Count me in if you decide to take it further
Quote:
Originally Posted by
Saamee
In full transparency.
Email sent to Wayne Croad ( Lending Crowd Managing Director )
Hi Wayne,
May I respectfully request you pass this Email on to the Lending Crowd Board ASAP.
You appear to have stopped answering my Emails :(
I am not sure why you would do that at this time.
Today I have filed a Complaint against Lending Crowd with the Financial Services Complaints Limited.
It would appear that Lending Crowd has acted against the Terms and Conditions as spelt out in the latest Investor Agreement dated 20th March 2023.
Note there are 4 earlier versions however I do not ever recall being asked to accept the newer T & C's.
Within the Investor Agreement - Clause 'Investor Account, sub clause 'E' it clearly states that an Investor can request Lending Crowd AT ANY TIME to transfer funds to the nominated bank account.
View the attachments for further confirmation.
I await any response that you may offer at this time.
My summary of the recent Lending Crowd actions are as follows...
"For some reason.... Some kind of knee Jerk reaction has unilaterally and arbitrarily been taken without any thoughts of ramifications and respect for your long term and loyal Investors and without following good governance where it comes to Investor Relations and updating relevant documentation"
Kind regards,
Count me in if you decide to take it further. I doubt good sense will prevail without intervention.
No surprise they wanted to close Lending Crowd's public operations
FY24 numbers on 6 figure portfolio:
Gross Interest `21,000
RWT `4500
Fees `4500
Collection costs `250
Bad Debt writeoff `4000
This is on a good portfolio whose 12%+ NAR dropped to 10.84% this FY. And we have a ways to go yet before all (`200) loans are paid off...
What did the investor make?
How to avoid public scrutiny, public discussion on performance, loan quality, loan management?
Shut shop!
Shut public discussion!
Go scot free...!
Well done Lending Crowd!!