liso
Member of DD Central
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Post by liso on Apr 2, 2019 14:23:08 GMT
Following comments on other threads about poor customer service and problems with withdrawals, I received this from the platform today
"• When a withdrawal request is made the loan is sold in the secondary market to other investors who wish to have the investment appetite as yourself which leads to your withdrawal being available once sold.
• A loan can only be sold if all payments are good and on time. If a loan has a missed payment please note we are not able to sell these loans to other investors.
• In the case we are not able to sell your loan the provision fund will kick in after 35 days which then your remaining withdrawal balance will be finalised and sent.
Please keep in mind that withdrawal requests can vary from time to time and will not always be straight away."
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Post by Ace on Apr 2, 2019 15:59:58 GMT
I'm hoping they have a job advert out for an English speaker!
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k6
Posts: 266 
Likes: 161
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Post by k6 on Apr 29, 2019 18:49:14 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was :
Request Made : 29/04/2019
Estimated Withdraw : 19/07/2019 !!!
:-0
bit speechless.
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Post by df on Apr 29, 2019 20:34:13 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was : Request Made : 29/04/2019 Estimated Withdraw : 19/07/2019 !!! :-0 bit speechless. Interesting. I've made two withdrawals in January and July 2018 and the money were in my bank next day or so. Do the investments you requested to withdraw have any parts lent or are they 100% uninvested?
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benaj
Member of DD Central
N/A
Posts: 5,591
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Post by benaj on Apr 29, 2019 20:37:51 GMT
I've just made a "test" withdrawal for my ISA. Withdrawn instantly with the Reinvest option "ticked". Only 1 loan invested in the withdrawn investment.
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benaj
Member of DD Central
N/A
Posts: 5,591
Likes: 1,735
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Post by benaj on Apr 29, 2019 20:40:42 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was : Request Made : 29/04/2019 Estimated Withdraw : 19/07/2019 !!! :-0 bit speechless. I have seen similar message in the past with my investment account, I was a bit of shock at first but I received the money in the bank pretty quickly, just about a week back in 2018, much earlier than the estimated time.
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k6
Posts: 266
Likes: 161
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Post by k6 on Apr 29, 2019 20:43:21 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was : Request Made : 29/04/2019 Estimated Withdraw : 19/07/2019 !!! :-0 bit speechless. Interesting. I've made two withdrawals in January and July 2018 and the money were in my bank next day or so. Do the investments you requested to withdraw have any parts lent or are they 100% uninvested? Some invested some not. Do understand that the invested part need to be sold to willing to buy but the difference in date was jaw dropping. Will wait and see. It could end up on my account hopefully sooner then 19/07/2019
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Post by df on Apr 29, 2019 21:01:35 GMT
Interesting. I've made two withdrawals in January and July 2018 and the money were in my bank next day or so. Do the investments you requested to withdraw have any parts lent or are they 100% uninvested? Some invested some not. Do understand that the invested part need to be sold to willing to buy but the difference in date was jaw dropping. Will wait and see. It could end up on my account hopefully sooner then 19/07/2019 Did you place all active loan parts on SM? I've never done it myself, so might be wrong, but in my understanding you need to manually put active loans for sale and when they are sold (no more funds lent in investment) your withdrawal should be instant.
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liso
Member of DD Central
Posts: 390
Likes: 394
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Post by liso on Apr 29, 2019 21:32:16 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was : Request Made : 29/04/2019 Estimated Withdraw : 19/07/2019 !!! :-0 bit speechless. I received similar information for some of my requested withdrawals but in reality the longest withdrawal took 3 weeks, not 3 months. Loans cannot be sold if they are late or have missed payments, but they will be picked up by the provision fund after 35 days, which means you should never have to wait longer than a maximum of 35 days for your withdrawal to complete, possibly less than that depending on how late the loan is.
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Post by sayyestocress on Apr 30, 2019 15:22:31 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was : Request Made : 29/04/2019 Estimated Withdraw : 19/07/2019 !!! :-0 bit speechless. You should get the loans that are sold immediately within a working day or two, atleast that was my experience some months ago. Then you'll get more back as it gets paid back by the borrower or bought by the PF. I believe that estimated withdrawal date is simply the last repayment date amongst your loans. I'd expect most loans to be sold on quickly with the queues that are currently accumulating right now.
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Post by df on May 1, 2019 12:23:18 GMT
I've made my first withdrawal of investment with live loans this morning. It took about 5 seconds to sell my loan parts and money arrived to my bank immediately as one would expect from a normal bank transfer.
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k6
Posts: 266
Likes: 161
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Post by k6 on May 2, 2019 19:02:43 GMT
My investments were sitting to be invested for over a month, so thought I will withdraw and put somewhere else. Requested a withdrawal and information I have received was : Request Made : 29/04/2019 Estimated Withdraw : 19/07/2019 !!! :-0 bit speechless. Just an update, I have received my requested sum. Still don't quite understand the need of this message with such a spread date. The rest of my investment , bigger chunk, sits idly. Been contacted by WLU prior to my email and told to bear with them as things will improve. Will give some time if that not improve ... well , at least withdrawals does not take 3 months. Thanks all for your comments
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on May 16, 2019 15:50:03 GMT
I just withdrew a little from "unassigned deposit". Main thing is it hit my bank account pretty quickly. BUT, does anyone know where I can see that transaction within the platform?
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Post by df on May 16, 2019 16:50:18 GMT
I just withdrew a little from "unassigned deposit". Main thing is it hit my bank account pretty quickly. BUT, does anyone know where I can see that transaction within the platform? Yes. My Analytics --- Event History. 2nd column (Investment) should show all your deposits and withdrawals).
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number5
Member of DD Central
Posts: 449
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Post by number5 on May 17, 2019 10:15:27 GMT
I've made my first withdrawal of investment with live loans this morning. It took about 5 seconds to sell my loan parts and money arrived to my bank immediately as one would expect from a normal bank transfer. I have just made my first withdrawal as well, it was a combination of queued funds and lent out funds. All sold in a few minutes, but how long does the money take to enter my bank account. Do I need to do anything further? I have not had a notification email either
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