chris1200
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Post by chris1200 on May 13, 2020 13:43:59 GMT
Woah thanks for the extensive scenarioes and breakdowns! It still seems so odd to me that once a Resolution Event is called all uninvested money is returned back to those *specifically* who haven't got their money matched - it would seem logical to me that money is shared evenly amongst all investors, regardless of what loans you're invested into. That would also be the fairest way to do it and essentially lead more like scenario 2 in your example. Being a "lucky one" is totally against the spirirt of what a Resolution Event aims to do which is to share losses *evenly* amongst investors. I understand your point completely; the problem is that, given the nature of the product, it would be legally very questionable indeed to take what is essentially uninvested cash away from lenders and tell them it was going to be divided up with other people. This is 'client money', to use the regulatory language, held in cash. You can't just start doing what you like with it. If this was a different product with a black box such that we didn't have an "invested" or "not invested" status at any one time (i.e. a constant interest rate for everyone), it would be different. Also, to be clear, money is "shared evenly amongst all investors, regardless of what loans you're invested into". It's just that some lenders won't be invested in any. Are you certain that's what would happen in a Resolution Event, is that based on the terms? Yes. Clause 6.5 states: " If a Resolution Event is declared we will notify you, along with all other Growth Street investors as soon as possible but at the latest, within 5 working days. All funds held in unmatched Lend Orders will be returned to your holding account. Any funds in your holding account will be available to withdraw at any time. No new deposits or Lend Orders will be accepted." (my emphasis) GS also confirmed to me by email.
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jcb208
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Post by jcb208 on May 13, 2020 14:08:02 GMT
Has every one else got roughly 9.5% of unmatched orders in their account at present
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chris1200
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Post by chris1200 on May 13, 2020 14:09:31 GMT
Has every one else got roughly 9.5% of unmatched orders in their account at present Nope - I'm fully invested. Presumably your previous loans ended in the last few days and you haven't fully got back in yet? If so, lucky you, because around this time in one month is 90 days in to the LE.
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Mucho P2P
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Post by Mucho P2P on May 13, 2020 14:17:27 GMT
Has every one else got roughly 9.5% of unmatched orders in their account at present No, they are matching everything in my account, and refusing to reply to my emails!! NOT a good sign!!
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chris1200
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Post by chris1200 on May 13, 2020 14:18:41 GMT
Has every one else got roughly 9.5% of unmatched orders in their account at present No, they are matching everything in my account, and refusing to reply to my emails!! NOT a good sign!! What do you mean 'not a good sign'? We know exactly why they're matching everything in your account... The T&C spell out exactly this happening?
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Mucho P2P
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Post by Mucho P2P on May 13, 2020 14:37:04 GMT
No, they are matching everything in my account, and refusing to reply to my emails!! NOT a good sign!! What do you mean 'not a good sign'? We know exactly why they're matching everything in your account... The T&C spell out exactly this happening? I am saying its "not a good sign" when they won’t reply to my email, as they do not like the questions that I have asked. I send innocuous emails with general questions, they reply with “cut-copy-paste” responses. The moment I send emails with specific questions, that are not run of the mill questions, they avoid answering. Not only do I have my concerns about avoiding lenders queries, I also have serious concerns following the last evening meeting they had for lenders at the end of last year. Julie Ashmore (ex-FCA) was given a hard time by the lenders during a Q&A session. Did Kim (CEO in waiting) step in to support that staff member?  Absolutely not, despite Growth Street stating that Kim was present at the meeting. Where exactly, is anyone’s guess.
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chris1200
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Post by chris1200 on May 13, 2020 14:39:06 GMT
What do you mean 'not a good sign'? We know exactly why they're matching everything in your account... The T&C spell out exactly this happening? I am saying its "not a good sign" when they won’t reply to my email, as they do not like the questions that I have asked. I send innocuous emails with general questions, they reply with “cut-copy-paste” responses. The moment I send emails with specific questions, that are not run of the mill questions, they avoid answering. Not only do I have my concerns about avoiding lenders queries, I also have serious concerns following the last evening meeting they had for lenders at the end of last year. Julie Ashmore (ex-FCA) was given a hard time by the lenders during a Q&A session. Did Kim (CEO in waiting) step in to support that staff member? Absolutely not, despite Growth Street stating that Kim was present at the meeting. Where exactly, is anyone’s guess. Right, my misunderstanding. Although, I have to say, if your questions all concern internal staffing matters (you refer to some here and you also mentioned staff salaries in your previous post), to be honest it doesn't really surprise me (or indeed concern me) for GS not to give you information on that... In fact, they might not even be allowed to.
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Mucho P2P
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Post by Mucho P2P on May 13, 2020 14:50:05 GMT
I am saying its "not a good sign" when they won’t reply to my email, as they do not like the questions that I have asked. I send innocuous emails with general questions, they reply with “cut-copy-paste” responses. The moment I send emails with specific questions, that are not run of the mill questions, they avoid answering. Not only do I have my concerns about avoiding lenders queries, I also have serious concerns following the last evening meeting they had for lenders at the end of last year. Julie Ashmore (ex-FCA) was given a hard time by the lenders during a Q&A session. Did Kim (CEO in waiting) step in to support that staff member? Absolutely not, despite Growth Street stating that Kim was present at the meeting. Where exactly, is anyone’s guess. Right, my misunderstanding. Although, I have to say, if your questions all concern internal staffing matters (you refer to some here and you also mentioned staff salaries in your previous post), to be honest it doesn't really surprise me (or indeed concern me) for GS not to give you information on that... In fact, they might not even be allowed to. Without going into detail, as I am pressed for time atm, I asked Growth Street one specific question that I am interested in knowing the answer to. There is no reason I am aware about that they cannot reply to that specific question as it releases absolutely zero confidential information to the public domain. If they are not allowed to reply to the question, then a simple, "we are not allowed to reply to that query under FCA reg xxx" would suffice. Maybe I am the odd one out here, but from what is coming to light about their operations, I am becoming further disillusioned by them - unfortunately - as I did have higher hopes for them a year ago.
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chris1200
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Post by chris1200 on May 14, 2020 17:02:46 GMT
FYI, platform stats have been updated: www.growthstreet.co.uk/investing/statisticsHeadlines seem to be 10 fewer borrowers and just over £3m less in loans. The provision fund is also down, but we already knew that. I've attached a PDF screen-grab of the stats from 8 April so you can compare. |
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Post by garreh on May 14, 2020 22:08:37 GMT
Here's a full screenshot of the stats April 2020. Attachments:
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Post by garreh on May 14, 2020 22:11:07 GMT
One rather bemusing observation - over the past few months there seems to have been a reduction in number of investors. I'm not sure what explanation for that is, I'm guessing it's just some internal accounts being closed/shifted around - the pessimistic side of me thinks its internal employees/directors getting their money out first 🙄
In theory there shouldn't be any closing of accounts or investors. I'm sure if there was an audit from FCA they would want an explanation for it...
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Mucho P2P
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Post by Mucho P2P on May 14, 2020 22:37:17 GMT
One rather bemusing observation - over the past few months there seems to have been a reduction in number of investors. I'm not sure what explanation for that is, I'm guessing it's just some internal accounts being closed/shifted around - the pessimistic side of me thinks its internal employees/directors getting their money out first 🙄 In theory there shouldn't be any closing of accounts or investors. I'm sure if there was an audit from FCA they would want an explanation for it... Unfortunately, the FCA do not audit, the most we can hope for is a spot, unannounced check, but they are far and few between.
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alender
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Post by alender on May 15, 2020 9:16:02 GMT
One rather bemusing observation - over the past few months there seems to have been a reduction in number of investors. I'm not sure what explanation for that is, I'm guessing it's just some internal accounts being closed/shifted around - the pessimistic side of me thinks its internal employees/directors getting their money out first 🙄 In theory there shouldn't be any closing of accounts or investors. I'm sure if there was an audit from FCA they would want an explanation for it... Interesting observation, the live investors has reduced from 2,983 on 8/4/20 to 2,965 on 13/5/20 however the average investment has changed from £12,126 to £12,176 which is approx 0.41% or approx 5% pa which is accounted for by interest added.
The Total available facility less the loans outstanding and the money in the deployment pool wast £3,897,918 on 8/4/20 and now stands at £2,811,412, if this is reduced to >£0 GS will have more funds that that commitments so hopefully these can start to be distributed to lenders if they can find away allowed in the T&Cs, opening up full withdraw system will no doubt end up with too much money flowing out of the platform and quickly take this <£0.
If it stayed at this level (big if) in about 3 months there would be approx £1m a month which is around 5% per month of investors funds, more than enough to pay interest.
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chris1200
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Post by chris1200 on May 15, 2020 9:16:51 GMT
One rather bemusing observation - over the past few months there seems to have been a reduction in number of investors. I'm not sure what explanation for that is, I'm guessing it's just some internal accounts being closed/shifted around - the pessimistic side of me thinks its internal employees/directors getting their money out first 🙄 In theory there shouldn't be any closing of accounts or investors. I'm sure if there was an audit from FCA they would want an explanation for it... I'd probably hold off on the potentially defamatory accusations without any evidence whatsoever... Firstly, a lot of these platforms have a rule that staff aren't allowed accounts for obvious reasons. It would surprise me if GS was any different. Secondly, we already know that the founders have skin in the game and the website explains how this works - in short, it isn't done through having an online account like us lot. I think it's more likely just to be something innocent like dormant accounts with no money in them that were closed. Happy to be corrected, but I'd expect some evidence before those sorts of accusations are made.
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Post by Ace on May 15, 2020 11:18:45 GMT
One rather bemusing observation - over the past few months there seems to have been a reduction in number of investors. I'm not sure what explanation for that is, I'm guessing it's just some internal accounts being closed/shifted around - the pessimistic side of me thinks its internal employees/directors getting their money out first 🙄 In theory there shouldn't be any closing of accounts or investors. I'm sure if there was an audit from FCA they would want an explanation for it... Interesting observation, the live investors has reduced from 2,983 on 8/4/20 to 2,965 on 13/5/20 however the average investment has changed from £12,126 to £12,176 which is approx 0.41% or approx 5% pa which is accounted for by interest added.
The Total available facility less the loans outstanding and the money in the deployment pool wast £3,897,918 on 8/4/20 and now stands at £2,811,412, if this is reduced to >£0 GS will have more funds that that commitments so hopefully these can start to be distributed to lenders if they can find away allowed in the T&Cs, opening up full withdraw system will no doubt end up with too much money flowing out of the platform and quickly take this <£0.
If it stayed at this level (big if) in about 3 months there would be approx £1m a month which is around 5% per month of investors funds, more than enough to pay interest.
Perhaps there are fewer live investors due to some having passed away.
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Absolutely not, despite Growth Street stating that Kim was present at the meeting. Where exactly, is anyone’s guess.
