jonno
Member of DD Central
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Posts: 2,742
Likes: 3,137
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Post by jonno on Jan 2, 2018 13:29:34 GMT
I'm new to Archover. I have made six investments (and funded them) since early/mid Dec, but four of these are still awaiting drawdown and therefore not earning interest. Is this kind of delay "normal" or perhaps down to the time of year? Seems normal to me. I also have loans funded from early December yet to draw down. I've been using Archover for several months now and I've found it usually takes about a month for a loan to draw down from the date it becomes fully funded. It would be great if Archover paid interest from the date you actually commit funds to the loan. I know this is what some of the other platforms are doing. Mmm; Thanks savernake. If this is normal it's quite a drag on what is not an "extravagant" rate. I might need to reconsider this platform going forward.
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wilja
Posts: 20
Likes: 19
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Post by wilja on Jan 3, 2018 17:24:25 GMT
Hi, It seems to be related to the cooling off period of 14 days, i don't use any other platforms that have a cooling off period. Losing a months interest on 1 year loans has a fair impact.
I still like the platform, although it has its first default in progress that i am aware of which has taken the shine off a little.
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savernake
Member of DD Central
Posts: 174
Likes: 142
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Post by savernake on Jan 3, 2018 18:08:21 GMT
Hi, It seems to be related to the cooling off period of 14 days, i don't use any other platforms that have a cooling off period. Losing a months interest on 1 year loans has a fair impact. I still like the platform, although it has its first default in progress that i am aware of which has taken the shine off a little. I've decided to halt any further investment on Archover until I have seen how they handle their first default. On the website they advertise a 'zero tolerance' to borrower defaults so I would expect it to be resolved fairly quickly. I hope those lenders affected will keep the rest of us on here updated with whatever information they feel they can provide.
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Post by stevepn on Jan 3, 2018 18:41:37 GMT
Hi, It seems to be related to the cooling off period of 14 days, i don't use any other platforms that have a cooling off period. Losing a months interest on 1 year loans has a fair impact. I still like the platform, although it has its first default in progress that i am aware of which has taken the shine off a little. The impact of losing interest is greater if you have a six month loan but this is still my favourite platform.
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Post by hugoarchover on Jan 4, 2018 11:10:16 GMT
Hi, It seems to be related to the cooling off period of 14 days, i don't use any other platforms that have a cooling off period. Losing a months interest on 1 year loans has a fair impact. I still like the platform, although it has its first default in progress that i am aware of which has taken the shine off a little. ArchOver strictly adheres to FCA and HMRC guidelines. As an example we were one of the only platforms to collect Withholding Tax correctly before HMRC removed the obligation – during that time most other platforms were technically in breach of the law. The FCA (https://www.fca.org.uk/news/press-releases/financial-conduct-authority-outlines-how-it-will-regulate-crowdfunding) requires platforms to provide a 14 day cooling off period to Borrowers and Lenders, especially if a secondary market is not available. We are working on a solution to speed up the draw down and do appreciate that on occasions lenders funds can be not earning interest for a short period of time.
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