Post by tallsuk on Feb 8, 2022 12:12:27 GMT
Just recieved this mail:
Dear Lender,
Connective Lending Ltd, was launched a year ago and in that short time, our focus has been to pursue the growth of our pawnbroking loan book over commercial property lending.
Having successfully completed and funded several loans on our platform over the past several months, the Board of Directors at Connective Lending Ltd have reviewed the current market and the viability of operating a p2p model within the pawnbroking sector.
After much internal deliberation, we (the Board of Directors) regret to inform you, our lenders that the platform will wind down with immediate effect. We wish to state that this has not been an easy decision but one we feel is best for the industry and lenders.
We intend to make the process of winding down as smooth as possible, with minimal disruption to stakeholders. We have already put in place plans to have loans transferred to another lender. We are requesting all lenders not to transfer or invest further funds.
We have closed the platform to new registrations. The Financial Conduct Authority (FCA) has been informed of the firm's decision to wind down.
We have set out below a timeframe of what will happen over the next several days;
• On the 8th of February from 9pm, the platform will be closed to users, with access only granted to lenders with active accounts.
• We ask lenders to recheck their bank account details are valid. Withdrawals will be actioned as per normal. Additional resources will be put in place to action withdrawals over the weekend.
• We will begin to repay the capital and interest for the date the loan has been active back to our lenders. We expect the process to start around the 10th of February and to be completed swiftly however, additional time will be given for borrowers looking to redeem their assets.
• For those requiring it, a final statement for tax will be available via the platform the website will be available to all lenders for a period of 12 months from the 8th of February. Connective Lending will issue an electronic copy (email) of the final tax statement to all lenders once all loans have been closed.
Finally, we like to take this opportunity to thank all our lenders who have taken the time and effort to invest with us and provide feedback to improve our website.
We hope you have enjoyed the experience and Connective Lending thanks you all for your support. Wishing you all the very best and stay safe.
How to make a complaint
If you wish to raise a complaint regarding this matter or anything else, this can be done by emailing us at customerservice@connectivelending.com or by calling 02381 277030. Click here to view the page.
Dear Lender,
Connective Lending Ltd, was launched a year ago and in that short time, our focus has been to pursue the growth of our pawnbroking loan book over commercial property lending.
Having successfully completed and funded several loans on our platform over the past several months, the Board of Directors at Connective Lending Ltd have reviewed the current market and the viability of operating a p2p model within the pawnbroking sector.
After much internal deliberation, we (the Board of Directors) regret to inform you, our lenders that the platform will wind down with immediate effect. We wish to state that this has not been an easy decision but one we feel is best for the industry and lenders.
We intend to make the process of winding down as smooth as possible, with minimal disruption to stakeholders. We have already put in place plans to have loans transferred to another lender. We are requesting all lenders not to transfer or invest further funds.
We have closed the platform to new registrations. The Financial Conduct Authority (FCA) has been informed of the firm's decision to wind down.
We have set out below a timeframe of what will happen over the next several days;
• On the 8th of February from 9pm, the platform will be closed to users, with access only granted to lenders with active accounts.
• We ask lenders to recheck their bank account details are valid. Withdrawals will be actioned as per normal. Additional resources will be put in place to action withdrawals over the weekend.
• We will begin to repay the capital and interest for the date the loan has been active back to our lenders. We expect the process to start around the 10th of February and to be completed swiftly however, additional time will be given for borrowers looking to redeem their assets.
• For those requiring it, a final statement for tax will be available via the platform the website will be available to all lenders for a period of 12 months from the 8th of February. Connective Lending will issue an electronic copy (email) of the final tax statement to all lenders once all loans have been closed.
Finally, we like to take this opportunity to thank all our lenders who have taken the time and effort to invest with us and provide feedback to improve our website.
We hope you have enjoyed the experience and Connective Lending thanks you all for your support. Wishing you all the very best and stay safe.
How to make a complaint
If you wish to raise a complaint regarding this matter or anything else, this can be done by emailing us at customerservice@connectivelending.com or by calling 02381 277030. Click here to view the page.