lee
Posts: 18
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Post by lee on Mar 11, 2016 13:21:51 GMT
i am still waiting for my money. they promised it today bus this day will end soon. anyway it will be to late to transfer funds to another platform because they wont receive them until monday. not happy at all
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Post by kissmyjazz on Mar 12, 2016 0:20:19 GMT
It seems that Twino has some liquidity issue. Too many investors are withdrawing money now whilst they prefunded a lot of loans that are significantly slower at selling now on the primary market. I am glad to have withdrawn all my funds from there and will stay away for now, 12% loans will not entice me back.
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arnis
New Member
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Post by arnis on Mar 12, 2016 9:46:13 GMT
I don't think that there is an issue with Twino, must be slow bank processing. I did 200eur withrawal and received funds on the same day - Im using Swedbank, the same as Twino.
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Post by Deleted on Mar 12, 2016 10:24:48 GMT
It seems that Twino has some liquidity issue. Too many investors are withdrawing money now whilst they prefunded a lot of loans that are significantly slower at selling now on the primary market. I am glad to have withdrawn all my funds from there and will stay away for now, 12% loans will not entice me back. Can you substantiate your claim ? Don't think we should make statements like this lightly. Im not that happy about reduced interest rate, but I can understand why they did it. Not happy about lack of communication though. Having said that, I don't think I had any withdrawal issues with them. They're getting processed as they normally would for me. I was disappointed with interest drop and liquidated third of my balance and withdrew it and it happened within 2 days as promised. I called and cancelled it when they increased interest rate again.
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Post by kissmyjazz on Mar 12, 2016 11:38:23 GMT
Isn't it kind of obvious that they experience some issues? If Twino were happy with the transition to the lower interest economy, they would have kept them at 10%. They happily announced how they need to pay lower interest rates to investors to expand into market for prime borrowers. They also said that they want to simplify investing even more and every loan would be at 10% no matter the loan duration or the country of the borrower. Three weeks later they have reversed they own strategy and increased interest rates on Georgian loans selectively to 12% also citing the need to expand their offerings for prime borrowers. - Twino had a "bug" that made them repay a number of longer term loans prematurely without getting paid by the borrowers yet. - The number of the loans offered on the primary market has increased about two-fold since lowering of the interest rates, so they are selling out slower than before. - Communication from Twino with investors has deteriorated - Some investors report significant delays with the bank transfers
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Post by wiseclerk on Mar 12, 2016 12:31:36 GMT
define "significant". My recent two withdrawals have arrived at my bank account within 2 business days. Yes that is slower than the payout from other Baltic platforms like Bondora, but still okay and in line with what Twino said.
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lee
Posts: 18
Likes: 1
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Post by lee on Mar 12, 2016 12:54:10 GMT
I have the same bank as Twino and i am from the same country and i received my money only after 3 days. Before they always paid it within few hours. And i know that Jevgenijs ir reading all this so i don't understand why there are no comments from him about all things we are talking about here. Usually he commented on this forum
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Post by kissmyjazz on Mar 12, 2016 13:00:34 GMT
Significant in a sense that people find it a significant topic to start the discussion. From my personal experience I have made three withdrawals in total, the first two were processed within 1 business day, the last one took two business days (it was two weeks ago). For me personally this was not a significant change, but apparently something has changed as this forum topic was started. Of course it can all be hearsay and nothing has really changed, but the fact that Jevgenijs is not as active here anymore to clarify the situation is not helping.
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Post by jevgenijs on Mar 12, 2016 13:41:42 GMT
Hello, everyone!
My apologies for a slow response. Had a visit to our Georgian lender to discuss the new product launch, and the volumes they can generate for TWINO.
We have only two people, who are responsible for 1) answering phone and skype calls from investors, 2) replying to emails from investors, 3) onboarding new clients on TWINO, 4) processing incoming and outgoing payments (due to the bank interface, it's a manual process). And I can reassure you that both operators were doing the best they could to process the payments (including the incoming ones).
To address a potential follow up question on why we don't hire more people for the support function: we are working on it, but it is really hard to find people, who understand the product of p2p lending.
Sincerely, Jevgenijs
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Post by littleinvestor on Mar 16, 2016 22:10:43 GMT
Dear Jevgenijs,
I would suggest to delegate the 'processing incoming and outgoing payments' job to someone new - a holiday job worker, student.., I don't think it requires a lot of p2p knowledge and should not cost you much.
Dear kissmyjazz
-That bug was covered long time ago, and obviously it had to be corrected. No alarm here for a service that is up for 6 months. -The number of loans on the primary market is selling slower probably because many investors are passive and not necessarily their auto invest tool picked them up. Though I have to say it is impossible to give meaning to what we see in terms in statistics without having details as e.g. provided in Mintos where one can get the full loan book of loans put available to make some conclusions. -About the transfer delays, I have to say personally other platforms fluctuate also from 2 to 4 days, irrelevant from the amount. Perhaps one who started this topic had the bad luck of his personal bank keeping the funds longer. I would say, unless your money didn't arrive in 5 days, and your bank can't trace the incoming transfer I don't think we are in the position to start a topic on this.
The only advice I would give to Twino would be to remove the line 'earn 10%..', obviously the platform is still searching for a position; just change the line to 'earn high interest with buy back guarantee' it will decrease the amount of investors searching for that high percentage but come with little amounts, but will nevertheless attract those investors with a lot of funds looking for a bit more safety than stocks/bonds and medium returns..
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Post by gusgorilla on Mar 17, 2016 23:27:23 GMT
I just made a withdrawal and it took less than 24 hours to arrive in my Halifax account.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Mar 18, 2016 9:43:33 GMT
So back to normal now the interest rates are more competitive, I and presumably many others am no longer withdrawing repayments but reinvesting again.
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