littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on May 6, 2018 13:17:49 GMT
Can you confirm that you have cleared with the FCA your use of the word 'guarantee'?
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Post by hari on May 6, 2018 13:23:55 GMT
Dear jnm21, I apologise that we have made you feel so. As a company we value all our investors and will get back to you on your queries / concerns. I work in the tech side of things but do highlight the issues that I see on the other forums. Being a regulated industry, I have to be very careful in what I say on the forums and we have to run it past our compliance teams at times. Will get back to you as soon as I have the answers. Kind regards, Hari |
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Post by hari on May 6, 2018 13:26:01 GMT
Dear littleoldlady, that is a great point and our compliance team has mentioned that they have got in touch with our legal experts to give us a response. I'll keep you all posted. Something I forgot to mention, we will build a table with example(s) to explain our proposition. Kind regards, Hari |
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jnm21
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Post by jnm21 on May 6, 2018 14:39:13 GMT
littleoldlady , I think kuflink already did... EDIT: Yep: Hello, Thank you for your message, we cannot comment on the model of other peer-to-peer platforms such as Lendy, however we can assure you that our provision fund is being used in the correct way and will provide for 20% cover of losses. We have had discussions with the FCA regarding this change to our proposition and they are satisfied with our proposal and the way in which we are accounting for the 20% guarantee. Thank you Rachel I do agree that it would be good to have this explicitly confirmed (I do wonder if some of the early comments were ran past compliance). 
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jnm21
Posts: 441
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Post by jnm21 on May 6, 2018 16:13:18 GMT
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Post by hari on May 6, 2018 17:52:05 GMT
Dear Ace, I'll get back to you on your queries. We have the tech ready to offer the IFISA wrapper on select invest, it's just a matter of time when we get an OK from compliance to release the feature. Kind regards, Hari |
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jnm21
Posts: 441
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Post by jnm21 on May 6, 2018 18:23:59 GMT
hari, this is not the first time you have suggested it is not far off - last time someone (Rachel or Olivia) came back & said not on the radar. I hope you are correct! If you are then the performance of others lets you down badly! As someone who has worked in both the technical & development side, I really should have known the form! PS With confirmation of the new arrangements & the ISA over select invest, I could be tempted back (though not a massive investor by any means)! PPS Managed to find the post from 10th April by Olivia: As for having a select-invest option with our IF-ISA, this is not something we are looking to add to our platform at this moment, however as said before it is something we will look into for the future! This is very disappointing considering the post I linked said you are working on it!
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bugs4me
Member of DD Central
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Post by bugs4me on May 6, 2018 21:21:14 GMT
hari , kuflink , thank you for trying. I still feel bitter at the previous reply by Narinder; the two statements today mean that I will once again start looking at your offerings, but Narinder's statement was an insult to our intelligence (for me he came across as arrogant, insane or both to have thought we would swallow it) & that has not been addressed. I appreciate the an alternative poster may have been a seen as a good idea. I have not yet read the feedback on the other thread (thanks Hari for the tag there; I do read all posts on this board, but it got me here quicker), but I can predict what it says. I never got a Kuflink response to a post I made asking if we overvalued the 20% (basically 20% could be easily offset by fees & much higher percentages that would be the norm in the industry - with one in five loans fully defaulting you would potentially still turn a profit). Add to that when I asked which would have been more palatable; a reduction to a 10% skin or the 20% PF - this was designed to highlight how distrusted PF are; I got slated for suggesting a reduced skin (even though in light of these changes the thread may have done exactly what it was designed to do), but someone said about the 10% skin exactly what I had already said about the 20% skin, albeit more eloquently, too easy to mask with fees, etc. (http://p2pindependentforum.com/post/262466, littleoldlady ). May I suggest that you do out a table showing a sample of a 100K 12 month loan with 7% interest where the borrower draws the 100K & runs off paying back nothing, with the asset raising 70K after fees? Across the top 'old 20 skin', 'new 5+20% scheme', 'new 5+20% scheme if .... trading as Kuflink P2P platform has ceased trading' & 'new 5+20% scheme if .... trading as Kuflink Bridging has ceased trading'. Sorry, platform failure is not a nice topic, but for good reason is one of, if not the most prominent concerns of most P2P investors. Down the side 'Loan amount', 'Interest', 'Kuflink skin', 'Investors amount', 'Investors shortfall', 'Additional amount made good' & 'Made good by'. I'll try to knock up my understanding. Edit: well said Ace - you posted while I was pounding the keyboard!
To be brutally frank, I prefer any platforms that I invest with to be candid and not evasive. If the platform is can kicking questions then what happens if/when a default occurs. I sound cynical but being polite - a couple of other well known platforms are professional can kickers IMO.
So KL, if you wish to engage with your investors then simply answer the relevant questions. If you do not feel they are relevant then say so - do not ignore. It is rude.
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jnm21
Posts: 441
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Post by jnm21 on May 6, 2018 21:29:07 GMT
Fully agree bugs4me , but then again I think hari would too! EDIT: Just re-reading that, whilst I agree wholeheartedly that feeling a platform kicks the can (whether it be a question, an issue, worse a default or worst of all a complaint/claim situation) down the road is a neigh fatal red flag, I would also add that taking some time to ensure that answers are factual & not going to land the platform (& thus the investors) in regulatory trouble is a good idea. I recall that I had been reading the answers from Hari & Danny (I can't recall if there was a third person pre-Danny departing or not) & appreciating the prompt, frank & most of all accurate feedback - i can honestly say they persuaded me to join (it was just at that point I was heavily/over committed to another platform). I think there is a general feeling that the answers of recent (until Hari came back on here) were sporadic, poorly thought out and more a marketing pitch than the answers of a fellow investor who understands our concerns. |
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Post by hari on May 7, 2018 0:13:56 GMT
Hi bugs4me, I'll get your answers for you and for all our investors. My personal view is that we all have the right to clarity and transparency if the P2P sector has to move forward. If P2P platforms start hiding and withholding vital information, they are no different to massive institutions. I would love to share my personal views but me being a part of an entity have to be careful in choosing my words on public forums for obvious reasons. As a company, we are committed to the cause and take your words very seriously. We wouldn't exist without your support. Kind regards, Hari |
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jnm21
Posts: 441
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Post by jnm21 on May 11, 2018 6:43:03 GMT
kuflink the song "silence is golden" isn't always right! From hasty replies, to nothing, to insulating our intelligence, back to silence, forward with hopeful progress & back to silence once more! I'm clearing my throat dragon-style...
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Post by paultw5 on May 16, 2018 10:44:53 GMT
I'm guessing the internet has been down at kuflink HQ for the last week or so...
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Post by Ace on May 16, 2018 13:14:28 GMT
Come on Hari/Kuflink, it's been a month since you announced your new 20% first loss and PF. Surely you could provide us with some details by now!
My patience is almost exhausted. If there's no detailed explanation by the end of the week I'll reluctantly deploy my uninvested funds elsewhere. I'm sure my meagre amount won't make that much difference, but I can't be the only one. Kuflink loans seem to be taking much longer to fill since the announcement.
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Post by red on May 16, 2018 18:34:17 GMT
For a newcomer, with a relatively small loan book, to already be so slow to furnish users with basic information is sure to make more than a few get itchy feet. The sparsity of updates and information on tranche loans such as GL IG3 compounds the sharing of information issue, for me. I'm with Ace, I'll be investing my money going forward elsewhere and keeping an eye on this thread with a view to running down my positions then leaving if this is how things will be with Kuflink.
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bugs4me
Member of DD Central
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Post by bugs4me on May 16, 2018 21:40:41 GMT
For a newcomer, with a relatively small loan book, to already be so slow to furnish users with basic information is sure to make more than a few get itchy feet. The sparsity of updates and information on tranche loans such as GL IG3 compounds the sharing of information issue, for me. I'm with Ace, I'll be investing my money going forward elsewhere and keeping an eye on this thread with a view to running down my positions then leaving if this is how things will be with Kuflink. That seems to be par for the course. High-fives all round and promote the business but avoid pertinent questions.
Then on the 6th May queried why the radio silence. kuflink posted on the 7th May that they would respond. Now radio silence again so 4 weeks since my original straightforward query.
The lack of responses to both existing and potential investors shows their lack of respect. Like yourself I was intending to invest possibly some serious money (for me) after my toe dipping but not now. They are going, or maybe they're already there, the same way as many other P2P platforms and being involved with a couple that show a total disrespect towards investors I have no intention of getting involved with another. And there was me thinking Kuflink were on to a good thing.
The latest mail received today about a loan opportunity and they're really excited about it!! Well if a nicely coloured e-mail combined with excitement achieves the required platform lift off then good luck but it won't be with me. At least they have shown their true colours sooner rather than later and I am grateful to them for that.
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