carolus
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Post by carolus on Jun 11, 2018 11:11:23 GMT
Sorry to hear you feel this way. it is not our intention to alienate ourselves form our clients, but the need to change "the goal posts" was necessary for Kuflink to continue the offering the deals it does. we are hoping we have does this is a very transparent way to avoid speculation and misinformation that may come about from Kuflink's repositioning itself in the market and remain competitive with it's returns. Please do reconsider using us again, I am sure you will be rewarded. Hi davidjones , I appreciate that you are engaging with the forum. That said, I think it is absolutely clear that Kuflink have not made this change in "a very transparent way". The change was announced on the 19th April, seemingly attempted to be "spun" as a positive change for investor protection, and since then there is still no information on your site about how the new model works, what it covers, how it covers it, when it will pay out etc. It is now eight weeks later and despite numerous people raising queries both directly through the website and on the thread here, there has been no update. There have been numerous queries raised in this thread and others about all of this, and it is very concerning to me that the change was made, and that there are loans on offer under the new system, when there is no explanation available of how the new system works. Had the initial change been a) honest about the reasons for the change and b) clear about exactly how it would work with lots of information available, then I think the response might have been far less negative.
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carolus
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Post by carolus on Jun 6, 2018 8:59:43 GMT
Tell me about it - I only joined PM around March 17, potentially bought some of these at close to or over par early on & then bought more when we are talking 14 or 15 months into the issue. I found myself playing 2 games of bingo - comparing the list to my dashboard & then the list of my wife's investments. I can now see why they closed the SM - issues with comms like this plus a SM is not a pretty picture. Why didn't they close it 1 year earlier? Wow, somehow despite your clear mention of it, I completely missed that the issues went back to 2016, not 2017. All I can say is "!!!". Not at all good that they were tradeable on the SM for such a long time then. Although it does make me wonder whether that's why some (all?) of them were removed from the SM last autumn and not put back before the SM closed.
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carolus
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Post by carolus on Jun 6, 2018 1:13:09 GMT
Nothing posted on it's TWITTER Account since 01/03/18. Nothing on the website blog since 18/04/18. Live chat removed from the site. No new investment opportunities. I am starting to get Quite worried about my investments now! I can assure you that propertymoose are still there (though maybe not here - go on prove me wrong). I have been trading emails & have some info off the back of my SPV 33 query about the first missed payment being as far back as February (the February payment being from January with payments being a month in arrears being my logic). The information I am about to post (I do have their permission) may shock some - please sit down...
There are as carolus suggested a number of SPVs affected by guaranteed rent not being paid; SPV 32 SPV 33 SPV 34 SPV 36 SPV 38 SPV 41 SPV 48 Rent was last received November 2016 (that is over a year, not a typo). Through what I genuinely believe was significant generosity PM paid out the rent while hoping to recover the relationship with the guarantor. When I read that last night I was shocked - that is an understatement - I have taken 24 hours to digest, query the year, ask permission to post this & would ask that everyone please appreciate their good intentions, that this has cost them thousands & they are working to pursue the guarantor - above all, please remember that they did not have to tell us this & further we want to keep communications open & honest - heck we might even see some answers on here! All that said, before someone accuses me of all sorts, I have made my feelings clear to them - I am now into a number of the affected SPV for a large sum to me (lowish 4 figures) where I probably would not be had this been made available in reasonable time. It is ironic that I just gave advice to another platform in the last few weeks; "with the knowledge that you pay out even if not paid by the borrower, it is a good thing. You do need to watch though, doing so without telling folk you risk being accused of misleading investors (more so if/when you have a SM)!" p2pindependentforum.com/post/267999/threadThanks for this, and for chasing it up. I'd agree that it is generous of PM to make up the payments for a while. However, I'm not terribly impressed that it was still tradeable on the SM at this point, and even more that the information wasn't disclosed when the votes on early exit from the properties were issued.
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carolus
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Post by carolus on Jun 5, 2018 17:47:55 GMT
Any potential buyer can visit his forum to see the desperation of more nervous lenders. They might then low ball their offer even more, I would! Just chill out. MT can only tell us anything when they have new information. This is P2P investing. If you don’t like it stop doing it. Oh, MT have information but are reluctant to pass it on - something about "Not aligned with our lenders interests". You are presumably selectively quoting from this post, where the full text of the sentence was: "There are a number of activities going on behind the scenes to achieve the best outcome for lenders, however there are also a number of other parties closely watching the progress whose interests are not aligned with our lenders." Which to me when combined with the rest of that post, and the update from that time (less than a month ago!) on the website seems an entirely reasonable justification for remaining fairly quiet. Are you honestly saying that if they have sensitive information, which would affect the outcome of the default were it to enter the public domain, you would want them to tell us anyway rather than get on with the recovery? I don't think just brushing that explanation off as you appear to be is entirely fair, unless you have any genuine supporting evidence for the reason MT have given being a fabrication.
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carolus
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Post by carolus on Jun 5, 2018 13:45:36 GMT
I did have a successful withdrawal go through yesterday of a few pounds of interest, so at least some stuff is still happening.
EDIT: And I have also received a response to a query I submitted about one of the SPVs.
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carolus
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Post by carolus on Jun 4, 2018 9:36:58 GMT
I've just noticed that live chat no longer appears to be available on site - is this just me, or does anyone know when it was removed?
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carolus
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Post by carolus on Jun 2, 2018 21:46:44 GMT
I've been doing much the same with my updates today. The first thing that jumped out to me was that nothing much seems to be happening with any of them. Even ones for which PM supposedly have vacant possession there doesn't seem to have been any meaningful progress.
The specific SPV that I noticed as obviously having been handled incorrectly was 68. They appear to have sent the notice letter back in March, which was "returned to sender". They only appear to have noticed that they therefore hadn't actually served notice when they were writing up the report, since they mention they dispatched a replacement notice on May 30. This means there's been roughly two months wasted and they're now not expecting to take possession until the end of July (assuming they manage to serve it correctly this time!).
I also noticed that several reports had wording along the lines of "respecting the spirit of the vote" which seems a slightly strange phrasing.
EDIT:
32, 41, 48 seem to have the same issue as you've reported with 33 - the "guaranteed" rent has evaporated. I notice that 48 has zero income reported - so the guaranteed rent must have failed at least as far back as March. If that was the case, it seems slightly concerning that we were asked to vote on the future of the SPV without this information.
48 also has been almost two months since the vote, empty and yet there appears to be no meaningful progress on selling it, beyond some waffle. I note with some concern mention that they are consulting an architect - this suggests either all is not well with the property or they are trying to do something quite major to the property.
54 appears to have had nothing happen since the vote to sell
56 has had no update at all
75 is still on the market, but appears not to have had any interest and it's been there for a while now I think (certainly it was before the changes). I also read somewhere that the merger of PMF 75 funds into the actual property may have been done in a rather strange way, but I wasn't in PMF 75 myself.
81 two months, no progress on the sale, although at least the guaranteed rent appears to be holding up.
85 despite the vote, they still don't appear to have served notice to the tenant.
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carolus
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Post by carolus on May 7, 2018 15:18:59 GMT
maybe it would be fair to say its free money at the start i.e starting with the max level for a non tax payer £2880 turning into £3600 invested after that its down to luck But don't forget that, for a non- (or basic-) taxpayer, putting money in an ISA actually gives you pretty much the same boost when you decide to withdraw money, so if you haven't already used your entire ISA allowance it's well worth considering whether you should use that first. The SIPP boost if you are a non- or basic-rate taxpayer gives you a 5/4 boost when you pay in, but this is precisely cancelled by the 1/5 you would lose to tax assuming you will be a basic rate taxpayer when you draw down (if you expect to be a higher rate pensioner then the situation is worse!). In contrast for an ISA you won't get any boost for paying in, but will also be tax free when you withdraw from the ISA. The fact that you can pull 25% out of the SIPP tax free is a benefit, but still only works out to a 1/16 boost. This has to be weighed against the fact that you can't access the money in the SIPP until you reach 55, and will be at the mercy of any changes to pension regulations between now and then. In broad terms I'd suggest an ISA is often better if you expect your tax band in retirement to be equal to or higher than your current one, and an SIPP if the other way round.
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carolus
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Post by carolus on May 7, 2018 10:09:05 GMT
How do you get the free £100? Their previous referral offer was invest £200 and both referer and referee get £100. The new one requires a £500 investment instead.
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carolus
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Post by carolus on May 4, 2018 22:32:34 GMT
Yes, I think if you're in a situation where the prospect of having an amount under £10 sitting on a platform like MT is a risk you are seriously worried about, then you really need to think about whether this sort of high risk investment is for you in the first place.
As others have said, this hasn't sprung up overnight, and seems to me entirely sensible in light of the fees and time cost to MT for these tiny withdrawals.
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carolus
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Post by carolus on May 3, 2018 16:28:23 GMT
Hi Amberside ALP, I've just been looking at your website and I can't see any mention of what your status is regarding FCA authorisation and registration. Especially with the recent events with Collateral, I suspect some people will be concerned if they can't find any information about it.
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carolus
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Post by carolus on May 2, 2018 19:33:38 GMT
Hi I logged in about 6pm OK, but at about 8 PM, can't login anymore 'invalid email or password' Nothing has changed my side. Nothing wrong for me, I seem to be able to login okay.
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carolus
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Post by carolus on May 2, 2018 14:56:19 GMT
What I find puzzling is the discrepancy in the percentages for sale of the Newcastle-u-Lyme loans. The main loan has 35.8% offered for sale but the additional advance has only 9.56%. Given the identical risk I would not have expected such a large difference. Part of this might be down to a sort of feedback loop. If someone wants to buy into the loan, they will prefer the advance with the smaller queue, since if they need to sell they may be able to do so more quickly. This in turn keeps the queue size for the second tranche down, etcetera. Another factor that occurs to me is that since the second advance is so much smaller than the main loan, a purchase of a fixed amount will reduce the size of the queue by a much larger percentage for second advance than first.
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carolus
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Post by carolus on May 1, 2018 23:03:23 GMT
I got an email today offering 20% first loss, and the select invest page still says it What do you think? Rubbish admin or a change of heart? Email suggests it's because previous tranches of this loan have drawn down with the coinvestment. My guess is that logistically it was too tricky to have separate tranches of the same loan with different types of protection, rather than this being a full change of heart.
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carolus
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Post by carolus on Apr 26, 2018 23:14:52 GMT
Thank you for your patience whilst we reviewed your comments. We welcome your feedback and would like to thank you for your support and for being a part of Kuflink. Without our community of investors we wouldn’t be where we are today – one of the fastest growing property-backed P2P lenders in the UK. We are successful because we cater for our customers. As per investor demand we have replaced our 20% stake with a 20% first loss, providing increased availability to our investors. Kuflink is one of a handful of platforms that has zero investor losses. We are constantly investing further into our infrastructure to stay ahead of the curve. Tomorrow we celebrate our 1-year anniversary since we became authorised and regulated by the Financial Conduct Authority. Our investors have never lost a penny and all our opportunities are backed by UK property! If you have any further questions, please get in touch with us via email at hello@kuflink.co.uk. Kind regards Narinder Khattoare CEO I'm pretty shocked that this is the extent of the response. You haven't engaged in any meaningful way with any investor questions or concerns. There's still no information available about the provision fund either here or on your website. In fact, there's barely any information about the fact that the protection has changed at all on the website. I'm rather concerned that it was felt appropriate to start launching loans under the new structure without this sort of information being available. I think others have summarised the key questions already. I certainly wouldn't consider investing any further in the platform without this sort of information, and I'm rapidly losing faith that we will get it.
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