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Post by Ace on Dec 2, 2019 19:02:07 GMT
I really hope you're right, but the facts don't point that way. I've had several withdrawl requests stuck for 5 weeks, despite their stats indicating that they've had more than 10% of funds on their platform waiting for investments throughout that time. The numbers presented on my account summary pages simply don't add up. Emails querying these facts have gone unanswered for many weeks, including follow-ups. It doesn't look good.Another observation. I've noticed that all (active) platforms I'm in have already requested "appropriateness" checks. Is this the case with other UK platforms? (asking you because you are in many more platforms as I am). In my understanding FCA deadline for it is 9th December. Nothing like this came from FO. That's a good point. I haven't kept a record of this, so could well be wrong, but from memory, I haven't been asked yet by AE, LP, BP, CR or CS. All, apart from Crowd Stackers, are relatively new for me, so it could be that I was asked as part of their signup processes. So yes, LO does rather stand out in this respect. I also requested withdraw of a small cash sum recently; needles to say, I'm still waiting. Interestingly I was also prevented from selling my FO equity on Seedrs last month. They don't make it clear as to why, but one of the potential reasons was that they are aware of a material (non-public) fact that could affect the price. I assumed it was FO's rather upbeat statement that came out shortly after, but who knows...? I've long since stopped believing FO's many non-realised forecasts of jam tomorrow. I have asked for the equity to be sold this month, and the request hasn't been rejected, yet. I've stopped bothering to try to get any help from their CS. Not really sure they actually have one. I'm not sure if it's my natural pessimism, but I'm not expecting this to end well.
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Post by df on Dec 2, 2019 22:53:55 GMT
Another observation. I've noticed that all (active) platforms I'm in have already requested "appropriateness" checks. Is this the case with other UK platforms? (asking you because you are in many more platforms as I am). In my understanding FCA deadline for it is 9th December. Nothing like this came from FO. That's a good point. I haven't kept a record of this, so could well be wrong, but from memory, I haven't been asked yet by AE, LP, BP, CR or CS. All, apart from Crowd Stackers, are relatively new for me, so it could be that I was asked as part of their signup processes. So yes, LO does rather stand out in this respect. I also requested withdraw of a small cash sum recently; needles to say, I'm still waiting. Interestingly I was also prevented from selling my FO equity on Seedrs last month. They don't make it clear as to why, but one of the potential reasons was that they are aware of a material (non-public) fact that could affect the price. I assumed it was FO's rather upbeat statement that came out shortly after, but who knows...? I've long since stopped believing FO's many non-realised forecasts of jam tomorrow. I have asked for the equity to be sold this month, and the request hasn't been rejected, yet. I've stopped bothering to try to get any help from their CS. Not really sure they actually have one. I'm not sure if it's my natural pessimism, but I'm not expecting this to end well. Yes, it feels like the ship has been abandoned and we are dealing with a semi-functional algorithm. Looks like the "matrix" has lost its ability to perform a simple bank transfer. My expectations are very far from optimistic too, already thinking that the "mid-term" loans could become a serious complication when administration precess starts. Are they going be treated similarly to Lendy's "Model 1"? The fact that these loans were allocated without prior warning is likely to create further complications.
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Post by gravitykillz on Dec 3, 2019 18:47:52 GMT
That's a good point. I haven't kept a record of this, so could well be wrong, but from memory, I haven't been asked yet by AE, LP, BP, CR or CS. All, apart from Crowd Stackers, are relatively new for me, so it could be that I was asked as part of their signup processes. So yes, LO does rather stand out in this respect. I also requested withdraw of a small cash sum recently; needles to say, I'm still waiting. Interestingly I was also prevented from selling my FO equity on Seedrs last month. They don't make it clear as to why, but one of the potential reasons was that they are aware of a material (non-public) fact that could affect the price. I assumed it was FO's rather upbeat statement that came out shortly after, but who knows...? I've long since stopped believing FO's many non-realised forecasts of jam tomorrow. I have asked for the equity to be sold this month, and the request hasn't been rejected, yet. I've stopped bothering to try to get any help from their CS. Not really sure they actually have one. I'm not sure if it's my natural pessimism, but I'm not expecting this to end well. Yes, it feels like the ship has been abandoned and we are dealing with a semi-functional algorithm. Looks like the "matrix" has lost its ability to perform a simple bank transfer. My expectations are very far from optimistic too, already thinking that the "mid-term" loans could become a serious complication when administration precess starts. Are they going be treated similarly to Lendy's "Model 1"? The fact that these loans were allocated without prior warning is likely to create further complications. london-post.co.uk/welendus-has-renamed-to-fund-ourselves/According to this article that is a week old the company has moved from Surrey to Waterloo. Maybe moving caused these unforeseen issues ?
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Post by gravitykillz on Dec 3, 2019 18:50:37 GMT
Mind you I had a feeling something would go wrong with welendus and left the platform in early 2019.
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Post by Ace on Dec 3, 2019 19:44:31 GMT
Another observation. I've noticed that all (active) platforms I'm in have already requested "appropriateness" checks. Is this the case with other UK platforms? (asking you because you are in many more platforms as I am). In my understanding FCA deadline for it is 9th December. Nothing like this came from FO. That's a good point. I haven't kept a record of this, so could well be wrong, but from memory, I haven't been asked yet by AE, LP, BP, CR or CS. All, apart from Crowd Stackers, are relatively new for me, so it could be that I was asked as part of their signup processes. So yes, LO does rather stand out in this respect. I also requested withdraw of a small cash sum recently; needles to say, I'm still waiting. Interestingly I was also prevented from selling my FO equity on Seedrs last month. They don't make it clear as to why, but one of the potential reasons was that they are aware of a material (non-public) fact that could affect the price. I assumed it was FO's rather upbeat statement that came out shortly after, but who knows...? I've long since stopped believing FO's many non-realised forecasts of jam tomorrow. I have asked for the equity to be sold this month, and the request hasn't been rejected, yet. I've stopped bothering to try to get any help from their CS. Not really sure they actually have one. I'm not sure if it's my natural pessimism, but I'm not expecting this to end well. I spoke too soon. I've been blocked from selling my FO shares on Seedrs again this month. I did receive a reply today to my email sent to FO three and a half weeks ago, with no conclusive answers. They did say: " For the withdrawals placed on the secondary market; the secondary market will attempt to sell your loan loans every day until all loans are sold. It’s to keep in mind that these loans won’t be sold to investors who already invested in the loan being sold, or if the borrower is late for one or more of the repayments. With these 2 conditions in mind, it may take longer for some loans to be sold on secondary market." This doesn't really explain why none of the loans in any of the 6 investments that I tried to withdraw between 5 and 8 weeks ago have been sold since the first day of sale.
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Post by ianrother on Dec 5, 2019 23:46:08 GMT
Haven’t had one loan sold on the secondary market in 6 weeks - car crash coming I think - formal complaint but no response - Financial Ombudsman next but by the time they act it will probably be too late -
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Post by df on Dec 14, 2019 22:18:23 GMT
Now all my pending withdrawals disappeared from "transaction history". The overall value of pending withdrawals is still showing on "account summary" page. None of withdrawals after 11th November have arrived to my bank account. Is everyone else experiencing the same?
Is there any point trying to make any further withdrawals?
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Post by Ace on Dec 14, 2019 22:43:37 GMT
Now all my pending withdrawals disappeared from "transaction history". The overall value of pending withdrawals is still showing on "account summary" page. None of withdrawals after 11th November have arrived to my bank account. Is everyone else experiencing the same? Is there any point trying to make any further withdrawals? The only pending withdrawals that I've ever seen in the transaction list are those that came from my "unassigned" balances, I.e. Those from Additional Earnings that I hadn't assigned to any loans. I've never seen any pending withdrawals from my investments in the transaction list until they were actually paid. As for "Is there any point...?". I fear the answer is "No" for any ending to that question involving FO. My hope is that their appalling customer service is mainly due to being chronically short staffed, but it's a rather desperate hope without any factual evidence.
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Post by ianrother on Dec 15, 2019 6:09:23 GMT
The value of the withdrawn pooled funds shows on the transaction page and when they are actually transferred to your bank account the clear small circle is infilled black- I have withdrawn pooled funds from Oct 30th showing on the transaction page as awaiting bank transfer- still not paid after nearly 6weeks. These funds should be in segregated accounts and not used in the business - not paying these back to investors is verging on the criminal - I have put in a formal complaint but as expected no response. If you try to take pooled funds out it seems they do not return to you and the remaining investment remains in limbo land not paying interest and unsold on the so called secondary market which is virtually non existent.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Dec 15, 2019 8:48:55 GMT
What are the consequences if they haven't implemented the new FCA rules?
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Post by ianrother on Dec 15, 2019 14:44:57 GMT
Withdrawn pooled funds now not showing on transaction page as requested but not paid - what the hell are FO doing - nothing seems to add up on their system - are they just trying to hide the fact that these haven’t been paid - role on 5weeks so I can go to Financial Ombudsman- they are a disaster waiting to happen - no responses from either their Complaints or Customer services e mails.
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Post by ianrother on Dec 15, 2019 15:15:04 GMT
Unbelievably just got an e mail to say £4K of my pooled funds are going to be paid - why do they not communicate with investors to re assure us that everything is ok - it is just not on to wait nearly 6 weeks for our monies to be returned. With the Lendy, Funding Secure issues recently they need to be more pro active in communicating with the investor base as these types of delays make everyone very nervous. Next issue is all my loans that are awaiting sale on the secondary market - I-have about £4K and not one has sold in 6 weeks. Let’s hope situation improves.
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Post by df on Dec 15, 2019 16:01:18 GMT
Received e-mail today "We are writing to confirm that your withdrawal request has been successfully processed. We will now transfer the available funds to you immediately. Please take into consideration your banks processing time."
Money is now in my bank account. All 8 withdrawals I've made, these include pool, sold and bonus.
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optimist
Member of DD Central
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Post by optimist on Dec 15, 2019 17:02:29 GMT
Someone from FO may have read this thread We did and decided to try a £1K withdrawl and recieved an email after about an hour confirming that the non-invested portion (pool) has been tranferred to a bank account and the loans are being sold.
A few days ago it took them a couple of days to respond when money was being paid in. A couple of weeks ago they failed to respond to emails for a couple of weeks until I tried a withdrawal at which point my levels of investment mysteriously doubled and I got a slighly smug email the same day asking what the problem was. I replied and got no response. They seem to respond if it hits them in the pocket.
They may have the same customer services for loans, dealing with lots of people making excuses for not paying £50. The change of mindset and tone required for investors may be difficult. I've worked for more than one big company who have changed their payment terms to help cash flow. It doesn't necessarily mean they're about to go bust. Are there any indications?
Money Laundering investigations can cause delays and they may not mention it
Guessing they may be understaffed, Christmas rush for loans, moved offices or responding to people wanting their money is not the highest priority if they're shutting the account?
Who knows how to do Due Dilligence on a payday loan company?
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Post by df on Dec 15, 2019 17:54:30 GMT
Someone from FO may have read this thread We did and decided to try a £1K withdrawl and recieved an email after about an hour confirming that the non-invested portion (pool) has been tranferred to a bank account and the loans are being sold.
A few days ago it took them a couple of days to respond when money was being paid in. A couple of weeks ago they failed to respond to emails for a couple of weeks until I tried a withdrawal at which point my levels of investment mysteriously doubled and I got a slighly smug email the same day asking what the problem was. I replied and got no response. They seem to respond if it hits them in the pocket.
They may have the same customer services for loans, dealing with lots of people making excuses for not paying £50. The change of mindset and tone required for investors may be difficult. I've worked for more than one big company who have changed their payment terms to help cash flow. It doesn't necessarily mean they're about to go bust. Are there any indications?
Money Laundering investigations can cause delays and they may not mention it
The article saying they'd moved offices actually says they are scaling up and still hold an office in surrey.
Guessing they may be understaffed, Christmas rush for loans, moved offices or responding to people wanting their money is not the highest priority if they're shutting the account?
Who knows how to do Due Dilligence on a payday loan company?
According to the website they have 9 (or 10?) staff. I don't know whether it's enough to run a small platform or not, but iirc AC have somewhere around 20-25 staff and it's much bigger platform... I think communication is one of the biggest problems. Website says "Always Open, Customers first. We are united as a company but more importantly with our customers. We are straight talking and stand by what we say and do from a customer perspective." Doesn't look like this has been happening for at least the past 6 months. All we can do is just guess what might be happening. A simple and honest e-mail explaining what's going on would've been good starting point to address the claims made on the website.
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