upland
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Post by upland on Mar 20, 2024 17:34:49 GMT
People seem to be losing sight of the big picture. Assetz Capital chose to withdraw from retail lending. The lenders are paying the price for this decision. First of all Assetz put in a 'we can give you 30 days notice to do anything we want' bit into their terms and conditions then they used it to steal our interest to fund the loans they promised to borrowers whilst cutting their business in half and making a good business and a bad business. The Ombudsman points out that stealing interest is wrong and that other options would have made this unnecessary and Assetz need to repay the stolen lenders interest plus potential lost interest as if the money had not been stolen - and then Assetz Capital drag the whole Ombudsman process out when given their right to respond. Then while all this is going on they introduce a ridiculous withdrawal fee so that they can hold on to our money for longer or profit from our desire to get our money the hell away from Assetz Capital. Assetz chose to withdraw from retail lending and then told everyone to withdraw their money as soon as it became available then got upset at the supposed cost of having to handle all the withdrawals - surely they knew this was inevitable when they did their calculations on the wind down costs and surely they knew that as soon as they started stealing everyone's interest then lenders would be trying to get their money out of Dodge ASAP. A once a week free withdrawal would be be just about acceptable but when they say £1 per withdrawal or one free withdrawal once every three months then something just smells plain fishy. They have been telling those who complained and said that they do not accept the new withdrawal terms within the 30 days notice period that they are gathering information from various departments and then they go ahead and introduce the withdrawal fee and new terms anyway. When they finally get around to wasting the eight weeks they are allowed to reply to complaints and give their final decision and tell me and others that they don't uphold their complaints (even though they are almost identical to a complaint that they have lost before) then there will be a whole bunch of new complaints being submitted and investigated by the Ombudsman. Assetz know this and they are up to something.... using our money in the business made 'bad' by them to fund their 'good business' in whichever way they think they can get away with. They are playing us and they are playing the Ombudsman and when they think they have taken enough and the coffers are almost empty then they will drop us all like a hot potato and run for the hills in their Bentley. What next? 30 days notice that there are now no free withdrawals and a new price of £50 for one withdrawal a year - plus we have to pay them interest for any money they have lent out for us? If you haven't complained to the Ombudsman yet then I suggest you do as it might be the only way you can get even a little bit of the money stolen by Assetz Capital back once the full Mr Law (unto himself) plan plays out.
I am in agreement with you and I hope others have complained to Assetz with a view of taking it to the Ombudsman. I have put in two complaints. I believe that the FOS has tightened up on compamied holding on to investors money gratis elsewhere so it may be worth doing.
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upland
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Post by upland on Mar 19, 2024 7:56:01 GMT
I used 21 platforms all in all since 2010. Some have gone nicely and some demolished themselves in a dreadful mess. I had accounts with most of the usual names. I am going ahead with these , they alone have my confidence :-
Assetz Exchange Lendinvest Loanpad Proplend
I still have one or two others that I am running down and of course some that are being wound down. It is interesting to reflect on the changes even within how individual platforms evolved , RS , FC , Z etc from easy to use to hard to use. Sadly LI is the only one that I have used pretty well since the beginning. Attrition in the market has been high.
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upland
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Post by upland on Mar 18, 2024 16:36:36 GMT
Did they respond to your complaint? Probably only with a bill for there time. I did wonder whether they would charge us 50P every time we logged on to our accounts after all we are using their server time.
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upland
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Post by upland on Mar 18, 2024 16:06:24 GMT
Indeed they did. I made it formal pointing out that we were doing what we were told and that there had ben no request from them to not withdraw so often. They are currently collecting the data. You would have thought that it was rocket science and they are just getting back to me etc. I shall make as much fuss as warrents. I have been pretty tolerant with their problems to now but this is just beyond sensible. I am starting to agree with others that Assetz is not my favourite. I feel that they are just using loyal lenders money to further their own plans unreasonably. Still they are not the first.
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upland
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Post by upland on Mar 18, 2024 15:00:08 GMT
I think that it is a miserable development. I made complaints when it was first mentioned. They are in effect using more lender capital for their own ends or exposing us to additional platform risk. We are only doing what they said to do some months ago.
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upland
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Posts: 478
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Post by upland on Aug 23, 2023 16:02:12 GMT
I have about £12 left now and suddenly got a £23 payout of the blue. Happy days on the good ship FC.
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upland
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Post by upland on Jul 9, 2023 13:19:21 GMT
I think its often online backups or some sort of network disruption that takes time for caches to clear. CrowdProperty did that to me a week or two ago and it took ages to clear. But indeed one does wonder.
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upland
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Post by upland on Jul 9, 2023 12:45:31 GMT
I can log in OK.
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upland
Member of DD Central
Posts: 478
Likes: 175
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Post by upland on Jul 9, 2023 12:40:08 GMT
I must admit that it threw me also. I found it about as easy to understand as when AC explained how the 90 day access accounts were going to work. I also am not sure why and what problem does it solve. I certainly dont feel that Proplend and Kuflink are in the same league as the Proplend offer is somewhat different from Kuflinks.
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upland
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Posts: 478
Likes: 175
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Post by upland on Jun 19, 2023 18:26:43 GMT
I had more cash on my account before these changes that they have made. I seem to have a bit less now. Same for me. About 60% of what I had a few weeks ago... I am about 70% of what I had a few weeks ago.
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upland
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Post by upland on Jun 19, 2023 16:41:51 GMT
I had more cash on my account before these changes that they have made. I seem to have a bit less now.
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upland
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Post by upland on May 23, 2023 7:01:22 GMT
Did we have to do anything ?
They closed the website for a few days and I thought that they were going to do something to it regarding this distribution but I could not see any changes. Lets hope today that they get around to it.
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upland
Member of DD Central
Posts: 478
Likes: 175
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Post by upland on Apr 28, 2023 17:02:09 GMT
20% returned.
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upland
Member of DD Central
Posts: 478
Likes: 175
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Post by upland on Apr 28, 2023 7:04:07 GMT
Just logged on and there is a new question to fill in about what type of investor you are. Rather unsetteling and intrusive I feel , I dont like having to put figures to things like that and I dont understand why its needed. Its shades of the Selftrade problems several years ago that treated investors badly.
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upland
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Likes: 175
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Post by upland on Jan 23, 2023 9:03:38 GMT
I have just had an email from them , they have been looking at the problem since yesterday morning.
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