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Post by Penny Pincher on Jan 13, 2022 16:16:04 GMT
Are you sure the loans in question pay monthly interest rather than at end of term ?
Yes, I checked the project pages in each case. Only one of them was ambiguous in its description of interest. It stated "Interest with be retained and serviced to lenders ... for a maximum of 12 months."
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tallsuk
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Post by tallsuk on Jan 13, 2022 17:29:21 GMT
I've just reconciled my Crowd Property account and found nine loans with missing or late interest payments. It seems that most of the missing payments are for loans that started in early November 2021 but have not yet paid any interest, with the occasional late payment from earlier loans that have previously paid interest. This is shocking! CP make it more difficult than other platforms to reconcile interest figures for individual loans and undoubtedly there will be other loans in this position with missing or late interest payments. I hope CP will address this matter urgently as it shakes one's faith in the platform (though, starting 2022 being realistic about how P2P platforms operate, I very much doubt they will). To be fair to CP they have made it very easy for me to work out where my interest has come from. I am in the majority of loans written since November and they have not paid me a penny yet!! I started chasing before Christmas but have yet to hear anything.
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ton27
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Post by ton27 on Jan 14, 2022 17:14:58 GMT
Is this yet another CP blunder/ They do not seem to be able to get their house in order and seem to have no respect for their lenders.
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tallsuk
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Post by tallsuk on Jan 17, 2022 13:12:34 GMT
This is shocking! CP make it more difficult than other platforms to reconcile interest figures for individual loans and undoubtedly there will be other loans in this position with missing or late interest payments. I hope CP will address this matter urgently as it shakes one's faith in the platform (though, starting 2022 being realistic about how P2P platforms operate, I very much doubt they will). To be fair to CP they have made it very easy for me to work out where my interest has come from. I am in the majority of loans written since November and they have not paid me a penny yet!! I started chasing before Christmas but have yet to hear anything. There were 8 loans with outstanding interest payments and these have all now been updated.
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Post by Penny Pincher on Jan 17, 2022 21:46:32 GMT
I've just reconciled my Crowd Property account and found nine loans with missing or late interest payments. It seems that most of the missing payments are for loans that started in early November 2021 but have not yet paid any interest, with the occasional late payment from earlier loans that have previously paid interest. I now have just two late payments, one of which is just a day late. Thanks Ace and tallsuk for chasing these up. Surprisingly, my online balance is now greater than the balance on my own records. This is the first time this has happened. If only transaction list from CP included an account balance column, I could reconcile the list with my own records, easily. Does anybody know if it's an FCA requirement to provide a statement of account that includes a list of transactions, complete with opening and closing balances?
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Ace
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Post by Ace on Apr 15, 2022 7:52:18 GMT
I've had no regular monthly interest payments since 28th March (I have had interest associated with capital repayments). CP's payment of retained interest seems to be going from bad to worse. It's long overdue that their systems were updated to automatically pay retained interest on time. Tagging CrowdProperty Representative. |
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eeyore
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Post by eeyore on Apr 19, 2022 16:42:58 GMT
I've had no regular monthly interest payments since 28th March (I have had interest associated with capital repayments). ..... After also having had no payments since 28-March, my account was credited with five interest payments this afternoon (19-April). Update: The monthly interest on another eight loans was credited later the same day, making a total of 13 of my loans which paid interest on the 19th. Clearly, something had caused a blockage....
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Ace
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Post by Ace on May 24, 2022 7:19:47 GMT
The tardy payment of retained interest is still continuing. The first 3 payments from phase 1 of the radio loan were all made on the 17th of this month. The first of these was 2 months late, despite the pledge transactions table documenting it as having been paid a month earlier. I continue to be shocked that a platform that I hold in such high regard continues to put such a low priority on its many platform issues. Tagging CrowdProperty Representative . |
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a0010402
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Post by a0010402 on May 24, 2022 12:28:43 GMT
Yes, I agree it is untidy, but it's not a show-stopper for me, it's not even something to be annoyed about: As long as interest will eventually turn up, and not be lost for ever, I'm happy. The latest I'll need it, I think, is if one day I want to withdraw everything and close the account; as long as it won't take that long, I will be happy (and no, I don't care about missing interest on reinvested interest or inflation eating into it, the effect of that would be negligible). This goes for CP or any account, in this respect I treat them all the same.
But I appreciate your efforts and keep monitoring this thread. There's a small chance that with your actions (tagging reps, etc), you'll uncover a case of, or prevent the possibility of occurring, something missing permanently, and I don't want to miss being made aware of that if that occurs, or benefiting from a fix.
For me it is not an indication of negligence or understaffing (though I can't be sure it's not). Rather, a busy platform that's growing and it's missing things alone the way, like an engine firing on all cylinders but going just a bit too fast. An growth and being busy is good, so I'd rather see that than a tidy platform that is stale and there's not much going on.
I still remember getting mad at Zopa in the early days because it wouldn't send us statements (believe it or not those weren't provided from day one, and I've got my email receipts to prove it), and later because they'd modify statements they've already issued in rare occasions where a borrower had died. I remember I got all worked up at the time but I've changed now. I think now if the same happened I'd let it be. Perhaps I'm growing older.
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Ace
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Post by Ace on May 25, 2022 13:52:19 GMT
I notice that the first loan tomorrow states that it will retain the interest but won't pay it until the end of the loan. What possible reason can there be not to pay investor's interest monthly when they are already in possession of the funds. The only reason I can think of is that they accept that they don't have the staff, processes or ability to diarize the payments and pay them on time. They can't be bothered to sort the issue, so have decided to use a cop-out instead. They also can't be bothered to inform lenders of the change in policy, if that is what it is. What a sad and sorry state of affairs. CrowdProperty Representative, please come on here and explain. Tell me I'm wrong and I'll very gladly apologise. |
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eeyore
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Post by eeyore on May 26, 2022 11:23:38 GMT
I notice that the first loan tomorrow states that it will retain the interest but won't pay it until the end of the loan. What possible reason can there be not to pay investor's interest monthly when they are already in possession of the funds. The only reason I can think of is that they accept that they don't have the staff, processes or ability to diarize the payments and pay them on time. They can't be bothered to sort the issue, so have decided to use a cop-out instead. They also can't be bothered to inform lenders of the change in policy, if that is what it is. What a sad and sorry state of affairs. I notice that Friday's WalthamX loan is also 'retained interest with payout on exit'. The other possible explanation is that they have a use for the retained funds?
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Ace
Member of DD Central
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Post by Ace on May 26, 2022 11:58:20 GMT
I notice that the first loan tomorrow states that it will retain the interest but won't pay it until the end of the loan. What possible reason can there be not to pay investor's interest monthly when they are already in possession of the funds. The only reason I can think of is that they accept that they don't have the staff, processes or ability to diarize the payments and pay them on time. They can't be bothered to sort the issue, so have decided to use a cop-out instead. They also can't be bothered to inform lenders of the change in policy, if that is what it is. What a sad and sorry state of affairs. I notice that Friday's WalthamX loan is also 'retained interest with payout on exit'. The other possible explanation is that they have a use for the retained funds? Yes, I noticed that too. Sort of confirms that it's a new, unannounced, policy. I don't see how they could use the funds for other purposes. It's our interest that's being retained.
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p2pfan
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Full-Time Investor
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Post by p2pfan on May 26, 2022 14:10:26 GMT
I notice that Friday's WalthamX loan is also 'retained interest with payout on exit'. The other possible explanation is that they have a use for the retained funds? Yes, I noticed that too. Sort of confirms that it's a new, unannounced, policy. I don't see how they could use the funds for other purposes. It's our interest that's being retained. Needless to say, this is highly detrimental to lenders. If/when any P2P platform goes bust, it takes years and years and years to get even a small ratio of the money back one is due, if any money at all, as we all know from Administrations we're suffering from. Therefore, for CP to retain this money until the exit of the loan - which could be years - is a very negative development indeed. I sincerely hope CP reconsiders this change. What astounds me is that CP have a very active Public Relations machine that can't stop telling the world how glorious they are, but they choose to brush under the carpet all matters like this and today's duplication of withdrawals discussed in another thread in this section. The fact that CP can't be bothered to send out one single email about these crucial matters is incredibly disappointing.
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morris
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Post by morris on May 27, 2022 17:21:39 GMT
If interest due to lenders is being retained by CP shouldn't this be put into a client account.
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rocky1
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Post by rocky1 on May 30, 2022 13:34:30 GMT
Yes, I noticed that too. Sort of confirms that it's a new, unannounced, policy. I don't see how they could use the funds for other purposes. It's our interest that's being retained. Needless to say, this is highly detrimental to lenders. If/when any P2P platform goes bust, it takes years and years and years to get even a small ratio of the money back one is due, if any money at all, as we all know from Administrations we're suffering from. Therefore, for CP to retain this money until the exit of the loan - which could be years - is a very negative development indeed. I sincerely hope CP reconsiders this change. What astounds me is that CP have a very active Public Relations machine that can't stop telling the world how glorious they are, but they choose to brush under the carpet all matters like this and today's duplication of withdrawals discussed in another thread in this section. The fact that CP can't be bothered to send out one single email about these crucial matters is incredibly disappointing. both tomorrows loans interest retained and paid at exit.a bit of comms and their reasonings would not go amiss.
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