jnm21
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Post by jnm21 on Jun 1, 2018 7:21:46 GMT
And still nothing - contempt indeed!
Anyone care to recommend a new platform? Are there any that communicate willingly and coherently, along with managing not to lend/invest our money in bottomless holes & paying a decent return based on the risk?
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r00lish67
Member of DD Central
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Post by r00lish67 on Jun 1, 2018 7:27:29 GMT
And still nothing - contempt indeed! Anyone care to recommend a new platform? Are there any that communicate willingly and coherently, along with managing not to lend/invest our money in bottomless holes & paying a decent return based on the risk? LendingWorks, maybe? 6% p.a. for a 5 year term, with a provision fund, and Matthew has answered all of our questions on here satisfactorily to date. NB: I am at least partially motivated by the opportunity to offer you a £50 referral bonus for joining (PM me), so as ever, do your own research.
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Post by Ace on Jun 1, 2018 13:48:38 GMT
My patience in waiting for answers has finally run out. This new period of radio silence has exhausted my hopes for, and goodwill towards, Kuflink. I've left my referral money invested in the platform, but have withdrawn my original stake. This and other cash that I had earmarked for Kuflink will be spread over FC, ABL, AC, LW, and Mintos, and, perhaps,a little more in Robocash, MT and UB. I'm also withdrawing from RS and Lendy, and holding on a few others, in case anyone is interested!
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jnm21
Posts: 441
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Post by jnm21 on Jun 1, 2018 18:17:15 GMT
Agree Ace! Even Hari has let us down, which shocks me! I want to believe that he has found himself hamstrung by incompetents above him, the sort that we saw posting the exact diatribe we warned them to avoid! Some names on your list I have looked at. Will have a look at some of them again. r00lish67 not looking for medium/long term at present (say 12 to 18 months). Edit: just to add, I appreciate the honesty. I did actually read the KL email today about a 6 month investment - the initial interest evaporated immediately - I'll leave those investments to the lottery! |
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invester
P2P Blogger
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Post by invester on Jun 1, 2018 22:36:03 GMT
6.6% for a second charge loan, in an area where prices are likely to be down 2% in 6 months rather than up.
The valuation seems slightly rich, even the 90 day one - looking on Rightmove, as low as £500k will get you a 3-bed flat.
Think they'd better hope it doesn't go wrong as depending on what the other charge is the second charge could get wiped out.
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Post by davidjones on Jul 3, 2018 10:45:28 GMT
hari , I fully appreciate what you say! Best advice would be under-promise & over-deliver. If you promise an update, deliver, even if it is an honest interim update, e.g. compliance have asked that we rework part of the update - it will be 4 or 5 days. For me anyhow, knowing that compliance are involved is reassuring! Radio silence leaves a gap & folk will fill it - with venting, sniping or worst of all speculation about why! Keep up the good work - I think you have done more to reassure investors on here than a few others (mainly your boss) - personally if you left Kuflink my money would follow on recent form! That said, my KL investment tap is off waiting for confirmation of what you now offer! jnm21, if a borrower defaults on their payments, we will notify you. If it is a temporary problem which can be easily resolved, then it is likely that no default will occur. If it is a more complex issue, Kuflink will (based on advice) appoint a Law of Property Act receiver and where appropriate, sell the security property to ensure investors receive the capital and interest due to them. This could mean that there is a delay in receiving your capital and interest. In the unlikely event that a borrower was to default on their repayments, Kuflink Bridging guarantees 20% of each Select-Invest loan on a first-loss basis and guarantees 5% in Auto-Invest and our IF-ISA before any of our investors are affected. Kuflink is the only UK peer-to-peer platform to provide this additional layer of security to investors. whilst there are never any guarantees in the P2P world of investment, Kuflink has done everything it can possibly do to protect its' investors whilst continuing to maintain a healthy business to continue to deliver the results we have so far.
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puddleduck
Member of DD Central
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Post by puddleduck on Jul 4, 2018 14:26:05 GMT
hari , I fully appreciate what you say! Best advice would be under-promise & over-deliver. If you promise an update, deliver, even if it is an honest interim update, e.g. compliance have asked that we rework part of the update - it will be 4 or 5 days. For me anyhow, knowing that compliance are involved is reassuring! Radio silence leaves a gap & folk will fill it - with venting, sniping or worst of all speculation about why! Keep up the good work - I think you have done more to reassure investors on here than a few others (mainly your boss) - personally if you left Kuflink my money would follow on recent form! That said, my KL investment tap is off waiting for confirmation of what you now offer! jnm21, if a borrower defaults on their payments, we will notify you. If it is a temporary problem which can be easily resolved, then it is likely that no default will occur. If it is a more complex issue, Kuflink will (based on advice) appoint a Law of Property Act receiver and where appropriate, sell the security property to ensure investors receive the capital and interest due to them. This could mean that there is a delay in receiving your capital and interest. In the unlikely event that a borrower was to default on their repayments, Kuflink Bridging guarantees 20% of each Select-Invest loan on a first-loss basis and guarantees 5% in Auto-Invest and our IF-ISA before any of our investors are affected. Kuflink is the only UK peer-to-peer platform to provide this additional layer of security to investors. whilst there are never any guarantees in the P2P world of investment, Kuflink has done everything it can possibly do to protect its' investors whilst continuing to maintain a healthy business to continue to deliver the results we have so far. - As I'm sure you and your compliance officers are aware, the FCA dislikes claims of a 'guarantee' in the P2P world which is why provision funds offered by other providers are 'discretionary'. How have you squared this circle?
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Jul 4, 2018 17:24:52 GMT
In the unlikely event that a borrower was to default on their repayments, Kuflink Bridging guarantees 20% of each Select-Invest loan on a first-loss basis and guarantees 5% in Auto-Invest and our IF-ISA before any of our investors are affected. Kuflink is the only UK peer-to-peer platform to provide this additional layer of security to investors. whilst there are never any guarantees in the P2P world of investment, Kuflink has done everything it can possibly do to protect its' investors whilst continuing to maintain a healthy business to continue to deliver the results we have so far. Says it all.
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jnm21
Posts: 441
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Post by jnm21 on Jul 8, 2018 12:14:22 GMT
Still no open & transparent confirmation on the pertinent question:
What it the 20% guarantee guaranteed to be worth (including in the event of the Kuflink group having ceased trading, with no assets)?
If you want to remove all question, make the 20% guarantee a 20% insurance backed guarantee - that way you release capital & investors get confidence restored. At present, your 'guarantee' is misleading - there is nothing guaranteed! As for the only one to offer such a guarantee claim, again misleading - many platforms offer 'better' provision funds - that is they provide 100% coverage (if they kick in & hold up)!
On the topic of delays, would Kuflink be prepared to give an assurance of how long a delay would trigger the 20% guarantee? E.g. if a repayment is 6 months late, would Kuflink pay out on the 20% guarantee & reclaim the money once legal action recovered the money? Even a list of triggers:
> In all circumstances after 12 months from the scheduled repayment date.
> After a 3 month delay where legal proceedings have not been started
> At any point where legal proceedings have been started & completed/halted due to advice that they will not succeed.
I am not trying to be awkward; you can dress up the provision fund any way you like, but investors who have been there before & those who listen to them know that this is a provision fund & that invoking a payout from them can be delayed indefinitely, in addition to the fact that they are not a guarantee. I hope to have a significant sum (to me) coming out of another platform soon & genuinely would like my confidence in KL restored, so that I can plan to invest with you. Having been badly bitten by another platform letting me down, my confidence in P2P is critically low & the shameful comms on this means I need KL to do more to restore my faith, much more than would have needed had the original comms been clear & not tried to sell minimal secondary benefits as the driving factor - other comments on here make me think that I am not alone.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Jul 8, 2018 14:21:55 GMT
AFAIK KL is the only platform that the FSA will, it is said, allow to give a "guarantee" without insurance. It would be interesting to know the FSA's thinking.
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Post by Olivia on Jul 10, 2018 15:14:54 GMT
Hi All,
There is a new post under the general 'Kuflink' thread which I believe will answer your queries. Please take a look and let me know if you have any further questions!
Olivia
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jnm21
Posts: 441
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Post by jnm21 on Jul 16, 2018 7:20:19 GMT
Anyone fancy a game of thread hopscotch?
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