Future transfer orders all processed today by mistake

mrclondon
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Future transfer orders all processed today by mistake Apr 17, 2019 15:52:05 GMT benaj likes this

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Post by mrclondon on Apr 17, 2019 15:52:05 GMT

I've received this email ....

We wanted to let you know about a small issue with a software update carried out. You may notice the following minor impact on your account:

Today’s daily interest was processed at around 1:30pm instead of midday. It will be back to normal (midday) tomorrow.
Any future-dated transfers out of your Premium account into your Cash/Classic accounts will have been processed today. Please log in to your account to ensure your funds are (re) invested as you wish.

We are sorry for any inconvenience and of course remain deeply committed to providing an excellent customer experience.

And all my funds have been transferred from premium to classic.

Loanpad .... my transfer requests were timed to match (roughly) the end of the promotional interest rates on 31st May ... when I was planning to withdraw most if not all the funds. If I switch back to premium I am now tied in until mid June via the 60 day notice period.

What are you plans to compensate me, I can think of several options:
a) I switch back to premium and you manually create a transfer for 31st May
b) I stay in classic and you compensate me for the 1.2% interest I will have lost for the six weeks till 31st May

c) I switch back to premium and you grant me a no cost immediuate withdrawal from premium on 31st May.

d) I switch back to premium, give 60 days notice, and you maintain the 6% rate on my account for the 60 day period

e) ??

Another observation ... this morning I was probably 90% plus invested in in the 12 loans, now its probably less than 50% ... it would be good if you could explain exactly what is happening at loanpad before you lose investor confidence.

Last Edit: Apr 17, 2019 16:08:40 GMT by mrclondon

Disclosure: I'm a shareholder in Assetz Capital Limited

Badly Drawn Stickman
Member of DD Central

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Future transfer orders all processed today by mistake Apr 17, 2019 17:41:11 GMT

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Post by Badly Drawn Stickman on Apr 17, 2019 17:41:11 GMT

Obviously this will create different problems for different investment strategies (and account benefits currently received). Having set up transfers to coincide with the end of the rate bonus I do feel Loanpad should consider extending the bonus to reset that possibility.

Another option is to create a 'no notice' window on the premium account for two weeks after the bonus rate ends.

The best option would obviously be to reset the accounts to their original state.

But clearly some option needs to be offered.

benaj
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Future transfer orders all processed today by mistake Apr 17, 2019 17:42:02 GMT

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Post by benaj on Apr 17, 2019 17:42:02 GMT

Same here. All my premium got transferred.

The initial investment was made on 19-Feb, so the initial deposit and other money in the premium account got released after 60 days.

So the premium account releases all the money after the 60 days transfer request notice?

Last Edit: Apr 17, 2019 17:55:06 GMT by benaj

Loanpad
Representative of Loanpad

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Future transfer orders all processed today by mistake Apr 17, 2019 18:39:43 GMT withnell and Ace like this

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Post by Loanpad on Apr 17, 2019 18:39:43 GMT

mrclondon Badly Drawn Stickman benaj

Firstly just to re-iterate that the issue was caused by a software update that had some unintended effects as mentioned. Lessons learned! There is one display issue regarding loan parts which are currently displaying incorrectly but should be fixed very shortly. It is simply a display issue.

We are very happy to enable free early access on any chosen date and/or extend the interest rate boost for that additional period as suggested above. Please email us at support@loanpad.com and we’ll happily arrange either option for you.

Last Edit: Apr 17, 2019 18:39:54 GMT by Loanpad

Loanpad is a UK peer to peer lending platform that is authorised and regulated by the Financial Conduct Authority and authorised as an ISA manager by HMRC. As with all peer to peer lending, capital is at risk. We are happy to answer any questions but we are not authorised to provide any advice. Please contact us at support@loanpad.com or via our website. All genuine feedback is greatly appreciated.