littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Nov 24, 2021 22:29:25 GMT
Tagging CrowdProperty Representative for comment in the faint hope that they might be embarrassed into 'fessing up and accepting that they need to address the issue of late payment of retained interest (amongst other issues). Why aren't lenders being made aware of the issues, and what are CrowdProperty doing to address them. Cheer up. You might have been in the other platform with the two words reversed. Then you would have had plenty to complain about.
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Post by Penny Pincher on Nov 25, 2021 17:00:11 GMT
I finally got an interest payment today, so I've taken a detailed look at payments from this loan. Tagging CrowdProperty Representative for comment ... I repeat my main question: why can't payments from retained funds be automatically made on the due dates? I don't think retained interest is quite literally monies that are held back in an isolated client account and therefore available for payment to lenders in perfect time. This is what I thought when I first encountered the term. I don't think the borrower receives the lender funds minus the retained interest, with the retained money used to make interest payments. Instead, the borrower receives all the funds from lenders, is responsible for making monthly interest payments and, in the event of an early settlement, must make an increased capital repayment to cover the retained interest. But I'd love to be corrected on this if I'm wrong. This would explain late interest payments and the odd early payment.
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cb25
Posts: 3,520
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Post by cb25 on Nov 25, 2021 19:43:22 GMT
Got a message from CP in response to me querying late interest payments on two loans (Plot 5, L** H** C** and T** T** B**, 2 W** S**)
"Many apologies for the delay in these repayments showing on your account. All outstanding interest payments should be showing correctly on your account within the next 24 hours."
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Nov 25, 2021 23:33:14 GMT
I finally got an interest payment today, so I've taken a detailed look at payments from this loan. Tagging CrowdProperty Representative for comment ... I repeat my main question: why can't payments from retained funds be automatically made on the due dates? I don't think retained interest is quite literally monies that are held back in an isolated client account and therefore available for payment to lenders in perfect time. This is what I thought when I first encountered the term. I don't think the borrower receives the lender funds minus the retained interest, with the retained money used to make interest payments. Instead, the borrower receives all the funds from lenders, is responsible for making monthly interest payments and, in the event of an early settlement, must make an increased capital repayment to cover the retained interest. But I'd love to be corrected on this if I'm wrong. This would explain late interest payments and the odd early payment. I was always under the impression that, as the words suggest, "retained interest" meant that CrowdProperty retained the interest? If they are handing over the money to the borrower and then expecting it to be paid back, that is massively more risky. We all know what very many borrowers are like ("Hmmm... shall I go on a five star holiday or pay the people I've borrowed money from? No two ways about it... the holiday is the more logical option"). Anybody got clarity on this point please?
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cb25
Posts: 3,520
Likes: 2,665
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Post by cb25 on Nov 26, 2021 13:25:32 GMT
Got a message from CP in response to me querying late interest payments on two loans (Plot 5, L** H** C** and T** T** B**, 2 W** S**)
"Many apologies for the delay in these repayments showing on your account. All outstanding interest payments should be showing correctly on your account within the next 24 hours."
I have now received interest payments on those 2 loans (plus 3 loans I hadn't complained about)
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markyg61
Member of DD Central
Posts: 336
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Post by markyg61 on Nov 26, 2021 15:46:10 GMT
Got a message from CP in response to me querying late interest payments on two loans (Plot 5, L** H** C** and T** T** B**, 2 W** S**)
"Many apologies for the delay in these repayments showing on your account. All outstanding interest payments should be showing correctly on your account within the next 24 hours."
I have now received interest payments on those 2 loans (plus 3 loans I hadn't complained about)
Yep, interest payments seem to be coming through thick and fast today. I think I am now uptodate
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Post by overthehill on Nov 26, 2021 16:32:26 GMT
Withdrawals are failing now, I'm assuming it is connected to all this catch up. They really need a decent developer or a new interface, it's very noticeable how much lack of integration and time lag there is between the different parts of the platform incl. emails.
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alibaba
Member of DD Central
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Post by alibaba on Nov 29, 2021 8:20:53 GMT
Just tried to withdraw some funds and had the following message -
''Sorry, something went wrong with your request. We have notified our development team who will investigate the cause of this error.''
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,007
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Post by littleoldlady on Nov 29, 2021 8:55:49 GMT
So far AFAIK nobody has lost any money as a result of all these bugs, but they destroy faith in the platform.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 990
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Post by dave4 on Dec 3, 2021 10:33:42 GMT
Just used the new transfer and withdraws button, works well, moved funds between wallets, withdrew. mush easier than before.
A definite Step forward.
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Post by Ace on Jun 15, 2022 23:10:04 GMT
Still no fix to the issue of late payment of retained interest. Today's slew of payments included some that were 2 months overdue, despite being retained by CP. Tagging CrowdProperty Representative, no doubt futilely.
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markyg61
Member of DD Central
Posts: 336
Likes: 236
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Post by markyg61 on Jun 16, 2022 6:26:46 GMT
Ace, a strongly worded Inbox message will probably get you a better response than a mention here. You may not like the response but at least you'll get a response. They have always responded to my messages even for the difficult, moaning ones..
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Post by Ace on Jun 16, 2022 6:59:56 GMT
Ace , a strongly worded Inbox message will probably get you a better response than a mention here. You may not like the response but at least you'll get a response. They have always responded to my messages even for the difficult, moaning ones.. I did try that 6 months ago. I took the time to give much detail on this and other issues. I was promised a response, but nothing was forthcoming. I chased it up after 8 weeks and was given a polite brush off, with none of the points being addressed in any way. I was essentially told that it was all a question of priorities.
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Post by overthehill on Jun 16, 2022 9:00:13 GMT
Still no fix to the issue of late payment of retained interest. Today's slew of payments included some that were 2 months overdue, despite being retained by CP. Tagging CrowdProperty Representative , no doubt futilely.
I don't have a strong opinion about the administration at CP, I make sure they have paid the correct interest at loan completion. If you don't trust the 'expected interest' in the pledges spreadsheet that means checking the transactions spreadsheet - very easy.
I'm not sure why CP perservere with these different interest regimes as they don't have the staff, possibly why they don't publish valuation and legal documents. I actually prefer this compared to places like Assetzcapital which is about job creation to fuel more revenue and expenses, end result the same or worse, they hired another managing director this week.
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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 Jun 16, 2022 9:54:47 GMT
Still no fix to the issue of late payment of retained interest. Today's slew of payments included some that were 2 months overdue, despite being retained by CP. Tagging CrowdProperty Representative , no doubt futilely.
I don't have a strong opinion about the administration at CP, I make sure they have paid the correct interest at loan completion. If you don't trust the 'expected interest' in the pledges spreadsheet that means checking the transactions spreadsheet - very easy.
I'm not sure why CP perservere with these different interest regimes as they don't have the staff, which is why they don't publish valuation and legal documents like Proplend. I actually prefer this compared to places like Assetzcapital which is about job creation to fuel more revenue and expenses, end result the same or worse, they hired another managing director this week.
Youve baffled me there. How does publishing a credit report & a valuation, both of which will have been prepared as part of the loan assessment process create jobs? It just gives transparency to lenders. CP have got 3 times as many staff as PL Have you missed the point here ... CP arent doing their job of paying the interest that is held on account on time. If a borrower was late paying I doubt youd accept that. And if it was AC youd be screaming blue murder (they used to have to be regularly poked by lenders to distribute retained interest and still do on occasion) CP persevere with these different interest regimes because thats what the business requires ... while most developments dont have the cashflow to service interest during the loan so need the retained model, those that do arent going to want to pay extra interest just to make CP life easier
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