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Post by scepticalinvestor on Mar 7, 2024 15:06:13 GMT
I have a not insignificant amount of funds locked in KUF. Having read scooter’s threads (re discrepancies in information provided and actions taken) and digested them, I am increasingly worried about the safety of the same.
Following scooter’s lead, I am going to do some digging of my own into the loans that I’m stuck in and raise questions as part of a formal complaint. Hopefully I’ll achieve the same outcome as scooters and get rid.
I’m not comfortable with KUF being able to link this profile with a specific account so I’ll avoid specific details that might allow them to make a link.
Before I commit to this, my question is - are there any other avenues you can suggest that may achieve an outcome similar to scooter’s?
TIA
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Post by Ace on Mar 7, 2024 15:20:00 GMT
I assume that you've already offloaded as much as possible via the SM.
It might be worth a quick letter to Kuflink to ask if they are prepared to buy your remaining loans before embarking on the lengthy and tedious complaints route. It would be far simpler and quicker and would avoid them having to pay the FOS fees. They would also avoid the hassle of attempting to defend the complaint, and of having their dirty laundry aired more publicly.
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iRobot
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Post by iRobot on Mar 7, 2024 16:01:46 GMT
... I’m not comfortable with KUF being able to link this profile with a specific account so I’ll avoid specific details that might allow them to make a link. ... I think part of scooter 's success might have been down to his very public, 'warts-and-all' approach. As such, it's difficult to imagine KUF not being able to tie scooter's dealing with them back to a P2PIF profile. I also think KUF might regret taking 'the easy option' and buying-out scooter and may feel they need to take a firmer stance in future 'pour discourager les autres'. Good luck. Worse that can happen is that KUF ignore you and play the long game with regard to formal complaints and the FOS.
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Post by scepticalinvestor on Mar 7, 2024 19:04:24 GMT
Thanks both.
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jnm21
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Post by jnm21 on Mar 7, 2024 22:18:56 GMT
Sceptical, were you meaning a complaint through Kuflink or FOS?
I can't believe that I can believe (yes, read that twice 😂😂😂) that no NDA formed part of scooter's outcome - alas it is not untypical of my experience with P2P platforms - for example I had one investment where it supposedly turned out that the other platform had been paying the returns themselves, masking the fact that there were issues, while the investment was being traded on a SM. Another scenario saw one investment taking 1st charge & being described as mortgage like, taking a much lower rate than a second investment on the same platform which got a higher rate, but had to pay the 1st charge investment before any returns & a condition of the 'mortgage-style' arrangement was that the second investment had to keep 6 or 12 months repayments on their balance sheet as cash, before any returns were dispersed - the platform forgot this & it was only when the money was not there to pay the mortgage that it was caught on - needless to say the platform did not repossess the property from the 2nd set of investors. I had locked up a lot of money, taking their word that it was a low risk investment!
I simply don't trust P2P platforms.
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scooter
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Post by scooter on Mar 7, 2024 22:52:08 GMT
I've read that a number of times and I'm not sure whether you believe that there was one or wasn't one. There definitely wasn't. I mean, I'd put it all out there already. I'm not sure they are legal anymore....it wasn't even mentioned.i never asked to be paid off. sceptical....I've sent you a personal message. There's no secrets in it, I just thought people might be tiring of my posts.
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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 Mar 7, 2024 23:03:20 GMT
Not clear if scooter has raised a formal compliant with Kuf ... if they have then the 8 week applies & they still have recourse to FOS if he isnt satisfied with the response ... repaying the loans doesnt actually answer their complaint as it doesnt remove the historical failure to provide info.
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scooter
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Post by scooter on Mar 7, 2024 23:08:30 GMT
Not clear if scooter has raised a formal compliant with Kuf ... if he has then the 8 week applies & he still has recourse to FOS if he isnt satisfied with the response ... repaying the loans doesnt actually answer his complaint as it doesnt remove the historical failure to provide info.
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scooter
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Post by scooter on Mar 7, 2024 23:20:29 GMT
I did ask for formal response for FO. I agree that there are still questions to answer but I don't think they will answer them for me. There is perhaps 3 weeks left for a response. I am happy for anyone to use my posts to send to them and say that they want answers too. They know who I am. They do read these boards. If anyone wants me to look at another loan I will. I can still see everything available until they send my 59p back and close my account. All this simply because they cut and pasted the same comment to most loans for months....
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jnm21
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Post by jnm21 on Mar 9, 2024 6:48:49 GMT
I've read that a number of times and I'm not sure whether you believe that there was one or wasn't one. There definitely wasn't. I mean, I'd put it all out there already. I'm not sure they are legal anymore....it wasn't even mentioned.i never asked to be paid off. sceptical....I've sent you a personal message. There's no secrets in it, I just thought people might be tiring of my posts. I believe everything you say. I believe that there was not one. I am shocked that there was not one. Yet from BAD experience of P2P, I am not surprised by shocking mistakes - I think a teenager in their back bedroom enterprise might show more diligence than some P2P platforms. Total respect to you for the result you got for you & for the help/insight you have given others. I do wonder if the corporate investors getting involved with Kuflink read here? I am interested & more than happy to read any content you wish to post - had I carried through in the way you did, I and others might well be a lot better off.
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rocky1
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Post by rocky1 on Mar 9, 2024 7:56:38 GMT
come on KF you are getting slated on here.maybe time for a interview with [financial thing] in the style of the old LY video were brooke told us they were the best at everything.we all know he was lying through his teeth.fintech jargon is from the same books politicians learn from. bullsh*t baffles brains and all that.come on narinder you are losing a lot of votes here with your silence. instead of trying to steam ahead with growth and loan origination sort out the pile of sh*t that is building up behind you and show lenders a bit more respect.you are using OUR MONEY after all .transparency is what it is all about and we are not getting the whole truth with all this ducking and diving between platforms and borrowers.a few years back KF would have have been straight in on these loans but found out that actually delaying and extending and reterms is very lucrative income for them.
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Post by jono75 on Mar 9, 2024 11:33:49 GMT
come on KF you are getting slated on here.maybe time for a interview with [financial thing] in the style of the old LY video were brooke told us they were the best at everything.we all know he was lying through his teeth.fintech jargon is from the same books politicians learn from. bullsh*t baffles brains and all that.come on narinder you are losing a lot of votes here with your silence. instead of trying to steam ahead with growth and loan origination sort out the pile of sh*t that is building up behind you and show lenders a bit more respect.you are using OUR MONEY after all .transparency is what it is all about and we are not getting the whole truth with all this ducking and diving between platforms and borrowers.a few years back KF would have have been straight in on these loans but found out that actually delaying and extending and reterms is very lucrative income for them.
I agree, I was considering a re-term of an Auto-ISA to match up with a second ISA term I have, but after reading scooter's posts and I believe the annoying ISA transfer fee is no longer charged, then I will most likely transfer out and hope in a years time my other term ISA is OK.
Crowd Property also have a similar transparency issue and I have been transferring out of them. Not mentioning capital losses on their update emails etc just not good practice in my view. Very tardy project updates. I think they are both trying to grow too quickly and the house could eventually come down around them and I really hope it doesn't. They can do their risky growing with someone else's money in future.
They both need to get out in front of the bad vibes.
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jnm21
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Post by jnm21 on Mar 11, 2024 13:02:46 GMT
I think P2P seems to be all too often taken lightly - if I am responsible for someone else's money, I am damned careful.
I think it is a modern issue, where companies are funded by venture capitalists & that leads to a very lax attitude - if it all goes bad, just fold the company & move on.
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