cmep
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Post by cmep on Jul 8, 2021 8:54:23 GMT
I tried, unsuccessfully, a number of times in June to withdraw available funds from Thincats. I then read that they were not processing payments bu would be resuming this in July. I appled for a withdrawal on Monday (5 July) but have not yet had payment. Can anyone shed any light?
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ton27
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Post by ton27 on Jul 8, 2021 8:57:36 GMT
I also tried in June and then emailed BLN admin who advised payments would commence in July - but who knows when?They are totally "investor unfriendly" and have been for years.
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pikestaff
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Post by pikestaff on Jul 9, 2021 7:13:37 GMT
Funds cannot be withdrawn until they have done their AML/KYC checks. The May update said "At this stage, it is hoped that the majority of Lenders will be able to withdraw their uninvested Client Monies allocated to Lenders’ accounts with the Company from the commencement of July 2021." The Statement of Proposals issued on 8 June simply referred back to that statement, which I took to imply that they were at least reasonably on track at that time. However, lenders have posted about receiving AML/KYC emails as recently as 1 July and we have not received AML/KYC emails for either of our accounts. This might mean they have been able to verify us by other means, or it might mean they have not got round to us yet. I suspect it will be at least a couple more weeks before lenders can access their money. I hope/expect there will be an all lenders email when that happens. Edit: Update expected next week, see p2pindependentforum.com/post/431944/thread. |
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iainz
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Post by iainz on Jul 9, 2021 8:07:19 GMT
I tried withdrawing a couple of days ago - no communication from TC or D&P, just a no show in my bank account.
Re. AML/KYC checks - do you mean by D&P? - all lenders are already checked out by TC.
Sounds like they (D&P) are creating unnecessary work.
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pikestaff
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Post by pikestaff on Jul 9, 2021 8:17:13 GMT
iainz It is a legal requirement for the administrators to do their own AML/KYC checks before any money is distributed.
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iainz
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Post by iainz on Jul 9, 2021 10:48:00 GMT
"This might mean they have been able to verify us by other means"
My thinking is that both TC and D&P have to follow the same rules wrt. AML/KYC checks.
So what was good enough for TC should also satisfy D&P. Only a brief review would be required
Also does this mean lenders now clients of D&P rather than TC? If we were still clients of TC and TC is the client of D&P, no further checks of lenders would be required.
I have not received any email asking for identity checks, but nothing has changed since I joined TC back in 2015:
UK limited co. Up to date at Companies House, UK bank account
So should be straightforward.
Anyone else got emails asking for ID checks? - if so (without giving away any identifiable details) have there been changes in circumstances?
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iainz
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Post by iainz on Jul 9, 2021 10:59:57 GMT
I have requested access to the private TC board, I suspect I'll find all the answers there already.
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alibaba
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Post by alibaba on Jul 9, 2021 11:13:38 GMT
"This might mean they have been able to verify us by other means"
My thinking is that both TC and D&P have to follow the same rules wrt. AML/KYC checks.
So what was good enough for TC should also satisfy D&P. Only a brief review would be required
Also does this mean lenders now clients of D&P rather than TC? If we were still clients of TC and TC is the client of D&P, no further checks of lenders would be required.
I have not received any email asking for identity checks, but nothing has changed since I joined TC back in 2015:
UK limited co. Up to date at Companies House, UK bank account
So should be straightforward.
Anyone else got emails asking for ID checks? - if so (without giving away any identifiable details) have there been changes in circumstances?
I was contacted ny TC/BLN two weeks ago, they asked for bank statement and copy of driving licence or passport, I provided the documents and they emailed back to say that my records had been updated.
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gb007
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Post by gb007 on Jul 9, 2021 14:49:48 GMT
...
I have not received any email asking for identity checks, but nothing has changed since I joined TC back in 2015:
...
Anyone else got emails asking for ID checks? - if so (without giving away any identifiable details) have there been changes in circumstances?
I received a message regarding further ID checks in the BLN internal message inbox. (No email was received or it was lost in the Junk folder). Having sent the requested info, BLN Admin replied today, "Regarding withdrawals, please note the administrators are providing an update next week with further information."
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pikestaff
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Post by pikestaff on Jul 15, 2021 6:22:58 GMT
All lenders should have received an email yesterday. Regarding withdrawals, in summary: - The administrators have completed their AML/KYC checks for the vast majority of lenders.
- Anyone for whom they have not completed their checks has been communicated with. Please respond!
- They are now in a position to permit withdrawals (net of the 25% retention from post-administration recoveries).
- Anyone who's not yet made a withdrawal request is invited to make one now.
- All withdrawal requests, including those already made, will be treated as requests for the entire balance of available funds.
- Processing will commence in the coming days, and will be completed in batches based upon the date of withdrawal request. (I'm not sure if this will start immediately or only after the software update described below.)
- Anyone with an IFISA should think carefully before making a withdrawal request and make their wishes known to BLN. More details in the email.
It is not clear whether lenders will need to make further requests for withdrawals as recoveries come in, or if this will be done automatically.
Software update
They are updating the platform imminently so that lenders will be able to see separately:
- CMP (Client Money Pool) - Their uninvested funds at the time of administration (100% of which is due to them)
- PPE (no idea what this is short for) - Their post-administration recoveries, net of the 25% retention
- Cash retention - The 25% retention.
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registerme
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Post by registerme on Jul 15, 2021 8:52:03 GMT
No idea though what will happen to a withdrawal request that was made previously. Processed? Ignored? Forgotten about? In a queue?
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agent69
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Post by agent69 on Jul 15, 2021 9:39:35 GMT
I've put in a withdrawl request for my outstanding £6.70, although not certain if it will be subject to the 25% deduction.
Just leaves me with Oddy to sort out (where it all appears to have gone a bit quiet).
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Post by drakeinvestments on Jul 15, 2021 9:59:37 GMT
Last night I made withdrawal "requests" for the balances left on several accounts which appeared to go through as normal though obviously the requests have not been processed today
The "DashBoard" was updated overnight and now shows my previous "Cash" balance (as at last night) split into 3 separate pots - approx ratios being in my case CMP = 7%, PPE = 70%, and Cash Retention = 23%.
Please note that everyone will have slightly different split ratio's that will reflect the balance of any cash balance held in their cash account as at the date of administration.
So logical it make sense for any lender making a cash withdrawal request for BLN to simply transfer 100% of the CMP & PPE pots irrespective of if the lender had made previous requests of specific values over recent months.
I shall report back latter today if/when I receive the expected transfers into my bank account.
One query was the below banner in RED that appeared at the top of the DashBoard page - I am sure its just an initial teething bug......!!!
BLN Welcome to ThinCats Beta WARNING: Do not use this site for your real ThinCats business transactions as they will not be processed.
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agent69
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Post by agent69 on Jul 15, 2021 10:27:35 GMT
Last night I made withdrawal "requests" for the balances left on several accounts which appeared to go through as normal though obviously the requests have not been processed today The "DashBoard" was updated overnight and now shows my previous "Cash" balance (as at last night) split into 3 separate pots - approx ratios being in my case CMP = 7%, PPE = 70%, and Cash Retention = 23%. Please note that everyone will have slightly different split ratio's that will reflect the balance of any cash balance held in their cash account as at the date of administration. So logical it make sense for any lender making a cash withdrawal request for BLN to simply transfer 100% of the CMP & PPE pots irrespective of if the lender had made previous requests of specific values over recent months. I shall report back latter today if/when I receive the expected transfers into my bank account. One query was the below banner in RED that appeared at the top of the DashBoard page - I am sure its just an initial teething bug......!!! BLN Welcome to ThinCats Beta WARNING: Do not use this site for your real ThinCats business transactions as they will not be processed.
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pikestaff
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Post by pikestaff on Jul 15, 2021 10:33:46 GMT
...I shall report back latter today if/when I receive the expected transfers into my bank account...
I'd be amazed if it's that quick. They say they are dealing with requests in order of receipt, including those made previously, and that lenders should "bear with us" while they work through the list. I made a withdrawal request on the day of administration, after the court order was made but before it was announced to lenders. I expect this will be fairly near the front, and I will post when I see that it has been processed.
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