Kuflink IFISA - anyone doing it? Some doubts / clarity needed

janesmith

Hope you did not end up investing with Kuflink?

They have become calamitous and the company is on the brink. The nature of Kuflink's sub-prime loan book and their gross mismanagement means nearly half their loans are now in default!

Moreover they've recently changed their T&C's retrospectively to shaft their investors and their lender victims are in revolt. 

There's a thread about it here on this forum.

masonic

janesmith said:

They have become calamitous and the company is on the brink. The nature of Kuflink's sub-prime loan book and their gross mismanagement means nearly half their loans are now in default! 

According to their statistics here default rates have picked up in the last couple of years but nowhere near half their loans are in default. It's clear you feel personally aggrieved by their decision to change the way they deal with defaults (effective from last month), but that is no excuse to make factually incorrect and potentially defamatory statements against the company. It would not in any event serve your interest to harm the company while your family's life savings are invested there.

janesmith

Those statistics published by Kuflink themselves are misleading. As many commercial businesses would, they are obviously presented to make themselves look far better than they are.

Many other peer-2-peer providers like Collateral, Lendy, and The House Crowd also showcased information that made themselves look like they were flying high and then they suddenly crashed into Administration, with their investors losing their shirts.

It's clear that you don't have experience whatsoever of Kuflink yourself, so it doesn't befit you to blindly clap for them. Because, if you did, you could log into your account and there is a pie-chart in the dash-board showing nearly HALF of your loans being classified in default. Also, if you had received an auto-invest maturity payment, you would have known that you've only received nearly HALF the capital you put in and nearly HALF the interest you were due.

There are rather a lot of Kuflink investors, in different places on the web, stating that Kuflink have taken them for a ride and that they are only receiving around HALF the money they were due.

It is obvious that Kuflink are in a freefall and only a fool would invest with them. Caveat emptor!

masonic

janesmith said:

Those statistics published by Kuflink themselves are misleading. As many commercial businesses would, they are obviously presented to make themselves look far better than they are. 

The published information is very likely accurate, and if you have evidence it isn't, then you should submit it to the FCA who would be forced to act on this serious regulatory breach. But I don't think you do have said evidence do you?

janesmith said:

Many other peer-2-peer providers like Collateral, Lendy, and The House Crowd also showcased information that made themselves look like they were flying high and then they suddenly crashed into Administration, with their investors losing their shirts.

Of those it was only Collateral that published false information, and the directors were eventually imprisoned for their fraudulent activities. That is not to say other platforms didn't do dodgy things, like continually roll over loans or loan borrowers the money to make interest payments, but that was all out in the public domain years ago, and there is no evidence of such wrongdoing by Kuflink.

janesmith said:

It's clear that you don't have experience whatsoever of Kuflink yourself, so it doesn't befit you to blindly clap for them. Because, if you did, you could log into your account and there is a pie-chart in the dash-board showing nearly HALF of your loans being classified in default. Also, if you had received an auto-invest maturity payment, you would have known that you've only received nearly HALF the capital you put in and nearly HALF the interest you were due.

I am a lender on the Kuflink platform and have been for years. It is a matter of verifiable fact that I have admitted to this on several prior occasions well before you started posting here. So I know for a fact this statement of yours is a guess that has turned out to be untrue, and it would be reasonable to infer the same applies to much of the other claims you have made.

My dashboard shows that 100% of my capital is in default and I haven't received any interest for some time. But the difference between you and me is that I understood P2P lending involved losses from the outset, and that as an individual lender, YMMV as to your own personal exposure vs the platform as a whole. Loans being in default is not the end of the world, borrowers must be given a certain amount of forbearance, and actual terms can be extended significantly. It's all part and parcel of lending money to sub-prime borrowers, which of course is what we elected to do when signing up (and reaffirmed every year through completion of the risk questionnaire). It is inevitable that such loans accumulate over the years and exposures get magnified if you start winding down your lending until like me they are all you hold.

It doesn't befit me to allow an individual to post malicious falsehoods without challenging them. There's been enough nefarious practices within the P2P sector to scare people off without anyone needing to make stuff up.

janesmith said:

There are rather a lot of Kuflink investors, in different places on the web, stating that Kuflink have taken them for a ride and that they are only receiving around HALF the money they were due.

It is obvious that Kuflink are in a freefall and only a fool would invest with them. Caveat emptor!

Yes there are always investors who didn't understand the risks who come out of the woodwork to complain and attempt to apportion blame.

But I disagree that only fools would invest with them. Though I can't deny that there will be some...