scooter
Member of DD Central
Posts: 359
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Post by scooter on Aug 1, 2023 22:19:01 GMT
I decided I should probably get up to speed with this nonsensical consumer led improvement to Kuflink investments before anything else repays..... I had in fact for the first time in months not withdrawn and reinvested in a new loan only a few days before the "enhancement" was made.
So reading the FAQs which indeed you can only find via a link on this site, I note the following:
What if the money in my wallet is currently held in an ISA previous wrapper that I cannot top up?
We understand that due to ISA rules, you will be unable to top your ISA previous wallet therefore, as an exception you can make an investment below the value of £500.00 using any previous tax year ISA funds. Kuflink reserves the right to change this at any time.
So all my money is prior year investments, all under £500 to start with, it would be crazy to imagine 2 Kuflink loans paying at once, so no change then? Except they are obviously looking to change it asap.
Be more Proplend? Yes, but get the detail right first. That is why we are prepared to put a minimum of £1k in their loans, trust.
I wonder how it feels to go from one of the most respected P2P lenders to a joke in one update..
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Post by mikec on Aug 2, 2023 12:18:22 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 must admit this is news to me; I haven't yet received any Email (that I recall or can find). Myself, this year I'd already started slowly withdrawing funds as they become available from my Kuflink select/IFISA investments, and transferring to my existing CrowdProperty or LoanPad accounts, this was in part to move all non-sheltered investments into IFISAs for tax purposes, but also because, so far, I've had better returns from CP, or easier access via LP. This change to £500 minimum investment will expedite my rate of transfer. Personally, I also got a little irritated with Kuflink when I realised that they would charge me for transferring out my IFISA funds to any another provider. Although that was really my punishment for not reading their T&Cs properly!
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Post by Ace on Aug 2, 2023 12:59:27 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 must admit this is news to me; I haven't yet received any Email (that I recall or can find). Myself, this year I'd already started slowly withdrawing funds as they become available from my Kuflink select/IFISA investments, and transferring to my existing CrowdProperty or LoanPad accounts, this was in part to move all non-sheltered investments into IFISAs for tax purposes, but also because, so far, I've had better returns from CP, or easier access via LP. This change to £500 minimum investment will expedite my rate of transfer. Personally, I also got a little irritated with Kuflink when I realised that they would charge me for transferring out my IFISA funds to any another provider. Although that was really my punishment for not reading their T&Cs properly! You may have missed the announcement email because it came from Gurbinder Ghuman rather than direct from Kuflink. Mine arrived at 13:34 on 26th July and had "Minimum Investment requirement" in the title.
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rscal
Posts: 914
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Post by rscal on Aug 2, 2023 13:12:36 GMT
Well I must admit this is news to me; I haven't yet received any Email (that I recall or can find). Myself, this year I'd already started slowly withdrawing funds as they become available from my Kuflink select/IFISA investments, and transferring to my existing CrowdProperty or LoanPad accounts, this was in part to move all non-sheltered investments into IFISAs for tax purposes, but also because, so far, I've had better returns from CP, or easier access via LP. This change to £500 minimum investment will expedite my rate of transfer. Personally, I also got a little irritated with Kuflink when I realised that they would charge me for transferring out my IFISA funds to any another provider. Although that was really my punishment for not reading their T&Cs properly! You may have missed the announcement email because it came from Gurbinder Ghuman rather than direct from Kuflink. Mine arrived at 13:34 on 26th July and had "Minimum Investment requirement" in the title. Thanks, I know who is to blame. So only certain 'valued' customers get the Gurbinder treatment while others have to be content reading about it here!
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Post by Ace on Aug 2, 2023 13:53:24 GMT
You may have missed the announcement email because it came from Gurbinder Ghuman rather than direct from Kuflink. Mine arrived at 13:34 on 26th July and had "Minimum Investment requirement" in the title. Thanks, I know who is to blame. So only certain 'valued' customers get the Gurbinder treatment while others have to be content reading about it here! I expect that the email was sent to every address in their database. If anyone was singled out as a 'valued customer', it wouldn't be me. I would imagine that I'm absolutely bottom of their Christmas card list after my official complaints regarding their misleading auto rates.
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Post by frank121 on Aug 2, 2023 23:04:29 GMT
If you haven't seen it; Gurbinder has made an appearance in this months peer2peer finance news, P11. He talks about the 1K and £500 minimums amongst a few other things. issuu.com/peer2peerfinancenews/docs/p2p_aug_23_web?fr=xKAE9_zU1NQMake of it what you will; at least it offers more background information than the emails he sends out.
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Post by uksoul on Aug 3, 2023 11:49:56 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 must admit this is news to me; I haven't yet received any Email (that I recall or can find). Myself, this year I'd already started slowly withdrawing funds as they become available from my Kuflink select/IFISA investments, and transferring to my existing CrowdProperty or LoanPad accounts, this was in part to move all non-sheltered investments into IFISAs for tax purposes, but also because, so far, I've had better returns from CP, or easier access via LP. This change to £500 minimum investment will expedite my rate of transfer. Personally, I also got a little irritated with Kuflink when I realised that they would charge me for transferring out my IFISA funds to any another provider. Although that was really my punishment for not reading their T&Cs properly! Have you checked your Junk mail ? The email would have been sent to all investors. Are CP rates more than kuflink`s highest rates of 9.8% ? The 500 min has negatively impacted many.
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firedog
Member of DD Central
Posts: 309
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Post by firedog on Aug 3, 2023 12:19:26 GMT
Well I must admit this is news to me; I haven't yet received any Email (that I recall or can find). Myself, this year I'd already started slowly withdrawing funds as they become available from my Kuflink select/IFISA investments, and transferring to my existing CrowdProperty or LoanPad accounts, this was in part to move all non-sheltered investments into IFISAs for tax purposes, but also because, so far, I've had better returns from CP, or easier access via LP. Have you checked your Junk mail ? The email would have been sent to all investors. Are CP rates more than kuflink`s highest rates of 9.8% ? The 500 min has negatively impacted many. Nothing under 10% in CP's upcoming loans; maximum 10.5%.
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Post by Ace on Aug 3, 2023 13:14:17 GMT
Have you checked your Junk mail ? The email would have been sent to all investors. Are CP rates more than kuflink`s highest rates of 9.8% ? The 500 min has negatively impacted many. Nothing under 10% in CP's upcoming loans; maximum 10.5%. So, CP's lowest rate is now 1% higher than K's highest rate. (Don't forget that K's 9.83% is a lie misleading. Their top rate is really 9%). The top self-select rate currently advertised on K's dashboard is currently 8.95%, but they do have a tier 3 loan advertised at 9.28% (equivalent to a 3rd charge loan with commensurately higher risk), so the picture at K is far from clear. And with CP all loans are first charge, so no need to work out where the priorities are when/if loans go bad, as you would need to with Kuflink's tiers. Both have their pros and cons, and I'm very happy to use both, but there's no doubting that rates on CP are currently higher, and much higher for equivalent loans.
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Post by mikec on Aug 4, 2023 15:17:11 GMT
Well I must admit this is news to me; I haven't yet received any Email (that I recall or can find). ... Have you checked your Junk mail ? The email would have been sent to all investors. Are CP rates more than kuflink`s highest rates of 9.8% ? The 500 min has negatively impacted many. I don't have it. Checked my junk mail box, trash and searched for Gurbinder. I'm not taking it personally!
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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: 10,870
Likes: 11,097
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Post by ilmoro on Aug 9, 2023 22:00:11 GMT
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Post by Ace on Aug 9, 2023 22:12:03 GMT
I completely agree with you on all 3 points. Having to invest more per loan obviously makes the investments more risky through lower diversification. I can't believe his comment that "response to the increased investment minimum has been mostly positive" is anything other than a compete lie. I strongly suspect that it's a response to FCA pressure, which is vaguely hinted at. Complete nonsense throughout.
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Post by lotus_eater on Aug 10, 2023 7:16:11 GMT
I completely agree with you on all 3 points. Having to invest more per loan obviously makes the investments more risky through lower diversification. I can't believe his comment that "response to the increased investment minimum has been mostly positive" is anything other than a compete lie. I strongly suspect that it's a response to FCA pressure, which is vaguely hinted at. Complete nonsense throughout. 100% agree with you Ace about the "been mostly positive" remark. The Kuflink secondary market typically has 10-15 loan parts up for sale (if that many). Since all of this stuff started, it's been at over 100 loan parts (got to 151 last week I believe). That's a measurable displeasure I would have thought...... I also think Kuflink buy loan parts themselves from the secondary market to try and keep the numbers down, but I don't have proof.
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Post by Ace on Aug 10, 2023 8:03:17 GMT
I completely agree with you on all 3 points. Having to invest more per loan obviously makes the investments more risky through lower diversification. I can't believe his comment that "response to the increased investment minimum has been mostly positive" is anything other than a compete lie. I strongly suspect that it's a response to FCA pressure, which is vaguely hinted at. Complete nonsense throughout. 100% agree with you Ace about the "been mostly positive" remark. The Kuflink secondary market typically has 10-15 loan parts up for sale (if that many). Since all of this stuff started, it's been at over 100 loan parts (got to 151 last week I believe). That's a measurable displeasure I would have thought...... I also think Kuflink buy loan parts themselves from the secondary market to try and keep the numbers down, but I don't have proof. That's an interesting thought that I'd not considered. I don't think it would bother me much if they did. Presumably, if they did, the parts would just be transferred to the auto-pool. Those trying to sell would obviously be happy. Kuflink would be in the best position to make sure that they weren't adding any bad loans to the pool. I note that there are currently 32 loans on the primary market (though 2 of them are filled). I don't recall seeing quite so many on there before, but it's not something I monitor closely.
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Post by gramsky on Aug 10, 2023 8:13:35 GMT
I completely agree with you on all 3 points. Having to invest more per loan obviously makes the investments more risky through lower diversification. I can't believe his comment that "response to the increased investment minimum has been mostly positive" is anything other than a compete lie. I strongly suspect that it's a response to FCA pressure, which is vaguely hinted at. Complete nonsense throughout. 100% agree with you Ace about the "been mostly positive" remark. The Kuflink secondary market typically has 10-15 loan parts up for sale (if that many). Since all of this stuff started, it's been at over 100 loan parts (got to 151 last week I believe). That's a measurable displeasure I would have thought...... I also think Kuflink buy loan parts themselves from the secondary market to try and keep the numbers down, but I don't have proof. I would have thought 151 is a low figure considering about 20 of them were mine. I have needed to have a rethink of my investment strategy, previously having invested £100 in nearly every loan available, and have been offloading some of my loan investments to get funds to invest £500 in Tier-1 loans only in the future. It would only take about half a dozen investors doing something similar to exceed the 151 loans in the secondary market.
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