SteveT
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Post by SteveT on Feb 20, 2020 10:18:39 GMT
stuartassetzcapital , I received an email from Orca this morning telling me they are dumping my residual unsellable AC-held loans (worth a princely £8.88) into my personal control, as they're shutting up shop, and that AC Customer Service "are aware of your situation". Live Chatting just now with AC Customer Service, I asked that my residual ex-Orca loans be merged into my own existing direct-held AC account. However I was told this is "not possible", that instead I would have to create a new email address, go through KYC to prove my identity and then end up with another standalone AC account containing £8.88 of defaulted / unsellable AC loans. THIS MAKES NO SENSE, either for me or for AC. Can you please have a rethink and work out how ex-Orca customers who also have a direct-held AC account can get their residual ex-Orca AC loan holdings merged into their own AC account, without creating needless long-term account admin for both of us over trivial sums?
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benaj
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Post by benaj on Feb 20, 2020 10:32:36 GMT
The Orca AC loanbook is a strange one. This active loanbook has 641 loans - 563 live loans and 78 late, but 0 DEFAULTS. It does not behave like QAA / 30DAA. I have about £23 stuck in the Orca's AC and it is not easy to withdraw. I have been withdrawing since Sep 19, although only £11 worth of loans are late, the rest of £12 live loans cannot be withdrawn quickly. Just checked with AC loanbook, there are 597 loans live, so Orca holds more AC active loans  EDIT: Orca Money has 608 AC loans appeared on my account. |
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aju
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Post by aju on Feb 20, 2020 10:39:29 GMT
Is orca struggling as a company or is this just an AC issue for orca. I was wary of lending through orca when they first introduced their offers. I didn;t in the end bother couldn't see the benefits for me personally.
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puddleduck
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Post by puddleduck on Feb 20, 2020 10:46:03 GMT
Orca are shutting up shop completely. They had planned to go institutional-only but that has fallen through and Orca is now likely to be wound up.
There never seemed to be any enthusiasm for their product here.
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benaj
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Post by benaj on Feb 20, 2020 10:46:04 GMT
Is orca struggling as a company or is this just an AC issue for orca. I was wary of lending through orca when they first introduced their offers. I didn;t in the end bother couldn't see the benefits for me personally. Withdrawal is fine. I get that every month, I also got my bonus back in July. I received most of my money back in July, already made a profit.
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SteveT
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Post by SteveT on Feb 20, 2020 10:46:22 GMT
The Orca AC loanbook is a strange one. This active loanbook has 641 loans - 563 live loans and 78 late, but 0 DEFAULTS. It does not behave like QAA / 30DAA. I have about £23 stuck in the Orca's AC and it is not easy to withdraw. I have been withdrawing since Sep 19, although only £11 worth of loans are late, the rest of £12 live loans cannot be withdrawn quickly. My £8.88 is made up of just 4 AC holdings (plus a few others at <£0.01), 2 indicated on Orca as LIVE, the other 2 as LATE. From their interest rates and remaining terms, I deduce they are likely to be: #336 (12%, 8 months remaining, "Trading Suspended" on AC) #611 (10.5%, 37 months remaining, "Trading Suspended" on AC) #587 or # 898 (7.5%, 5 months remaing, both live with large selling queues on AC) #597 (7%, 36 months remaining, live with a large selling queue on AC)
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pom
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Post by pom on Feb 20, 2020 10:53:31 GMT
Is orca struggling as a company or is this just an AC issue for orca. I was wary of lending through orca when they first introduced their offers. I didn;t in the end bother couldn't see the benefits for me personally. There weren't any for anyone already investing in p2p, and I recall being very dismissive of them. Then they offered a silly bonus so I thought if they're going to be that foolish.......I never thought about how difficult it might be to exit though, I requested withdrawal last June and am now under £8!!! So stuartassetzcapital I'll second SteveT this makes NO sense for any of us. I'm sure that for those of us that are existing customers you have more than enough info to work out we are who we say we are and that all details match. Otherwise at least give us the option to donate to charity, because I really don't need loads of hassle for £7.82. EDIT actually scrap that charity option as it won't "fix" the problem because I'm still going to need a tax statement (and how the heck are we supposed to get them from the other already exited platforms I wonder? Already emailed Orca to ask).
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aju
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Post by aju on Feb 20, 2020 10:55:01 GMT
Orca are shutting up shop completely. They had planned to go institutional-only but that has fallen through and Orca is now likely to be wound up. There never seemed to be any enthusiasm for their product here. Oh Ok I tried to login using my old userid and pw, they failed and orca site does not seem respond to my email to reset it but now I know its not continuing hopefully they will have removed my ID and everything.
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markb
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Post by markb on Feb 20, 2020 15:45:56 GMT
Orca are shutting up shop completely. They had planned to go institutional-only but that has fallen through and Orca is now likely to be wound up. There never seemed to be any enthusiasm for their product here. Oh Ok I tried to login using my old userid and pw, they failed and orca site does not seem respond to my email to reset it but now I know its not continuing hopefully they will have removed my ID and everything. Reset worked for me just now, so maybe you encountered an issue unrelated to them "not continuing".
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aju
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Post by aju on Feb 20, 2020 16:19:40 GMT
Oh Ok I tried to login using my old userid and pw, they failed and orca site does not seem respond to my email to reset it but now I know its not continuing hopefully they will have removed my ID and everything. Reset worked for me just now, so maybe you encountered an issue unrelated to them "not continuing". I'm not sure I have an access I am assuming that orcamoney.com is the site I have an access to - well to be fair my password pwvault suggests I have uid/pw for orca but the one I have in my pwvault does not work. Perhaps Jordan had me removed when I no longer was interested!. I tried it again and it does not work for me - tried resend a couple of times but I'm guessing its either lapsed or removed. I'll probably email orca and ask that all records of my uid/pw they may have be removed. Edit: I did a bit of digging back through my past correspondence with Orca both on here and in emails. I think it may have been a platform change where my ID's did not get transferred over from one platform to another in their early guises. This thread details some of Orca's early platform change issues - I started it at the beginning as its clear they had some specific security issues with their systems at the time but it seems I may not have an ID after all on their systems. (I'll still email them and make sure)
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pom
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Post by pom on Feb 21, 2020 13:40:02 GMT
Having finally got around to replying to the initial email I got from AC yesterday (requesting a pretty silly amount of confirmatory info given it came from my registered address, but hey ho, one size doesn't fit all), whereas yesterday they were saying they couldn't merge the accounts they now say they're looking into the option of merging them. I suspect Orca might not have given them much warning.
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benaj
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Post by benaj on Feb 21, 2020 13:44:52 GMT
Having finally got around to replying to the initial email I got from AC yesterday (requesting a pretty silly amount of confirmatory info given it came from my registered address, but hey ho, one size doesn't fit all), whereas yesterday they were saying they couldn't merge the accounts they now say they're looking into the option of merging them. I suspect Orca might not have given them much warning. I haven't received an email from Orca yet. I wonder have I been left out on the Diamond princess cruise.
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pom
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Post by pom on Feb 24, 2020 13:19:31 GMT
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benaj
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Post by benaj on Feb 24, 2020 13:24:19 GMT
I am still stranded on the cruise, no email from orca. 😑
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Post by stuartassetzcapital on Feb 24, 2020 16:03:49 GMT
We are working on a solution and hope to have news shortly.
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