IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Post by IFISAcava on Jul 14, 2020 17:42:01 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. 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.
How do you see when loans are due to end? I cant find that on the (badly disorganised) website. None of my outstanding loans have ended, been sold to PF or sold to anyone else since February.
|
|
|
Post by Ace on Jul 14, 2020 17:50:02 GMT
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.
How do you see when loans are due to end? I cant find that on the (badly disorganised) website. None of my outstanding loans have ended, been sold to PF or sold to anyone else since February. If you click on a loan reference number it shows the start date. The loan term is in section 3.2 of the loan agreement. Edit: replaced "investment" with "loan".
|
|
|
Post by jata99 on Jul 21, 2020 18:58:44 GMT
Just come across all the concerns on here re communication, withdrawals, promises, etc. Have faced all the same issues. Just seen that some of my underlying loans have a 5 year loan term and are for £40-80k...this isn't the type of loans the platform says they are writing and as investors who are being told we have short (to medium) term underlying loans. I have many other concerns. Filled in FO compliant today. I'd quite like to speak to anyone who is interested and compare notes. Is it possible to exchange e-mail addresses on here (can only seem to message staff as opposed to inidividual people posting to send my e-mail).
|
|
|
Post by Ace on Jul 21, 2020 19:38:26 GMT
Just come across all the concerns on here re communication, withdrawals, promises, etc. Have faced all the same issues. Just seen that some of my underlying loans have a 5 year loan term and are for £40-80k...this isn't the type of loans the platform says they are writing and as investors who are being told we have short (to medium) term underlying loans. I have many other concerns. Filled in FO compliant today. I'd quite like to speak to anyone who is interested and compare notes. Is it possible to exchange e-mail addresses on here (can only seem to message staff as opposed to inidividual people posting to send my e-mail). Hi jata99, welcome to the forum. In case you're unaware, I believe the 5 year (medium term loans) are all cases of FO borrowing from lenders themselves.
|
|
|
Post by ianrother on Jul 21, 2020 21:19:38 GMT
I’ve had loans unsold since Oct 2019.. it is a joke operation.. they say there is a secondary market but the proof is that nothing ever sells.. you can’t even get pooled money out easily.. had to wait months for mine. Now trapped in loans with an end date of 2024 .. you can’t speak to anyone and customer service is non existent. When you send a query they just post the terms and conditions.. it is a company that needs investigating .. I just wait for the day it goes under. I wouldn’t put anything in and would get what cash you have out while you can
|
|
optimist
Member of DD Central
Posts: 122
Likes: 72
|
Post by optimist on Oct 26, 2020 20:35:24 GMT
From the Ts&Cs
":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. "
There appears to be a financial incentive to not process a withdrawal request as they get a free loan which they are earning interest on, but without paying for it.
1: The word "fully" might be taken to refer to duration in so far as the sale transaction is fully legally complete when selling the loan 2: "Fully" may mean all of the loan must be sold for the funds to be released, thus if a loan is split or sold in part to one buyer, the funds would only be transferred when the remainder of the loan is sold 3: It may mean that each and every part of all loans must be sold before any funds from the sale of any loans are released.
So with a lack of consumer confidence and people don't want to invest their money in the P2P site. the secondary market but not sell. Varous reasons the company may choose to stop the SM will stop sales if considered 15.10 "monetary events or any circumstances outside our responsibility" that seems to cover a pretty broad range of reasons to suspend the secondary market.
So maybe the loans must then go to term, perhaps some of them default, do we get no money for 5 years + chasing borrowers through the courts? Are there any 10 year loans? (I don't think so)
I'm not planning on waiting 5 years for my money Sorry I'm playing catch up, I've been reading back through the threads, you've been saying this for a while. My time to bang my head against a wall for a bit I guess.
|
|
IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Post by IFISAcava on Oct 26, 2020 20:38:17 GMT
From the Ts&Cs ":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. "There appears to be a financial incentive to not process a withdrawal request as they get a free loan which they are earning interest on, but without paying for it. 1: The word "fully" might be taken to refer to duration in so far as the sale transaction is fully legally complete when selling the loan 2: "Fully" may mean all of the loan must be sold for the funds to be released, thus if a loan is split or sold in part to one buyer, the funds would only be transferred when the remainder of the loan is sold 3: It may mean that each and every part of all loans must be sold before any funds from the sale of any loans are released. So with a lack of consumer confidence and people don't want to invest their money in the P2P site. the secondary market but not sell. Varous reasons the company may choose to stop the SM will stop sales if considered 15.10 "monetary events or any circumstances outside our responsibility" that seems to cover a pretty broad range of reasons to suspend the secondary market. So maybe the loans must then go to term, perhaps some of them default, do we get no money for 5 years + chasing borrowers through the courts? Are there any 10 year loans? (I don't think so) I'm not planning on waiting 5 years for my money Sorry I'm playing catch up, I've been reading back through the threads, you've been saying this for a while. My time to bang my head against a wall for a bit I guess. We've been had
|
|
optimist
Member of DD Central
Posts: 122
Likes: 72
|
Post by optimist on Oct 26, 2020 20:47:15 GMT
From the Ts&Cs ":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. "There appears to be a financial incentive to not process a withdrawal request as they get a free loan which they are earning interest on, but without paying for it. 1: The word "fully" might be taken to refer to duration in so far as the sale transaction is fully legally complete when selling the loan 2: "Fully" may mean all of the loan must be sold for the funds to be released, thus if a loan is split or sold in part to one buyer, the funds would only be transferred when the remainder of the loan is sold 3: It may mean that each and every part of all loans must be sold before any funds from the sale of any loans are released. So with a lack of consumer confidence and people don't want to invest their money in the P2P site. the secondary market but not sell. Varous reasons the company may choose to stop the SM will stop sales if considered 15.10 "monetary events or any circumstances outside our responsibility" that seems to cover a pretty broad range of reasons to suspend the secondary market. So maybe the loans must then go to term, perhaps some of them default, do we get no money for 5 years + chasing borrowers through the courts? Are there any 10 year loans? (I don't think so) I'm not planning on waiting 5 years for my money Sorry I'm playing catch up, I've been reading back through the threads, you've been saying this for a while. My time to bang my head against a wall for a bit I guess. We've been had Maybe but I'm considering it a setback. Is it legal and how do we fight it
|
|
|
Post by Badly Drawn Stickman on Oct 27, 2020 7:19:50 GMT
Maybe but I'm considering it a setback. Is it legal and how do we fight it It would seem their terms and conditions allow them to do it. One would suggest that nobody would anticipate them being used in the way they are. Given there are willing buyers, it is hard to justify them not carrying out SM trades to release the funds being requested. In my own case I have three small 'pots', one is still active and has sufficient 'stagnant' funds to 'buy' the outstanding loans on the other two. A point I have made to the void that is clearly where emails are sent. The platform itself has gone from being reasonably usable, to what could best be described as a ten year old's first attempt at programming. I would suggest at best they are incompetent and morally bankrupt. Apart from that I would recommend them to anyone (working for the FCA anyway).
|
|
optimist
Member of DD Central
Posts: 122
Likes: 72
|
Post by optimist on Oct 27, 2020 23:17:31 GMT
Maybe but I'm considering it a setback. Is it legal and how do we fight it It would seem their terms and conditions allow them to do it. One would suggest that nobody would anticipate them being used in the way they are. Given there are willing buyers, it is hard to justify them not carrying out SM trades to release the funds being requested. In my own case I have three small 'pots', one is still active and has sufficient 'stagnant' funds to 'buy' the outstanding loans on the other two. A point I have made to the void that is clearly where emails are sent. The platform itself has gone from being reasonably usable, to what could best be described as a ten year old's first attempt at programming. I would suggest at best they are incompetent and morally bankrupt. Apart from that I would recommend them to anyone (working for the FCA anyway). Saying something in your Terms & Conditions doesn't make it legal and how you implement poorly worded Ts&Cs is more tenuous still.
Personally, I feel like a fool for not noticing this, for believing verbal assurances which were not backed up in writing and for giving them the benefit of the doubt generally.
From the perspective of a company that has interest free money, it may be hard to justify paying people any interest by exchanging it for money that is not free.
Regarding their morals, perhaps they are donating the proceeds to the poor and are modern day Robin Hoods, I can't tell, I don't care, I want my money back.
|
|
rocky1
Member of DD Central
Posts: 1,119
Likes: 1,938
|
Post by rocky1 on Oct 28, 2020 2:58:57 GMT
not with this outfit but follow most of the p2p platforms shenanigans.i think the clue with these fintech experts was when they changed the name to FUND OURSELVES.
|
|
|
Post by tmn on Nov 18, 2020 16:00:50 GMT
|
|
|
Post by shaunperry on Nov 19, 2020 8:35:24 GMT
Yes i noticed the ad thanks to their email. I watched it in between making myself yet another perfect cup of tea, making more DIY cleaning products and doing more DIY.
|
|
optimist
Member of DD Central
Posts: 122
Likes: 72
|
Post by optimist on Nov 19, 2020 12:24:05 GMT
I smell a rat
If they've got gazillions of investment why are they focussing on trying to get more money from investors rather than focussing on lending more out?
Why isn't the secondary market running?
Perhaps the investor also smelt the rat, perhaps the tightening of legislation around payday loans makes the business model unsustainable, perhaps they just can't add up, well, the last bit seems to be simply a fact as the front page of my login still has a value plus zero equalling a lower value so simple addition is apparently beyond them.
So, what we need is more cheesey adverts to sucker more poor fools into investing? Sounds like a Ponzi scheme.
Nope
Time to stop counting chickens and invest more in rat traps, poison, terriers and a shotgun (complaints, Ombudsman and FCA / legal in case anyone gets the wrong idea - it's a metaphor).
|
|
|
Post by Ace on Dec 2, 2020 8:07:14 GMT
FO are showing their true colours today with an email on how to make compost. They really are experts at this, especially on how to do it from cash. One way is to layer £10 notes in your compost heap. A faster way is to repeat with £20 notes..., but the fastest way of all is to just lend your cash via the FO platform.
|
|