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Post by equity on Jun 15, 2020 14:22:57 GMT
Just received an email from GS calling a RE. No surprise there! - Blindly followed ill thought out terms. - Cut off new investment - Override investor settings to continue lending - Sat on their butts for 90 days - Forced their borrowers into defaulting by giving notice to repay Incompetence. You know, I actually wonder if it's more than incompetence. Maybe I'm over thinking it, but...... Back in March I commented on this thread p2pindependentforum.com/thread/16920/liquidity-event-gs?page=3 (bottom of the page) about the Ts&Cs being changed on February 19th adding the clauses to allow them to force investors to reinvest. My reinvestment settings had been off for about 2 weeks at the time the LE was called. Then calling the liquidity event less than a month later. Just seems unjust to me (if not borderline criminal) that they can add these clauses to the Ts&Cs, not "clearly" outline these critical items and, more importantly, even if an investor had noticed these changes, with a period of less than 30 days from the changes in the Tc&Cs to freezing funds, it didn't allow for any investor who didn't agree with the new clauses to withdraw their investment and get out. Kind of seems like a trap that nobody could do much about. Any legal eagles on here who can comment on if it's legal to change Ts&Cs without giving investors who don't agree with them a way out?Probably a case of crying over spilled milk at this point, but I would like to know how that all works for my own inquisitiveness. Yep thanks for bringing this to my attention. I'm happy to have a look into this but will likely only get to it this evening / tomorrow.
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IFISAcava
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Post by IFISAcava on Jun 15, 2020 15:10:26 GMT
My 1 year ISA fixed term was up - in 2 days. Now any gains that had been applied to the account have been removed. I fear I will be lucky to see much back given that the ISA was structured as a bond rather than direct p2p loan.
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bod
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Post by bod on Jun 15, 2020 15:25:15 GMT
Yes, gain to date on ISA is now £0.00
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Post by bikeman on Jun 15, 2020 16:56:27 GMT
Yes, gain to date on ISA is now £0.00 Yes mine too. I graciously called them incompetent.. Now I am calling them <redacted>
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pom
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Post by pom on Jun 15, 2020 17:09:02 GMT
Yes, gain to date on ISA is now £0.00 Yes mine too. I graciously called them incompetent.. Now I am calling them <redacted> Hopefully when they deign to send out an email about ISAs things will become clearer....hopefully this is because ceasing accrued interest from now means Goji's gain to date code is now broken. I hope so as I just lost 364 days worth. But there is also the issue that the ISA rate was always supposed to be topped up by GS. So who knows.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Jun 15, 2020 17:28:25 GMT
Yes mine too. I graciously called them incompetent.. Now I am calling them <redacted> Hopefully when they deign to send out an email about ISAs things will become clearer....hopefully this is because ceasing accrued interest from now means Goji's gain to date code is now broken. I hope so as I just lost 364 days worth. But there is also the issue that the ISA rate was always supposed to be topped up by GS. So who knows. And I lost 363 days! With another issue being that my date invested was 13th June 2019, so should have matured on 13th (might have been better, who knows), but date says 17th.
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rscal
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Post by rscal on Jun 15, 2020 17:32:52 GMT
There is now a different summary page which shows the amount of rematched lending as a total and a separate entry for consolidation of unmatched amounts (When you go to the screen for 'orders' you see they have now cancelled all these)
Next expected payment is in 90 days. Presumably that's the amount of tiem they are initially giving to borrowers to pay something towards redemption?
[And remember there is no accrual of interest under the RE]
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corto
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one-syllabistic
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Post by corto on Jun 15, 2020 17:44:08 GMT
Looks like all active loans are canceled ('repaid' as per today) and thereby stripped of their regular end dates. Could mean an intention to do pro-rate repayments (in 90 days?) if that applies to all still running loans.
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corto
Member of DD Central
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Post by corto on Jun 15, 2020 17:49:28 GMT
Hopefully when they deign to send out an email about ISAs things will become clearer....hopefully this is because ceasing accrued interest from now means Goji's gain to date code is now broken. I hope so as I just lost 364 days worth. But there is also the issue that the ISA rate was always supposed to be topped up by GS. So who knows. any idea what happens to ISA funds that matured during the LE? I suspect they have scrapped the interest already and consider the capital part of the big pot. At least there are no administrators in the game (so far)
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Post by df on Jun 15, 2020 18:08:26 GMT
You know, I actually wonder if it's more than incompetence. Maybe I'm over thinking it, but...... Back in March I commented on this thread p2pindependentforum.com/thread/16920/liquidity-event-gs?page=3 (bottom of the page) about the Ts&Cs being changed on February 19th adding the clauses to allow them to force investors to reinvest. My reinvestment settings had been off for about 2 weeks at the time the LE was called. Then calling the liquidity event less than a month later. Just seems unjust to me (if not borderline criminal) that they can add these clauses to the Ts&Cs, not "clearly" outline these critical items and, more importantly, even if an investor had noticed these changes, with a period of less than 30 days from the changes in the Tc&Cs to freezing funds, it didn't allow for any investor who didn't agree with the new clauses to withdraw their investment and get out. Kind of seems like a trap that nobody could do much about. Any legal eagles on here who can comment on if it's legal to change Ts&Cs without giving investors who don't agree with them a way out?Probably a case of crying over spilled milk at this point, but I would like to know how that all works for my own inquisitiveness. Yep thanks for bringing this to my attention. I'm happy to have a look into this but will likely only get to it this evening / tomorrow. In the past, quite a few platforms changed their T&Ss without offering a way out for those who disagree. I'd imagine GS has followed legal advice when making changes, but it will be interesting to see your conclusion.
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Post by lotus_eater on Jun 15, 2020 18:17:23 GMT
Yep thanks for bringing this to my attention. I'm happy to have a look into this but will likely only get to it this evening / tomorrow. In the past, quite a few platforms changed their T&Ss without offering a way out for those who disagree. I'd imagine GS has followed legal advice when making changes, but it will be interesting to see your conclusion. Indeed! Lending Works was another that did this. I found that out when I exited just before they froze up when I had to pay £400+ interest short fall. To be fair, they did allow a period for free exit though, which actually should add to the case above. GS did not do this or offer any kind of exit for investors which didn't agree with the changes.
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Post by df on Jun 15, 2020 18:30:54 GMT
In the past, quite a few platforms changed their T&Ss without offering a way out for those who disagree. I'd imagine GS has followed legal advice when making changes, but it will be interesting to see your conclusion. Indeed! Lending Works was another that did this. I found that out when I exited just before they froze up when I had to pay £400+ interest short fall. To be fair, they did allow a period for free exit though, which actually should add to the case above. GS did not do this or offer any kind of exit for investors which didn't agree with the changes. They did, but they have failed to advise that the new interest rates were projected annual rates rather than the rates we receive from monthly repayments, which was misleading. I suppose if LW told us the truth there would've been the mass exodus that they wouldn't be able to handle.
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