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Post by Ace on Mar 4, 2021 22:44:00 GMT
I just took a look at my FO account, and to my great surprise there seems to have been some sort of platform update. Roughly 80% of the funds that I had requested to withdraw a year ago were labelled as "unassigned" and I was able to request for those funds to be withdrawn again. It said they would be in my bank account within a few days!!!The state of the site made no sense to me, but I didn't bother trying very hard as it's always been incomprehensible to me, and I got excited at the chance of being able to withdraw some funds that had been stuck without earning any interest for a whole year. If you're in the same position as me, it might be worth a look. Those "few days" have stretched out to 10 now and still no sign of the funds arriving. This really is a platform that never fails to disappoint.
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Post by df on Mar 5, 2021 22:30:51 GMT
I just took a look at my FO account, and to my great surprise there seems to have been some sort of platform update. Roughly 80% of the funds that I had requested to withdraw a year ago were labelled as "unassigned" and I was able to request for those funds to be withdrawn again. It said they would be in my bank account within a few days!!!The state of the site made no sense to me, but I didn't bother trying very hard as it's always been incomprehensible to me, and I got excited at the chance of being able to withdraw some funds that had been stuck without earning any interest for a whole year. If you're in the same position as me, it might be worth a look. Those "few days" have stretched out to 10 now and still no sign of the funds arriving. This really is a platform that never fails to disappoint. I've just looked at mine. No "unassigned", everything looks "frozen", no pleasant surprises for me this time "Few days" is a good one (it's not accountable ... in my recollection of events it takes between 1 and 3 months for money to arrive.
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Post by Ace on Mar 8, 2021 16:00:18 GMT
I just took a look at my FO account, and to my great surprise there seems to have been some sort of platform update. Roughly 80% of the funds that I had requested to withdraw a year ago were labelled as "unassigned" and I was able to request for those funds to be withdrawn again. It said they would be in my bank account within a few days!!!The state of the site made no sense to me, but I didn't bother trying very hard as it's always been incomprehensible to me, and I got excited at the chance of being able to withdraw some funds that had been stuck without earning any interest for a whole year. If you're in the same position as me, it might be worth a look. Those "few days" have stretched out to 10 now and still no sign of the funds arriving. This really is a platform that never fails to disappoint. I'm very pleased to be able to report that I have now received ALL of my funds from this platform. It's taken almost exactly 1 year from my original request to withdraw all funds. Some facts: The withdrawal arrived as 4 seperate payments all at once. I received zero interest during the withdrawal period. I'm completely unable to find any of the 4 withdrawn amounts mentioned anywhere in my accounts on the FO website, but they do add up to the total of funds on the platform as at my withdrawl request date 1 year ago (actually they are 1p over on each of my two accounts!). Despite the year with no interest, my standard account achieved a respectable return (mainly due to the fact that I got more of my funds out of this account before it became constipated). Total XIRR was 9.03% (4.94% excluding Additional Earnings). My larger Isa account didn't fare quite so well. Total XIRR was 3.97% (2.26% excluding additional earnings). Some opinions: FO has the worst customer service experience of any financial institution I've ever had reason to engage with by an absolute country mile. Despite being degree level educated in Mathematics, Statistics and Computing, I still can't make head nor tail of the figures they present on the website. Their stated XIRRs are nowhere near the true values (I suspect that their calculations may be based on the date withdrawal requests are made rather than the dates on which those withdrawals are satisfied, but they don't provide sufficient comprehensible data for me to be able to test this theory). I'm absolutely cock-a-hoop to be out of this platform and to be able to deploy the funds elsewhere. Good luck to others in the withdrawal queue vacuum. There is hope that you might one day see the return of your funds.
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oldtimer
Member of DD Central
Posts: 211
Likes: 156
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Post by oldtimer on Mar 8, 2021 16:34:28 GMT
Just had a look at my account and see I have also received the balance of my investments today. Also took about a year! Never thought I would see that money again.
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Mar 8, 2021 19:27:01 GMT
No such luck for me...
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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
Posts: 10,870
Likes: 11,097
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Post by ilmoro on Mar 8, 2021 20:14:45 GMT
Been ignoring my modest toe dip, just left it to be like Schrodinger's Cat, its neither dead or alive.
Actually had a look today, appears to be alive, all money invested, actually received some repayments with interest (not of any of the medium term loans of course) and all the overdue bonus interest on uninvested funds for the previous 3 months paid up to date.
Might take another look in 6 months
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Post by df on Mar 26, 2021 20:13:49 GMT
Those "few days" have stretched out to 10 now and still no sign of the funds arriving. This really is a platform that never fails to disappoint. I'm very pleased to be able to report that I have now received ALL of my funds from this platform. It's taken almost exactly 1 year from my original request to withdraw all funds. Some facts: The withdrawal arrived as 4 seperate payments all at once. I received zero interest during the withdrawal period. I'm completely unable to find any of the 4 withdrawn amounts mentioned anywhere in my accounts on the FO website, but they do add up to the total of funds on the platform as at my withdrawl request date 1 year ago (actually they are 1p over on each of my two accounts!). Despite the year with no interest, my standard account achieved a respectable return (mainly due to the fact that I got more of my funds out of this account before it became constipated). Total XIRR was 9.03% (4.94% excluding Additional Earnings). My larger Isa account didn't fare quite so well. Total XIRR was 3.97% (2.26% excluding additional earnings). Some opinions: FO has the worst customer service experience of any financial institution I've ever had reason to engage with by an absolute country mile. Despite being degree level educated in Mathematics, Statistics and Computing, I still can't make head nor tail of the figures they present on the website. Their stated XIRRs are nowhere near the true values (I suspect that their calculations may be based on the date withdrawal requests are made rather than the dates on which those withdrawals are satisfied, but they don't provide sufficient comprehensible data for me to be able to test this theory). I'm absolutely cock-a-hoop to be out of this platform and to be able to deploy the funds elsewhere. Good luck to others in the withdrawal queue vacuum. There is hope that you might one day see the return of your funds. Congratulations! I wish one day I'll be able to make similar announcement too. Meanwhile FO is stepping up in marketing Quotes from 2 very recent e-mails [my bold]: "As you know, with Fund Ourselves you can earn up to 15% p.a. with our minimum 10% p.a. promise...Get the peace of mind that your hard-earned money is working as hard as you are." "In addition to loan amounts between £100 and £500 over a 4 month instalment period currently issued through Fund Ourselves, we are excited to introduce new loan values from £500 up to £1,500 to be paid over 5 months (5 repayments) or 6 months (6 repayments) for our short-term peer-to-peer borrowers."
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Post by tmn on Mar 31, 2021 8:27:04 GMT
This isn't just the worst 'financial institution' I've ever had to engage with it is the worst company across any business sector!
I'm also disappointed at the amount of time it is taking for the Ombudsmen to pick up my case. I raised it in February of last year.
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benaj
Member of DD Central
Posts: 4,877
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Post by benaj on Mar 31, 2021 9:13:11 GMT
I wouldn't say it's the worst. It could easily be the best on paper. In terms of default rates "reported", FO has made massive improvement from 27.4% in 2018 to 2.3% in 2020 for "short term" loans. Amazingly, new loans "issued" in 2021 has already exceeded 2.9 Mil in less than 3 months. I wish I know someone like Mr Waites from the FOS to put things right. To be fair, FOS took my case "very soon" before COVID and it was all resolved before the "flu". Maybe worth a second look when someone shouts out the good news again.
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Post by shaunperry on Mar 31, 2021 20:34:43 GMT
Made a withdrawal on 25th March 2020.
Fund ourselves transaction history shows 3 payments to me on 26th march 2021 for:
£238.03 £218.30 £216.51
however i received:
£180 on 2/4/20 £19.74 on 5/4/20
£238.03 + £198.56 + £36.51 on 31/3/21
So figures add up but the dates are incorrect
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Post by df on Apr 1, 2021 8:44:14 GMT
I'm pleased to report that this morning I have received all of my remaining funds from FO.
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Post by baboonery on Apr 1, 2021 16:02:05 GMT
I'm pleased to report that this morning I have received all of my remaining funds from FO. Same for me. Whilst it was a small amount (under £30) it was the the final trickle from a withdrawal request that was made over a year ago!
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Post by df on Apr 1, 2021 18:54:25 GMT
I'm pleased to report that this morning I have received all of my remaining funds from FO. Same for me. Whilst it was a small amount (under £30) it was the the final trickle from a withdrawal request that was made over a year ago! My return was a combination of my final withdrawal not so long ago and other unsold bits from previous withdrawals. It's great see my investment balance displayed as £0.00. After all worries my Welendus journey ended with a decent profit.
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optimist
Member of DD Central
Posts: 122
Likes: 72
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Post by optimist on Apr 7, 2021 22:29:49 GMT
I get it, April Fool
Nothing returned and they're still profiting off my money without paying a penny in interest to me
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IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
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Post by IFISAcava on Apr 7, 2021 22:50:05 GMT
My capital repaid. No interest for the last 18 months, but happy to get the capital back tbh.
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