LendingCROWD NZ P2P

[beacon]

Mine still hasn't, despite available cash in account. I'm with a mainstream bank.
Manual withdrawals used to come through to my bank same night before rule changes - so it appears they haven't AUTOMATICALLY processed my automatic withdrawal

Still received nothing in my account. I am told there are others who've ALSO received NOTHING this week in their (existing) nominated bank account, despite "available cash" showing in their Investor accounts.

[Saamee]

Still received nothing in my account. I am told there are others who've ALSO received NOTHING this week in their (existing) nominated bank account, despite "available cash" showing in their Investor accounts.

For clarity could you tell us here who \ where told you there were others? t.i.a

[beacon]

For clarity could you tell us here who \ where told you there were others? t.i.a

They are not comfortable with the disclosure you want here. I presume they will take what action they see fit themselves.

I also presume Lending Crowd has advised them (as they have advised me) that the funds seen as "cash available" in the account on Monday morning, weren't cleared funds as of Sunday night - which is what they processed last Monday - the 4th of December 2023 .

So far as I remember, up until November end, they used to process client-requested withdrawals made upto 2 PM on any business day - after 2 PM the same day, up to the "cash available" on the day.
Looks like yet another change to suit themselves, and use Investor funds (Other People's Money -OPM) free...

[Saamee]

Then your words are just unsubstantiated mumbo jumbo words with no credibility!

Could jsut be made up for all anyone else here knows!

I had wondered if LC had told you that - but you could have said friends, just family or people at work ( was not looking for names and address! )

[beacon]

Then your words are just unsubstantiated mumbo jumbo words with no credibility!

Could jsut be made up for all anyone else here knows!

I had wondered if LC had told you that - but you could have said friends, just family or people at work ( was not looking for names and address! )

You are free to take my words as you see fit. Hope you have better success with your email(s) to Wayne and FSCL complaints.

[Saamee]

I feel that time will tell about replies....

It looks like it may move very slowly!!

FSCL directed LC to engage but nothing yet!

I hear Crickets :)

[Saamee]

Anyone considering the Disputes Tribunal ( small claims court ) and taking a case?

Especially for a case disputing 'the use of Investor money' and not paying interest!

[beacon]

I feel that time will tell about replies....

It looks like it may move very slowly!!

FSCL directed LC to engage but nothing yet!

I hear Crickets :)

Seems Lending Crowd are creating a turn-about/escape route by stating in their email (to me) "... whilst we have put in place a system to start methodically winding down the LCL service, it is early days and your comments and suggestions have been noted and are important to us. We are committed to reviewing all feedback."

A finance company that loses investor goodwill loses all eventually. They have erred, and the quickest, best and cheapest remedy/ damage control is to reinstate daily client withdrawals urgently. It would be quite hard to defend how they are serving the investor by cheating him of the pre-contracted right to withdraw available cash "at will", or denying market interest payment on "available cash" by unilaterally changing TOS in an existing contract.

[beacon]

Anyone considering the Disputes Tribunal ( small claims court ) and taking a case?

Especially for a case disputing 'the use of Investor money' and not paying interest!

Certainly a reasonable and worthwhile option, for small claims of Interest lost up to $30,000
What the Tribunal can help with | Disputes Tribunal of New Zealand (https://www.disputestribunal.govt.nz/can-help-with/)

[beacon]

I feel that time will tell about replies....

It looks like it may move very slowly!!

FSCL directed LC to engage but nothing yet!

I hear Crickets :)

Interest lost can be claimed from the date of Contractual change, ie., 4th December, alongwith costs and damages etc. if it goes to litigation

[Saamee]

A finance company that loses investor goodwill loses all eventually. They have erred, and the quickest, best and cheapest remedy/ damage control is to reinstate daily client withdrawals urgently. It would be quite hard to defend how they are serving the investor by cheating him of the pre-contracted right to withdraw available cash "at will", or denying market interest payment on "available cash" by unilaterally changing TOS in an existing contract.

Note: 20th March is the latest version as still shown on their website ( screen shot already saved! ).

No new Investor Agreement has been posted Online and this is where the whole issue falls apart because it proves they have acted illegally outside of their remit.

With the website being pulled from 14th Dec how are we investors meant to know when anything changes?

Not that anything changed with this current event Online on their website. :)

>> https://lendingcrowd.co.nz/legals

[Saamee]

Interest lost can be claimed from the date of Contractual change, ie., 4th December, alongwith costs and damages etc. if it goes to litigation

There are quiet a few hours of time spent both by myself and my wife on this to date.

LC will not like my hourly charge when I win at the Disputes Tribunal!!! :)

[beacon]

With the website being pulled from 14th Dec how are we investors meant to know when anything changes?

More importantly, it takes away your ability to see your "available cash" on any given day, as well as your ability to calculate how much interest you lost in the week before the weekly withdrawal.

[Saamee]

Call me Cynical...... but I would prefer you call me Saamee!!!


Would you believe it...... I rather think I was correct.


LC have only as today ( Sun 10th Dec 2024 ) decided to update their Investor Agreement on their Website.


>> https://lendingcrowd.co.nz/content/files/InvestorAgreement.pdf


You will note LC have only today added a Clause 'G' to the Investor Agreement > Investor Account section 5.1 new clause 'G'


This talks about something called the 2nd Hold Date.


Not a clue in the world what a 2nd Hold Date means!!


We as Investors have \ are NEVER asked to accept the latest Investor Agreement Ts & C's


Not when you ever logon to the Website or through Email notifications.


Unlike say Banking App's on your phone where after a new Version updates you have to accept the latest Ts & C's BEFORE you can use the newly updated App!!!


I would call todays' act of updating the LC Ts & C's too little too late after the event - in other words LC have put the cart BEFORE the Horse.....


Now there actions I see as pure Cynical C . Y . A

[Saamee]

The following Documents were also updated TODAY - Sunday 10th DEC 2023


>> DISCLOSURE AGREEMENT - https://lendingcrowd.co.nz/content/files/DisclosureStatement.pdf


>> SERVICE T's & C's - https://lendingcrowd.co.nz/content/files/ServiceTermsAndConditions.pdf

[malreid]

This talks about something called the 2nd Hold Date.


Not a clue in the world what a 2nd Hold Date means!!



Defined as December 4th 2023 later in the document.

While I don't agree with the way LC are handling this or the lack of communications or not prompting for acceptance around changes to T&C's (for want of better words), this is the way that the legal's have been written from day one. As far as I can see LC have complied with them. Whether or not they could have done/should do better, and obviously the answer is yes, we've all had access to the legal's. If we weren't comfortable with what those documents 'allow', why did we invest?

Investment risk is not just limited to returns, we also take on board the risk of transparency, professionalism et al of a provider not being up to the standard that we might expect. Providers who go no further than the absolute letter of the law, which from my layman's perspective is what I see happening here, are unfortunately acting within their rights. Whether or not we agree with it, whether or not it's fair or arguable just and right, very debatable for sure. But the law and regulations only exist to set a baseline for the lowest common denominator of behavior.

Yeah we're all a bit p'd off with this but I really don't see the need for or advantage in some of the off the cuff and apparently quite quick fire comments I'm seeing here. Venting may feel therapeutic, but it's rarely constructive.

That'll be $0.02 thanks.

[Mike64]

Defined as December 4th 2023 later in the document.

While I don't agree with the way LC are handling this or the lack of communications or not prompting for acceptance around changes to T&C's (for want of better words), this is the way that the legal's have been written from day one. As far as I can see LC have complied with them. Whether or not they could have done/should do better, and obviously the answer is yes, we've all had access to the legal's. If we weren't comfortable with what those documents 'allow', why did we invest?

Investment risk is not just limited to returns, we also take on board the risk of transparency, professionalism et al of a provider not being up to the standard that we might expect. Providers who go no further than the absolute letter of the law, which from my layman's perspective is what I see happening here, are unfortunately acting within their rights. Whether or not we agree with it, whether or not it's fair or arguable just and right, very debatable for sure. But the law and regulations only exist to set a baseline for the lowest common denominator of behavior.

Yeah we're all a bit p'd off with this but I really don't see the need for or advantage in some of the off the cuff and apparently quite quick fire comments I'm seeing here. Venting may feel therapeutic, but it's rarely constructive.

That'll be $0.02 thanks.




Hi Malreid,

that was a real good and constructive statement by all the lately un-good happenings with LC and I thank you for that a lot.

As a foreigner in NZ previously being busy in other fields around the world I'm not a (Kiwi) finance legal specialist. As you mentioned things are right on the edge of legality or probably just not...who knows. Me personally I cant judge on that precisely but it smells badly based on previous investor agreements and their practice of quiet change. Since a while I said they're not investor friendly at all and it is obvious and visible as they demonstrate it.
So that still is a big concern.

At least I got my pending funds for the week paid today. I'm glad for that where others said last week here they haven't.

More of those constructive posts would be very helpful in order to keep those current stressful emotions down.


thanks a lot,
with best regards,
Mike

[Saamee]

Although I am NOT happy waiting for up to 7 Days to receive my available Funds from my LC account....

I did receive this arvo my 1st payment... the amount was in full and as expected.

What irritates me the most as a 'Capitalist' is not having access to my Funds ASAP so I can reinvest how I want and earn interest! :(

[kiwical]

LC will not like my hourly charge when I win at the Disputes Tribunal!!! :)Good luck with that. You can't charge for time spent or even your fee to apply to the DT.

[Saamee]

Website now DOWN

Bye Bye

14895

[Saamee]

It's late Monday evening and still have not sighted any transfer of funds from LC this week....

This is the 2nd time this year that they have NOT paid out on a Monday as per their stated mandate to us Investors.

Are my wife and I the only ones??

[beacon]

It's late Monday evening and still have not sighted any transfer of funds from LC this week....

This is the 2nd time this year that they have NOT paid out on a Monday as per their stated mandate to us Investors.

Are my wife and I the only ones??

No, we and others we know - didn't receive funds either.

[beacon]

Also, they just recently sold a property as collateral on a defaulted loan. The Investors lost the lot.
Whatever minimal funds were recovered on property sale, were claimed by LC as collection costs.
How do you sell a property and get nothing back?
Did they have any checks and balances when they approved this loan on property as collateral?

[Tony Two Gloves]

So much for their conservative lending, wonder if they checked how much was owed to the first mortgage holder? Thankfully when someone said take it behind the barn and shoot it they listened - poorly run company from top to bottom.

[Saamee]

The FULL LC Tax details are already uploaded at "MY IR" for the full Tax Year 2023 > 2024

This move almost makes the days of waiting for the RWT Certificate redundant!!!

Just No Write off & Fee info up at IRD....