mrk
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Post by mrk on Dec 5, 2019 13:17:57 GMT
I wonder if this has anything to do with the new fca regulations coming into force ? The timing is certainly suspicious. It's almost like they thought: why spend money adding appropriateness tests etc. to our platform? Just get rid of all retail investors instead.
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pom
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Post by pom on Dec 5, 2019 13:38:55 GMT
And it is currently possible to log in and download tax statements. Not once they've paid out your classic account it'd seem. I can access nothing except v basic details...no statements...no info on my ISA. V poorly exectuted in my view landbayceo Edit ok, I was missing a link that was hidden by the cookies message
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Post by bikeman on Dec 5, 2019 13:43:02 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
Why not more notice? What a shabby way to treat your investors. I hope you treat your non-retail investors a bit more professionally. An example of why regulation needs to get a lot tougher on p2p companies.
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macq
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Post by macq on Dec 5, 2019 14:04:23 GMT
does make you wonder that whoever bought the loan book wanted it sorted as quick as possible to save paying out more in interest but obviously did not stop to think people would want more then 2 hours for money to leave their account or want notice of money going into a bank
As a set and forget account (my wife looks once a month)You just know that someone has not seen or not received the email and is wondering where the money in the bank has come from
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bigfoot12
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Post by bigfoot12 on Dec 5, 2019 14:11:43 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
Why not more notice? What a shabby way to treat your investors. I hope you treat your non-retail investors a bit more professionally. An example of why regulation needs to get a lot tougher on p2p companies. 100% payout of capital and interest and no losses; not really that shabby. Arguably it the increasing regulation which has led to this decision. If they locked you in to some run off period, I imagine that you'd be even angrier. An immediate repayment seems like a reasonable solution. Increased regulation has a cost. And the publicity and valuation of P2P doesn't seem to be worth it for anyone with other options. Marx had it right: "I don't want to lend on any platform that wants me as a lender".
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Post by drphil on Dec 5, 2019 14:12:04 GMT
just called them twice and got thro immediately both times 020 3817 7700.
EDIT: ....and money now in my back account
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Post by bikeman on Dec 5, 2019 14:18:36 GMT
landbayceo Why not more notice? What a shabby way to treat your investors. I hope you treat your non-retail investors a bit more professionally. An example of why regulation needs to get a lot tougher on p2p companies. 100% payout of capital and interest and no losses; not really that shabby. Arguably it the increasing regulation which has led to this decision. If they locked you in to some run off period, I imagine that you'd be even angrier. An immediate repayment seems like a reasonable solution. Increased regulation has a cost. And the publicity and valuation of P2P doesn't seem to be worth it for anyone with other options. Marx had it right: "I don't want to lend on any platform that wants me as a lender". If this was actually due to regulation changes, they would have know about them coming. Let's face it they didn't decide today did they. And having made their decision they didn't actually need to just dump everybody.
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Post by ogwellian on Dec 5, 2019 15:03:07 GMT
Just received my payout.
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shimself
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Post by shimself on Dec 5, 2019 15:28:52 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? If they had given a months notice that would have gained you about 0.3pc, not a huge deal
Having said which seeing as they actually wrote that it was thanks to us they got off the ground, they might have done something by way of a thank you
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Post by gravitykillz on Dec 5, 2019 15:52:32 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? If they had given a months notice that would have gained you about 0.3pc, not a huge deal
Having said which seeing as they actually wrote that it was thanks to us they got off the ground, they might have done something by way of a thank you
Yes. Some free shares in the business would have been nice. Like when the building societies converted in the 90's.
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Post by gravitykillz on Dec 5, 2019 15:55:18 GMT
Mind you if their is a really bad recession like in 07/08 and institutional funding dries up I am sure landbay would open up to retail investors again.
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Post by landbayceo on Dec 5, 2019 17:13:40 GMT
We took the decision that investors would prefer the message that there funds are returned today rather than they will be returned in 1 week/2 weeks etc. I understand that not everyone will agree - but so far the majority of investors have been happy with the instant return of their funds. Our priority was always to close it with an institution that would take over the loans so that investors could get capital back. The alternative would have been a shut down for new investors and a 3-4 year run off with no secondary liquidity. We felt the former was a preferable outcome for retail investors.
We did not do this because of the regulation changes - We are compliant with the vast majority of the changes and have been for a long time. We had the appropriateness test ready to launch and we would have pushed it live if we had still been operating a retail p2p business next week. We were fully ready for the regulatory changes if the transaction did not take place this week.
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Post by nooneere on Dec 5, 2019 18:00:53 GMT
Marx had it right: "I don't want to lend on any platform that wants me as a lender". This is Groucho not Karl in case anyone is puzzled.
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Post by gravitykillz on Dec 5, 2019 18:00:58 GMT
Would be interesting to learn where people are going to reinvest their landbay funds.
I would recommend you avoid the following platforms:
Funding circle
Fund ourselves
Growth street
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Post by davidgfk on Dec 6, 2019 1:22:36 GMT
You might want to jump over to Lending Works. Here's my referral link for a bonus £50 if you sign up using this link
<link removed by mod as in breach of forum rules>
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