Unreliable Platform

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GilbertShepherd's review of Saving Stream - www.savingstream.co.uk

★☆☆☆☆

“Unreliable Platform”

Written on: 20/10/2016 by GilbertShepherd (1 review written)

I have started investing with Saving Stream in July 2016 and quickly built up my Portfolio to a 5 figure amount, with a plan to increase it 5-6 times my current holdings. I have been investing in other P2P platforms (7-8) for the last 4-5 years, but must say that this is my poorest Customer Service experience. All others have always acknowledged the problems, if any, and sorted them (not always immediately) and none were so arrogant to deny that the issues actually exist.
If you raise any issues with them, they just beat around the bush avoiding the actual issue and come up with a standard reply. Their attitude is like 'why are you even raising this issue?' and is evident from their responses to all the Negative Reviews here.
I have had a few issues. One was that they issued the same Loan Number to 2 different Loans. Also, most of their Recent Updates say something like 'Repayment next week' however, the status remains same for 2-3 months. The other more serious one is with Pre-Funding where the Pre-Funding resets to zero or the Pre-Funded Loan completely vanishes without any Notice..
The 1st time I flagged this, they dismissed it. I didn't pursue it as I didn't have any proof.
When this happened the 2nd time, I already had printouts of the confirmation of my Pre-Funding. I also got it confirmed by email from their Support that I indeed have successfully pre-funded it. Then one fine morning (after about a month) it showed up with zero Pre-Funding. I flagged it and after repeated follow ups, their reply was that their IT Team found no Fault and only 1 out of their 10000 users thinks there is a fault ? Excuse me, but how did it reset to zero then and how many others need to report this before you look at it (obviously, they didn't even look at it) ?
After repeated chases and providing them with the copies of weekly printouts and the email confirmation from their colleague, they came back to say that I don't understand how the Pre-Funding works ?
Well, it's nothing to do with the understanding of how Pre Funding works. As far as I understand it, if an user sets a Pre-Funding, that should stay unchanged until either a) User changes it himself, b) A Default Pre-Funding Over-rides it, or c) An Allocation happens (bottom up funding or not) - as simple as that - not a Rocket Science.
I have never set a default 'Pre-Funding', so any 'Over-riding' is Ruled Out. I was not even talking about 'Allocation', so 'Bottom Up Funding Model', etc is Ruled Out too. I am sure that I never reset it myself (as I was particularly careful after the 1st occurrence). It simply reset to £0 before going Live / Allocation.
So, they tell that their Server Logs show that I myself reset it to zero. So, I asked for the Server Log showing that and said that only the log showing this Loan and my Activity would suffice, so that other customers' confidentiality is not compromised. I also offered to provide any other info that would aid in the diagnostic (myself being a Server Support Professional). I even specified a 6 day duration during which it could have happened (between my weekly printouts).
However, they come back and say that they don't share Server Logs with Investors. So, I requested at least the Date and Time when it logged as being reset by me (as I'm sure that I never reset it).
In response they offer to close down my Account ? Customer is always Right, I guess !

I can't tell if others experienced the same or if they didn't consider it serious enough, as it doesn't result in actually losing any money (only an opportunity to invest). Also, not sure if the Investors of their Default Loan have been reimbursed using the Provision Fund yet.

If this is the Attitude / Service Level when things are fine, I wonder what it would be like in case of multiple defaults or a wider problem with Lendy Ltd. If one fine morning some Loan Parts disappear and someone complains, they might come back and say that since no one else has complained, we won't look into it. Wonder how many people need to complain before they investigate ?

It certainly doesn't give me a lot of Confidence and I have definitely stopped further investments and would be liquidating my Portfolio and shift to the other Platforms. One less Platform wouldn't hurt, I guess - better Safe than Sorry.

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