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Post by petebutt43 on Sept 28, 2015 17:29:10 GMT
After a bad wekend I was forced to send in this complaint to TC:-
This weekend has been particularly frustrating for me. Firstly, you take three FULL days to action a withdrawl which didn't make it to the bank in time to show up at close of play today. Secondly, you drawdown a loan but leave the funds I invested in suspense, robbing me of three days of possible sales. Thirdly, the delay in drawdown has prevented me from investing in another loan that I wished to partake of.
Will the new software be quicker? I may be forced to take my money elsewhere if it isn't!
Has any body else suffered from the glacial pace of money movement at TC?
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pikestaff
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Post by pikestaff on Sept 28, 2015 18:08:14 GMT
Yes the software is glacially slow and we all hope that the new software will be better. However, it is not clear that the points you mention are software related.
1. Withdrawals - In common with many platforms withdrawals are not sent as faster payments. I'd expect them to be actioned the same wprking day or the next and then to take 2-3 working days to clear.
2. Drawdows - Yes TC can take a long time to move loans out of suspense after they have drawn down. Twas ever thus. They do not see this as a top priority process, because it has no effect on income. The platform is not designed for flippers and they do not expect people to want to sell immediately. Although this is not directly related to the current speed issues, I do hope that the new software will automate the process.
3. I do not understand how a delay in drawdown (if that is what you mean) would prevent you investing in another loan.
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Post by petebutt43 on Sept 28, 2015 19:09:19 GMT
The loan was drawndown Friday. My funds were not taken out of suspense till this afternoon at close of play!! Ergo i can't sell them and re-invest ( harvest bonuses)
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Post by tybalt on Sept 28, 2015 21:16:22 GMT
I suggest you have a browse through the two forums that are on the ThinCats sites. At 1% of capital pus the loss of accrued interest think you will be pretty unlikely to make a profit even flipping loans where you have had a volume discount. The forums are normally pretty active but are quiet at present pending the new software or not.
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Post by petebutt43 on Sept 28, 2015 23:15:46 GMT
Agreed, at 1% there is no gain, but at 2% or more it can give a better return, IF there is a fee amnesty on the secondary market!.
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pikestaff
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Post by pikestaff on Oct 2, 2015 17:00:15 GMT
Agreed, at 1% there is no gain, but at 2% or more it can give a better return, IF there is a fee amnesty on the secondary market!. Rather a late reply, but WHAT fee amnesty, may I ask? I'm not aware of one.
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bababill
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Post by bababill on Oct 3, 2015 6:17:09 GMT
I don't have many issues with the software....works fine most of the time for me. i just don't use the secondary market...too much hassle for me.
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wysiati
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Post by wysiati on Oct 3, 2015 9:30:53 GMT
I suggest you have a browse through the two forums that are on the ThinCats sites. At 1% of capital pus the loss of accrued interest think you will be pretty unlikely to make a profit even flipping loans where you have had a volume discount. The forums are normally pretty active but are quiet at present pending the new software or not. Given the number of complaints about the new software's provider (TC is to use a modified white label version of the Rebuilding Society software) in the threads here it is not clear whether things will improve - some of the withdrawal delays has been attributed to the procedures involved with using Street UK, so if that relationship continues then there may be no change to the speed of transactions. There is still quite a bit of forum activity including that dedicated to various problem loans, some of which are months in arrears or overdue for final repayment. In some cases certain Sponsors have helped to achieve good outcomes and communicated well but the actions/attitude of some others appears IMO to be well below the standard which many would expect of any financial provider with a duty of care. Another key issue and discontent regarding some of the default handling by TC and certain sponsors. On at least one it appears that the terms of a PG were changed to be non-standard (i.e. weaker) without disclosing this to investors. TC is now apparently stating in that case that a final offer of <20p in the pound is all that investors should expect and that it will not fund any further legal attempts at recovery. Defaults are to be expected but I do not know of another platform where members of a lender syndicate have felt it necessary to form their own working group in an attempt to achieve a better recovery outcome, which is what appears to have happened in at least one case. Apologies if a bit off-topic.
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shimself
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Post by shimself on Oct 3, 2015 14:45:39 GMT
.... Defaults are to be expected but I do not know of another platform where members of a lender syndicate have felt it necessary to form their own working group in an attempt to achieve a better recovery outcome, which is what appears to have happened in at least one case. I'm having a moan at AC right now, in the course of which I am suggesting they need to involve a representative lender in the recovery process (when losses are faced). I think thats a good thing.
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bigfoot12
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Post by bigfoot12 on Oct 23, 2015 8:43:03 GMT
The loan was drawndown Friday. My funds were not taken out of suspense till this afternoon at close of play!! Ergo i can't sell them and re-invest ( harvest bonuses) Hopefully by now you have a better idea how TC works, but for others reading this thread you should be aware that it usually takes a week to sell, sometimes longer. I wouldn't expect a large loan that has just drawn to be that popular on the secondary market.
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Post by chielamangus on Oct 24, 2015 16:10:54 GMT
Jeez. I've read the threads here and those on the TC "new" forum and it all sounds one long hassle. I've been on the verge of investing via TC for a couple of years now but every time I look closer I find a lot to put me off. It's AC's problems which are driving me towards TC again and again I'm hesitating. Can anyone out there honestly say this is one the better P2P/B platforms there is?
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Post by tybalt on Oct 24, 2015 17:19:56 GMT
Provided you have sufficient capital to have sufficient diversity - suggest £75,000 and you are prepared to put the time and have the skills to understand the loan descriptions I believe some loans on ThinCats has amongst the best risk reward ratios in P2B. Drawdown delays can normally be anticipated and where they occur because of the sponsors being unwilling to release the funds without the security being in place then that seems to be a strength rather than a weakness. There have been loans which have failed very early in their lives but there are also lenders who have avoided any defaults.
The current software is idiosyncratic but I have never found it to be materially wrong.
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bigfoot12
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Post by bigfoot12 on Oct 24, 2015 18:52:34 GMT
I've been on the verge of investing via TC for a couple of years now but every time I look closer I find a lot to put me off. It's AC's problems which are driving me towards TC again and again I'm hesitating. Can anyone out there honestly say this is one the better P2P/B platforms there is? I think that most of those on TC who have been diversified have earned reasonable returns, but those who better understand balance sheets and small companies have done better. It is definitely worth continuing your research before investing. However, I would urge you to wait. TC is about to make a significant change in the IT and the platform. There is little point learning the very idiosyncratic existing system. This change might be as soon as two weeks away. Possibly tied to the platform change is some sort of change in ownership, which I don't fully understand. It might be worth signing up now and transferring £1k, but not investing it so that you can read both forums as it isn't clear whether both will survive the change.
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pikestaff
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Post by pikestaff on Oct 24, 2015 22:41:54 GMT
Jeez. I've read the threads here and those on the TC "new" forum and it all sounds one long hassle. I've been on the verge of investing via TC for a couple of years now but every time I look closer I find a lot to put me off. It's AC's problems which are driving me towards TC again and again I'm hesitating. Can anyone out there honestly say this is one the better P2P/B platforms there is? In my personal experience, yes. I like the transparency and the quality of information available before lending, and I've done significantly better on TC than on AC. But I agree with tybalt and bigfoot12's responses. It's best for those who can commit a substantial amount and have some understanding of business/accounting, and it might be wise to wait for the new software before actually investing. Having said that, it's not essential to have much understanding of business/accounting. You can stick to property loans if you want, which are easier to understand, or you can invest through their pooled investment vehicles (TLCs). However, I would not particularly recommend the latter at present because there are information/liquidity issues should you ever want to sell.
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bababill
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Post by bababill on Oct 25, 2015 7:22:21 GMT
I would invest now in TC. The basic parts of the current software are easy enough to learn quickly. I wouldn't wait till I have 75k free... It would take me too long to find enough loans that I like whilst ensuring diversification. Too much cash drag to start with.. Begin with whatever you feel comfortable... Say 1,000 in one loan.. Then when you find another loan you like invest another 1000...... or 10,000 in the first loan then when u find another loan invest another 10k.....
Most of the loans on TC I don't like.... For example, I don't like 5 year loans with only a company debenture as security... But thats just me, I am very risk adverse. I only have 8% exposure on TC vis a vie other platforms..... I would like to increase it tho.... I have earned approximately 10%..
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