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Post by Financial Thing on Nov 25, 2015 19:11:14 GMT
I think if Financial Thing can joke, after possibly losing 25% then fair enough with the puns. agreed, so far I'm in for about £100 per pun.
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Maestro
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Post by Maestro on Nov 25, 2015 19:39:05 GMT
I had a small investment with FruitFul (1-2% of my p2p portfolio) which I withdrew a couple of months ago.
I usually invest a very small amount to keep a tab on a new platform to see their progress. Initially I liked what they were offering, and underlying security of their loans that they were intending to make, their communication, but had some doubt about their ability to continue to honour short term liquidity given the duration of loans they were going to make.
Overtime, I felt that they were probably more focused on making their website look pretty then building a viable platform. They even had testimonials on the website saying how nice their website is.
A few months ago I asked them to provide some lending/borrowing stats among few other things, and they basically told me to wait a couple of months as they are working on a revolutionary new way of presenting this information to lenders. A couple of months later, I still did not get any acceptable answer to my queries and then I decided that this platform is not for me.
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Steerpike
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Post by Steerpike on Nov 25, 2015 19:41:10 GMT
The notification on 27th October talked of refocussing rather than termination and indicating relaunch in 2016.
I received my 85% on 9th November.
Repayment of the remaining 15% + interest apparently depends on remortgaging the loans and no timescale was quoted.
They seem like a nice bunch but perhaps hadn't got the business model quite right for "retail P2P".
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kermie
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Post by kermie on Nov 25, 2015 22:19:38 GMT
"we’ll be partnering with a small number of long term investors who want long term and very low risk investments. Typically these investments will pay very low yields which aren’t attractive to individual retail investors."
Not sure I think much of the new business model, either, but hey - horses for courses.
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Steerpike
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Post by Steerpike on Jun 20, 2016 15:48:18 GMT
When Fruitful opened its doors in Feb 2015, I decided to take a gamble and invested a four figure sum as I liked the staff communication, simplicity, liquidity, goats and the business model. Several weeks ago I received an email stating Fruitful would be closing its doors to the P2P lending model of its business for several reasons. The email explained that a portion of invested returns would be credited immediately (75%) while the remaining 25% would be credited within 12 months. I sent an email to Fruitful asking for more details but didn't receive one back. A little concerning to say the least. As promised the 75% was received four weeks after the closing email. Overall Fruitful was a good experience and I'm sure I will receive the remaining 25% (with interest) at some point but needless to say this is an email you don't want to see in your inbox and is a reminder of the risk that is P2P lending and how if a platform closes its doors, how little recourse there is for the average investor without paying hefty lawyer fees. Did you get the other 25% plus interest repaid?
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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
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Post by ilmoro on Jun 20, 2016 15:54:44 GMT
When Fruitful opened its doors in Feb 2015, I decided to take a gamble and invested a four figure sum as I liked the staff communication, simplicity, liquidity, goats and the business model. Several weeks ago I received an email stating Fruitful would be closing its doors to the P2P lending model of its business for several reasons. The email explained that a portion of invested returns would be credited immediately (75%) while the remaining 25% would be credited within 12 months. I sent an email to Fruitful asking for more details but didn't receive one back. A little concerning to say the least. As promised the 75% was received four weeks after the closing email. Overall Fruitful was a good experience and I'm sure I will receive the remaining 25% (with interest) at some point but needless to say this is an email you don't want to see in your inbox and is a reminder of the risk that is P2P lending and how if a platform closes its doors, how little recourse there is for the average investor without paying hefty lawyer fees. Did you get the other 25% plus interest repaid? Not yet. Target deadline is October
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Post by Financial Thing on Jun 20, 2016 16:41:17 GMT
When Fruitful opened its doors in Feb 2015, I decided to take a gamble and invested a four figure sum as I liked the staff communication, simplicity, liquidity, goats and the business model. Several weeks ago I received an email stating Fruitful would be closing its doors to the P2P lending model of its business for several reasons. The email explained that a portion of invested returns would be credited immediately (75%) while the remaining 25% would be credited within 12 months. I sent an email to Fruitful asking for more details but didn't receive one back. A little concerning to say the least. As promised the 75% was received four weeks after the closing email. Overall Fruitful was a good experience and I'm sure I will receive the remaining 25% (with interest) at some point but needless to say this is an email you don't want to see in your inbox and is a reminder of the risk that is P2P lending and how if a platform closes its doors, how little recourse there is for the average investor without paying hefty lawyer fees. Did you get the other 25% plus interest repaid? October fingers crossed although communication has been very little.
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Steerpike
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Post by Steerpike on Oct 25, 2016 13:20:48 GMT
Latest communication I have received:
"The remaining loans at Fruitful are longer-term mortgages, however we’re working with the borrowers with a solution to repay these loans early in order to return capital to lenders. We’re looking to have this complete by January."
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Post by TwentyTurtles on Dec 28, 2016 12:53:17 GMT
I note their cert expired 7 days ago so you can't even login, yet they've still not refunded all the funds. Their twitter page has also been deleted. Not looking hopeful.
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Steerpike
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Post by Steerpike on Dec 28, 2016 17:41:14 GMT
I note their cert expired 7 days ago so you can't even login, yet they've still not refunded all the funds. Their twitter page has also been deleted. Not looking hopeful. I contacted them just before Christmas and their response was that replacement mortgages "are going through but they are hitting some delays in the legal process due to holidays over the Christmas period. However, this will resume in the new year and shouldn’t take too long to complete".
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jan 3, 2017 10:15:20 GMT
At least I can log into my account this morning  |
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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
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Post by ilmoro on Jan 11, 2017 8:03:43 GMT
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james
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Post by james on Jan 11, 2017 15:00:33 GMT
This definitely seems like good news: "The remaining borrowers have now either agreed terms with new lenders for a remortgage or intend to sell their properties".
UK P2P firms overall seem to be doing fairly decently with business closure.
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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
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Post by ilmoro on Feb 20, 2017 8:38:42 GMT
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Post by betterthanworking on Feb 20, 2017 9:28:59 GMT
Yes, I happened to enquire last week about the situation, and was told about the new scheme. I'm keen to hear more details, as it definitely sounds out of the ordinary.
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