|
|
Post by Ace on Nov 11, 2019 19:49:40 GMT
I found I had to email FO to unstick my stuck loans (both FO 'business' loans which I shouldn't have been given anyway, and short term loans which were past the PF buyout period of 35 days). There are clearly fundamental problems with the platform mechanics although they won't admit it. In my opinion watching this platform is like, as nooneere eloquently put it, watching a car crash in slow motion. I've tried to withdraw all money and there is stuff stuck, plus the 'sums' look interesting. Do you mean that one should be able to just withdraw from all lending and you had to email them to get it to work properly? I don't know where they are getting £46 from here, where does the 15pence come from? and I don't understand the rest. Unassigned Deposit £1.08 Investment Summary Investment Balance £40.00 Lent Out £30.00 Pooled £0.00 Current Return £0.00 Total Return £26.60 You have £46.15 Pending Withdrawal I'm afraid that the practice of applying logic to FO's Investment Summary does not generally lead to enlightenment. I emailed them last week pointing out several inconsistencies, and also asking if they would "un-stick" my attempts to withdraw. I'm still awaiting a response.
|
|
Ukmikk
Member of DD Central
Posts: 452 
Likes: 306
|
Post by Ukmikk on Nov 12, 2019 10:18:10 GMT
I've tried to withdraw all money and there is stuff stuck, plus the 'sums' look interesting. Do you mean that one should be able to just withdraw from all lending and you had to email them to get it to work properly? I don't know where they are getting £46 from here, where does the 15pence come from? and I don't understand the rest. Unassigned Deposit £1.08 Investment Summary Investment Balance £40.00 Lent Out £30.00 Pooled £0.00 Current Return £0.00 Total Return £26.60 You have £46.15 Pending Withdrawal I'm afraid that the practice of applying logic to FO's Investment Summary does not generally lead to enlightenment. I emailed them last week pointing out several inconsistencies, and also asking if they would "un-stick" my attempts to withdraw. I'm still awaiting a response. I agree with Ace, trying to reconcile their summary figures can be a wild goose chase. Just check your investments for unsold loans and any that look like they should be sold by now (FO business loans or late and past PF buyout period) try emailing FO to get them 'unstuck'. Once all loans have been sold then you 'should' be free to WD all funds, although other posts would suggest this is at best erratic currently. Good luck.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Nov 12, 2019 15:10:08 GMT
I've tried to withdraw all money and there is stuff stuck, plus the 'sums' look interesting. Do you mean that one should be able to just withdraw from all lending and you had to email them to get it to work properly? I don't know where they are getting £46 from here, where does the 15pence come from? and I don't understand the rest. Unassigned Deposit £1.08 Investment Summary Investment Balance £40.00 Lent Out £30.00 Pooled £0.00 Current Return £0.00 Total Return £26.60 You have £46.15 Pending Withdrawal I'm afraid that the practice of applying logic to FO's Investment Summary does not generally lead to enlightenment. I emailed them last week pointing out several inconsistencies, and also asking if they would "un-stick" my attempts to withdraw. I'm still awaiting a response. I asked for them to do this and got reply they can"t stop a withdrawal request. I don't understand why the can"t sell/transfer balance when a payment is made. I still have £1,385 waiting since Sept 15th as average loan time is 100 days there should be some due nearly every day.
|
|
|
|
Post by Ace on Nov 12, 2019 16:55:22 GMT
I'm afraid that the practice of applying logic to FO's Investment Summary does not generally lead to enlightenment. I emailed them last week pointing out several inconsistencies, and also asking if they would "un-stick" my attempts to withdraw. I'm still awaiting a response. I asked for them to do this and got reply they can"t stop a withdrawal request. I don't understand why the can"t sell/transfer balance when a payment is made. I still have £1,385 waiting since Sept 15th as average loan time is 100 days there should be some due nearly every day.
Yes, they have a fair bit of room for improvement.
|
|
Ukmikk
Member of DD Central
Posts: 452
Likes: 306
|
Post by Ukmikk on Nov 12, 2019 18:27:12 GMT
I still have £1,385 waiting since Sept 15th as average loan time is 100 days there should be some due nearly every day. .
Does this mean that now even performing loans are not selling? When I liquidated all performing short-term loans were sold within a couple of days.
|
|
benaj
Member of DD Central
N/A
Posts: 5,608
Likes: 1,738
|
Post by benaj on Nov 12, 2019 19:27:10 GMT
I still have £1,385 waiting since Sept 15th as average loan time is 100 days there should be some due nearly every day. Compared to statistics a year ago today, average loan term for 2018 was 122 days (Welendus stats 13th Nov 2018); and the average loan term for 2019 is 95 days. So, 2019 borrowers repaying loans earlier?
|
|
|
|
Post by df on Nov 12, 2019 20:35:30 GMT
I still have £1,385 waiting since Sept 15th as average loan time is 100 days there should be some due nearly every day. .
Does this mean that now even performing loans are not selling? When I liquidated all performing short-term loans were sold within a couple of days.
They are selling. I've given it a test yesterday. Put withdrawal request for one of my investments. Part of it was a normal consumer 5% loan - sold immediately.
|
|
|
|
Post by df on Nov 12, 2019 20:58:56 GMT
I found I had to email FO to unstick my stuck loans (both FO 'business' loans which I shouldn't have been given anyway, and short term loans which were past the PF buyout period of 35 days). There are clearly fundamental problems with the platform mechanics although they won't admit it. In my opinion watching this platform is like, as nooneere eloquently put it, watching a car crash in slow motion. I've tried to withdraw all money and there is stuff stuck, plus the 'sums' look interesting. Do you mean that one should be able to just withdraw from all lending and you had to email them to get it to work properly? I don't know where they are getting £46 from here, where does the 15pence come from? and I don't understand the rest. Unassigned Deposit £1.08 Investment Summary Investment Balance £40.00 Lent Out £30.00 Pooled £0.00 Current Return £0.00 Total Return £26.60 You have £46.15 Pending Withdrawal I can't grasp the figures either. I had £124.94 investment. At withdrawal £67.47 was withdrawn and £46.72 pending - £10.75 seems to be missing. Today pending is £38.82 - another £7.90 has disappeared. I can only see £67.47 (unconfirmed) in my transaction history.
|
|
|
|
Post by Ace on Nov 12, 2019 21:57:12 GMT
I've tried to withdraw all money and there is stuff stuck, plus the 'sums' look interesting. Do you mean that one should be able to just withdraw from all lending and you had to email them to get it to work properly? I don't know where they are getting £46 from here, where does the 15pence come from? and I don't understand the rest. Unassigned Deposit £1.08 Investment Summary Investment Balance £40.00 Lent Out £30.00 Pooled £0.00 Current Return £0.00 Total Return £26.60 You have £46.15 Pending Withdrawal I can't grasp the figures either. I had £124.94 investment. At withdrawal £67.47 was withdrawn and £46.72 pending - £10.75 seems to be missing. Today pending is £38.82 - another £7.90 has disappeared. I can only see £67.47 (unconfirmed) in my transaction history. Make sure that you verify that the amount that they tell you was withdrawn is the same as was actually withdrawn. I had an investment where the My Analytics -> Investment Summary stated " Partial withdrawal sum of £xx.xx has been deposited to your bank account", but the actual amount received was less. The difference was equal to the interest on that investment. I emailed them and they corrected the displayed figure. The final figure that was eventually returned when the investment withdrawal completed was correct (at least as fear as I could tell - which is pretty difficult given FO's many misleading figures). My more recent withdrawals did not suffer from this error, so perhaps they have corrected it now, but worth checking.
|
|
|
|
Post by ianrother on Nov 29, 2019 20:33:48 GMT
Nothing has sold in a month and my pooled money not returned after a month - any other issues - are they in trouble?
|
|
Ukmikk
Member of DD Central
Posts: 452
Likes: 306
|
Post by Ukmikk on Nov 30, 2019 10:11:12 GMT
No one really knows, but the signs are not good.
|
|
benaj
Member of DD Central
N/A
Posts: 5,608
Likes: 1,738
|
Post by benaj on Dec 3, 2019 0:12:09 GMT
Are we “into the unknown”? It’s bit odd lenders don’t receive much communication these days, while borrowers or FO shareholders may receive emails / update from FO. My guess nsiam is still very much committed to achieve milestone, loanbook is still growing on stats page and the latest Seedrs update indicated scaling up the business with debt investment. |
|
|
|
Post by ianrother on Dec 4, 2019 11:49:06 GMT
My cash still not returned after 5 weeks - put in formal complaint and next step Financial Ombudsman but have to wait 8 weeks before they will look at - if they treat investors like this with no communication you have got to ask if this is a company to risk your cash with
|
|
|
|
Post by gravitykillz on Dec 4, 2019 12:05:02 GMT
My cash still not returned after 5 weeks - put in formal complaint and next step Financial Ombudsman but have to wait 8 weeks before they will look at - if they treat investors like this with no communication you have got to ask if this is a company to risk your cash with I wouldn't touch it with a barge pole. However I was investing with them in between jan and March. The business just looked too good to be true. Double digit interest rates and a viable pf ? No customer service,long delays in replying to emails ? Worst p2p software ever seen. They should just call it 'fund my foreign bank account '
|
|
|
|
Post by ianrother on Dec 6, 2019 23:41:08 GMT
They are still sending out emails as though all is ok trying to get referrals - unbelievable for a company that clearly has no regard for investors and cannot be bothered to even reply to complaints - no morals or ethics it seems - just waiting for 8 weeks so can go to Financial Ombudsman - also looking at small claims court - what a fiasco they are and no doubt a car crash on the horizon
|
|
