dvorak
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Post by dvorak on Oct 12, 2019 13:35:47 GMT
Elsee, I'm very definitely not the type of individual you've mentioned, yet I've been asked for more data (which I can't provide - I'm on a boat near San Diego right now).
A. I'm a long-standing member of the MoneySavingExpert Credit Club, which is powered by Experian.
B. I've lived in the UK all my life.
C. I have a mortgage on my own home, and haven't moved house in nearly five years.
D. There are at least four primary sources that link back to previous addresses for well over ten years.
I have no idea whether Experian's verification should be showing as some sort of credit search, but it's not showing as either a soft search or a hard search. Anyone else?
I fail to see how I can be a problem customer, here: I have three current accounts, one mortgage, one mobile phone contract, and four credit cards (all in good standing, obviously), and I've been on the electoral roll at my correct address(es) my entire adult life.
This is a total piss take.
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Oct 12, 2019 13:50:00 GMT
I have now had a computer generated bit of rubbish by e mail from Lendy (non) Support / RSM, pretending to be a reply, which states that Experian have "referred" my account.
"The automated stage provided by Experian has been completed, your account is showing as referred and the additional documentation is required to complete your verification process to allow the withdrawal facility to be reinstated on your account".
This is insulting and I have now demanded a full and personal reply to what "referred" means and all the personal data that they were provided by Experian. It is my information and they are obliged to disclose it to me. Equally I wish to pursue Experian for an explanation.
None of the possible missing information examples very helpfully set out by elsee above apply to me.
Having checked my Saving Stream / Lendy account I now realise that it appears we were never given any personal account numbers. It relied on a log in e mail address and an on line password to get investors on to the web site. How did the FCA managed to pass a P2P platform that did not issue account numbers to their investors?
I would urge anyone who has been "referred" to make the same demand from Shoosmiths. They have obviously not employed competent staff to do the checking. It appears to be a very obvious way to delay releasing all our funds.
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iRobot
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Post by iRobot on Oct 12, 2019 14:19:53 GMT
... Having checked my Saving Stream / Lendy account I now realise that it appears we were never given any personal account numbers. It relied on a log in e mail address and an on line password to get investors on to the web site. How did the FCA managed to pass a P2P platform that did not issue account numbers to their investors? ... When logged in, goto My Account > Tax Statement > Export. Open the PDF and you should see your name (or co. name) with an eight digit number after it. I don't know for certain, but I always presumed this was my unique account reference number. (I vaguely recollect seeing a 'unique referral url' containing a number which I assumed to be an account number. It appears to have been removed, not surprisingly, but maybe someone has had reason to make note of it and can compare or otherwise comment.)
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iRobot
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Post by iRobot on Oct 12, 2019 14:40:07 GMT
I have now had a computer generated bit of rubbish by e mail from Lendy (non) Support / RSM, pretending to be a reply, which states that Experian have " referred" my account. "The automated stage provided by Experian has been completed, your account is showing as referred and the additional documentation is required to complete your verification process to allow the withdrawal facility to be reinstated on your account". This is insulting and I have now demanded a full and personal reply to what "referred" means and all the personal data that they were provided by Experian. It is my information and they are obliged to disclose it to me. Equally I wish to pursue Experian for an explanation. I've yet to receive emails either way, but as the sum owed to me (even in a perfect recovery) is pretty trivial, I'm tempted to just allow the whole affair play out and see what RSM does when it's time to balance their books. They know my names and addresses (two accounts), so when it comes to fulfilling their duty and returning whatever I am eventually due, they can pop cheques in the post, thereby transferring any AML responsibilities they may (or may not) have to which ever financial institution I decide to present the cheques to. If recoveries are very poor such that after costs I'm not due anything, I may not even need a withdrawal facility, so I'm certainly not putting myself out to get one reinstated, should I be asked to.
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elsee
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Retired:D
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Post by elsee on Oct 12, 2019 14:52:26 GMT
Elsee, I'm very definitely not the type of individual you've mentioned, yet I've been asked for more data (which I can't provide - I'm on a boat near San Diego right now). A. I'm a long-standing member of the MoneySavingExpert Credit Club, which is powered by Experian. B. I've lived in the UK all my life. C. I have a mortgage on my own home, and haven't moved house in nearly five years. D. There are at least four primary sources that link back to previous addresses for well over ten years. I have no idea whether Experian's verification should be showing as some sort of credit search, but it's not showing as either a soft search or a hard search. Anyone else?
I fail to see how I can be a problem customer, here: I have three current accounts, one mortgage, one mobile phone contract, and four credit cards (all in good standing, obviously), and I've been on the electoral roll at my correct address(es) my entire adult life. This is a total piss take. I'm with MSE credit club too, it shows as a soft search for me on 1/10. I have no mortgage now and only 2 bank accounts and 3 credit cards plus a mobile phone contract so I'm stumped. When I told Lendy they had entered my address incorrectly and sent a copy of the search Lendy came back with Thank you for the additional information you have provided. We will still need your documents as the automated stage has been completed, your account is showing as referred and the additional documentation is required to complete your verification process to allow the withdrawal facility to be reinstated on your account. Thank you for your cooperation in this matter. Actually, I've just remembered I had an id check in August (when I joined MSE credit club) and I must have passed that one so I'll be asking Experian (cc Lendy) why I passed one and not the other.
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travolta
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Post by travolta on Oct 12, 2019 15:51:56 GMT
Interestingly(well I was interested anyway) Experian ticked me through on this . However , while trying to do an online tax return ,earlier in the year, Experian totally blocked me . I guess I'm at least two different people...or something  |
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Mucho P2P
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Post by Mucho P2P on Oct 12, 2019 18:33:40 GMT
.............................My parting shot for the week, make sure you get your certified docs in early.
I'm interested to know why you would say that. Surely, any money owed to me remains owed until repaid? Or are there ways that the administrators can appropriate funds if their arbitrary deadline is not met?
If that is the case then it is in their interests to fail as many people as possible which would explain the very high failure rate.
R**/SH**** will be receiving circa 8000 certified docs from circa 4000 letters. They are in the business to make money from the process. To justify that they are processing the 8000 documents carefully and correctly, they will have to reject some certified copies to comply with/and justify that their internal audit process for this exercise is functioning correctly This is an AML process and they can not report that 8000 documents passed without a hitch! Being aware of how larger financial institutions operate, they are more likely to accept the documents coming though in the first wave, and to make up their refusal/recheck document statistics on the late comers when they have more time to examine/check in detail the certification and documents. It should not be like this, but in real life, this is how it works.
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Mucho P2P
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Post by Mucho P2P on Oct 12, 2019 18:45:09 GMT
If an external ID validation check comes back as a fail it does not mean the applicant has done anything wrong or has necessarily provided incorrect details. To pass a Route 2 check the applicant must meet the requirements set-out by Government standards, for a Level 2 (remote) application. This means that they must be matched within the Experian database to the following criteria: The applicants name and current address to 4 primary data sources and the applicants name and date of birth to 1 data source or; The applicants name and current address to 3 primary data sources and the applicants name and date of birth to 2 data sources. If Experian cannot find data to this level or higher the application will return a fail result. There are several occasions where this may be the case: persons that have just recently arrived in the UK, persons that do not have many credit or finance agreements, persons that have recently moved, or recently changed their name may lack enough matches. For these applicants, alternative identity verification via Route 1 or 3 will be required. Just found this online. DDC website. , that is great info. However, I am still in head scratch mode, as my file fulfils the above criteria (and more), so I should have passed, if only my file was ever checked!
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ilmoro
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'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 Oct 12, 2019 19:46:26 GMT
I'm interested to know why you would say that. Surely, any money owed to me remains owed until repaid? Or are there ways that the administrators can appropriate funds if their arbitrary deadline is not met?
If that is the case then it is in their interests to fail as many people as possible which would explain the very high failure rate.
R**/SH**** will be receiving circa 8000 certified docs from circa 4000 letters. They are in the business to make money from the process. To justify that they are processing the 8000 documents carefully and correctly, they will have to reject some certified copies to comply with/and justify that their internal audit process for this exercise is functioning correctly This is an AML process and they can not report that 8000 documents passed without a hitch! Being aware of how larger financial institutions operate, they are more likely to accept the documents coming though in the first wave, and to make up their refusal/recheck document statistics on the late comers when they have more time to examine/check in detail the certification and documents. It should not be like this, but in real life, this is how it works. I suspect its about half that number of letters as the number of active investors is around 10k
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Mucho P2P
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Post by Mucho P2P on Oct 12, 2019 20:03:34 GMT
R**/SH**** will be receiving circa 8000 certified docs from circa 4000 letters. They are in the business to make money from the process. To justify that they are processing the 8000 documents carefully and correctly, they will have to reject some certified copies to comply with/and justify that their internal audit process for this exercise is functioning correctly This is an AML process and they can not report that 8000 documents passed without a hitch! Being aware of how larger financial institutions operate, they are more likely to accept the documents coming though in the first wave, and to make up their refusal/recheck document statistics on the late comers when they have more time to examine/check in detail the certification and documents. It should not be like this, but in real life, this is how it works. I suspect its about half that number of letters as the number of active investors is around 10k Thx ilmoro, I have very little idea about the current Active v. Non-active lender numbers.
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mrk
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Post by mrk on Oct 12, 2019 22:28:31 GMT
Having checked my Saving Stream / Lendy account I now realise that it appears we were never given any personal account numbers. It relied on a log in e mail address and an on line password to get investors on to the web site. How did the FCA managed to pass a P2P platform that did not issue account numbers to their investors? Why does it matter a platform gives out account numbers or identifies investors by their email address?
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sydb
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Post by sydb on Oct 12, 2019 22:44:16 GMT
Having checked my Saving Stream / Lendy account I now realise that it appears we were never given any personal account numbers. It relied on a log in e mail address and an on line password to get investors on to the web site. How did the FCA managed to pass a P2P platform that did not issue account numbers to their investors? Why does it matter a platform gives out account numbers or identifies investors by their email address? Email addresses can be changed (theoretically). Names can be duplicated. A designated account number is unique and non-changeable.
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Post by vfr800 on Oct 12, 2019 23:23:16 GMT
I for one will be adding a note with my documents that under the data protection act I am instructing them to erase any data once the checks have been completed and to inform me that they have received my request and when I can expect this to be done.
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MarkT
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Post by MarkT on Oct 13, 2019 6:09:10 GMT
I for one will be adding a note with my documents that under the data protection act I am instructing them to erase any data once the checks have been completed and to inform me that they have received my request and when I can expect this to be done.
I would enquire what their document / data retention policy is before sending the documents. You may end up sending the documents to then be told that their retention policy is to keep the documents for X year where 'X' is a large number. The fact that they will not return documents seems to indicate that long term retention is what they have in mind.
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SteveT
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Post by SteveT on Oct 13, 2019 7:23:53 GMT
RSM are clearly making up the requirements as they go along as this latest stalling device is nonsense. It would only make sense if an investor had changed a bank account during the course of this shambles and was then seeking to have their own investment cash paid to a new bank account. I have received the "we want more info" e mail. The underlying message is "you have failed the Experian test". I have sent an e mail to Lendy support aka RSM demanding to know what information they received about me from Experian. They have no justification for withholding the info they have obtained - if indeed they really have checked anything with Experian. My credit record is 100% and I do not take very kindly to this vastly expensive Administrator refusing to return the funds that have been now been recovered from previously defaulting borrowers. I urge everyone to contact this firm of Administrators to demand to know what information Experian has provided to result in this unwarranted & time wasting exercise of copying, certifying and posting bank statements. Lawyers love receiving letters like that, since each takes significant time to look into and answer, and time = £££ which then is simply charged against recovery proceeds. How exactly is it in your (and other Lendy lenders') interests to help the Administrators grow their fees? The pragmatic response is to spend £10 getting 2 certified copies as requested and post them back.
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