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Post by GSV3MIaC on Oct 24, 2015 11:35:31 GMT
Can someone from LC clarify the 'must keep the parts for 12 months to qualify' term .. I can see why I shouldn't expect to dive in, buy, and then sell and walk away with the cashback as well as my original deposit, but I'm not sure why there's a problem if I want to re-diversify what I originally bought over the 12 month period .. does that mean if I sell one of the 'original' parts I am supposed to give my CB back, even if I buy two or three new ones? Wouldn't 'keep £1000 invested for 12 months' work better (and be easier to police too) ?
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adrianc
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Post by adrianc on Oct 24, 2015 16:35:26 GMT
Can someone from LC clarify the 'must keep the parts for 12 months to qualify' term .. I can see why I shouldn't expect to dive in, buy, and then sell and walk away with the cashback as well as my original deposit, but I'm not sure why there's a problem if I want to re-diversify what I originally bought over the 12 month period .. doe that mean if I sell one of the 'original' parts I am supposed to give my CB back, even if I buy two or three new ones? Wouldn't 'keep £100 invested for 12 months' woprk better (and be easier to police too) ? Hmm. What happens if a loan repays early, or goes south?
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Post by thesnoop on Oct 26, 2015 13:02:23 GMT
I had the same thought regarding the wording of those T&Cs a while back GSV3MIaC. My working assumption is the same as pepperpot ... as long as the 'amount invested' remains above £1K for 12 months from the point where you crossed the £1000 line it would seem counterproductive for the platform to take the bonus back due to diversification of the original portfolio... I would imagine we are stressing about nothing here , but confirmation / tweaking of the T&C wording would be nice .
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Post by lendingcrowd on Oct 26, 2015 13:31:59 GMT
Hi GSV3MIaC, Thanks for your questions about the Bonus Offer T&Cs - apologies that these are somewhat confusing. To qualify for the offer, investors must keep £1000 invested for 12 months - you do not have to retain the original loan parts for this time period. Buying and selling investments will not mean you are penalised from the cashback bonus. As pepperpot says, the restrictions in place relate to withdrawing the funds, not selling investments and re-investing. I hope this helps but if there are any more questions please ask. Kind regards, LendingCrowd
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stevio
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Post by stevio on Oct 26, 2015 13:44:23 GMT
Hi GSV3MIaC, Thanks for your questions about the Bonus Offer T&Cs - apologies that these are somewhat confusing. To qualify for the offer, investors must keep £1000 invested for 12 months - you do not have to retain the original loan parts for this time period. Buying and selling investments will not mean you are penalised from the cashback bonus. As pepperpot says, the restrictions in place relate to withdrawing the funds, not selling investments and re-investing. I hope this helps but if there are any more questions please ask. Kind regards, LendingCrowd Is this "£1000 invested for 12 months" change form the original T&C's as I don't remember this from before?
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jimbob
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Post by jimbob on Oct 26, 2015 14:55:33 GMT
To clarify is the £1000 total the total amount loaned out in "investments" or does it need to be the total fair value of the capital lent currently lent out.
For me those two figures were 1052 and 1037 respectively yesterday when I totted through. 'Original' principal was £1070.
The offer is a generous one, so I'm going to try and stay the right side of the Ts and cs ^~
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Post by GSV3MIaC on Oct 26, 2015 17:50:55 GMT
Sounds to me like what it really means is you must deposit >=£1k, you must invest >=£1k in the loan market (buying parts or bidding), you shall not withdraw the £1k minimum for at least 12 months.
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adrianc
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Post by adrianc on Oct 26, 2015 18:57:59 GMT
I've put £1,000.00 in. Some of that is in a bid at the moment, and some has been returned as monthly payments - but not enough to bid or buy anything - so I've not actually got £1,000.00+ lent out yet. By the end of Nov, the cut-off? Probably. <shrug>
I wonder how that'll be treated. I'll be dischuffed if it falls down a wrinkle in the Ts & Cs, because it's very firmly within the spirit of them, imho.
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arbster
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Post by arbster on Oct 26, 2015 21:31:25 GMT
I'm in exactly the same position adrianc, as deal flow meant it was hard to get adequately diversified before anything on the SM made a repayment. I'm also expecting to have qualified for the offer once my remaining bids convert into investments.
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ablender
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Post by ablender on Oct 26, 2015 21:48:58 GMT
I have not transferred £1000 yet. The reason is that I have not managed to find enough loans to diversify the amount, c£600, I already have in. I do not think that investing larger sums per loan is in line with my idea of diversification. At the same time I am not ready to accept any loan on any particular platform.
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adrianc
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Post by adrianc on Oct 26, 2015 22:25:43 GMT
The bid has been accepted (finally!) so, of the £1,000.00, I have £998.40 invested and £2.05 of cash sat there. Minimum bid/buy seems to be £20. lendingcrowd - can you confirm this will not be an issue?
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jimbob
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Post by jimbob on Oct 27, 2015 10:33:19 GMT
The cashback is paid as soon as you satisfy the conditions, I recieved mine back a couple of weeks ago. I was also able to withdraw it instantly, though I will be keeping my holdings over the thousand pound mark for at least a year (And most likely longer if things are going well & I don't need the money) in order that the ts and cs are satisfied and I have a good working relationship with LendingCrowd.
I've found the customer service very good so far even though there have been one or two minor bumps in the road.
Lendingcrowd should probably tighten up their ts and cs though (And make them clearer on the offer), for their own sake if nothing else. You never know when litigous minded legal sharks are circling ready to claim a mis-selling.
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adrianc
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Post by adrianc on Oct 27, 2015 11:33:22 GMT
The cashback is paid as soon as you satisfy the conditions So my £1,000.00 deposited and - now - £998.17 invested (£2.35 cash) is not going to qualify, it appears, since neither the cashback nor the incoming-referred bonus have been received as yet Can you confirm, lendingcrowd, if that is the case? I s'pose I could deposit more - £100 minimum on debit card - but...
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jimbob
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Post by jimbob on Oct 27, 2015 11:48:36 GMT
The cashback is paid as soon as you satisfy the conditions So my £1,000.00 deposited and - now - £998.17 invested (£2.35 cash) is not going to qualify, it appears, since neither the cashback nor the incoming-referred bonus have been received as yet Can you confirm, lendingcrowd, if that is the case? I s'pose I could deposit more - £100 minimum on debit card - but... You can deposit less if you do it via bank transfer.
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registerme
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Post by registerme on Oct 27, 2015 12:16:08 GMT
The cashback is paid as soon as you satisfy the conditions So my £1,000.00 deposited and - now - £998.17 invested (£2.35 cash) is not going to qualify, it appears, since neither the cashback nor the incoming-referred bonus have been received as yet Can you confirm, lendingcrowd, if that is the case? I s'pose I could deposit more - £100 minimum on debit card - but... I'm fairly sure that I only had to have £1000 on the platform before receiving the £100 sign up bonus, ie it wasn't invested. I got invested pretty quick via the SM though....
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