scooter
Member of DD Central
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Post by scooter on Apr 19, 2024 9:15:12 GMT
They are deluded. Whatever happens with my loans, I will do everything i can think of to premote the fact that this Company is not delivering it's promises.
I had another reply yesterday which basically said that having changed the website in 2 places they are now compliant and that acting so quickly was a feather in their cap!
All they care about is filling the new loans at any cost. Did you see the press this morning? Desisions in principle in minutes. Hurrah!
When was the last time a review site or Alt Fin newspaper ran an article about how platforms fail investors? They don't because the platforms sponsor them. As long as they are allowed to kick the cans down the road until the platform enters administration / winds down, CP will be Platform of the year and new investors will be sucked in.
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scooter
Member of DD Central
Posts: 403
Likes: 379
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Post by scooter on Apr 23, 2024 16:00:49 GMT
I have a final response from them. It's in PDF so I can't put it all on here, but the highlights:
"Historically we have always used the terms "project & "launching" even when referring to subsequent raises of existing projects" - Duh!
"I agree with you that it could be deemed misleading to an investor without much experience using our platform" - no one has experience on the platform until they try it!
"Last summer I requested a change to the language used in the preview emails" Preview emails are not required for autoinvest - It's "Hands-free"!
"We should have updated our website at the same time......" Duh!
"The vast majority of our retail investment comes from AutoInvest...... If Autoinvest only worked for the first phase of a project we would struggle to raise the funds necessary..." Most of my loans were take in lower amounts that my risk limit, so it would never just work for the first phase. Any phases up to your risk limit
Blah, Blah, Blah we will not refund you or compensate you......Blah Blah.
I have sent my FO complaint today.
Will let you know
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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 
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Post by ilmoro on Apr 23, 2024 19:04:00 GMT
I have a final response from them. It's in PDF so I can't put it all on here, but the highlights: "Historically we have always used the terms "project & "launching" even when referring to subsequent raises of existing projects" - Duh! "I agree with you that it could be deemed misleading to an investor without much experience using our platform" - no one has experience on the platform until they try it! Or anyone that understands basic English"Last summer I requested a change to the language used in the preview emails" Preview emails are not required for autoinvest - It's "Hands-free"! What was it because I cant see anything that would assist in knowing autolend was going to lend - "We should have updated our website at the same time......" Duh! Why? They didnt think it was misleading based on the response I got"The vast majority of our retail investment comes from AutoInvest...... If Autoinvest only worked for the first phase of a project we would struggle to raise the funds necessary..." Most of my loans were take in lower amounts that my risk limit, so it would never just work for the first phase. Any phases up to your risk limit That seems the admission of a flawed platform ... sounds a bit LendyBlah, Blah, Blah we will not refund you or compensate you......Blah Blah. I have sent my FO complaint today. Will let you know CEO due on Financial Thing in May
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Post by scepticalinvestor on Apr 24, 2024 8:36:40 GMT
"The vast majority of our retail investment comes from AutoInvest...... If Autoinvest only worked for the first phase of a project we would struggle to raise the funds necessary..." I'm surprised that they were willing to characterise the portion of retail that came through auto-invest as "the vast majority". More candour than I'd have expected in a written response!
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rocky1
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Post by rocky1 on Apr 24, 2024 10:42:04 GMT
also in a previous reply." it is important to remember that this is high risk,highly illiquid investments,we do not have secondary marketand you cannot exit an active loan.therefore your funds are committed until repaid by borrower."so there it is i suppose the we CP have first charge etc spiel is enough to draw many lenders in.
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