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Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

LinkedFinance - new website

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  • Options
    #92
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    sceach16 wrote: »
    I complained to linked finance about the the default 8 % rate which appears on all loans. This is difficult to delete and can result in people posting bids at that rate (8%) rather than the intended rate.

    Tonight, I got stuck with a bid at 8% which I did not intend. I have emailed linked finance to cancel it. I will keep ye posted on the outcome.

    If I do not get a satisfactory outcome,. I will keeep ye advised on my complaints to the Central Bank and the various consumer protection authorities.

    I got a fast response and the bid cancelled! credit to James in Linked Finance


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    #93
    manonboard
    Registered Users Posts: 1,102 ✭✭✭manonboard


    manonboard wrote: »
    5 days now. Funds still in the LF account, so nothing happened yet.

    I just sent them a second email. (first email had identification and bill included).

    Will keep yas updated.


    Got a quick polite email from Sarah in LF who helped transfer the funds to my account today. It was my first transfer so happy to see it go through.


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    #94
    lcwill
    Registered Users Posts: 259 ✭✭lcwill


    manonboard wrote: »
    Got a quick polite email from Sarah in LF who helped transfer the funds to my account today. It was my first transfer so happy to see it go through.

    I have been wondering how it would work when it came to getting money out and was planning to make a withdrawal just to make sure it was possible.

    Good to hear you were able to do so successfully so I won't need to try it myself now.

    Just waiting for them to open a secondary market now to provide a bit more liquidity.....


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    #95
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,082 Mod ✭✭✭✭Tar.Aldarion


    They charge you on every day but two during the year to withdraw?


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    #96
    manonboard
    Registered Users Posts: 1,102 ✭✭✭manonboard


    Tar.Aldarion wrote: »
    They charge you on every day but two during the year to withdraw?

    Email says since its my first withdrawal, they can do it right away (i believe they meant no charge).
    The new FAQ on their new beta site does not list Gale days and has updated info:

    Copying for aid:
    You can make four withdrawals from your account per year without incurring a fee, any additional withdrawals will incur a €10 charge. All withdrawal requests should be emailed to help@linkedfinance.com


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    #97
    ShoulderChip
    Registered Users Posts: 3,875 ✭✭✭ShoulderChip


    lcwill wrote: »
    I have been wondering how it would work when it came to getting money out and was planning to make a withdrawal just to make sure it was possible.

    Good to hear you were able to do so successfully so I won't need to try it myself now.

    Just waiting for them to open a secondary market now to provide a bit more liquidity.....

    has there been any word of a secondary market?
    Surely they should head that way, all the (succesful) UK based larger platforms have.


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    #98
    Cute Hoor
    Registered Users Posts: 1,788 ✭✭✭Cute Hoor


    Email received from LF regarding a loan with a Director's Guarantee and where the last 2 repayments have now been missed.

    On January 12th you were due to receive a payment from XXXXX XXXXXX. Unfortunately we have been unable to acquire funds from XX XXXXXX.

    XX XXXXXX has informed us that her business is in the process of being wound up. We are currently in discussions with our legal partners about the retrieval of funds from XX XXXXXX on foot of the personal guarantee she has signed.

    We will contact you again on or before 12th February with an update. In the meantime should you require any further information please get in touch.


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    #99
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    If a business is wound up with linked finance. After revenue. Are you next in line with the after the banks with liquidation? As in you will be third in line for payment?


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    #100
    manafana
    Registered Users Posts: 3,484 ✭✭✭manafana


    newacc2015 wrote: »
    If a business is wound up with linked finance. After revenue. Are you next in line with the after the banks with liquidation? As in you will be third in line for payment?

    thats never been clarified, I worked in these area for little while but never read it as such since we arn't financial body as such that is regulated interesting to find out, I'm more concerned to these guarantees being chased.

    Extra note these withdrawal limitations is that for them to make some small interest on held funds on overnight markets etc.


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    #101
    spudwould
    Registered Users Posts: 81 ✭✭spudwould


    Cute Hoor wrote: »
    Email received from LF regarding a loan with a Director's Guarantee and where the last 2 repayments have now been missed.

    On January 12th you were due to receive a payment from XXXXX XXXXXX. Unfortunately we have been unable to acquire funds from XX XXXXXX.

    XX XXXXXX has informed us that her business is in the process of being wound up. We are currently in discussions with our legal partners about the retrieval of funds from XX XXXXXX on foot of the personal guarantee she has signed.

    We will contact you again on or before 12th February with an update. In the meantime should you require any further information please get in touch.

    How long was this loan live before defaulting?


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  • Options
    #102
    Cute Hoor
    Registered Users Posts: 1,788 ✭✭✭Cute Hoor


    spudwould wrote: »
    How long was this loan live before defaulting?

    Taken out on 12th March, 8 repayments made, one late and last 2 defaulted


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    #103
    strettie
    Banned (with Prison Access) Posts: 79 ✭✭strettie


    And what was the name of business that has defaulted ?


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    #104
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    Anyone else get an email that

    "Gerard Cloherty t/a CFIX Property Services has decided to withdraw their loan application and as a result we have returned your bids for total ". This loan was some time ago.

    I emailed linked finance asking when the loan was drawn down, where was my cash held and was any interest paid. No response yet. I will keep ye posted.


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    #105
    manafana
    Registered Users Posts: 3,484 ✭✭✭manafana


    sceach16 wrote: »
    Anyone else get an email that

    "Gerard Cloherty t/a CFIX Property Services has decided to withdraw their loan application and as a result we have returned your bids for total ". This loan was some time ago.

    I emailed linked finance asking when the loan was drawn down, where was my cash held and was any interest paid. No response yet. I will keep ye posted.

    the loan was never taken, "withdraw their loan application"


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    #106
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    manafana wrote: »
    the loan was never taken, "withdraw their loan application"

    Linked Finance had this loan included in my loans. If a loan is not taken, it is (normally) withdrawn before being included in loans but removed from bids outstanding. This case is different. Why?


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    #107
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    On another topic. Linked Finance have a reply (on the new Trimwell loan) to a query I raised. Under the P/l account for 30 Nov 2015, A balance sheet is shown. The Balance sheet is for 31 December 2014 ! Linked Finance say they only publish CRO Balance sheets. I have no problem with this but why do they not say it?

    We need a forum on Linked Finance to cover topics like this and other topics. I will email linked on this and , please, will all readers do the same.


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    #108
    m320325
    Closed Accounts Posts: 53 ✭✭m320325


    sceach16 wrote: »
    Anyone else get an email that

    "Gerard Cloherty t/a CFIX Property Services has decided to withdraw their loan application and as a result we have returned your bids for total ". This loan was some time ago.

    I emailed linked finance asking when the loan was drawn down, where was my cash held and was any interest paid. No response yet. I will keep ye posted.

    Did you get any reply to this?


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    #109
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    m320325 wrote: »
    Did you get any reply to this?

    No rsponse yet. I sent a second email today


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    #110
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    Another loan "withdrawn" after drawdown. This time it is Harte Electrical. Another response awaited from Lnked Finance.

    This loan closed 18 days ago!


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    #111
    Frynge
    Registered Users Posts: 1,667 ✭✭✭Frynge


    Leo Burdocks in dundrum appears to be closed permanently now. Not sure if it is the whole company or just dundrum but has anyone been affected by this? I think i remember them having a €50k loan just before i joined.


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  • Options
    #112
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    Long and helpful conversation with Linked Finance this evening (Thanks James!). Loans were withdrawn because documentation was not completed after loan accepted. I suggested they should give a reason for loans withdrawn after acceptance. Loans withdrawn before acceptance are usually because of unhappiness about the rate.

    Touched on a few other things....8% rate default, availability of information after loan is accepted and the importance of a users forum.

    LF are reviewing the new site prior to going final with it. Its up to Ye to make comments here or direct to LF.


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    #113
    manafana
    Registered Users Posts: 3,484 ✭✭✭manafana


    sceach16 wrote: »
    Long and helpful conversation with Linked Finance this evening (Thanks James!). Loans were withdrawn because documentation was not completed after loan accepted. I suggested they should give a reason for loans withdrawn after acceptance. Loans withdrawn before acceptance are usually because of unhappiness about the rate.

    Touched on a few other things....8% rate default, availability of information after loan is accepted and the importance of a users forum.

    LF are reviewing the new site prior to going final with it. Its up to Ye to make comments here or direct to LF.

    Yeah certainly needs be better place to access updates on bad loans, did anyone get the one on friday, where it seems but its not clear only 50% will be paid back?


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    #114
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    Another repeat borrower tonight (Gers Covers). No problem with this but I would like to see the financial info posted last time.....useful for comparative purposes.


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    #115
    cduggan999
    Registered Users Posts: 5 ✭cduggan999


    manonboard wrote: »
    How do you think the return is only 3-4%?
    I could be grossly miscalculating my returns, but im under the impression im getting 10-12% net?

    I usually get a 14% loan rate, minus fee = about 10-12% net return?

    You can get but if you are trying to calculate reward/risk then you shouldn't base it on the 10-12% return, i.e you won't break even if 1 in goes 10 goes titts up, you can probably only afford around 1 in 25 loans not paying you back and still breaking even.


  • Options
    #116
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    Copy of email to linked finance today.



    Transparency

    12:53
    To:
    I see I have repayments coming on a loan from "Paul" due on 13 Feb.

    I can get no further information by clicking on the loan or from anywhere else on the site. This is ridiculous. I have no idea who this guy is. I lent cash on the basis of much more than a four letter name. Please ensure that details of this and every other loan I made are available to me on an ongoing basis.


  • Options
    #117
    badzae
    Registered Users Posts: 3 ✭badzae


    I was looking at loan list now, I see one borrower called 'Crodaun1', no other information given. I'll email later about it.

    Some opinions on this, theres a loan ending in 4 days, they sell 'soft furnishings and household products'.

    Its just 30% funded, but net assets are 1.78million. many other businesses have negative net assets but reach 100% funding very quickly.

    To me I would have thought it would be considered very very safe eg if it went into liquidation, they would have over 1 million euro leftover after paying all outstanding debt, like property alone is worth 800,000.

    I presume I'm missing something here, any opinion on this?

    sceach16 wrote: »
    Copy of email to linked finance today.

    Transparency

    12:53
    To:
    I see I have repayments coming on a loan from "Paul" due on 13 Feb.

    I can get no further information by clicking on the loan or from anywhere else on the site. This is ridiculous. I have no idea who this guy is. I lent cash on the basis of much more than a four letter name. Please ensure that details of this and every other loan I made are available to me on an ongoing basis.


  • Options
    #118
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    badzae wrote: »
    I was looking at loan list now, I see one borrower called 'Crodaun1', no other information given. I'll email later about it.

    Some opinions on this, theres a loan ending in 4 days, they sell 'soft furnishings and household products'.

    Its just 30% funded, but net assets are 1.78million. many other businesses have negative net assets but reach 100% funding very quickly.

    To me I would have thought it would be considered very very safe eg if it went into liquidation, they would have over 1 million euro leftover after paying all outstanding debt, like property alone is worth 800,000.

    I presume I'm missing something here, any opinion on this?


    If U are, so am I. I agree fully, I have and will bid but generally, I no longer go more than 200 per loan....essentially spreading risk widely.


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    #119
    badzae
    Registered Users Posts: 3 ✭badzae


    I noticed on the new website they no longer display the date/time that a lender asks a question, so the feature was removed in the new website.

    On the loan ending at 9pm tonight I see 3 questions with no answer, but I can't tell if those 3 questions were asked this evening or remained unanswered for a number of weeks.

    If the questions are a few hours old then I can't hold this against the borrower and place a bid but if there was no response from the borrower from loan going live until ending I usually think about it a bit more, but now I can't tell the difference...

    Do others agree, it was better when the date/time was displayed?


  • Options
    #120
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    sceach16 wrote: »
    Copy of email to linked finance today.



    Transparency

    12:53
    To:
    I see I have repayments coming on a loan from "Paul" due on 13 Feb.

    I can get no further information by clicking on the loan or from anywhere else on the site. This is ridiculous. I have no idea who this guy is. I lent cash on the basis of much more than a four letter name. Please ensure that details of this and every other loan I made are available to me on an ongoing basis.

    I got a response from Linked offering to send me details. They also identified the loan to me. But I responded as follows

    Thanks BUT I want to be able to access the info on all my loans, please.

    What you need is a link where borrowers can click on their "loans list" for each loan and bring up the original data which Linked Finance has on record.


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    #121
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    badzae wrote: »
    I noticed on the new website they no longer display the date/time that a lender asks a question, so the feature was removed in the new website.

    On the loan ending at 9pm tonight I see 3 questions with no answer, but I can't tell if those 3 questions were asked this evening or remained unanswered for a number of weeks.

    If the questions are a few hours old then I can't hold this against the borrower and place a bid but if there was no response from the borrower from loan going live until ending I usually think about it a bit more, but now I can't tell the difference...

    Do others agree, it was better when the date/time was displayed?

    Yes...it was better and should still be displayed. If I remember, I will put a date and time in as part of the questions I ask but I should not have to!


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