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> P2P Crowdfunding, A place to talk about crowdfunding

acougan
post Feb 13 2018, 12:25 PM

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I made the newbie mistake of topping up before bank account verification. Wheeww... luckily fundaztic customer service help me resolve my status.

May try fundingsocieties next.
windvind
post Feb 13 2018, 01:01 PM

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Group: Junior Member
Posts: 41

Joined: Dec 2015



Dear,

The issuer (Issuer ID - 59401) has proactively reached out to us to request an extension on note MBBT-18010014.

The Issuer explained that an unexpected delay in payment (RM8.1 MM) from one of their customers (a government agency) will not make it possible for them to repay the note in full on the due date. The restructuring of this note is not an indication that the company is in any financial trouble.

We confirmed with the Issuer that the delay in payment is due to a system glitch in the government agency’s payment system. The system was reportedly down since 8 February 2018 and will be restored in stages. However, the system is still down as of today. The Issuer was informed by the person in charge that the payment to them will be delayed as a result.

Given such, we’ve worked with them to restructure the note from 1-month tenor to 2-month tenor, as they’ve taken the initiative to inform us beforehand. Their repayments have been prompt on the other 9 previous financing applications with us.


What this means for you

Investment code MBBT-18010014 will be marked as ‘Completed’, with no repayment. We will create a new code MBBT-18020009. Both will be reflected in your portfolio by 21 Feb 2018.

We will be honouring 1-month service fees at 0.16% instead of 0.33% for 2 month tenor. This will enable investors to earn higher returns from the restructuring.

Current investment note: MBBT-18010014
Financing amount: RM1.4 MM
Tenor: 1 month
Repayment due date: 22 Feb 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 8.56% p.a.

Restructured note: MBBT-18020009
Financing amount: RM1.4 MM
Tenor: 2 months (bullet repayment at end of 2 months)
Repayment due date: 22 March 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 9.52% p.a, increase of 0.96% p.a.
We will continue monitoring this case closely. If you have any questions, please feel free to reach out to us.

Warm regards,
Team Funding Societies Malaysia


I received this email today. Anyone had similar experiences before with FS before?
I had invested with this borrower 2 times prior to this, without any issues.

This post has been edited by windvind: Feb 13 2018, 01:03 PM
hlily
post Feb 13 2018, 01:42 PM

Regular
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Group: Senior Member
Posts: 1,000

Joined: Jun 2013

I m not receiving this email ?
wizardofoz
post Feb 13 2018, 02:29 PM

New Member
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Group: Junior Member
Posts: 47

Joined: Sep 2015

QUOTE(hlily @ Feb 13 2018, 01:42 PM)
I m not receiving this email ?
*
Did you invest in the note MBBT-18010014?
e-lite
post Feb 13 2018, 02:39 PM

Getting Started
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Group: Junior Member
Posts: 106

Joined: Oct 2006


QUOTE(windvind @ Feb 13 2018, 01:01 PM)
Dear,

The issuer (Issuer ID - 59401) has proactively reached out to us to request an extension on note MBBT-18010014.

The Issuer explained that an unexpected delay in payment (RM8.1 MM) from one of their customers (a government agency) will not make it possible for them to repay the note in full on the due date. The restructuring of this note is not an indication that the company is in any financial trouble.

We confirmed with the Issuer that the delay in payment is due to a system glitch in the government agency’s payment system. The system was reportedly down since 8 February 2018 and will be restored in stages. However, the system is still down as of today. The Issuer was informed by the person in charge that the payment to them will be delayed as a result.

Given such, we’ve worked with them to restructure the note from 1-month tenor to 2-month tenor, as they’ve taken the initiative to inform us beforehand. Their repayments have been prompt on the other 9 previous financing applications with us.


What this means for you

Investment code MBBT-18010014 will be marked as ‘Completed’, with no repayment. We will create a new code MBBT-18020009. Both will be reflected in your portfolio by 21 Feb 2018.

We will be honouring 1-month service fees at 0.16% instead of 0.33% for 2 month tenor. This will enable investors to earn higher returns from the restructuring.

Current investment note: MBBT-18010014
Financing amount: RM1.4 MM
Tenor: 1 month
Repayment due date: 22 Feb 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 8.56% p.a.

Restructured note: MBBT-18020009
Financing amount: RM1.4 MM
Tenor: 2 months (bullet repayment at end of 2 months)
Repayment due date: 22 March 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 9.52% p.a, increase of 0.96% p.a.
We will continue monitoring this case closely. If you have any questions, please feel free to reach out to us.

Warm regards,
Team Funding Societies Malaysia
I received this email today. Anyone had similar experiences before with FS before?
I had invested with this borrower 2 times prior to this, without any issues.
*
Net neutral. At least didn't default and incur legal/recovery costs.

CE|C93
post Feb 13 2018, 02:43 PM

Getting Started
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Group: Junior Member
Posts: 166

Joined: Nov 2015



Investor should mentally be prepared with default happening.

It is inevitable that some of your notes will default.
vincabby
post Feb 13 2018, 02:51 PM

On my way
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Group: Senior Member
Posts: 563

Joined: Jun 2009
QUOTE(windvind @ Feb 13 2018, 01:01 PM)
Dear,

The issuer (Issuer ID - 59401) has proactively reached out to us to request an extension on note MBBT-18010014.

The Issuer explained that an unexpected delay in payment (RM8.1 MM) from one of their customers (a government agency) will not make it possible for them to repay the note in full on the due date. The restructuring of this note is not an indication that the company is in any financial trouble.

We confirmed with the Issuer that the delay in payment is due to a system glitch in the government agency’s payment system. The system was reportedly down since 8 February 2018 and will be restored in stages. However, the system is still down as of today. The Issuer was informed by the person in charge that the payment to them will be delayed as a result.

Given such, we’ve worked with them to restructure the note from 1-month tenor to 2-month tenor, as they’ve taken the initiative to inform us beforehand. Their repayments have been prompt on the other 9 previous financing applications with us.


What this means for you

Investment code MBBT-18010014 will be marked as ‘Completed’, with no repayment. We will create a new code MBBT-18020009. Both will be reflected in your portfolio by 21 Feb 2018.

We will be honouring 1-month service fees at 0.16% instead of 0.33% for 2 month tenor. This will enable investors to earn higher returns from the restructuring.

Current investment note: MBBT-18010014
Financing amount: RM1.4 MM
Tenor: 1 month
Repayment due date: 22 Feb 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 8.56% p.a.

Restructured note: MBBT-18020009
Financing amount: RM1.4 MM
Tenor: 2 months (bullet repayment at end of 2 months)
Repayment due date: 22 March 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 9.52% p.a, increase of 0.96% p.a.
We will continue monitoring this case closely. If you have any questions, please feel free to reach out to us.

Warm regards,
Team Funding Societies Malaysia
I received this email today. Anyone had similar experiences before with FS before?
I had invested with this borrower 2 times prior to this, without any issues.
*
ya. got this email too. nothing but wait and see
2387581
post Feb 13 2018, 04:44 PM

Casual
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Group: Junior Member
Posts: 400

Joined: Dec 2016

QUOTE
The issuer (Issuer ID - 59401) has proactively reached out to us to request an extension on note MBBT-18010014.

The Issuer explained that an unexpected delay in payment (RM8.1 MM) from one of their customers (a government agency) will not make it possible for them to repay the note in full on the due date. The restructuring of this note is not an indication that the company is in any financial trouble.

We confirmed with the Issuer that the delay in payment is due to a system glitch in the government agency’s payment system. The system was reportedly down since 8 February 2018 and will be restored in stages. However, the system is still down as of today. The Issuer was informed by the person in charge that the payment to them will be delayed as a result.

Given such, we’ve worked with them to restructure the note from 1-month tenor to 2-month tenor, as they’ve taken the initiative to inform us beforehand. Their repayments have been prompt on the other 9 previous financing applications with us.


What this means for you

Investment code MBBT-18010014 will be marked as ‘Completed’, with no repayment. We will create a new code MBBT-18020009. Both will be reflected in your portfolio by 21 Feb 2018.

We will be honouring 1-month service fees at 0.16% instead of 0.33% for 2 month tenor. This will enable investors to earn higher returns from the restructuring.
Current investment note: MBBT-18010014
Financing amount: RM1.4 MM
Tenor: 1 month
Repayment due date: 22 Feb 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 8.56% p.a.

Restructured note: MBBT-18020009
Financing amount: RM1.4 MM
Tenor: 2 months (bullet repayment at end of 2 months)
Repayment due date: 22 March 2018
Simple interest: 10.5% p.a.
Net return to you after service fees: 9.52% p.a, increase of 0.96% p.a.
We will continue monitoring this case closely. If you have any questions, please feel free to reach out to us.

windvind
post Feb 14 2018, 09:23 AM

New Member
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Group: Junior Member
Posts: 41

Joined: Dec 2015



QUOTE(vincabby @ Feb 13 2018, 02:51 PM)
ya. got this email too. nothing but wait and see
*
I personally think this is not a big issue just yet.
But a reminder that the risk of default could occur later.
I would personally start investing smaller amounts (5%) to many more loans and avoid repeated exposure.
I follow this rule but always break the later for shorter loan durations.
Magickian
post Feb 14 2018, 01:23 PM

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Group: Newbie
Posts: 2

Joined: Dec 2015


QUOTE(windvind @ Feb 14 2018, 09:23 AM)
I personally think this is not a big issue just yet.
But a reminder that the risk of default could occur later.
I would personally start investing smaller amounts (5%) to many more loans and avoid repeated exposure.
I follow this rule but always break the later for shorter loan durations.
*
No choice cause the volume of note is so less sad.gif
Amanda85
post Feb 14 2018, 01:40 PM

Scuderia Ferrari
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Group: Senior Member
Posts: 2,183

Joined: May 2006
From: Petaling Jaya


i usually keep to bare minimum of RM100 per investment. but sometime if i saw a short term note ie. 1 month, i will tempted to add more.

now i try to diversify to FS SG and Crowdo to have more choices.

This post has been edited by Amanda85: Feb 14 2018, 01:40 PM
e-lite
post Feb 14 2018, 09:00 PM

Getting Started
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Group: Junior Member
Posts: 106

Joined: Oct 2006


Don't forget to declare your income taxes from interests from 2017's earnings guys.
acougan
post Feb 15 2018, 09:59 AM

Casual
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Group: Junior Member
Posts: 465

Joined: Aug 2005
Anyone tried Nusa Kapital?
wizardofoz
post Feb 15 2018, 10:57 AM

New Member
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Group: Junior Member
Posts: 47

Joined: Sep 2015

QUOTE(acougan @ Feb 15 2018, 09:59 AM)
Anyone tried Nusa Kapital?
*
The only Shariah-compliant P2P platform in Malaysia at the moment. However, minimum investment amount is RM500 and there are alot of Islamic terms involved. I think it works the same as conventional P2P platforms though.
besiegetank
post Feb 15 2018, 03:17 PM

On my way
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Group: Senior Member
Posts: 628

Joined: Aug 2009



QUOTE(e-lite @ Feb 14 2018, 09:00 PM)
Don't forget to declare your income taxes from interests from 2017's earnings guys.
*
Need to wait until this year april no?

Btw, fundaztic is having a CNY promotion which you can earn some angpaw rebate for each transaction above RM300.
acougan
post Yesterday, 10:02 AM

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Group: Junior Member
Posts: 465

Joined: Aug 2005
is it just me or is the fundingsocieties.com.my website down!?
windvind
post Yesterday, 11:17 AM

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Group: Junior Member
Posts: 41

Joined: Dec 2015



QUOTE(acougan @ Feb 18 2018, 10:02 AM)
is it just me or is the fundingsocieties.com.my website down!?
*
Try this
new.fundingsocieties.com.my

Its working for me.
Magickian
post Yesterday, 06:44 PM

New Member
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Group: Newbie
Posts: 2

Joined: Dec 2015


QUOTE(besiegetank @ Feb 15 2018, 03:17 PM)
Need to wait until this year april no?

Btw, fundaztic is having a CNY promotion which you can earn some angpaw rebate for each transaction above RM300.
*
Provided if there's new listing sad.gif
acougan
post Yesterday, 07:19 PM

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Group: Junior Member
Posts: 465

Joined: Aug 2005
Fundaztic notes 80 & 81 was issued lasr friday around 11am. I login ard 11:25, all sapu habis. I guess many users hv auto-settings.

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