Kuflink auto invest

ZeroSum

I chucked a small amount of cash in with kuflink last year to get the sign up bonus. Now the 1 year is up, instead of returning the money, they've reinvested the capital & interest for another year without my permission. I can't find any lending settings anywhere on their site to prevent this happening. 
I've sent them a message enquiring about this as I'm a bit miffed to say the least, but anyone had any experience with this? 

Alexland

I just looked at the emails they sent last year when our auto invests completed and it says the money was returned to our wallets and then we withdrew it. Maybe there is a reinvest setting but I can't login since closing the accounts.

ZeroSum

Theyve updated their website & looks like they wanted me to complete the identity check again. So maybe they wouldn't return it as they hadnt approved my identity (even though they had but just haven't passported it to new system) and I needed to complete it to make investments ironically.

Guess will just have to wait & see what they comeback with, and might have to wait another year to get cash back.

Alexland

If don't see why the identity check should cause them to reinvest as they could still have done the check if returning the money to your wallet and blocking the withdrawal which seems to be very manual on their side 

Given the worsening economic outlook I would persist with them to understand why the reinvest happened and if there is any way to get out of having money at risk in P2P for another year or longer (or shorter if things go belly up).

masonic

I've had a look and don't believe there is a "reinvest" setting anywhere, although I've only ever used select invest. The identity check is required before investing in any loans. I was able to withdraw money while my account was restricted due to this. I did go ahead and complete the identity check thereafter, but have not made any new investments since.

If anything, your failure to complete the identity check should have prevented them from reinvesting your funds and they should have been sitting in your wallet.

ZeroSum

masonic said:

I've had a look and don't believe there is a "reinvest" setting anywhere, although I've only ever used select invest. The identity check is required before investing in any loans. I was able to withdraw money while my account was restricted due to this. I did go ahead and complete the identity check thereafter, but have not made any new investments since.

If anything, your failure to complete the identity check should have prevented them from reinvesting your funds and they should have been sitting in your wallet.

That's exactly what my thoughts are. 

hgst

I have received an email from Kuflink a month before one year maturity and replied requesting auto investment to be stopped. Then withdrew my money and closed the account.

quirkydeptless

I have a bonus chasing £500 in there due to complete in May, so I'll keep an eye out for an email in April.

ZeroSum

hgst said:

I have received an email from Kuflink a month before one year maturity and replied requesting auto investment to be stopped. Then withdrew my money and closed the account.

They got back to me & looks like this was the issue. They work it like car insurance auto renewal. I never got the email.

Anyway they told me, theyd cancel it & move funds to holding account (as yet they haven't)

Personally if they're going to do this, they should copy something ratesetter have & put it in a rolling account at say 3%

Keith80

They have no business automatically reinvesting clients’ money when they have no investment settings provision allowing clients to instruct them to do this ahead of term. They need to return the principal with interest to clients’ wallets and email them to inform them of this, just as they do with select invest. Clients aren’t stupid (they’ve taken the test after all!) and if they want to reinvest for a further year, or move the funds into select invest, or withdraw them, they can very easily do it themselves.

ZeroSum

Well finally after a week they've eventually coughed up. Mind this was only after I threatened them with the ombudsman this morning.