bigfoot12
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Post by bigfoot12 on Aug 29, 2019 17:02:10 GMT
I have an identical message to the one above, but with the subject as a reply to my original complaint. I've lost faith in them, have sold everything except one position, which is offered for sale and despite my losses won't be bothering to do much about it. I won't be surprised to see them closing down (or further restructuring) in a few years.
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rs
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Post by rs on Aug 29, 2019 18:06:38 GMT
It seems to me like they already knew their various strategies and options before the change in fees. I’ll be continuing with my complaint though. I wonder if they can make further changes to the fee structure in 2 years time or will they be making redundancies? I urge everyone to raise a complaint.
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invester
P2P Blogger
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Post by invester on Aug 29, 2019 18:13:21 GMT
What type of discounts are people taking to get out?
It cheeses me off that I will lose quite a lot, perhaps 10-20% to make a quick exit.
Would it be reasonable to simply liquidate my portfolio and bill them for the discrepancy?
The Ombudsman surely would side with us here. Imagine if I had a credit card on 5% for example and overnight they decided to up it to 15% and charge me a monthly fee... surely they could not make it stick.
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p2ploser
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Post by p2ploser on Aug 29, 2019 19:20:52 GMT
Cynical attempt to try to close down complaints. This makes me even more sure that we have a great case. This platform is doomed with the sort of attitude they are showing and the course they have taken, no matter what their reasons or who they’ve consulted with, they know what they did was a mistake and that they once the authorities are made aware they will have bigger issues to deal with.
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Post by sayyestocress on Aug 30, 2019 12:38:18 GMT
Would it be fair to say the tl:dr version of the email is:
"we looked at various options and this is the only one that meant we could keep the business operating - suffer the fees or the whole portfolio gets firesold".
I find it a bit cheeky that the e-mail seems (to me) to assume that anyone who hasn't lodged a complaint is ok with the changes. I suspect they're in for a rude awakening when the next property / loan is listed. Not complaining is not the same thing as being prepared to add further funds to the platform.
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Post by easterbunni on Aug 30, 2019 14:37:57 GMT
I complained with my feet (as far as you can online) and took out everything and cancelled the pending property by emailing them to say this isn't worth it anymore, your new fees suck, give me my money back, mofos.
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Post by scepticalinvestor on Sept 9, 2019 10:57:50 GMT
My 8 weeks are up and PP haven't bothered to provide me with a final response letter, I'll now file a complaint with the Ombudsman. Let's see what happens!
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SteveT
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Post by SteveT on Sept 9, 2019 18:36:47 GMT
Funnily enough, I’ve just received a formal “Final Response” email from PP (from an Emma R*******, Legal & Compliance). They appear to have decided to treat my original email correspondence with the CEO as a formal complaint, despite him sending me another email 2 weeks ago asking whether I still planned to pursue a formal complaint (to which I replied Yes).
The good news is that I can now take it straight to the FOS, rather than waiting 8 weeks from whenever I get around to sending them my formal complaint 😂
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rs
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Post by rs on Sept 9, 2019 20:01:12 GMT
Funnily enough, I’ve just received a formal “Final Response” email from PP (from an Emma R*******, Legal & Compliance). They appear to have decided to treat my original email correspondence with the CEO as a formal complaint, despite him sending me another email 2 weeks ago asking whether I still planned to pursue a formal complaint (to which I replied Yes). The good news is that I can now take it straight to the FOS, rather than waiting 8 weeks from whenever I get around to sending them my formal complaint 😂 I got an email as well from legal & compliance from an Emma R. Funny how the email from legal & compliance did not refer to the terms and conditions of PP which was agreed by PP and investors.
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p2ploser
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Post by p2ploser on Sept 10, 2019 18:22:51 GMT
Got mine too. Looks like a standard response sent en-masse which didn’t address any of the specific complaints I raised, probably because hey know they are unable to answer them. Onwards and upwards!
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Post by scepticalinvestor on Sept 11, 2019 6:54:21 GMT
They appear to have decided to treat my original email correspondence with the CEO as a formal complaint They probably go by FCA's definition of a complaint - 'Any expression of dissatisfaction, whether oral or written, and whether justified or not, from or on behalf of an eligible complainant about the firm's provision of, or failure to provide, a financial service'. The Compliance team probably wants to make sure all the boxes are ticked given the scrutiny the sector is under.
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Post by shootingstar on Sept 12, 2019 22:19:45 GMT
Final response to my complaint received today from Emma R
No compensation offered and I am now considering to take the complaint to the financial ombudsman service
Does anyone have experience of them? I understand they may take years to decide on a case?
Clearly PP will put forward arguments that the fees were justified.
Would anyone be willing to share the list of arguments they will put forward to the ombudsman to counter the PP view?
One thing I am concerned about is however if PP loose..then maybe they do Indeed go bankrupt and the properties I'm still invested in will be sold off in a fire sale
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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
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Post by ilmoro on Sept 14, 2019 13:32:16 GMT
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hazellend
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Post by hazellend on Sept 14, 2019 16:05:25 GMT
That does not sound promising at all. I
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p2ploser
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Post by p2ploser on Sept 14, 2019 16:58:35 GMT
He admits he made mistakes with the way they announced the changes, do you think! Those mistakes will come back to haunt this platform I think. He seems to think it’s positive that only 1% of investors made complaints however it appears that most p2p investors dump money and take almost no active role in managing it. This is proven by some of the votes that take place on other platforms. One recent (and fairly typical) vote was a vote to enforce the loan security and appoint administrators which 73% didn’t bother voting. If nearly 3/4 cant be bothered to vote to get try to get their money back then that’s tells you something. Those that have complained are those that are the active investors that the platform makes money from. I think a large proportion of passive investors will get a shock with they do their annual log in.
You may have gathered I don’t hold out much hope for this one despite still being invested in out and having to take a loss if I get out now. Hopefully the FOS will teach this guy some valuable lessons.
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