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Post by sayyestocress on Mar 31, 2019 17:51:16 GMT
According to the latest accounts on companies House the average no. employees over the 2018 accounting period was 4. This is not a big company with a massive customer services department, so temper your expectations for customer services accordingly.
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Post by tfw on Mar 31, 2019 18:01:21 GMT
Just 4?? they must be good then!
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Ace
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Post by Ace on Mar 31, 2019 18:49:37 GMT
I assume it should be very easy to do, considering reports of so many investments queueing up. I've assigned a new one yesterday afternoon and only 30% is lent so far - there must be a great deal of lenders' demand. Can't help not to compare, that's faster than on LW  It’s not so much a queue we expected that it’s the fact the CEO promised to investigate and says date invested was the priority factor. So the money invested several months ago repaying should be getting reinvested. NOTHING has been invested in over a month. If you know of a fault and not the cause and do nothing that is the worrying part. As I said I have no issues and others just have expected delays but TOTAL inactive investments is unacceptable. Reluctantly after exhausting all other avenues official complaints were raised. STILL NO RESPONSE. So now have to be escalated. To me it seems a stupid and nieve way to run a company causing yourself unnecessary negativity. Poor or or nonexistent customer service is the cause of many companies loosing out on investment where others offer the same or similar service with better customer service they will get the business. Perhaps Welendus should spend a little money on market analysts and PR professionals to keep everyone happy. I know most people, me included are not particularly bothered about other’s problems as long as we are not affected but when we are affected we want promp action and only by insisting all problems are resolved ASAP can we be assured we are getting the best value for money. Hi Godanubis, Firstly, I agree with others that the comparison with Collateral is a little overstated, but agree that their lack of response to you is inexcusable. I understand your frustration. I think that it is probably mainly driven by WLU's lack of explanation of their allocation algorithm. I banged on about it on this forum a while ago, but gave in as there seemed to be little support for trying to get it explained. I still think it would be in WLU's best interest to explain it, as knowing what to expect would ease frustrations, and potentially stop some from pulling their investments. Anyway, in case it helps, here is my best guess as to how it works: - New investments are given priority (probably not 100% top priority, most likely co-mingled with older repayments)
- Repayments are prioritised by investment age.
- Overarching the above priorities will be a preference to allocate a loan to investments whose ranges match the loan rate.
- There has been much forum discussion that smaller investments are prioritised above larger investments. I'm not sure there is any truth in this. My gut feel is that it's a myth that's been driven by coincidences with the other factors.
The result of this is that investments get allocated pretty quickly at first, but then go through a troublesome period where repayments don't get lent out for long periods (my investments went through several periods with no reinvestment for a few weeks). As an investment ages it has a higher priority and reinvestment become quicker. This cycle seems to have gotten worse as the platform has become more popular. I hardly noticed the troublesome period for my early investments, presumably due to borrower demand being stronger than lender demand at the time.
I accept that I could be wrong on any/all of this, and there could well be other factors that I am unaware of from my small data set, so it probably won't explain your situation completely. Also WLU have admitted to tweaking the algorithm at least once.
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Post by sharpe on Mar 31, 2019 19:37:59 GMT
Like Liso I withdrew my funds (£5000) and still have £100 or so stuck with no obvious reasons why. How come all other loans could be sold on the secondary and these can't? I initiated my withdrawal at the time when on the forum it was apparent there were significant funds waiting to be matched. Just another unexpected kink in a convoluted system/algo.
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liso
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Post by liso on Mar 31, 2019 22:28:51 GMT
According to the latest accounts on companies House the average no. employees over the 2018 accounting period was 4. This is not a big company with a massive customer services department, so temper your expectations for customer services accordingly. Even allowing for the small scale of the company, a two week wait and still no reply to my email is beyond acceptable.
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zlb
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Post by zlb on Apr 1, 2019 18:08:23 GMT
whilst not commenting on the lack of support, and lower presence on this forum, it's taking longer for my provision fund payments to be reinvested from queue - I was wondering whether to change my loan settings down.
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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 Apr 1, 2019 18:34:41 GMT
It’s not so much a queue we expected that it’s the fact the CEO promised to investigate and says date invested was the priority factor. So the money invested several months ago repaying should be getting reinvested. NOTHING has been invested in over a month. If you know of a fault and not the cause and do nothing that is the worrying part. As I said I have no issues and others just have expected delays but TOTAL inactive investments is unacceptable. Reluctantly after exhausting all other avenues official complaints were raised. STILL NO RESPONSE. So now have to be escalated. To me it seems a stupid and nieve way to run a company causing yourself unnecessary negativity. Poor or or nonexistent customer service is the cause of many companies loosing out on investment where others offer the same or similar service with better customer service they will get the business. Perhaps Welendus should spend a little money on market analysts and PR professionals to keep everyone happy. I know most people, me included are not particularly bothered about other’s problems as long as we are not affected but when we are affected we want promp action and only by insisting all problems are resolved ASAP can we be assured we are getting the best value for money. Hi Godanubis , Firstly, I agree with others that the comparison with Collateral is a little overstated, but agree that their lack of response to you is inexcusable. I understand your frustration. I think that it is probably mainly driven by WLU's lack of explanation of their allocation algorithm. I banged on about it on this forum a while ago, but gave in as there seemed to be little support for trying to get it explained. I still think it would be in WLU's best interest to explain it, as knowing what to expect would ease frustrations, and potentially stop some from pulling their investments. Anyway, in case it helps, here is my best guess as to how it works: - New investments are given priority (probably not 100% top priority, most likely co-mingled with older repayments)
- Repayments are prioritised by investment age.
- Overarching the above priorities will be a preference to allocate a loan to investments whose ranges match the loan rate.
- There has been much forum discussion that smaller investments are prioritised above larger investments. I'm not sure there is any truth in this. My gut feel is that it's a myth that's been driven by coincidences with the other factors.
The result of this is that investments get allocated pretty quickly at first, but then go through a troublesome period where repayments don't get lent out for long periods (my investments went through several periods with no reinvestment for a few weeks). As an investment ages it has a higher priority and reinvestment become quicker. This cycle seems to have gotten worse as the platform has become more popular. I hardly noticed the troublesome period for my early investments, presumably due to borrower demand being stronger than lender demand at the time.
I accept that I could be wrong on any/all of this, and there could well be other factors that I am unaware of from my small data set, so it probably won't explain your situation completely. Also WLU have admitted to tweaking the algorithm at least once. I agree it might be a bit of an exaggeration. It was more of a baby crying heading trying to get attention from mother as I know these threads are read. Update as of now the queued funds from £7000 invested over last 2 months now have £4017 queued and rising daily initially £5000 invested quickly. Further £2000 added £800 invested quickly then all investments stopped including repayments Today’s phone call to Mr. Singh in complaints who said he spoke to CEO on Friday and would again speak to IT . As you see from comments here CS is appalling. as you have previously said transparency in algorithm allocation criteria is paramount. Let us hope things improve.
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Post by nooneere on Apr 3, 2019 19:39:25 GMT
As with collateral starting to ignore queries or promising to call back and never doing so. Welendus is going the Same way. Legitimate problems not rectified,promised investigation never carried out CEO now unavailable. Official complaints ignored. What are are the experiences of others with customer services/ complaints departments ? News in today's Welendus Update email from Nadeem: "Dedicated Lender Support Team You will be pleased to hear that we now offer all of our lenders a dedicated support service. Previously lenders used our hello email address and our customer service phone-line to get in touch. Now Lenders can get in contact directly to Edouard, our Lender relations Associate at [email protected] who will help in any way he can. This is a dedicated service specifically for lenders which we hope you find it useful."
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Godanubis
Member of DD Central
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 Apr 3, 2019 20:40:32 GMT
As with collateral starting to ignore queries or promising to call back and never doing so. Welendus is going the Same way. Legitimate problems not rectified,promised investigation never carried out CEO now unavailable. Official complaints ignored. What are are the experiences of others with customer services/ complaints departments ? News in today's Welendus Update email from Nadeem: "Dedicated Lender Support Team You will be pleased to hear that we now offer all of our lenders a dedicated support service. Previously lenders used our hello email address and our customer service phone-line to get in touch. Now Lenders can get in contact directly to Edouard, our Lender relations Associate at [email protected] who will help in any way he can. This is a dedicated service specifically for lenders which we hope you find it useful." You will NOT BE HAPPY TO KNOW. After again speaking to Nadeem today my brother sitill has not at 1p invested in over 6 weeks.
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Post by gravitykillz on Apr 5, 2019 15:10:27 GMT
News in today's Welendus Update email from Nadeem: "Dedicated Lender Support Team You will be pleased to hear that we now offer all of our lenders a dedicated support service. Previously lenders used our hello email address and our customer service phone-line to get in touch. Now Lenders can get in contact directly to Edouard, our Lender relations Associate at [email protected] who will help in any way he can. This is a dedicated service specifically for lenders which we hope you find it useful." You will NOT BE HAPPY TO KNOW. After again speaking to Nadeem today my brother sitill has not at 1p invested in over 6 weeks. Why not move your money to kufflinks or loanpád if you are not happy? They have fantastic customer service
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Godanubis
Member of DD Central
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 Apr 6, 2019 11:13:44 GMT
You will NOT BE HAPPY TO KNOW. After again speaking to Nadeem today my brother sitill has not at 1p invested in over 6 weeks. Why not move your money to kufflinks or loanpád if you are not happy? They have fantastic customer service I have no problems just my brother. The other P2P may have good customer service but have substantially less return and greater losses.
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Post by gravitykillz on Apr 6, 2019 21:14:51 GMT
Why not move your money to kufflinks or loanpád if you are not happy? They have fantastic customer service I have no problems just my brother. The other P2P may have good customer service but have substantially less return and greater losses. Yes they average 5-7% interest. But from the information i have gathered nobody has lost even a penny yet.
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Post by sayyestocress on Apr 7, 2019 7:36:38 GMT
News in today's Welendus Update email from Nadeem: "Dedicated Lender Support Team You will be pleased to hear that we now offer all of our lenders a dedicated support service. Previously lenders used our hello email address and our customer service phone-line to get in touch. Now Lenders can get in contact directly to Edouard, our Lender relations Associate at [email protected] who will help in any way he can. This is a dedicated service specifically for lenders which we hope you find it useful." You will NOT BE HAPPY TO KNOW. After again speaking to Nadeem today my brother sitill has not at 1p invested in over 6 weeks. Does your brother have a particularly large investment with very narrow rate settings or something?
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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 Apr 7, 2019 10:01:28 GMT
You will NOT BE HAPPY TO KNOW. After again speaking to Nadeem today my brother sitill has not at 1p invested in over 6 weeks. Does your brother have a particularly large investment with very narrow rate settings or something? No he has:£7000 in a number of various ranges. He added £2000 in one block since then. NOTHING not one penny has been invested from this or from paybacks his queue will eventually reach 100%
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Ace
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Post by Ace on Apr 7, 2019 13:32:44 GMT
Does your brother have a particularly large investment with very narrow rate settings or something? No he has:£7000 in a number of various ranges. He added £2000 in one block since then. NOTHING not one penny has been invested from this or from paybacks his queue will eventually reach 100% If you don't mind me asking, what dates were the investments? And, was the new £2k placed in a new investment(s) or added to old ones? I'm wondering if they've tweaked the algorithm to stop favouring new investments, possibly temporarily. Given that Welendus say there's nothing wrong, this is the only possibility I can think of. Also the £7k would have to be fairly recent as well, say newer than 4 months old ish. My 3.5 months old investments haven't had any new loans since 24/3/19.
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