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Post by borrower on May 27, 2023 7:17:55 GMT
No response to your important query. As I imagined, the notifications of increases in interest rates for lenders on defaults/re-terms was largely Public Relations hype with little in the way of follow-through. KF won't give up on their eye-watering margins that easily, and, with them largely continuing to exclusively benefit from increased interest rates on re-terms, they will continue to lick their lips and jump with joy whenever there is a default. I am a borrower and Kuflink are blocking every attempt to repay my loan, which is considerable. I contacted them about what to do 2 months before the loan was due to be repaid (when products were pulled due to mini-budget) they would only extend or send in receivers on the day the loan was due I was told - they backed me into extending at a higher rate for another 60k that took the property passed the 70%LTV. This has meant the arrangement of other loans to cover this shortfall. As I made arrangements to pay the loan, they added daily interest of £550 making it continually harder to pay the loan. As my solicitor requested payment details to at least make a capital repayment while the incoming lender completed their due diligence they kept refusing to engage. Their behaviour has been erratic to put it mildly. We were in constant contact with them and trying to arrange the repayment when they sent the case to the receivers. I am still trying to make payment to Kuflink, I have asked them to accept the payment but they do not respond. So I would suggest you are correct that this is a business plan for them. I have tried everything possible, their conduct falls outside of the FCA guidelines and I have complained to everyone possible but I am the borrower, and therefore unprotected by the FSA. Kuflink are only regulated for the investor side of things so are unanswerable for the conduct towards me. The FCA are registering my information for monitoring of Kuflink, I have strongly expressed my concern for investors capital. I have contacted the FRC because I would suggest that the company is in the same (if not worse) state of compliance from the EY report and warnings - even the director sending me someone else's personal information. I would very much like to repay my loan without giving the receiver another 45k, it makes it impossible on top of what Kuflink have already added. I do not know how the system works for investors and it seems unlikely you have the information as to how it works for borrowers. I would be happy to answer any questions to enable you to recoup your money. The marketing voice of Kuflink send the message of empowerment to the people - so I was hoping we could make that true for both sides of this platform - because right now it doesn't feel like a true peer-to-peer if everyone is kept in the dark and blocked for making and receiving payments.
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Post by birdie on May 27, 2023 7:44:59 GMT
Very sorry to hear about your troubles with Kuflink, I hope things improve quickly.
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rocky1
Member of DD Central
Posts: 1,118
Likes: 1,937
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Post by rocky1 on May 27, 2023 8:22:21 GMT
Kuflinkirlisa. how about an update with the situation as you see it.not very good when a borrower engages with the actual lenders.it is in our best interests you should be acting and not causing delays and more expence for borrowers for your own gains and eventual detriment to the people funding your loans.
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Post by Ace on May 27, 2023 8:48:46 GMT
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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
Posts: 10,840
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Post by ilmoro on May 27, 2023 9:31:59 GMT
borrower Do you not have recourse to Financial Ombudsman Service ... there is certainly one complaint from a borrower on their site? Are you not also dealing with Kuflink Bridging in part who are a regulated lender themselves? Apologies if this is stuff youve already looked at.
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Post by overthehill on May 27, 2023 12:49:55 GMT
Just to clarify, the borrower is not referring to the loan in the thread title (at least I hope not !) which was paid off in dec2022 !
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Post by borrower on May 27, 2023 14:46:09 GMT
borrower Do you not have recourse to Financial Ombudsman Service ... there is certainly one complaint from a borrower on their site? Are you not also dealing with Kuflink Bridging in part who are a regulated lender themselves? Apologies if this is stuff youve already looked at. because the bridging loan to the borrower is an unregulated loan the Ombudsman hasn't any power to intervene unfortunately, they only take things forward if investors complain. . I have contacted the FCA who has said they will register what I have told them as part of their as ongoing supervision and do expect firms that are regulated to behave within their conduct even on unregulated products- again it is only investors who have the assurance of the law behind them. I did air my concerns that it would be regulated customers that would be affected. They said to report them to trading standards so that is my next port of call. Thanks for the advice.
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Post by borrower on May 27, 2023 14:58:44 GMT
Kuflinkirlisa. how about an update with the situation as you see it.not very good when a borrower engages with the actual lenders.it is in our best interests you should be acting and not causing delays and more expence for borrowers for your own gains and eventual detriment to the people funding your loans. It was my hope that they would work in the best interest of the actual lenders. Unfortunately their chaotic approach has continually harboured my solicitor and myself, I had to bring in my solicitor because their conduct was so distressing at a time that they knew my child was seriously unwell, that I can only think that there is more profit for Kuflink if I do not pay the loan back as intended. They are not transparent and refuse to give information or commit to a timeline, it seems as if their plan is on one hand say they want it repaid but on the other to stop any attempts to do so. It has been like dealing with a loan shark and the people helping me are amazed by their conduct. My conveyancer was planning to pay the loan back on the 2nd June. Nattalie Weeks is aware of this but she refuses to engage with discussions or respond to a complaint about their conduct from my solicitor. Her only contact has been to apologise for sending someone else's private information to us by mistake. Thank you for engaging with my post.
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Post by Ace on May 27, 2023 15:14:44 GMT
borrower , without specifying the exact loan name, which isn't allowed in the forum, could you give us some idea of which loan is being discussed here. I.e. obscure the loan name with asterisks, like in the thread title. It's confusing to have the discussion in this thread, which relates to a different loan that has already completed. Knowing which loan is being discussed would allow lenders to see what info they have been given.
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Post by overthehill on May 27, 2023 15:51:14 GMT
As Spock would say, it is logical that you should be able to repay the loan capital, accrued and penalty interest and any receiver expenses incurred up to this point in time and thereby remove the charge against the security.
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rocky1
Member of DD Central
Posts: 1,118
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Post by rocky1 on May 27, 2023 19:43:29 GMT
p2p platforms have got nothing to lose.1ST charge means nothing in p2pfor lenders. my way of thinking is that you have got fintech wide boys gamble while their fees/etc are taken up front out of our monies .this man has now defaulted on p2p lending.shant say to much more
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Post by borrower on May 27, 2023 20:26:50 GMT
borrower , without specifying the exact loan name, which isn't allowed in the forum, could you give us some idea of which loan is being discussed here. I.e. obscure the loan name with asterisks, like in the thread title. It's confusing to have the discussion in this thread, which relates to a different loan that has already completed. Knowing which loan is being discussed would allow lenders to see what info they have been given. I just have a 3 digit number or my personal name, it isn't a company - it was a straightforward bridging loan to cover a property purchase and put the loan property on to a buy to let, the broker didn't put the paperwork in when planned and the products were pulled due to mini budget. It wasn't a big gamble (or so I thought). I'm not sure how the information would come to you - shall I add the number of the loan?
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Post by borrower on May 27, 2023 20:32:54 GMT
p2p platforms have got nothing to lose.1ST charge means nothing in p2pfor lenders. my way of thinking is that you have got fintech wide boys gamble while their fees/etc are taken up front out of our monies .this man has now defaulted on p2p lending.shant say to much more Not a man, not a company, just a person, wasn't trying to gamble with other's investment's, trying to pay it back
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Post by Ace on May 27, 2023 20:35:05 GMT
p2p platforms have got nothing to lose.1ST charge means nothing in p2pfor lenders. my way of thinking is that you have got fintech wide boys gamble while their fees/etc are taken up front out of our monies .this man has now defaulted on p2p lending.shant say to much more Not a man, not a company, just a person, wasn't trying to gamble with other's investment's, trying to pay it back Most loans are identified to us lenders via the road name and first part of the postcode.
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Post by borrower on May 27, 2023 20:37:40 GMT
As Spock would say, it is logical that you should be able to repay the loan capital, accrued and penalty interest and any receiver expenses incurred up to this point in time and thereby remove the charge against the security.
But if every time I try they keep raising the amount, the refinance can't be applied - if the additional fees and interest are so large that it becomes impossible to do so what recourse is available? That doesn't seem logical to me.
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