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Post by sayyestocress on Feb 3, 2018 10:47:36 GMT
Steady on guys it's £40 of short term loan, not £4000000 of long term development finance. We have no reason to believe our feedback isn't being taken on board (yet anyway) and the architecture unfit for purpose. We're pretty much beta testing the platform aren't we? Perhaps a warning that withdrawal will sell off matched loans would be a quick fix whilst something more sophisticated can be implemented? Does a minimum of £100 at each rate need to be maintained?
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Post by skint4achange on Feb 3, 2018 10:59:26 GMT
I think the whole feel of the setup is a bit prickly at the moment, but it is early days and big deep breaths are required while issues are ironed out.
I have no doubt that nsiam is taking onboard what is being said, and it is more than likely that the withdrawal of allocated funds at the rate that funds were removed from is not an issue that the team at Welendus is aware of (Until Nadeem reads these posts anyway!)
Before everybody hits the "Withdraw" button (Twice for some people!) lets just wait and see how Nadeem responds with regard to what has happened to Alison. If the response isn't what we want, then we light the torches and march on the office in London! (Not really but just saying it might speed things up a bit! )
Peace out brothers and sisters
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alison
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Post by alison on Feb 3, 2018 11:48:31 GMT
I'm not advocating that anyone shhould withdraw their funds or cold shoulder the platform.
I was just pointing out a strange and unexpected situation I encountered.
My little toe dip will remain in place but I will not dip a larger toe in until I see some more clarity within the system.
I welcome what they are trying to do, just not the method of implementation to date.
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ilmoro
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Post by ilmoro on Feb 3, 2018 12:08:19 GMT
The system worked exactly how I expected to do. A lending request is an indivisible sum of money and cant be split by lenders ... all in, or all out.
I also went to withdraw my current offers to move them to a higher rate but then realised that it was implicit it would withdraw the whole request including any money already lent out.
Does need to be much clearer exactly how it works. In my case I feel I have read something somewhere explaining it, hence my implicit understanding, but havent been able to locate it on the site.
LIke all P2P sites it seems getting the FAQ right and comprehensive is an area which seems to be a little bit of an afterthought. IMO this is a failing of the entire financial industry ... they fail to look at things from a user perspective.
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marka
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Post by marka on Feb 3, 2018 21:13:28 GMT
Looking at the FAQ, it seems that what happened to Alison's loans was not supposed to have done ...
That implies to me that the uninvested balance should have been able to be withdrawn or transferred to a different rate.
I'm still positive about welendus, but there are a multitude of teething problems to be resolved.
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Post by nsiam on Feb 5, 2018 17:24:40 GMT
I'm not advocating that anyone shhould withdraw their funds or cold shoulder the platform. I was just pointing out a strange and unexpected situation I encountered. My little toe dip will remain in place but I will not dip a larger toe in until I see some more clarity within the system. I welcome what they are trying to do, just not the method of implementation to date. Hi alison, One of our aims is to make Welendus as flexible as possible which in this case, may have been a double edged sword. As we aim to make Welendus a flexible investment option, we wanted to make investment withdrawal as simple as possible. With this in mind, when an investor withdraw their investment one of the following actions will apply; 1. If all investment is queued, the funds will be transferred to the investor's account (either Welendus account in the "Re-invest" case or bank account) 2. If part of the investment is lent out; a. Queued (un-lent) investment to be transferred to the investor's account b. Lent investment (loans) will be sold to other lenders and the funds transferred to the investor's account. If no investors are available at the requested rate, the funds will be transferred to the lender's account as soon as the loans are completed. It is worth noting that the lender does not earn interest on sold investments if they are sold before loan repayments. If the investor already earned some interest from the loan partial repayments while the loan is till active but not completed, the earned interest will be transferred to the investors account as well. I do agree with you (and other) that there may have been some lack of clarity here. We will include more details on how investment withdrawal works on the investment withdrawal page and our FAQ to help avoid this miss-understanding happening again.
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marka
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Post by marka on Feb 5, 2018 17:37:25 GMT
Hi ilmoroThe explanation you have provided above leads to a couple of further questions: - Does that mean that there is no way to withdraw just the queued portion of the investment? - What about "investments" made at different times? Are these treated separately or together. For example if I invest £100 @ 10%, and then when £80 has been loaned I decide to top up my 10% queue with a further £100. Meaning I have £80 lent and £120 queued. If then decide to withdraw from the £100 queue, can I withdraw just one of the £100 investments, or do I now have a single £200 investment? I think you need to rethink this, as it would be quite possible to have queued cash at a number of rates, and be fully invested at other rates, and want to transfer some of the queued cash to the rates where you are already fully invested to join one of those queues.
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Post by skint4achange on Feb 5, 2018 17:50:51 GMT
Hi ilmoro The explanation you have provided above leads to a couple of further questions: - Does that mean that there is no way to withdraw just the queued portion of the investment? - What about "investments" made at different times? Are these treated separately or together. For example if I invest £100 @ 10%, and then when £80 has been loaned I decide to top up my 10% queue with a further £100. Meaning I have £80 lent and £120 queued. If then decide to withdraw from the £100 queue, can I withdraw just one of the £100 investments, or do I now have a single £200 investment? I think you need to rethink this, as it would be quite possible to have queued cash at a number of rates, and be fully invested at other rates, and want to transfer some of the queued cash to the rates where you are already fully invested to join one of those queues. Not sure that Ilmoro has to do anything, it is Nsiam that is part of Welendus, not ilmoro!
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marka
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Post by marka on Feb 5, 2018 18:00:53 GMT
Hi ilmoro The explanation you have provided above leads to a couple of further questions: - Does that mean that there is no way to withdraw just the queued portion of the investment? - What about "investments" made at different times? Are these treated separately or together. For example if I invest £100 @ 10%, and then when £80 has been loaned I decide to top up my 10% queue with a further £100. Meaning I have £80 lent and £120 queued. If then decide to withdraw from the £100 queue, can I withdraw just one of the £100 investments, or do I now have a single £200 investment? I think you need to rethink this, as it would be quite possible to have queued cash at a number of rates, and be fully invested at other rates, and want to transfer some of the queued cash to the rates where you are already fully invested to join one of those queues. Not sure that Ilmoro has to do anything, it is Nsiam that is part of Welendus, not ilmoro! Doh! Sorry ilmoro
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Post by df on Feb 5, 2018 18:42:40 GMT
- Does that mean that there is no way to withdraw just the queued portion of the investment? - What about "investments" made at different times? Are these treated separately or together. For example if I invest £100 @ 10%, and then when £80 has been loaned I decide to top up my 10% queue with a further £100. Meaning I have £80 lent and £120 queued. If then decide to withdraw from the £100 queue, can I withdraw just one of the £100 investments, or do I now have a single £200 investment? I might be wrong, but in my understanding each investment you make will be treated separately, even if they are set at the same rate. nsiam could you please clarify this?
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Post by nsiam on Feb 5, 2018 18:58:42 GMT
Hi ilmoro The explanation you have provided above leads to a couple of further questions: - Does that mean that there is no way to withdraw just the queued portion of the investment? - What about "investments" made at different times? Are these treated separately or together. For example if I invest £100 @ 10%, and then when £80 has been loaned I decide to top up my 10% queue with a further £100. Meaning I have £80 lent and £120 queued. If then decide to withdraw from the £100 queue, can I withdraw just one of the £100 investments, or do I now have a single £200 investment? I think you need to rethink this, as it would be quite possible to have queued cash at a number of rates, and be fully invested at other rates, and want to transfer some of the queued cash to the rates where you are already fully invested to join one of those queues. Currently all investments are treated as separate investments even if they are at the same rate but invested at different times. With regards to withdrawing queued investment without selling live loans, we will look into adding this feature. We will also look into adding an investment "top-up" to merge investments.
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Post by nsiam on Feb 5, 2018 19:10:35 GMT
On another topic, we will soon start announcing some updates to address some of your comments and feedback which has been very much appreciated. We are considering some of the updates as key for us before ending the soft-launch.
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alison
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Post by alison on Feb 5, 2018 19:53:36 GMT
Thanks for your responses nsiam. Hopefully the system will be clearer soon.
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marka
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Post by marka on Feb 5, 2018 19:55:49 GMT
Thanks for keeping us updated nsiamI also note that the deposit I made on Friday is available to assign to a rate this evening, so you have dramatically improved the time to process deposits. That's a big improvement.
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Post by df on Feb 5, 2018 21:14:32 GMT
On another topic. The speed of investment is progressing well for me - 87% of my money is lent out now. I think I will start topping up soon As it progresses, it does get more and more difficult to keep track of things. Not easy to track down which loan part is lent at which rate and what part of investment it belongs to, and I only have 3 "investments" at 3 rates.
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