tomg
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Post by tomg on Feb 8, 2022 17:01:18 GMT
So I read that as not to transfer funds out which are in the holding account .Shame they were looking like a responsible P2P investment company for a change From the email: Withdrawals will be actioned as per normal.
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Post by df on Feb 8, 2022 17:17:28 GMT
"We have already put in place plans to have loans transferred to another lender." - does this mean that they are planning to sell the existing loan book to another p2p company?
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Ace
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Post by Ace on Feb 8, 2022 17:25:18 GMT
"We have already put in place plans to have loans transferred to another lender." - does this mean that they are planning to sell the existing loan book to another p2p company? Not sure, but I presumed we were being replaced by an institutional lender.
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nyneil
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Post by nyneil on Feb 8, 2022 17:28:00 GMT
So I read that as not to transfer funds out which are in the holding account .Shame they were looking like a responsible P2P investment company for a change Arguably the opposite, think they are saying do not transfer in. Also check your bank account details are correct (presumably only relevant if you have not transferred out before) Transfers out are being made currently with no problem. There may well be an argument for them just automatically transferring out when/if funds are available. When I received the email earlier today, I requested a withdrawal of my cash balance. It's already in my bank account 
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Post by df on Feb 8, 2022 17:31:40 GMT
My two thoughts: Maybe it's just too much hassle and costly for the amount of profit available; dealing with all the extra red tape the FCA is adding and dealing with lots of lenders. If they now have enough money to fund the big loans independently, why not keep the 39% APR themselves rather than give half of it to the p2p lenders. That was my first thought when I've read the email. Can't make much money on the existing loan flow and it's too much hassle and risk expanding to property lending. Whatever the reasons are, it's a shame - I liked the offering and would've continued investing if CL stayed.
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Post by df on Feb 8, 2022 17:39:55 GMT
"We have already put in place plans to have loans transferred to another lender." - does this mean that they are planning to sell the existing loan book to another p2p company? Not sure, but I presumed we were being replaced by an institutional lender. Could this mean that we will be repaid early? If not, I hope all valuations were correct (I assume the majority of assets will have to be sold).
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ilmoro
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'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 Feb 8, 2022 17:44:38 GMT
Not sure, but I presumed we were being replaced by an institutional lender. Could this mean that we will be repaid early? If not, I hope all valuations were correct (I assume the majority of assets will have to be sold). Thats the suggestion. The implication is that they will be transferred to another lender if the borrower agrees or efforts will be made to enable the borrower to redeem. Cant see any indication that they expect to have to recover loans. The winddown plan has basically been activated.
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agent69
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Post by agent69 on Feb 8, 2022 18:17:12 GMT
Could this mean that we will be repaid early? If not, I hope all valuations were correct (I assume the majority of assets will have to be sold). Thats the suggestion. The implication is that they will be transferred to another lender if the borrower agrees or efforts will be made to enable the borrower to redeem. Cant see any indication that they expect to have to recover loans. The winddown plan has basically been activated. Could this be the first example of a winddown plan that actually worked as intended?
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mrdc
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Post by mrdc on Feb 8, 2022 18:17:19 GMT
The e-mail says the process should start around the 10/02 and be completed swiftly so i take that to me our loans are to be bought out a la Zopa.
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dh1
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Post by dh1 on Feb 8, 2022 20:42:43 GMT
Yes, disappointing news about the close down. I suspect that the Board discovered a very serious risk in continuing - no idea what - and decided that the risk wasn't worth taking, hence the winddown.
My reading of the email is that the loans have, or are about to be, sold off and that lenders will get back their capital and interest (up to today) probably by Monday next week. That in itself is an indication of how serious the problem was.
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kermie
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Post by kermie on Feb 9, 2022 13:31:46 GMT
Umm, the website front page says "If you are a lender you can sign-in by clicking here." - but there ain't no hyperlink on the page.
I was going to log on to check the bank details / loans etc - are we all locked out for now, or just me? Have tried on a range of browsers...
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Ace
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Post by Ace on Feb 9, 2022 13:49:20 GMT
Umm, the website front page says "If you are a lender you can sign-in by clicking here." - but there ain't no hyperlink on the page.
I was going to log on to check the bank details / loans etc - are we all locked out for now, or just me? Have tried on a range of browsers...
Same here.
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Post by Penny Pincher on Feb 9, 2022 14:13:17 GMT
Umm, the website front page says "If you are a lender you can sign-in by clicking here." - but there ain't no hyperlink on the page.
I was going to log on to check the bank details / loans etc - are we all locked out for now, or just me? Have tried on a range of browsers...
The 404 (Page not found) has a sign in link. Try something like www.connectivelending.com/foo
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Ace
Member of DD Central
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Post by Ace on Feb 9, 2022 14:16:00 GMT
Umm, the website front page says "If you are a lender you can sign-in by clicking here." - but there ain't no hyperlink on the page.
I was going to log on to check the bank details / loans etc - are we all locked out for now, or just me? Have tried on a range of browsers...
The 404 (Page not found) has a sign in link. Try something like www.connectivelending.com/fooThat works for me, thanks.
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jcb208
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Post by jcb208 on Feb 9, 2022 14:20:41 GMT
No problem withdrawing what was in my holding account, in the bank within 2 hours
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