I will be sending out an email regarding improvements to our communication regarding overdue invoices later today.
|
|
|
Post by kristjan on Sept 5, 2016 13:48:43 GMT
I apologise for the spotty communication. I will be sending out an email regarding improvements to our communication regarding overdue invoices later today. UPDATE: The update and information about future communication will be sent out tomorrow (we plan to have the solution ready by that time). All other development work has been put on hold.
|
|
|
Post by rosieandjim on Sept 6, 2016 15:52:52 GMT
It's been over 24 hours since the last update on here and alas, 'tomorrow' hasn't come - we're still suffering 'spotty' communications, with no further updates about what's happened to our money with invoices 000360 and 000363 and no communication about 'future communication' (!) .
This morning we had official Investly emails about both invoices 00360 and 000363 but they didn't share any more information than we already know about the late cheque and that you've tried to make contact with the seller.
Please, can you provide a proper update asap?
000360 Questions -
1. Have you managed to engage with the seller? (not just sent an email or left a voicemail)
2. Why hasn't the cheque cleared for invoice 000360? Have you checked with the debtor whether the cheque they issued has cleared at their end?
3. If it has cleared, why hasn't the seller paid the money back to Investly?
4. If the seller has gone missing then what are your plans to initiate the recourse?
000363 Questions -
5. Has the money owed for invoice 00363 been paid by the debtor?
6. How was the money paid from the debtor for invoice 000363? Was it also a cheque directly to the seller in error?
7. If it was a cheque, have you contacted the debtor to see whether it's been cleared at their end (meaning the seller has cashed it in)?
8. If it hasn't cleared then can the debtor stop the cheque for 000363 and pay Investly directly?
I understand processes can go wrong, but it's incredibly frustrating to be left in the dark around the actions being taken to rectify this situation. It feels like that any news would be good news.
To grow your business you obviously need more invoices on the platform, but you also need the confidence of investors. Please don't ignore us, work with us!
Finally, please don't make commitments you can't keep (to quote - "The update and information about future communication will be sent out tomorrow"), or at least provide an update that the commitment won't be met as circumstances develop through the day.
Rant over.
|
|
|
Post by kristjan on Sept 6, 2016 16:43:39 GMT
Hello everyone, Emails about our update to communications were sent out about half an hour ago. I understand you were expecting to get it earlier today. My apologies.
We haven't been able to get a response from the seller and will be pursuing the seller and the debtor again tomorrow. Regarding whether the cheque cleared, we have no further information at this point. We haven't received payment of the second invoice either. Normally we don't call to debtor at first sight of overdue payment so as not to interfere with their relationship. In most cases, this approach has validated itself. We will be contacting the debtor to get more information on the payment situation. We will provide updates via the website as I wrote in my email today (all invoices will have a button called collection history for overdue invoices). I would like to remind everyone that the debtor company has confirmed that they've received the goods/services provided, hence we have a right to ask for payment from both the debtor regardless of the fact that the cheque was sent to the invoice seller.
|
|
|
Post by kristjan on Sept 6, 2016 17:54:41 GMT
UPDATE We just got through to the seller company. Both payments have been sent by cheque to the seller. The representative at the seller company has been preoccupied with other matters (hence the delay in responding), but said he will check to see if the first cheque has cleared tonight and transfer the payment. The same applies to the second cheque. We will provide an update tomorrow.
|
|
|
Post by rosieandjim on Sept 7, 2016 22:52:25 GMT
UPDATE We just got through to the seller company. Both payments have been sent by cheque to the seller. The representative at the seller company has been preoccupied with other matters (hence the delay in responding), but said he will check to see if the first cheque has cleared tonight and transfer the payment. The same applies to the second cheque. We will provide an update tomorrow. I read your responses and gained some comfort that things might actually be in order and that I'd possibly been a little over-zealous with my criticisms, so today I took a backseat to see what would happen. Unfortunately there have been further broken commitments - 1. To quote - "all invoices will have a button called collection history for overdue invoices" - no they won't. There's no button. What happened? Why no communication? 2. To quote - "We will provide an update tomorrow" - no you didn't. We've had no communication at all, no official email and no more posts on here as to the whereabouts of our money.
|
|
|
Post by buttchopf23 on Sept 8, 2016 7:58:24 GMT
UPDATE We just got through to the seller company. Both payments have been sent by cheque to the seller. The representative at the seller company has been preoccupied with other matters (hence the delay in responding), but said he will check to see if the first cheque has cleared tonight and transfer the payment. The same applies to the second cheque. We will provide an update tomorrow. this does not seem as the seller is really interested in solving this issue in a speedy way... and not update Investors about any Progress or no Progress does not help either...
|
|
|
Post by kristjan on Sept 8, 2016 8:01:34 GMT
The first invoice payment to us went missing - left his account but didn't reach ours but didn't return to his. He has paid £4,500 from his money to cover some of the payment and will pay the rest of the outstanding £8,728.74 on Friday.
The second invoice he has paid all of today.
Regarding the button, installing was delayed due to new auctions. An update cannot be applied when there are a lot of visitors logged in and making bids or uploading invoices.
|
|
|
Post by buttchopf23 on Sept 8, 2016 8:11:03 GMT
the Story gets more and more interesting.. thanks for the update
|
|
|
Post by rosieandjim on Sept 8, 2016 14:46:23 GMT
The first invoice payment to us went missing - left his account but didn't reach ours but didn't return to his. He has paid £4,500 from his money to cover some of the payment and will pay the rest of the outstanding £8,728.74 on Friday. The second invoice he has paid all of today. Regarding the button, installing was delayed due to new auctions. An update cannot be applied when there are a lot of visitors logged in and making bids or uploading invoices. Ok, so at last something has happened... 1. The "Collection history" button has arrived 2. 000360 has been partially repaid, 000363 has been fully repaid 3. We've received penalties money So all good in the end, thanks.
|
|
|
Post by buttchopf23 on Sept 8, 2016 15:49:00 GMT
it seems to give a happy end, glad.
|
|