P2P Platform Run-off Q&As

Generic account information

Will I still be able to log on to my account?

Yes, investors will be able to log in to their ThinCats account in the usual way until such time as their account closes as part of the run-off process.

What happens to my account if I have no outstanding loan parts?

For investors that have cash balances in their ThinCats account but do not hold any loan parts, we encourage you to withdraw your cash to your nominated bank account as soon as possible in the usual manner.

Once your account has a zero balance, we will close your ThinCats account. If you do not withdraw any remaining cash balances, we will contact you again to remind you of the need to transfer all monies out of your account.  

Will I still be updated by ThinCats for all ongoing recovery activity for my non-performing loans?

For lenders with loans that are not performing in line with the original loan schedule, we will continue to endeavour to maximise the returns to lenders through our normal monitoring and recovery process. There will be no additional impact from the introduction of a run-off period and we will continue to email you with updates on specific non-performing loans.

Once we have secured the maximum value from non-performing loans, lenders will be asked to withdraw any remaining cash balances and close their ThinCats account.

What happens to the non-performing loans in my portfolio?

Loans that are not performing in line with the original loan schedule will remain within lenders’ accounts during the recovery period.

There will be no additional impact from the introduction of a run-off period and we will continue to email you with updates on specific non-performing loans.

Once all possible realisations have been achieved from non-performing loans, lenders will be asked to withdraw any remaining cash balances and close their ThinCats account.

Have your Terms and Conditions changed for existing investors?

Our T&Cs have been updated to reflect the run-off process including changes to the Secondary Market. In relation to any loans in default or recovery our T&Cs remain unchanged.

Will I still have access to existing resources and forums?

We will maintain access to resources and the lender forums. In order to reflect the run-off process the Secondary Market status codes will be updated accordingly.

Will any new loans be listed for future investment?

From 9 December 2019 no loan parts will be listed for investment via the Primary or Secondary Market

Will my account automatically be closed?

For investors that have cash balances in their ThinCats account(s) but do not hold any loan parts, we encourage you to withdraw your cash to your nominated bank account as soon as possible in the usual manner.

Once your account has a zero balance we will close your ThinCats account. If you do not withdraw any remaining cash balances, we will contact you again to remind you of the need to transfer all monies out of your account.  

For investors who do not hold any loan parts or cash within their account, we will automatically close your account by 31 January 2020 after which you will not be able to login to the ThinCats platform.

Will I still receive a year end tax certificate?

Where transactions have taken place for your account, within the applicable tax year, year-end tax certificate/s will be distributed no later than 8 weeks from 6th April.

Investor accounts which are closed from 6th April 2020 onwards will receive a tax certificate within 4 weeks of account closure.

How can I make a complaint?

Our dedicated complaints page can be accessed via https://www.thincats.com/contact/complaints

If you want to make a complaint you can email complaints@thincats.com with details of your complaint and your account reference. Neither loan Q&As nor discussion forums are appropriate places for making a formal complaint, and any comments placed thereon will not be treated as complaints.

Secondary market

Will I still have access to the secondary market to liquidate my assets?

As part of our decision to initiate the retail investor P2P platform run-off the Secondary Market has been closed. Over the coming weeks a series of updates will be deployed to the platform removing the access completely. In the interim you may have the ability to request loan parts for sale, however these will be returned to your lender account

Is there any way to liquidate assets on my account?

The Secondary Market allowed for eligible loan parts to be sold in order to liquidate investors’ assets. With the removal of the Secondary Market investors will not be able to liquidate previously eligible loan parts.

The decision to remove the Secondary Market has been made in consultation with the FCA.

Will the Secondary Market status report be maintained and kept available?

The Secondary Market status report will be retired and replaced with a loan status report which will identify loan parts and their existing status on a more simplified basis as follows:

 

A = Loan performing i.e. repayments being met.  This may include restructured loans

D = Loan in Default (not in formal recovery but we are managing a process to maximize recovery)

F = Loan in Formal Recovery Process

N = Community Chest

V = Loan variation in progress which may subsequently revert to status A  

Is there a set date from which the Secondary Market will be unavailable?

The Secondary Market closed on 9 December 2019.

What if I have loan parts for sale on the Secondary Market?

The Secondary Market has closed and any loan parts listed for sale will be cancelled and returned to lenders’ accounts.

What if I want to keep my entire portfolio?

Investors will retain all assets held within their portfolios. Any funds received from borrower repayments will continue to be credited to investors’ accounts.

IFISA

How does this impact on my ISA allowance?

The P2P platform run-off will result in no investment opportunities becoming available via the Primary or Secondary Market. As a result IFISA account holders will not be able to use any remaining ISA allowance via the ThinCats Platform. IFISA account holders will have the opportunity to transfer IFISA accounts to another ISA Manager in line with our existing IFISA Terms and Conditions.

If I haven’t been able to invest my entire IFISA allowance can I open another account elsewhere?

IFISA account holders will have the opportunity to transfer IFISA accounts to another ISA Manager in line with our existing IFISA Terms and Conditions.

Can I transfer my IFISA to another provider?

IFISA transfers will continue to be available for IFISA account holders in line with our IFISA Terms and Conditions.

SIPP

Will valuations continue to be provided to my scheme administrator?

Scheme administrators will continue to receive account valuations

Can I transfer my account to another scheme administrator?

Transfers are permitted to other scheme administrators; you should contact your chosen scheme administrator for further details.

Diversified Loan Portfolio (DLP)

What will happen at the point of maturity?

Loan parts within a DLP were due to be liquidated via the Secondary Market towards the end of the Target Term. The closure of the Secondary Market will remove the ability for a DLP to liquidate eligible loan parts. As a result, repayments from borrowers will continue to be received and credited to investors’ accounts on a monthly basis until the maturity or recovery of loan parts if applicable.

TLCs

What happens if I still hold loan parts in a TLC?

All TLCs have come to the end of their term and those that remain open are still to receive future realisations from non-performing loans in each portfolio.

Once all possible realisations have been received the TLC will be closed and you will be notified accordingly.

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