grumpsimus
Member of DD Central
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Post by grumpsimus on Sept 29, 2019 15:48:22 GMT
Like many I have been withdrawing funds from FSfor some time. However, This now seems to have come to a stop and my accounts appear to be almost completely inactivity, hence the zombie accounts.
I have two accounts, a Main account and a IFISA account.
The Main account has a loans between 935-1210 days 'active'. The last account activity was 17 January 2019 when I withdraw funds following a small return of capital. The last interest received was 10 November 2017, it was a tiny amount.
The IFISA account is not much better, the loans are between 545-823 days 'active'. The last account activity was 18 April 2019 when a very amount of interest was received.
I am expecting almost all the remaining funds in these accounts to be wrtten-off. However, I find it very frustrating that FS seem to be dragging this process out forever, when it is crystal clear that there is no value whatsover in my remaining loans.
Has anyone else got even worse FS Zombie accounts.
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james21
Member of DD Central
Posts: 651 
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Post by james21 on Sept 29, 2019 16:03:35 GMT
Id be guessing you are a 2016 investor, I too have standard and ISA for late 2017 to mid 2018 when I stopped investing, all my loans cant be sold as too old, I am seeing redemptions but painfully slow, I estimate at least 3 years to exit most
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k6
Posts: 267
Likes: 161
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Post by k6 on Sept 29, 2019 16:08:25 GMT
11 loans 702 - 831 days & ISA around 100 loans 650 - 184 days . Disaster.
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Sept 29, 2019 16:15:28 GMT
both my FS accounts are an absolute nightmare.how do FS make any money?do they charge a fee upon activation of a loan and on completion.what are their fee structures as i just cant see how they can be making a profit.FS really are not fit for purpose and are not capable of handling other peoples monies.after the past few years i find that they cannot be trusted and would never put another penny into their offerings.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Sept 29, 2019 17:58:39 GMT
both my FS accounts are an absolute nightmare.how do FS make any money?do they charge a fee upon activation of a loan and on completion.what are their fee structures as i just cant see how they can be making a profit.FS really are not fit for purpose and are not capable of handling other peoples monies.after the past few years i find that they cannot be trusted and would never put another penny into their offerings. FS are making money from the loans that have repaid recently, you probably wont be aware of those if you stopped investing last year. I think they are going to do very nicely from the new offerings, because if lenders don't fill the loans, then FS directors put their own money into these loans. That means they get the interest that lenders would otherwise get, that is the full borrower rate. They wouldn't be doing that if they weren't confident in the new loans.
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