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

[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