groon
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Post by groon on Nov 9, 2022 17:43:27 GMT
I'm sure there are lot of people with a quite a lot invested in these loans. So it surprises me there hasn't been more of a backlash regarding their lack of repayments, nevermind the "music chairs" of direcorships and share ownership going on in the background. It seems, on the surface anyway, to annoy only a handful of investors. Please don't misinterpret silence as contentment. I'm annoyed too. It's just that there didn't appear to be anything I could add to what others have written. Other than to say I'm annoyed, which I've now done. Twice.
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groon
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Post by groon on Dec 15, 2021 16:23:47 GMT
I haven't had a penny back yet, which is even worse than a normal week, when I'd expect a steady trickle.
I presume that this is because I stopped reinvesting about 3 years ago, so all the loans in which I have a stake are 'old'.
Well, that's what I presume ...
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groon
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Post by groon on Dec 7, 2021 11:26:25 GMT
Greg Lake sang 'I believe in Father Christmas'
He also sang 'Epitaph'
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groon
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Post by groon on Oct 4, 2021 14:00:36 GMT
Totaly unable to access withdrawls, getting the message "Your investment dashboard is currently in a read-only state. This means you're able to view your investment, but not make any changes. Please note, the balance you see may not include your most recent repayments, but these will be reflected once we’ve fully restored all services." Is everyone getting this? Yup! What a shambles
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groon
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Post by groon on May 26, 2021 11:07:51 GMT
Here's the relevant extract from the FCA's oral evidence to the Treasury Committee on 12 May:
Q146 Harriett Baldwin: I wanted to get an update, for the benefit of the Committee, in terms of the peer-to-peer lending situation and the investigation with Collateral. Can you just update the Committee on that?
Nikhil Rathi: As you know, there have been investigations under way.
Q147 Harriett Baldwin: Are they still under way? Have they come to a conclusion yet?
Nikhil Rathi: What I would say is that they are very close to coming to a conclusion. The enforcement investigation is at an advanced stage. I am not going to comment too much further because one element of it is a criminal investigation, but they are at an advanced stage.
Q148 Harriett Baldwin: Okay, I understand that, but I understand also that the investigation covers a situation where someone was actually able to get into your computer systems and physically alter the records on your computer systems—a very sophisticated hack. I wondered whether you, as chief executive, are comfortable that it would no longer be possible for anyone to do that.
Nikhil Rathi: In the context of the cyber-security risks that we are all dealing with, which are published by the National Cyber Security Centre, I don’t think any chief executive is going to say they are comfortable; they are quite sobering in terms of the heterogeneous range of actors who seek to undermine us. For instance, you saw what happened in the US with an oil pipeline this week.
However, where we have taken action is to deal with that specific issue around the register, where there was an ability to adjust the contact details around permission. That specific issue has been tightened up very considerably, but this broader issue of cyber-security—just as we tell the industry, this is an area where we will have to keep investing very heavily to try to stay ahead of a fast-moving adversary environment.
Q149 Harriett Baldwin: At the moment, as I understand it, you encourage consumers to check your website to see if someone has got a registration and whether that registration reflects the current state of your evaluation of their business. So can you say to consumers at the moment that, as your website stands today, you feel comfortable that it fairly reflects all the current participants in the market—that what is on your website is accurate?
Nikhil Rathi: I am broadly comfortable that the website does that. Of course, I can’t say it’s perfect. There are 930,000 entries and they are dynamic; they are changing every day. We are investing very heavily in the register to continually improve the data integrity around it, and also to seek to, as we started to do last year, explain very clearly the warnings around different types of entry on the register. Just because a firm is on the register, it doesn’t mean you get a full level of protection. We are dealing with everything from firms that that are registered for money laundering right through to the largest banking and investment groups in the country. So we try to make it more comprehensive in terms of how people understand the information on there.
Q150 Harriett Baldwin: It is so important—isn’t it?—because you were just talking about the online harms. If you are a consumer and you are trying to do your best to protect yourself, you kind of rely on the FCA website to be an accurate reflection of the products and the product providers that you are interacting with.
Nikhil Rathi: I agree. And that’s why one of the early decisions I took on becoming chief executive was to invest more resources in technology, and one significant set of projects that we are working on is products around data integrity.
Q151 Harriett Baldwin: Going back to the situation with Collateral specifically, I understand that it was discovered in November 2019—was it?—that the information on your website had been changed by the person you are investigating, and then it took you until February of the following year to reflect that, in terms of the information that investors could see, and that between those two dates an additional £3.8 million was invested in Collateral. Do you think that the FCA should use a redress scheme to help those people who were affected by that particular regulatory failure?
Nikhil Rathi: The enforcement investigation is under way. There are also, as you will be aware, a number of complaints relating to Collateral. So we will address all those complaints in the normal way, as the investigation reaches its conclusion.
Q152 Harriett Baldwin: Can you give the Committee an idea of how soon we might see that conclusion?
Nikhil Rathi: I am certainly hoping that, on the investigation, we will be able to give you a very substantive update in the next few months.
Q153 Harriett Baldwin: So by the end of July?
Nikhil Rathi: I would hope that by September we would be able to give you something, and we will seek to try and do it sooner. Without going into any specifics on this case, you will be aware that with the general enforcement protocol, where the FCA is seeking to potentially take action against anybody, there is a very specific process that allows firms or individuals to make representations and put their case before anything is made public. So we have to bear that in mind when we are making any enforcement decision. That is why it is always difficult to give you a hard timetable, because there is that statutory process we have to go through at the very end of an investigation.
Q154 Harriett Baldwin: So by 1 September?
Nikhil Rathi: I certainly hope so. We often have these conversations in the Committee. There are rules set out in FSMA around how people are able to make their case, and they often have very well-resourced lawyers who will use every point of process to delay things. I am not saying that is happening in this case; I am making a general point. I have seen, having been six months in the FCA, just how these things can get drawn out, particularly in a contested case.
Q155 Harriett Baldwin: Are there any words of wisdom you would like to share with consumers out there about peer-to-peer lending and investing in peer-to-peer vehicles?
Nikhil Rathi: We have said you need to approach with care and you should only invest money you can afford to lose, and we have put restrictions around the percentage of your net assets that can be invested in a portfolio of peer-to-peer opportunities. These are not bank deposits where the advertised interest rate is guaranteed. These are risky investments that, if you are going to invest in them, it should be as part of a much wider portfolio.
Harriett Baldwin: Thank you.
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groon
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Post by groon on Apr 15, 2021 13:09:17 GMT
It's going quick but I managed to grab some this time. Thank you ablrate for listening to those of us who requested bid limits
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groon
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Post by groon on Apr 7, 2021 20:26:36 GMT
Received this just after 9pm:
"Further to our email to you this morning, we have been working urgently with our payments processing provider to fix the issue that has delayed your RateSetter withdrawal reaching your bank account.
The delay has been caused by a technical issue in the banking system which affected payments scheduled to be processed yesterday but has not affected payments processed today. Our payments processing provider is ensuring that the issue is fixed so that yesterday’s payments can proceed. In the meantime, your money remains in RateSetter’s customer account held with Barclays Bank, ready for transfer to your bank account.
We expect that your money should arrive in your bank account tomorrow. We apologise for the delay and for any inconvenience it may have caused."
Nothing about interest or compensation there. Why am I not surprised?
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groon
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Post by groon on Mar 1, 2021 14:22:29 GMT
£50,000 will be available on the loan exchange later today / tomorrow. I was there spot on to the second 150meg internet connection result zero. ablrate what actually happened - assume £250K wasn't actually available? Me too, with nothing to show for it. And it's not helpful to be told that I may have a chance "later today / tomorrow" because I don't know when that is, and would it make any difference if I did? Bid limits are a much fairer tool in these circumstances.
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groon
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Post by groon on Apr 23, 2020 13:30:18 GMT
Given that the Assetz live chat link no longer works, dare I ask someone here? How do you see how much cash is in the Manual account, that might be transferable out? Within the 'Manual Lending Account (Standard)' box on my display, there is a little question mark (?) to the right of the Total Investment amount. If I hover my cursor over the ?, it shows the 'Awaiting Investment' amount. Is that it? Thanks for the tip, cb25, I was struggling with that too. chris , There's nothing intuitive about having to hover over a question mark next to one figure in order to find out another figure, can it not appear in its own right? Also, the 'Total net instruction' figure has disappeared; it would be nice to have that back. Thanks!
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groon
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Post by groon on Apr 9, 2020 12:25:54 GMT
I'm not touching this one either. I'm not persuaded that the business model is ethically sound and I'm a bit disappointed that Ablrate want anything to do with it.
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groon
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Post by groon on Apr 1, 2020 14:54:56 GMT
I held my nose and voted A.
I think that AC have taken the right decisions (mostly) but I fear they have badly mishandled their communications. I believe that it is in my best interests as a lender to put to one side my misgivings about the latter and to place my trust in the former. So I'm still reinvesting all repayments and I suppose that time will tell whether I've made the right call.
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groon
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Post by groon on Jan 21, 2020 13:37:52 GMT
A big thank-you to those who raised concerns! Ablrate should've carried out the DD themselves. They seem genuinely grateful to those who did it for them. So am I!
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groon
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Post by groon on Oct 4, 2019 10:58:07 GMT
I wonder how many will not pay proper attention and leave it, how many will adjust their expectations, and how many will go and for now withdraw Me, for one Until / unless rates improve, I'll be withdrawing repayments.
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groon
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Post by groon on May 29, 2019 14:43:17 GMT
This looks like an honourable decision, taken in the best interests of clients. Other platforms could take note. I would just echo the point raised by rick24 -- will BondMason undertake to commit sufficient resources to pursue recoveries on our behalf, for as long as it may take?
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groon
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Post by groon on May 24, 2019 13:56:09 GMT
Halfway to the £250k minimum within 15 minutes or so. Does that make it half-baked?
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