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Post by spareapennyor2 on Apr 17, 2020 9:58:50 GMT
sign up bonus has been paid.
now Withdrawn
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aureus
New Member
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Post by aureus on Jun 19, 2020 15:52:44 GMT
I have exchanged some emails with Growth Street about whether the "Welcome Bonus" ( www.growthstreet.co.uk/investor-welcome-bonus) is affected by the Resolution Event that has been called. They have replied: " we do plan on honouring all bonuses providing the qualification terms of such bonuses are met". As before, the important thing is to make sure that you maintain the minimum balance needed to qualify for the bonus. However, they have told me that any cash sitting in my holding account counts toward the minimum balance. For some this will be an argument against immediately withdrawing sums that were released to their holding accounts this week, when the Resolution Event was called. Of course, if the worst happens, and Growth St ends up in administration, then I expect bonuses will not be paid, and there might be a risk to money left sitting in holding accounts (though I'm not sure about this point, as I think it would be designated as 'client money', which would offer some protection).
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Post by Ace on Jun 19, 2020 21:10:34 GMT
Clause 5 of the bonus terms states:
"No bonuses will be payable, and any right to any bonus will be lost, on the occurrence of a Resolution Event in accordance with clause 6 of the Investor Terms. In accordance with the Investor Terms, you will be notified as soon as possible and by no later than 5 working days where a Resolution Event is declared."
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aureus
New Member
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Post by aureus on Jun 19, 2020 21:51:08 GMT
Thanks Ace. I think this might depend on which 'bonus' we're talking about. Could you provide a link to the particular terms you're quoting from? Having done a quick Google search, I can see that the wording you've quoted is included in the terms and conditions of the "Festive Bonus" (see: www2.growthstreet.co.uk/investor-festive-bonus) However, the terms and conditions of the "Welcome Bonus" don't seem to have an equivalent clause (see: www.growthstreet.co.uk/investor-welcome-bonus). There also doesn't seem to be anything in the general Lender/Investor Terms about what happens to bonuses in the event of a Resolution Event ( www.growthstreet.co.uk/terms/investors). The email I had from Growth St. referred to "honouring all bonuses", not just the Welcome Bonus. That does make me wonder if the employee who wrote to me was giving the correct advice.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 23, 2020 22:53:09 GMT
I also wrote to GS and was assured the welcome bonus would be paid so long as I didn't disqualify myself
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aureus
New Member
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Post by aureus on Jun 24, 2020 17:39:35 GMT
Good to know. Hopefully will offset some of our capital losses (assuming Growth St is still a going concern in a few months time).
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Post by gravitykillz on Jun 24, 2020 23:02:11 GMT
I also wrote to GS and was assured the welcome bonus would be paid so long as I didn't disqualify myself Unless growth street can guarantee everyone will get their money back I dont see how they can morally pay out these bonuses.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 25, 2020 7:56:38 GMT
I also wrote to GS and was assured the welcome bonus would be paid so long as I didn't disqualify myself Unless growth street can guarantee everyone will get their money back I dont see how they can morally pay out these bonuses. Presumably the bonus is a contractual agreement between lender & GS, the repayment of loans is not but dependent on legal agreements that GS merely manages & has no liability for repayment. Exception is the bonds which I assume were issued by GS so have been repaid. Only an observer so someone can correct me. Morals Vs legals, latter likely to win.
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zlb
Member of DD Central
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Post by zlb on Jun 25, 2020 10:07:20 GMT
I also wrote to GS and was assured the welcome bonus would be paid so long as I didn't disqualify myself When would your qualification period expire though? (you don't have to say exactly). If they want rid of retail investors and we get our money back and consequently kicked out of the system, what happens then, I wonder. I got the welcome bonus from my account, but my friend not yet owing to later start.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 384
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Post by brianlom1 on Jun 26, 2020 10:42:24 GMT
Unless growth street can guarantee everyone will get their money back I dont see how they can morally pay out these bonuses. Presumably the bonus is a contractual agreement between lender & GS, the repayment of loans is not but dependent on legal agreements that GS merely manages & has no liability for repayment. Exception is the bonds which I assume were issued by GS so have been repaid. Only an observer so someone can correct me. Morals Vs legals, latter likely to win. The response from GS stated "bonuses are paid separately by Growth Street Holdings and are not withdrawn from Growth Street Provision (GSP)"
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Post by Ace on Jun 26, 2020 11:45:49 GMT
Presumably the bonus is a contractual agreement between lender & GS, the repayment of loans is not but dependent on legal agreements that GS merely manages & has no liability for repayment. Exception is the bonds which I assume were issued by GS so have been repaid. Only an observer so someone can correct me. Morals Vs legals, latter likely to win. The response from GS stated "bonuses are paid separately by Growth Street Holdings and are not withdrawn from Growth Street Provision (GSP)" There's a helpful email that has just been sent out by GS that addresses this issue.
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Post by df on Jun 26, 2020 17:14:46 GMT
The response from GS stated "bonuses are paid separately by Growth Street Holdings and are not withdrawn from Growth Street Provision (GSP)" There's a helpful email that has just been sent out by GS that addresses this issue. Yes, some good news there and the fact that GS is communicating is also good. I still couldn’t figure out whether I will receive my bonus in December or not. It wasn’t sign up bonus, but 2% on increased investment. I kept my investment above the margin, but it fell below on 15th when RE was called and I got some of my money back. I guess I’ll just have to wait and see.
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Post by Ace on Jun 26, 2020 20:36:40 GMT
There's a helpful email that has just been sent out by GS that addresses this issue. Yes, some good news there and the fact that GS is communicating is also good. I still couldn’t figure out whether I will receive my bonus in December or not. It wasn’t sign up bonus, but 2% on increased investment. I kept my investment above the margin, but it fell below on 15th when RE was called and I got some of my money back. I guess I’ll just have to wait and see. Sorry, but I read it as you wouldn't qualify. The key phrase being at the end of Example 1: " subject to any further repayments before 31st August 2020". I.e. if your balance falls below the qualifying amount before the final qualifying date due to repayments, you won't get the bonus. I'm in the same scheme as you. I currently qualify as I got 100% stuck in the standard account at RE, so I'm well above the qualifying amount. I'm hoping to get sufficient repayments before December to disqualify me. I'd much rather see my capital back ASAP. I realise that we're all likely to end up with some capital loss and that this might be serious for some, so apologies to those that consider discussing bonuses to be insensitive at this time. Good luck all.
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Post by investor1925 on Jun 29, 2020 9:14:05 GMT
Just had my £200 today, so they are still paying it.
I did like the bit where they said I could withdraw it or re-invest it
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johni
Member of DD Central
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Post by johni on Jun 29, 2020 11:27:15 GMT
Just had my £200 today, so they are still paying it. I did like the bit where they said I could withdraw it or re-invest it Same here and a referral bonus.
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