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Post by tmn on Jun 28, 2020 10:34:41 GMT
Article from p2pfinancenews on consumer loans during Covid-19 crisis:- The Financial Conduct Authority has ordered consumer lenders to honour requests for payment breaks, but Nadeem Siam, founder of P2P consumer lender Fund Ourselves, said not many borrowers have taken these up.
“Maybe the government’s furlough scheme has done its job or people in our portfolio are not affected,” he said. “We are keeping an eye on things though.
“Some of our larger investors have added to their portfolio and it is the smaller ones who have tried to withdraw.”
Source: www.p2pfinancenews.co.uk/2020/06/08/p2p-consumer-loans-could-be-hardest-hit-by-covid-19/ |
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Post by df on Jun 28, 2020 16:08:18 GMT
Article from p2pfinancenews on consumer loans during Covid-19 crisis:- The Financial Conduct Authority has ordered consumer lenders to honour requests for payment breaks, but Nadeem Siam, founder of P2P consumer lender Fund Ourselves, said not many borrowers have taken these up.
“Maybe the government’s furlough scheme has done its job or people in our portfolio are not affected,” he said. “We are keeping an eye on things though.
“Some of our larger investors have added to their portfolio and it is the smaller ones who have tried to withdraw.”
Source: www.p2pfinancenews.co.uk/2020/06/08/p2p-consumer-loans-could-be-hardest-hit-by-covid-19/I just had a quick scan through my investments, I still got 13 of them. The "youngest" loan is 289 days old, the rest of them are at around 11 months old. It looks like all of the live loans are "mid-term business", which were borrowed by the platform itself. Most of my cash on the platform is not lent. My conclusion is - there was hardly any borrowing taking place in the past 6 months or so. This could explain why "our portfolio are not affected".
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Post by optimist on Jul 11, 2020 23:11:20 GMT
95% of my money is invested. Rates are OK. money was coming in till last month. Owner suggested that the small personal loans have dropped off, maybe because people are not out spending money as they have not been able to. He noted that payments on loans have been good. I'm awaiting confirmation via bottom line  |
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Post by df on Jul 12, 2020 17:02:28 GMT
95% of my money is invested. Rates are OK. money was coming in till last month. Owner suggested that the small personal loans have dropped off, maybe because people are not out spending money as they have not been able to. He noted that payments on loans have been good. I'm awaiting confirmation via bottom line I have 50% lent out, but it doesn't matter because apparently we are getting minimum 10% on our investments even if the money is not lent out
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IFISAcava
Member of DD Central
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Post by IFISAcava on Jul 12, 2020 21:25:13 GMT
95% of my money is invested. Rates are OK. money was coming in till last month. Owner suggested that the small personal loans have dropped off, maybe because people are not out spending money as they have not been able to. He noted that payments on loans have been good. I'm awaiting confirmation via bottom line I have 50% lent out, but it doesn't matter because apparently we are getting minimum 10% on our investments even if the money is not lent out I have been trying to make a withdrawal for over 7 months. I can't because the T&Cs say that if ANY part of the money is still lent out NONE can be withdrawn (except some interest/PF bonuses). At one point it was predicted I can withdraw money in 2036. And a withdrawal request means you stop earning any interest. So basically stuck and earning nothing.
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IFISAcava
Member of DD Central
Posts: 3,546
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Post by IFISAcava on Jul 12, 2020 21:35:07 GMT
Article from p2pfinancenews on consumer loans during Covid-19 crisis:- The Financial Conduct Authority has ordered consumer lenders to honour requests for payment breaks, but Nadeem Siam, founder of P2P consumer lender Fund Ourselves, said not many borrowers have taken these up.
“Maybe the government’s furlough scheme has done its job or people in our portfolio are not affected,” he said. “We are keeping an eye on things though.
“Some of our larger investors have added to their portfolio and it is the smaller ones who have tried to withdraw.”
Source: www.p2pfinancenews.co.uk/2020/06/08/p2p-consumer-loans-could-be-hardest-hit-by-covid-19/I just had a quick scan through my investments, I still got 13 of them. The "youngest" loan is 289 days old, the rest of them are at around 11 months old. It looks like all of the live loans are "mid-term business", which were borrowed by the platform itself. Most of my cash on the platform is not lent. My conclusion is - there was hardly any borrowing taking place in the past 6 months or so. This could explain why "our portfolio are not affected". which is great because as longs as they don't pay themselves back, they don't have to repay money to us under their T&Cs. I am sorry to say the T&Cs are grossly unfair and an invitation to manipulation given this self-lending.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 12, 2020 21:59:43 GMT
I have 50% lent out, but it doesn't matter because apparently we are getting minimum 10% on our investments even if the money is not lent out I have been trying to make a withdrawal for over 7 months. I can't because the T&Cs say that if ANY part of the money is still lent out NONE can be withdrawn (except some interest/PF bonuses). At one point it was predicted I can withdraw money in 2036. And a withdrawal request means you stop earning any interest. So basically stuck and earning nothing. I thought the pooled unallocated money was processed in a few days and the rest as any when repayments made. Certainly thats what the FAQ implies That said I take anything said with a pinch of salt ... also at 50% lent out, though two investments are at 20%, unmoved for 9 months, others just 3 months since any activity.
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IFISAcava
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News (FO)
Jul 12, 2020 22:09:18 GMT
via mobile
Post by IFISAcava on Jul 12, 2020 22:09:18 GMT
I have been trying to make a withdrawal for over 7 months. I can't because the T&Cs say that if ANY part of the money is still lent out NONE can be withdrawn (except some interest/PF bonuses). At one point it was predicted I can withdraw money in 2036. And a withdrawal request means you stop earning any interest. So basically stuck and earning nothing. I thought the pooled unallocated money was processed in a few days and the rest as any when repayments made. Certainly thats what the FAQ implies That said I take anything said with a pinch of salt ... also at 50% lent out, though two investments are at 20%, unmoved for 9 months, others just 3 months since any activity. Not what they've told me. I'd be very interested to hear if anyone has been able to make a partial capital withdrawal from unlent funds.
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Post by df on Jul 12, 2020 22:24:11 GMT
I have 50% lent out, but it doesn't matter because apparently we are getting minimum 10% on our investments even if the money is not lent out I have been trying to make a withdrawal for over 7 months. I can't because the T&Cs say that if ANY part of the money is still lent out NONE can be withdrawn (except some interest/PF bonuses). At one point it was predicted I can withdraw money in 2036. And a withdrawal request means you stop earning any interest. So basically stuck and earning nothing. Even when all remaining parts are sold and there's nothing lent out in 'investment' you have to wait months for withdrawals (incl. PF bonuses) being processed. To me it looks like "stuck and earning nothing" and "earning 10% on your idle cash" are equally ranked tranches of defaulted loan. I'm stuck in earning nothing on GS, but at least I have some vague idea of what might happen to my funds (GS sends updates).
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 9,975
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Post by ilmoro on Jul 12, 2020 22:24:13 GMT
I thought the pooled unallocated money was processed in a few days and the rest as any when repayments made. Certainly thats what the FAQ implies That said I take anything said with a pinch of salt ... also at 50% lent out, though two investments are at 20%, unmoved for 9 months, others just 3 months since any activity. Not what they've told me. I'd be very interested to hear if anyone has been able to make a partial capital withdrawal from unlent funds. Not since Sep 19, but they processed unallocated/pooled funds immediately and then sold out loans 2 days later. T&cs seem ambigious I can see nothing in the t&cs to support their position, particularly when referenced against the FAQ. Id be enquiring with the FCA whether they can hold on to client money without consent
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Post by df on Jul 12, 2020 22:58:48 GMT
I thought the pooled unallocated money was processed in a few days and the rest as any when repayments made. Certainly thats what the FAQ implies That said I take anything said with a pinch of salt ... also at 50% lent out, though two investments are at 20%, unmoved for 9 months, others just 3 months since any activity. Not what they've told me. I'd be very interested to hear if anyone has been able to make a partial capital withdrawal from unlent funds. I'm pretty sure this happened to me on one or several occasions. I've received some partial withdrawals, or at least I thought that's what they were (sums less than £100 minimum investment).
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Ace
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Post by Ace on Jul 12, 2020 23:23:01 GMT
I thought the pooled unallocated money was processed in a few days and the rest as any when repayments made. Certainly thats what the FAQ implies That said I take anything said with a pinch of salt ... also at 50% lent out, though two investments are at 20%, unmoved for 9 months, others just 3 months since any activity. Not what they've told me. I'd be very interested to hear if anyone has been able to make a partial capital withdrawal from unlent funds. Yes, back in the good old days, before the platform ground to a halt (nothing to do with covid as its been stuck for me since last November). Back then, when I withdrew an investment, any pooled funds and funds from loans that could be instantly sold were paid out in a few days. The remainder was paid when the PF purchased the remaining loans. In Nov I tried to withdraw all my remaining investments, as things were looking bad: lots of repeatedly unfulfilled promises, lack of response from CS, dodgy practice IMO of borrowing from its own platform/lenders, and nonsense figures presented with self contradictory explanations. A small amount was returned to me (roughly 10%, which was probably the pooled/uninvested funds at the time). There were also some very small monthly payments of the "Additional Earnings" up until about March. No payments since. Roughly 2/3 of the remaining funds are lent out to FO themselves, and roughly 1/3 is pending withdrawal. So, it now seems that I am effectively trapped in a 5 year interest free loan to FO. I very much doubt that I will ever see the money again.
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IFISAcava
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Post by IFISAcava on Jul 13, 2020 7:02:52 GMT
Not what they've told me. I'd be very interested to hear if anyone has been able to make a partial capital withdrawal from unlent funds. Not since Sep 19, but they processed unallocated/pooled funds immediately and then sold out loans 2 days later. T&cs seem ambigious I can see nothing in the t&cs to support their position, particularly when referenced against the FAQ. Id be enquiring with the FCA whether they can hold on to client money without consent From T&Cs: 15.6. You will be unable to request a partial withdrawal of your invested or non-invested funds and must withdraw all your funds if you wish to withdraw your funds. This also applies to the IFISA product in relation to transferring out. 15.7. If you submit a withdrawal request, your invested loans will be placed on the secondary market for sales to other matching investors and you stop earning further interest. The funds will be made available and transferred to your bank account after your invested loans are fully sold to other matching investors. From FAQs: At any time, you can create a withdrawal request which will result in the withdrawal of all your investment (the investment unallocated and waiting in the lending pool as well as the investment lent out to borrowers). It is not possible to withdraw the pooled amount only. The unallocated and pooled amount get processed within a few days, however withdrawing your investment lent-out to borrowers may take some time to complete. You will start receiving the investment back once the lent-out investments are completed, transferred to another lender or purchased by the provisional fund. So according to FAQs one can get unallocated funds back, even if T&Cs say not. I suppose the route has to be formal complaint to the platform then financial ombudsmen, yes? Not sure FCA would be helpful here.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 13, 2020 9:20:18 GMT
Not since Sep 19, but they processed unallocated/pooled funds immediately and then sold out loans 2 days later. T&cs seem ambigious I can see nothing in the t&cs to support their position, particularly when referenced against the FAQ. Id be enquiring with the FCA whether they can hold on to client money without consent From T&Cs: 15.6. You will be unable to request a partial withdrawal of your invested or non-invested funds and must withdraw all your funds if you wish to withdraw your funds. This also applies to the IFISA product in relation to transferring out. 15.7. If you submit a withdrawal request, your invested loans will be placed on the secondary market for sales to other matching investors and you stop earning further interest. The funds will be made available and transferred to your bank account after your invested loans are fully sold to other matching investors. From FAQs: At any time, you can create a withdrawal request which will result in the withdrawal of all your investment (the investment unallocated and waiting in the lending pool as well as the investment lent out to borrowers). It is not possible to withdraw the pooled amount only. The unallocated and pooled amount get processed within a few days, however withdrawing your investment lent-out to borrowers may take some time to complete. You will start receiving the investment back once the lent-out investments are completed, transferred to another lender or purchased by the provisional fund. So according to FAQs one can get unallocated funds back, even if T&Cs say not. I suppose the route has to be formal complaint to the platform then financial ombudsmen, yes? Not sure FCA would be helpful here. T&Cs are ambiguous. "The funds will be made available and transferred to your bank account after your invested loans are fully sold to other matching investors." 'the funds' can refer to all funds or just the funds in loans. It is not unreasonable to consider the latter interpretation as implicit from the first sentence in the clause and the FAQ clearly supports that reading. So yes complaint then FOS. FCA was merely to establish whether a firm is entitled to withhold funds held in a client account within regulatory framework & if so on what grounds.
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Post by optimist on Jul 14, 2020 14:58:51 GMT
I thought the pooled unallocated money was processed in a few days and the rest as any when repayments made. Certainly thats what the FAQ implies That said I take anything said with a pinch of salt ... also at 50% lent out, though two investments are at 20%, unmoved for 9 months, others just 3 months since any activity. Not what they've told me. I'd be very interested to hear if anyone has been able to make a partial capital withdrawal from unlent funds. I requested 2 withdrawls on 27/06/20 - these are two withdrawl requests of the entire (sub)investment (I split my total amount into smaller chunks so I coudl make partial withdrawls like this)
A bank transer was made 28/06/20 of two amounts which appear to be the 5% that was not invested. I've not recieved any payments since.
Outstanding loan terms vary between 127 and 248 days. In comparison with 5 yrs from FC for a transfer out, this seems tolerable.
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