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Post by e17gardener on Jun 16, 2021 16:10:59 GMT
Is anyone else frustrated at how badly FC are dealing with funds of deceased investors?
I was managing an investment for my mother using a Power of Attorney. Just before she died COVID came along and so, like other investors, her funds have been in limbo for over a year now. They have all the paperwork for probate and so the account is locked to me now. No one is taking ownership of releasing the funds and nothing happens unless I chase them - despite several promises of regular updates from various people in customer service and one formal complaint (so far)
It's galling that they've just sold a load of bad debt but investments of dead customers (both good and bad debt) are stuck until they either follow Ratesetter and get rid of all their retail investors or wait until the end of time for the funds to be repaid in dribs and drabs.
I'm appalled at how insensitively they've dealt with the issue and lack of interest - there must be others out there in a similar position.
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Post by Ace on Jun 16, 2021 18:15:56 GMT
Is anyone else frustrated at how badly FC are dealing with funds of deceased investors? I was managing an investment for my mother using a Power of Attorney. Just before she died COVID came along and so, like other investors, her funds have been in limbo for over a year now. They have all the paperwork for probate and so the account is locked to me now. No one is taking ownership of releasing the funds and nothing happens unless I chase them - despite several promises of regular updates from various people in customer service and one formal complaint (so far) It's galling that they've just sold a load of bad debt but investments of dead customers (both good and bad debt) are stuck until they either follow Ratesetter and get rid of all their retail investors or wait until the end of time for the funds to be repaid in dribs and drabs. I'm appalled at how insensitively they've dealt with the issue and lack of interest - there must be others out there in a similar position. When I got the Grant of Probate as executor for my late mother in 2019, FC allowed me access to the account to run it down. They let me link her account to my bank account to make withdrawals when cash is available. There are still 2 loans repaying and the occasional debt recovery.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Likes: 2,308
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Post by keitha on Jun 17, 2021 8:51:21 GMT
personally I think it is something they didn't take into account when they "paused" the secondary market.
Perhaps playing the devils advocate someone like Martin Lewis might take an interest and get them to move.
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Post by e17gardener on Aug 13, 2021 15:03:56 GMT
personally I think it is something they didn't take into account when they "paused" the secondary market. Perhaps playing the devils advocate someone like Martin Lewis might take an interest and get them to move. I think you're right. I've got a final response from them after raising a formal complaint. My main grouse is that I never get an update on available funds unless I chase, they keep promising monthly updates and pay-outs but never deliver. I got an August update only minutes apart from a separate email about my complaint - surprise surprise. The reason given for not updating regularly as promised is essentially - "sometimes we are too busy, sorry about that". My second grouse is that they are happy to sell bad debt when commercially beneficial but not to sell on the investments of deceased customers. They tell me there are more than 800 accounts held by deceased investors and FC are still taking their fees while the secondary market is suspended so there's probably a large chunk of money in limbo. The FC complaints process also allows the person who gives the final complaint response to be the same person who gave the initial response - this feels like marking your own homework to me. They've upped their compensation offer from £50 to £100 but I'm so cheesed off at their stonewalling that I'm going to FOS (probably a waste of time) or follow your suggestion and go the media shaming route.
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Post by overthehill on Aug 13, 2021 16:20:53 GMT
personally I think it is something they didn't take into account when they "paused" the secondary market. Perhaps playing the devils advocate someone like Martin Lewis might take an interest and get them to move. I think you're right. I've got a final response from them after raising a formal complaint. My main grouse is that I never get an update on available funds unless I chase, they keep promising monthly updates and pay-outs but never deliver. I got an August update only minutes apart from a separate email about my complaint - surprise surprise. The reason given for not updating regularly as promised is essentially - "sometimes we are too busy, sorry about that". My second grouse is that they are happy to sell bad debt when commercially beneficial but not to sell on the investments of deceased customers. They tell me there are more than 800 accounts held by deceased investors and FC are still taking their fees while the secondary market is suspended so there's probably a large chunk of money in limbo. The FC complaints process also allows the person who gives the final complaint response to be the same person who gave the initial response - this feels like marking your own homework to me. They've upped their compensation offer from £50 to £100 but I'm so cheesed off at their stonewalling that I'm going to FOS (probably a waste of time) or follow your suggestion and go the media shaming route.
Possibly my first P2P company and I didn't stay long. It was obvious even to me that the retail investors were just the grease on the wheels. Customer service was abysmal and loan recovery was a disgrace which is a problem when the company's focus is on growth and IPO. Investors get stuck with unsellable loans for years. Now there are shareholders who need to make a profit and demand changes to do that. Shares are currently down 66% from the IPO. Unhappy shareholders at that.
A bit of selling pressure aftermarket today as well based on this !
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