Assetz Capital - Manchester

NA's E.

I've lost my life savings to Assetz Capital!

The way Assetz Capital is treating investors and borrowers is deeply troubling. They've placed the company into run-off, effectively freezing investor funds without warning. Accounts that were supposed to be accessible are now in limbo, with no guarantee of when—or if—investors will recover their money.

Their customer service is practically non-existent. They don't answer phone calls and direct clients to a live chat system that simply doesn't exist. As a result, investors like myself are left with substantial funds trapped in the platform, facing serious financial consequences.

I'm personally facing significant challenges, having to borrow money from friends and potentially losing a critical property purchase due to these funds being locked away. The sheer scale of defaulted loans emerging suggests catastrophically poor risk assessment and potential mis-selling of investment products.

IMPORTANT: To any institutional investors or potential business partners considering engagement with the 'new' Assetz Capital: proceed with extreme caution! Thousands of investors have already suffered substantial financial harm, and partnering with this organisation WILL expose you to significant risk.

The Financial Ombudsman's apparent inaction in this matter is equally disappointing. Someone needs to hold this unscrupulous company accountable for its actions.

Fiona O.

Utterly despicable the way they treat investors. Put company into run off and lock money away for years without warning. Funds that were in an access account may or may not ever be seen again.
Interest should be approx £130 pm this month £3.89!!. Don't answer the phone. Refer you to live chat that doesn't exist.
I am left with debt from and am having to borrow from friends and house purchase in jeopardy. How the financial ombudsman can allow such treatment is beyond me. Huge number of defaulted loans starting to appear confirms terrible underwriting and mis selling as low to medium risk loans.Please someone deal with this unscrupulous company

MrSkippingpig

Scam company. Happy to take money when the going was good, but as soon as interest rates increased they pulled up the drawbridge. I and many, many others now have money we can't access being held on to by these crooks while earning a pathetic rate of interest. How is this in any way legal?

Kay W.

As a long term lender via Assetz Capital, I have sadly witnessed this platform go down the pan over the years.

The interest rates have been slashed.

The default rates have gone up.

Assetz Capital generally demonstrate a very blase and carefree attitude towards overdue loans. If a borrower does not pay, they let them get away scott free. They will not actively and frequently chase up the loan and take requisite measures.

AC will let loans overrun for literally years.

Cynically and deviously, they will not write them off because that affects their statistics, so they just let them run and run.

The due diligence on loans is substandard and they therefore have many extremely risky projects. For instance, the LTV ratios provided are often highly misleading and AC plus their borrowers calculate these in ways that are not standard to make loans seem much less riskier than they are.

I met and spoke with the CEO, Stuart Law, recently at an event. While I find most businesspeople in senior positions to be amicable, he was very arrogant and rude. Haughty to the extremity.

Rest of the staff are mainly smug jobsworths as well and less helpful than on staff on any other P2P platform.

Also I've cut down on using their platform because the way they have implemented Two Factor Authentication has driven me mad. Others companies have this, but AC have implemented this to an extremity. It's like a child has got a new toy and is going bonkers over it. So AC is the ONLY service I use where, even if 1000 times you select the option to not have Two Factor Authentication used regularly, it forces you to receive a text message to your mobile phone and enter the code you receive EVERY time you do the following and other tasks: login to the website, add or remove a bank account, vote in a lenders' poll etc.

Some of these are insane: why do you need to enter the 2FAA code from your mobile phone EVERY time you login to the website from the same device - even if you login again five minutes later? To remove a bank account? Why do you need it every time to vote in a poll? Etc. Etc. Therefore I literally spend half my time on their website entering a new 2FAA code sent to my mobile - every five minutes!

For the aformentioned reasons I've switched my lending to platforms like Ablrate and CrowdProperty which have far tighter credit control and do employ AC's ludicrous Two Factor Authentication system.

Dean

An absolute disgrace of a peer to peer lender! Do not use this insitiution for any form of lending. They will charge fees, take months to underwrite and then pull funding at the last minute. This has now happened twice in 3 years and in all my time of being in the industry, I have never know such a shambles!

Wendy G.

I put my money in my account with Assetz, thinking I would be able to access them when I really needed it.
I now really need them and they have now locked all withdrawals and when I contacted them about it, they could not give me any useful information or tell me when I would get access to my money again.

Andreas

- Algorithms do not diversify your investments effectively, they invested 17% in one loan which defaulted
- Customer service is rude, closed the chat instead of dealing with complaints
- introduced lender fees, and have frozen withdrawals

Brian H.

I've been investing through P2P platforms for 7 years and believe this is the best and most open platform for lenders like me.