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Post by Ace on Oct 7, 2019 21:28:26 GMT
Selling (newish ISA) investment was speedy in Early July. But don't worry, all loans will be sold eventually. Mine (larger & older investment in standard account) took just under 61 days, some were bought by PF, others were sold to investors and some were repaid by borrowers during the 61 days selling period. There is a difference between selling and withdrawing money from the holding account. Withdrawing fund from holding account is quicker than selling loans in arrears at the moment, from 1 - 5 working days. Thanks benaj . All loans sold except these least 3 which are all overdue and past the PF buyout date. It's just another symptom of the flakey tech which doesn't seem to work quite right. I don't plan to WD funds as I want to transfer ISA. FO did in fact respond to my email to say they are looking into it, which is a welcome surprise. Hi Ukmikk (or anyone who has managed to do this), Did you manage to sell and successfully transfer an ISA investment? If so, could you give me a pointer on how to do this please? I see a button to request a withdrawal, but not one to sell an investment and leave it in a holding account for transfer. I don't want to risk pressing the withdraw button as it will presumably withdraw the funds to my bank account and lose the ISA status. I've tried this for a non-ISA investment and it didn't go well. 3 loans didn't sell, presumably because the payments are late. All 3 are more than 35 days beyond the loan end date, so should have been purchased by the PF (so similar to others above). In addition to this, the loan details stated that a larger sum was transferred to my bank account than was actually the case. Two weeks after notifying FO the stated figure was corrected, but no explanation was given (though one was promised). Also the withdrawn sum plus the 3 live/late loans add up to the original investment amount, implying that all interest for the past 13 months has been lost! A VERY unsatisfactory experience.
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Post by Ace on Oct 7, 2019 21:29:57 GMT
Put in request to withdraw on 11th all non ISA money £1760 Queued about same invested. Will see how long it takes. Still £1,608.19 waiting. What do FO say about this?
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benaj
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Post by benaj on Oct 7, 2019 22:13:07 GMT
Hi Ace, I did ISA transfer out back in July. p2pindependentforum.com/thread/15371/isa-transfer-outThe withdraw button was working well at the time for my ISA account by withdrawing one investment a time and sold all my loans within an investment instantly without the need of selling individual loans.
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Ukmikk
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Post by Ukmikk on Oct 8, 2019 10:20:26 GMT
Hi Ace, If you press withdraw you should then have the option to reinvest (ie. Leave in account) or WD to bank. It took me about 40 days to WD all funds as 3 loans were stuck. I emailed FO who said there was no problem and the loans immediately and mysteriously cleared. The ISA transfer itself went very smoothly and quickly within 48 hours of the transfer form being received.
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Post by Ace on Oct 8, 2019 14:56:00 GMT
Hi Ace , If you press withdraw you should then have the option to reinvest (ie. Leave in account) or WD to bank. It took me about 40 days to WD all funds as 3 loans were stuck. I emailed FO who said there was no problem and the loans immediately and mysteriously cleared. The ISA transfer itself went very smoothly and quickly within 48 hours of the transfer form being received. Thanks Ukmikk, unfortunately your advice came too late for my first ISA investment withdraw. I didn't tick the reinvest box as it sounded counter intuitive to me. I assumed that it would try to reinvest the proceeds in new loans. I should have risked it as there would have been virtually no chance of getting any new loans anyway! Hence the desire to move the funds elsewhere. Oh well, lesson learned. Have now started the withdraw process on another investment (with the reinvest box ticked this time). Again, a very unsatisfactory experience. Cash from old loans is not yet showing in my holding account (I expected the unassigned funds to have increased by the value of the loans sold, but there's no increase at all). Remaining loans are either more than 35 days beyond their scheduled end date (so should have been bought by the PF), or still invested in "medium term loans" which I expected to sell quickly given the high level of pooled funds. Presumably no-one wants to lend back to FO. On top of all this, I can't make head or tall of any of the account balance figures now. All in all a complete clusterf**k. Anyone want to buy some FO shares? (Probably not my best sales pitch😕)
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Godanubis
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Post by Godanubis on Oct 8, 2019 15:01:41 GMT
What do FO say about this? Just asked them. Told them to cancel withdrawals if they can't payout.
I thought when you request a withdrawal they sold your parts. Did I missunderstand ??
If anyone had funds to invest and your parts were within their % range they got them.
I still have £200 pooled in 5-15% in my ISA so should buy my own partas to that value I thought.
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Post by Ace on Oct 8, 2019 15:13:30 GMT
What do FO say about this? Just asked them. Told them to cancel withdrawals if they can't payout.
I thought when you request a withdrawal they sold your parts. Did I missunderstand ??
If anyone had funds to invest and your parts were within their % range the got them.
I still have £200 pooled in 5-15% in my ISA so should buy my own partas to that value I thought. With a total investment pool of 27.6% (according to the stats page) they must have around £1,000,000 looking for loans. So how come we can't sell a few hundred instantly? Something sounds dodgy here to me.
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benaj
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Post by benaj on Oct 8, 2019 15:24:48 GMT
Just asked them. Told them to cancel withdrawals if they can't payout.
I thought when you request a withdrawal they sold your parts. Did I missunderstand ??
If anyone had funds to invest and your parts were within their % range the got them.
I still have £200 pooled in 5-15% in my ISA so should buy my own partas to that value I thought. With a total investment pool of 27.6% (according to the stats page) they must have around £1,000,000 looking for loans. So how come we can't sell a few hundred instantly? Something sounds dodgy here to me. I believe most loans are sold instantly. But some could have trading suspended like AC when there is an event required suspension.
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Ukmikk
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Post by Ukmikk on Oct 8, 2019 18:13:04 GMT
Hi Ace , If you press withdraw you should then have the option to reinvest (ie. Leave in account) or WD to bank. It took me about 40 days to WD all funds as 3 loans were stuck. I emailed FO who said there was no problem and the loans immediately and mysteriously cleared. The ISA transfer itself went very smoothly and quickly within 48 hours of the transfer form being received. Thanks Ukmikk, unfortunately your advice came too late for my first ISA investment withdraw. I didn't tick the reinvest box as it sounded counter intuitive to me. I assumed that it would try to reinvest the proceeds in new loans. I should have risked it as there would have been virtually no chance of getting any new loans anyway! Hence the desire to move the funds elsewhere. Oh well, lesson learned. Have now started the withdraw process on another investment (with the reinvest box ticked this time). Again, a very unsatisfactory experience. Cash from old loans is not yet showing in my holding account (I expected the unassigned funds to have increased by the value of the loans sold, but there's no increase at all). Remaining loans are either more than 35 days beyond their scheduled end date (so should have been bought by the PF), or still invested in "medium term loans" which I expected to sell quickly given the high level of pooled funds. Presumably no-one wants to lend back to FO. On top of all this, I can't make head or tall of any of the account balance figures now. All in all a complete clusterf**k. Anyone want to buy some FO shares? (Probably not my best sales pitch😕) That is unfortunate, apologies for not responding sooner. Busy few days. Agreed it's not clear and I think I had advice from benaj, possibly earlier in this thread, before I proceeded with the withdrawal. My experience mirrored your own and I am simply happy to be out in one piece because I'm not sure that the sh#t and the fan are a million miles apart here. I concur with your assessment.
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nick
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Post by nick on Oct 9, 2019 18:57:36 GMT
Just asked them. Told them to cancel withdrawals if they can't payout.
I thought when you request a withdrawal they sold your parts. Did I missunderstand ??
If anyone had funds to invest and your parts were within their % range the got them.
I still have £200 pooled in 5-15% in my ISA so should buy my own partas to that value I thought. With a total investment pool of 27.6% (according to the stats page) they must have around £1,000,000 looking for loans. So how come we can't sell a few hundred instantly? Something sounds dodgy here to me. Loans that are over due are not available for resale so you will need to wait for the PF to kick in after 35 days overdue. The last withdrawal I made about 3 months ago took about a week to fully pay out because of overdue loans that had yet to reach the 35 day mark.
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Post by Ace on Oct 9, 2019 19:36:05 GMT
With a total investment pool of 27.6% (according to the stats page) they must have around £1,000,000 looking for loans. So how come we can't sell a few hundred instantly? Something sounds dodgy here to me. Loans that are over due are not available for resale so you will need to wait for the PF to kick in after 35 days overdue. The last withdrawal I made about 3 months ago took about a week to fully pay out because of overdue loans that had yet to reach the 35 day mark. I have many loans that are more than 35 days beyond the loan end date that have not been purchased by the PF.
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Ukmikk
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Post by Ukmikk on Oct 10, 2019 11:15:28 GMT
Loans that are over due are not available for resale so you will need to wait for the PF to kick in after 35 days overdue. The last withdrawal I made about 3 months ago took about a week to fully pay out because of overdue loans that had yet to reach the 35 day mark. I have many loans that are more than 35 days beyond the loan end date that have not been purchased by the PF. I had too, and had to email FO for them to be sold from my account. In typical FO style they did not acknowledge there was a problem.
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benaj
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Post by benaj on Oct 10, 2019 17:32:36 GMT
I have many loans that are more than 35 days beyond the loan end date that have not been purchased by the PF. I had too, and had to email FO for them to be sold from my account. In typical FO style they did not acknowledge there was a problem. Regarding my “investment withdrawal” requests back in July, it was done in 5 stages. I did not click the ”reinvest” option on 6th July, and about 70% money returned to the bank same day. 😀 FO then returned my money at 4 different times as the some borrowers repaid in full or bought by PF. Final payments received on 9th Sep, just under 61 days. During the investment withdrawal, I also received PF bonus in Aug & Sep.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 13, 2019 19:22:17 GMT
What do FO say about this? Just asked them. Told them to cancel withdrawals if they can't payout.
I thought when you request a withdrawal they sold your parts. Did I missunderstand ??
If anyone had funds to invest and your parts were within their % range they got them.
I still have £200 pooled in 5-15% in my ISA so should buy my own partas to that value I thought. Asked twice now no reply to emails . Told them to cancel all pending withdrawals still no reply. Does anyone have an actual phone number where you can talk to a human ?..
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benaj
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Post by benaj on Oct 14, 2019 8:14:30 GMT
Asked twice now no reply to emails . Told them to cancel all pending withdrawals still no reply. Does anyone have an actual phone number where you can talk to a human ?.. I believe there been a few updates to their phone system. FO is authorised by the FCA and there is a dedicated number for complaints. I have spoken to FO staffs, compliance officer, CEO on the phone. IIRC, they phoned me twice after the issues resolved.
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