Funding Circle changes

cautious1

PLEASE REPLY TO THE THREAD MENTIONED BELOW, RATHER THAN TO THIS ONE (duplication)
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Most people with an interest will know that FundingCircle have recently introduced a 1.25% "charge" when investments are sold to extract funds, and have also reset the selling queue. The way this change was introduced did not give investors any choice, and that was unfair and shows a lack of consideration. I started trying to sell in June and had not reached the front of the queue (although, I must have been close) when the charge was introduced about 160 days later. There was nothing that I, or other investors, could do; we were forced to accept a change that was detrimental to our situation.

FC say that there are a number of choices:

1. continue to sell under new Ts&Cs (a 1.25% hit, the queue position is lost and the timescale is unknown)
2. stop selling and investing (withdraw funds as investments pay back, on an unknown timescale)
3. notify FC that the investor wishes to close their investment account (they don't say how this is possible without selling investments)
4. escalate to the financial ombudsman

... #3 seems to be impossible. I've chosen 2 and 4.

soulsaver

Try the forum search function just sbove your title - discussion here:
https://forums.moneysavingexpert.com/discussion/6076663/funding-circle-moving-the-goalposts&highlight=funding+circle

It may be worth copying & pasting your post into that?

cautious1

Thanks, 'twill be done.