r00lish67
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Post by r00lish67 on Dec 5, 2019 10:57:10 GMT
E-mail through, Landbay closing down(edit: to retail investors) with immediate effect and returning all funds to investors today.
"As we exit this part of our business, treating our customers fairly has been our top priority. In order to quickly return your funds, this loan book has been bought by a UK bank.
We have therefore issued a transfer of all of your Classic Account funds directly to your chosen bank account. You should receive these funds by the end of the day. This also includes any interest due to you.
If you also have an IFISA with us, you will either need to withdraw your investment or transfer it to another IFISA provider. We will waive the transfer fee for you, should you wish to move to another provider"
I happened to notice this morning that I couldn't log into Landbay ("server upgrade") and thought "nahh...couldn't be..."
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Post by MrHappyGoLucky on Dec 5, 2019 10:58:58 GMT
From what I understand it is only closing to retail investor and remain open for institutional investors. All capital and interests will be returned immediately to lender. So no loss!
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bigfoot12
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Post by bigfoot12 on Dec 5, 2019 11:01:23 GMT
And it is currently possible to log in and download tax statements.
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r00lish67
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Post by r00lish67 on Dec 5, 2019 11:08:50 GMT
Well, all's well that ends well I suppose.
Landbay has been possibly the most boring P2P platform of all time, and I mean that as the highest compliment.
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benaj
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Post by benaj on Dec 5, 2019 11:11:49 GMT
Well, all's well that ends well I suppose. Landbay has been possibly the most boring P2P platform of all time. I mean that as the highest compliment. Orcamoney invests a small portion on Landbay, another boring platform > 3.35% before April 2020
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Post by landbayceo on Dec 5, 2019 11:12:32 GMT
I started a thread on this forum just after we sent an email to our investors. To clarify - we arent closing but becoming institutional only - over the last 12 months over 90% of our mortgages have been funded by institutions.
More information can be found here:-
blog.landbay.co.uk/blog/2019/11/28/dear-retail-investor
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Post by gravitykillz on Dec 5, 2019 11:13:30 GMT
This is sad news. Boring = safe and stable.
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Post by gravitykillz on Dec 5, 2019 11:16:21 GMT
And a time of economic uncertainty boring is what people need for peace of mind. Wow we are going through some major changes across a variety of platforms. What's next I wonder ?
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alender
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Post by alender on Dec 5, 2019 11:17:03 GMT
And it is currently possible to log in and download tax statements. Just spoken to Landbay and Logins will remain open to allow people to access Interest and Tax information.
Tried this out out and if you Logon and click Withdraw Funds you can get to the statements.
You may also have to confirm you bank account, I get the page which states
PLEASE ACT NOW In order to returned your funds safely we need to verify your bank details.
It’s easy to do. We simply need you to email us a copy of a recent bank statement showing your address, name and account details. We accept either a pdf statement or a screenshot from your bank account. This can be sent to
support@landbay.co.uk
As soon as we’re able to validate your account we’ll automatically transfer your funds back to you. If you have any further enquiries please contact our service desk.
This is strange as I have already done this and taking to Landbay they stated my Bank accounts have been verified.
Although not a bad outcome as there is no loss of money would have been far better if some more notice had been given.
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Post by gregwill on Dec 5, 2019 11:19:58 GMT
Sad news. Landbay was my go to for low risk p2p.
Timing seems a little coincidental with the new FCA regulations for retail p2p (https://www.fca.org.uk/news/press-releases/fca-confirms-new-rules-p2p-platforms) coming into effect on Monday.
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Post by gravitykillz on Dec 5, 2019 11:21:05 GMT
I wonder if this has anything to do with the new fca regulations coming into force ? Net result of this would be more funds flowing into rs and assetz and lending works.
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r00lish67
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Post by r00lish67 on Dec 5, 2019 11:34:56 GMT
landbayceo I'm a little confused. My e-mail says: "We have therefore issued a transfer of all of your Classic Account funds directly to your chosen bank account. You should receive these funds by the end of the day. This also includes any interest due to you" Meanwhile, both my and my wife's account say: "In order to returned your funds safely we need to verify your bank details." Can you clarify whether we all need to do this or not? In my case, I have been making regular small withdrawals every month without issue.
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puddleduck
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Post by puddleduck on Dec 5, 2019 11:36:47 GMT
Well, all's well that ends well I suppose. Landbay has been possibly the most boring P2P platform of all time. I mean that as the highest compliment. Orcamoney invests a small portion on Landbay, another boring platform > 3.35% before April 2020 Orca money is also closed to retail investors for some time.
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shimself
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Post by shimself on Dec 5, 2019 11:39:38 GMT
I'm also saddened because Landbay were one of the few to offer index linked savings; I kept thinking one day I will be smug about this. Smug no more
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Post by bikeman on Dec 5, 2019 13:17:18 GMT
This is a fkin joke.
It's one thing to change business focus - it's another to make return funds within 2 hours of the announcement.
Why no notice period?
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