LendingCROWD NZ P2P

[Saamee]

Anyone prepared to take a guess when the loans will actually actually stop appearing? There was a loan offered just now. 2 days after they are supposed to have stopped?

Yep...

Mixed messaging for sure!! I saw that one appear too...

[Saamee]

No more DAILY MANUAL Withdrawals from LC guys and girls.

Now ONLY paid out on a Monday WEEKLY.

So if your account get a large repayment lets just say 20K on a Monday arvo....

Now you have to wait till the following Monday to get YOUR Funds.

What about Interest during that period.......?

This is NOT PROGRESS....

LC BANNER.jpgLC BANNER.jpg

[beacon]

No more DAILY MANUAL Withdrawals from LC guys and girls.

Now ONLY paid out on a Monday WEEKLY.

So if your account get a large repayment lets just say 20K on a Monday arvo....

Now you have to wait till the following Monday to get YOUR Funds.

What about Interest during that period.......?

This is NOT PROGRESS....

LC BANNER.jpgLC BANNER.jpg

Agree, disappointing and unfair...

[Mike64]

I totally agree as well. They can't just make our funds inaccessible to withdraw and not paying any on-call-account interest for having them sitting there for a week with no earnings.
What they do is probably almost criminal (not sure) to not let investors access their funds without paying proper interest during the week. I'm looking to send a complaint to the FMA but I'll wait for a week or so for potential improvements to come.
They for sure can't just hold our funds back just like that, that's against the rules we signed up for.
I'm not taking that without proper on-call-account earnings during the week at least or to even withdraw own funds whenever desired how we signed up with them.

[Mike64]

I can understand them for automating the lots of withdrawals
- but either daily
- or weekly with interest earnings on the idle funds accumulating there

That's a clear FMA complaint worth for not functioning well for investors as of the laws and regulations. That's exactly what I saw some time ago (anti-investor friendly) and posted here for other issues before.

[Saamee]

Whilst Harmoney was in 'Wind Down Mode' they continued to ALLOW Daily Withdrawals....

They ALSO gave the option to Investors to have funds Automatically repaid Once a Week.

[Mike64]

not Wayne yet obviously, I'll give them a week to improve

[Mike64]

Dear Wayne,


it's all a bit of a pain that you shut down your P2P business. But Wayne, you can't shut it down the way you're currently doing it, not at all!!! Denying investors withdrawing their funds is against any rules investors signed up for to invest with you and you know that too well too, right?


No Wayne, you can not let investor funds accumulate at your account (on your earnings!!!) for a full week without paying any proper on-call-account interest on funds sitting there. No Wayne, you're stealing investor money AND you don't let them withdraw and you know that.That's criminal Wayne



I'll give you one week time before launching an FMA complaint to improve things for investors. It's not that hard to play fair mate!


(on top of it I appreciate that you fixed that bug in your open loan notes data with removing the character space in the thousands figures. There is however a new bug in the same sheet as the interest value for a loan is not formatted in % but in a figure like "12.1" as interest. As a default the formatting was always in % from the beginning (or 0.121 in this example) leading to "1210%" interest in this example. As a result I need to divide all interest values in that column by 100 and then to copy the result figures back into that original column. Pretty stupid, isn't it?)



With kind regards,
Michael

[Mike64]

...........

[beacon]

I can understand them for automating the lots of withdrawals
- but either daily
- or weekly with interest earnings on the idle funds accumulating there

That's a clear FMA complaint worth for not functioning well for investors as of the laws and regulations. That's exactly what I saw some time ago (anti-investor friendly) and posted here for other issues before.

I'll second that. There is a clear and solid case of complaint against them regarding stopping DAILY withdrawals if no interest is paid on Investor funds.
They have been investor agnostic, and keep forming/changing rules to suit themselves. Changing the withdrawal rules unilaterally is breach of trust, even if they can prove it is not breach of their contract (which I doubt they can prove anyway).

I don't think they made even the Monday (auto) weekly payment which was supposedly due yesterday. I haven't received mine. What a dog's breakfast...