stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442 
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Post by stub8535 on Jan 8, 2017 14:05:25 GMT
I had notification about the new product, growth account targetting 6.5%, this morning.
Disturbing to see there is a 1% levy aplied to withdrawals. Unfair as its lender money in the first place. Unfair as it probably cannot be written off against tax. Are your management fees reduced in the same ammount? Are there any free withdrawals?
Not the first product to do this in p2p sphere.
Care to explain LC representative?
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ablender
Member of DD Central
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Post by ablender on Jan 8, 2017 19:11:55 GMT
lendingcrowd I demand an explanation about the 1% Withdrawal fee displayed in your recent email. I refuse to accept such a condition which was not there when I accepted to lend through your platform. Furthermore I have been trying to sell out my loan parts for more than 3 months and I have gathered enough information which shows how your system is not allowing people to really get out, i.e. keep them locked in. For this reason I will insist on you (Lending Crowd) to buy me out if you want to introduce such fees. If you fail to accept this I will not hesitate to proceed the case to the Financial Ombudsman, FCA and to the courts if necessary.
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Steerpike
Member of DD Central
Posts: 1,961
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Post by Steerpike on Jan 8, 2017 19:35:25 GMT
lendingcrowd I demand an explanation about the 1% Withdrawal fee displayed in your recent email. I refuse to accept such a condition which was not there when I accepted to lend through your platform. Furthermore I have been trying to sell out my loan parts for more than 3 months and I have gathered enough information which shows how your system is not allowing people to really get out, i.e. keep them locked in. For this reason I will insist on you (Lending Crowd) to buy me out if you want to introduce such fees. If you fail to accept this I will not hesitate to proceed the case to the Financial Ombudsman, FCA and to the courts if necessary. Doesn't the 1% fee apply to the new Growth Account which no one has invested in yet? Also, as I understand it all P2P SM carry the health warning that you can sell only if some other lender will buy.
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ablender
Member of DD Central
Posts: 2,204
Likes: 555
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Post by ablender on Jan 8, 2017 20:26:27 GMT
lendingcrowd I demand an explanation about the 1% Withdrawal fee displayed in your recent email. I refuse to accept such a condition which was not there when I accepted to lend through your platform. Furthermore I have been trying to sell out my loan parts for more than 3 months and I have gathered enough information which shows how your system is not allowing people to really get out, i.e. keep them locked in. For this reason I will insist on you (Lending Crowd) to buy me out if you want to introduce such fees. If you fail to accept this I will not hesitate to proceed the case to the Financial Ombudsman, FCA and to the courts if necessary. Doesn't the 1% fee apply to the new Growth Account which no one has invested in yet? Also, as I understand it all P2P SM carry the health warning that you can sell only if some other lender will buy. I cannot say that it will apply only to that. From the email it says: "We have something up our sleeve! From next week, expect a change to our investor dashboard with the arrival of the LendingCrowd Growth Account.", but does not say that the 1% withdrawal fee is restricted to this new account. I have seen how this platform operates and do not trust them at all. That is the reason why I am moving out in the first place. Therefore, I think I am justified in saying what I said, and to remove any misunderstandings, I was referring to any money that I had already invested in, or still present on the platform.
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Post by laidbackgjr on Jan 10, 2017 15:59:35 GMT
Website seems to have changed - now showing existing holdings as a 'Self Select Account' for which no signs of a withdrawal fee. Also saying the new 'Growth account' is coming soon - so looks like a completely new and separate product.
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ablender
Member of DD Central
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Post by ablender on Jan 10, 2017 16:57:15 GMT
Yes, I just saw that now. I also noted that there is a minimum transfer out of £5 and a maximum daily transfer out of £1000. I did not know that there was this maximum daily limit. Does any one know about it? When it was introduced? etc
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Jan 10, 2017 22:01:05 GMT
ablender:
Think it's always been there - just didn't used to be obvious unless you tried to withdraw more than £1k. When I became disillusioned with LC and tried to take back most the extra £10k I'd easily deposited I was most perturbed to find I could only do £1k/day!
Now I've just tried a small withdrawal and got the message:
but my available funds have been reduced by the amount requested - presumably another minor bug? Hopefully the money will appear in my bank shortly!
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ablender
Member of DD Central
Posts: 2,204
Likes: 555
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Post by ablender on Jan 10, 2017 23:42:00 GMT
ablender :
Think it's always been there - just didn't used to be obvious unless you tried to withdraw more than £1k. When I became disillusioned with LC and tried to take back most the extra £10k I'd easily deposited I was most perturbed to find I could only do £1k/day!
Now I've just tried a small withdrawal and got the message:
but my available funds have been reduced by the amount requested - presumably another minor bug? Hopefully the money will appear in my bank shortly! Thanks for your reply. The more I learn about this platform the more I am convinced that I made the correct decision to move away from it.
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