SteveT
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Post by SteveT on Jan 31, 2017 10:47:47 GMT
Most platforms don't pay referral bonuses on new accounts opened by close family members in the same household (spouse, children over 18, etc.) or for referring your own company, although one or two still do. If it was your second cousin that referred you and they live elsewhere, then I think you're on stronger ground.
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Post by eascogo on Jan 31, 2017 14:05:01 GMT
Hi all, A family member recommended Bridge Crowd to me. I duly registered and emailed them to ask when I (or she) would get the £250 'reward'. I got a reply from Louis Alexander (managing director) saying that they do not give referall fees for members of the same family. But on the Rewards page of their website it reads " Increase your account balance by referring people to Bridgecrowd. Use the personalised link below for friends, family or to use on your website, blog or social networks. When a new investor invests through Bridgecrowd using your link we will credit your account." What am I missing? I pointed this out to them and Ive had no response. Thanks @dllive. Had the same response from BC a few month ago: "not for members of same family". A £250 reward is generous but perhaps less so in the context of a £5,000 minimum investment. Anyway IMO BC should declare that limitation in their reward offering. Failing to do so is disingenuous.
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Post by tybalt on Feb 1, 2017 12:25:48 GMT
Why not start the official complaints procedure ?
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Steerpike
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Post by Steerpike on Feb 1, 2017 12:54:15 GMT
Have you tried the phone?
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pom
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Post by pom on Feb 2, 2017 12:14:15 GMT
A £250 reward is generous but perhaps less so in the context of a £5,000 minimum investment. Really? Personally I think 5% is incredibly generous, wish I'd known about it before I signed up. The only site I can think of who's paid out a higher rate was LCs offer last year but I rue the day I ever heard of that one...!!! Add in the other party's bonus and it's already cost BC way more than they'll earn from a single investment. So I don't blame them if they're over-zealous on possible game-players. And honestly if the 5k min is an issue in deciding if the bonus is worthwhile then maybe you aren't really their target market - back when we used to have to digitally sign every loan agreement you could see that the vast majority of funding for each loan was coming from people investing a LOT more than 5k each time. Potential investors shouldn't be asking how good the bonus is, but are they happy to lock up 5k chunks for an unknown length of time. Yes, Ive really lost any confidence I had in BC. If they cant be bothered to answer my emails (its been over a week) then they are either too busy or too dismissive. Eitherway, its no way to treat customers and certainly makes me think what would happen should a default occur. I understand the reticence to pay a referral fee to family living in the same house (although whats the difference!? Its still a new customer!) but there is no caveat anywhere on the site. And again, I come back to this issue of having my 3 emails ignored! Ill leave a relevant review for them on the various review websites. Yes the quantity/quality of email responses is sporadic - if it's that much of an issue pick up the phone before starting on about complaints procedures or leaving bad feedback (more likely to lead to a favourable response also). For one thing emails can take a lot longer to respond to than a conversation, for another it's not totally impossible that your emails might not have got thru, or something else has prevented them responding. Sure I'd like responses to emails to be rather more reliable but I also appreciate that they've deliberately kept themselves lean, grown slowly and are clearly prioritising working on loans. Having used them 18+ months and had a few end up in default or extended such that I've had to wait for the sale of the property to receive months worth of rolled interest at the end, I remain impressed that whilst they're not very good at keeping us up to date, they really do seem to know what they're doing as far as getting money back (which is what really counts), but it's definitely not a site for anyone of a nervous disposition.
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Greenwood2
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Post by Greenwood2 on Feb 2, 2017 13:16:37 GMT
Edit: Quote didn't work as intended. Reply to Pom's last sentence.
Now you tell me!
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pom
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Post by pom on Feb 2, 2017 13:30:07 GMT
Edit: Quote didn't work as intended. Reply to Pom's last sentence. Now you tell me! LOL! I think I've got bored of saying it. But it does bear saying - for a few months last summer I was getting less than half the interest I could have expected each month. Very nice when it all caught up again though.
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Post by eascogo on Mar 31, 2017 17:05:00 GMT
@dllive. Surely as a result of investors' complaints BC emails announcing new loans now specify that referral cashbacks exclude immediate family: "Referrals - £250 cash-back We are offering a £250 cash-back reward for any investors that you introduce. To earn this reward log into your account and use the link to receive the rewards. (this offer is not open to members of the immediate family)" Would have been less controversial if this had been made clear from the outset.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 1, 2017 11:03:56 GMT
The FAQ now says:
How does the referrals work?
The referrals and cash back scheme is where you are referred from one of our partners companies or where you refer friends, clients or colleagues. You will receive a £250 cash back reward for every referral made. The referral cash back can only be given when the referred investor has invested £5,000 or over into a new loan within 45 days of signing up. This offer is not valid for the secondary markets and for members of your immediate family or the same household.
I cant tell if it has recently been changed.
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Post by eascogo on Apr 1, 2017 17:23:56 GMT
The FAQ now says: How does the referrals work? The referrals and cash back scheme is where you are referred from one of our partners companies or where you refer friends, clients or colleagues. You will receive a £250 cash back reward for every referral made. The referral cash back can only be given when the referred investor has invested £5,000 or over into a new loan within 45 days of signing up. This offer is not valid for the secondary markets and for members of your immediate family or the same household.I cant tell if it has recently been changed. I see that a note indicating immediate family members are not eligible first appeared in an email of 03/02/17 announcing new loans so I assume the FAQ was similarly amended around that time.
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