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Post by uksoul on Jul 26, 2023 12:41:33 GMT
From Aug 21 EVERYONE must invest a minimum of £500.00.. "This decision has been made as part of our ongoing efforts to streamline our operations and enhance our services. Managing a large number of smaller investments requires significant administrative resources, which could otherwise be devoted to improving our platform and bringing you better investment opportunities. By making this change, we believe we can focus more of our resources on serving you better "..
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806 
Likes: 3,237
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Post by jonno on Jul 26, 2023 12:44:01 GMT
Just received an email from this lot informing me that from 21st August, the minimum investment into ANY loan will be £500. If I'm reading this right that is the end of me with them after several years. This wont affect me too much as for over two years I've not put new capital into this platform, but merely reinvested my monthly interest, but I suspect this will represent a big change for many small(ish) investors.
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Post by gramsky on Jul 26, 2023 12:44:47 GMT
From Aug 21 EVERYONE must invest a minimum of £500.00.. "This decision has been made as part of our ongoing efforts to streamline our operations and enhance our services. Managing a large number of smaller investments requires significant administrative resources, which could otherwise be devoted to improving our platform and bringing you better investment opportunities. By making this change, we believe we can focus more of our resources on serving you better ".. Well I am off!
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nyneil
Member of DD Central
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Likes: 438
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Post by nyneil on Jul 26, 2023 12:52:59 GMT
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Post by uksoul on Jul 26, 2023 12:58:44 GMT
From Aug 21 EVERYONE must invest a minimum of £500.00.. "This decision has been made as part of our ongoing efforts to streamline our operations and enhance our services. Managing a large number of smaller investments requires significant administrative resources, which could otherwise be devoted to improving our platform and bringing you better investment opportunities. By making this change, we believe we can focus more of our resources on serving you better ".. Well I am off! I think many will do the same. There are several platforms though with a min of 500 and up and successfully fill their loans so will be interesting to see how Kuflink do.
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jcb208
Member of DD Central
Posts: 838
Likes: 638
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Post by jcb208 on Jul 26, 2023 13:09:00 GMT
Bye Bye Kuflink, keep your loans from now on I know you want to get shot of all the small investors
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Post by gramsky on Jul 26, 2023 13:09:48 GMT
I think many will do the same. There are several platforms though with a min of 500 and up and successfully fill their loans so will be interesting to see how Kuflink do. I have invested up to £1k in Kuflink loans, but only in £100 lots for ease of sale on the secondary market. I also invest £500 or £1k in loans on certain other platforms where required, but don't feel Kuflink loans are of sufficient quality to take that risk.
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Post by lotus_eater on Jul 26, 2023 13:16:43 GMT
Another "please leave nicely retail investor, but don't go away angry............ just go away, ok?  ". I've been selling everything for a couple of weeks now. Got about 1/2 out so far. |
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Post by uksoul on Jul 26, 2023 13:23:36 GMT
I think many will do the same. There are several platforms though with a min of 500 and up and successfully fill their loans so will be interesting to see how Kuflink do. I have invested up to £1k in Kuflink loans, but only in £100 lots for ease of sale on the secondary market. I also invest £500 or £1k in loans on certain other platforms where required, but don't feel Kuflink loans are of sufficient quality to take that risk.T Totally agree on all points and i do exactly the same. The SM will be very active over the next month.
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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: 11,315
Likes: 11,523
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Post by ilmoro on Jul 26, 2023 13:33:20 GMT
Yep, short & sweet relationship for me.
Basically Consumer Duty requires platforms to do their job better and thats more expensive.
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Post by Ace on Jul 26, 2023 13:33:48 GMT
I'm going to take some time to consider my position with Kuflink. My instant reaction is to just pull out, but I like having Kuflink in my portfolio for diversification 🤔 It would mean that it would no longer make sense for me to select the monthly interest option, which I currently do to invest the £50ish monthly payment into a new loan for added diversification, but also gives me the option of withdrawing it if needed along with any capital repayments. I would now need to suffer around 10 months of cash drag until I'd built up sufficient interest to add a new loan. This is made worse by the half-arsed flexible ISA implementation. All in all this seems like another dumb rule change. I certainly feel their comment " At Kuflink, we continuously strive to improve our investment process and provide the best experience for our users. We are constantly reviewing the feedback we receive from our investors and make suitable changes where necessary." to be disingenuous. I can't believe any investor has ever asked them to raise the minimum investment. It seems odd that a platform that is already well set up to handle very small loan parts would decide to implement such a large rise in the minimum. Could it be more idiotic pressure from our esteemed regulator? It also makes a mockery of the new £1k minimum for first investments. They might just as well have a flat £500 minimum across the board, rather than bother to implement two different minimums. If I stay, the options are: - Select the option to compound monthly interest in the existing loans, so lowering my potential diversification.
- Use the auto products, which have decent rates right now. But, I don't like the fixed terms, and I don't like being forced to invest in the higher risk tiers. Perhaps creating a rolling set of these is worth considering.
- Accept the cash drag and lower diversification.
I'm not keen on any of these options...
I'm also wondering if this is the thin end of the wedge, with further rises to come. |
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Post by df on Jul 26, 2023 13:41:46 GMT
Just received an email from this lot informing me that from 21st August, the minimum investment into ANY loan will be £500. If I'm reading this right that is the end of me with them after several years. This wont affect me too much as for over two years I've not put new capital into this platform, but merely reinvested my monthly interest, but I suspect this will represent a big change for many small(ish) investors. The end of me with KUF too. I'm not disappointed, on the contrary I'm glad they've made this decision for me.
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greatmarko
Member of DD Central
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Post by greatmarko on Jul 26, 2023 13:43:03 GMT
6 days ago:
Today:
...well, they may as well have said that!
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firedog
Member of DD Central
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Post by firedog on Jul 26, 2023 13:46:05 GMT
A disappointing turn. I have lots of small investments – the result of re-investing minor interest payments or capital returns. Would Kuflink really rather I withdrew that money each time? I don't know.
Clear evidence of lack of consideration for investors over the last few weeks. AC had the same sort of attitude, if I remember.
In the grand scale of things, not a huge issue for me. Plenty other good P2P alternatives that I'm really happy with.
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dave2
Member of DD Central
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Likes: 163
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Post by dave2 on Jul 26, 2023 13:46:07 GMT
The minimum of £ 500 only applies to self select, the Autoinvest option will still allow smaller investments in loans.
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