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Mobikwik reinvested P2P lenders' money without their consent
- Thread starter TechnoFino
- Start date
codenerd
TF Ace
Really have no logic or basis behind their stupid range of calculated repayments. How will anyone know what ROI they are getting? IN the name of defaulters, who can stop these fraudsters to steal your own invested money and then blame it on defaulters.
Damn!!! Mobikwik is a curse which keeps on giving.
At this point i am reayd to lose the 12% intresest also. Bas principal wapas mil jae 6-7 months me bohot hai!!!
But again:
They have given extremely high refund amount for september month and actually paid wayy lesss.
In the repayment schedule they have mentioned ki remaining amount they will refund on september 30th. Lets hope for the best and find out how much they claimed and how much we ultimately get in september.
Means next repayments:
September 30th AND 12th Ocober
Damn!!! Mobikwik is a curse which keeps on giving.
At this point i am reayd to lose the 12% intresest also. Bas principal wapas mil jae 6-7 months me bohot hai!!!
But again:
They have given extremely high refund amount for september month and actually paid wayy lesss.
In the repayment schedule they have mentioned ki remaining amount they will refund on september 30th. Lets hope for the best and find out how much they claimed and how much we ultimately get in september.
Means next repayments:
September 30th AND 12th Ocober
AlooDum
TF Select
That list is completely fake & AI generated
codenerd
TF Ace
what makes you say that š¤£
AlooDum
TF Select
Read the borrower name carefully
Attachments
HumorSimpson
TF Prestige
That could be a place holder or type. Lets see what @codenerd got on his list
Sahil_07
TF Ace
but how are you expecting highest value? you should expect avg value at max
The interest remains same. Wheather we get the amount (principal+ interest) depends on the borrower's repayment.
codenerd
TF Ace
If new investments has a lock in of 12 months, how on earth can they make repayment till 2 years. They have not even mentioned anywhere that it will take almost 2 years for repayment even when they updated all RBI rules and their app.
what's the basis for this nonsense. Am I missing anything.
I guess previously they gave loans to borrower's with varying tenures from few months upto 3 years. that's why the expected repayments are reduced over the months.
May be they are changing this to fixed tenure of one year from now onwards.
codenerd
TF Ace
We have a 400+ member whatsapp group for people who are invested in mobikwik Xtra and all r kind of. collaborating on boosting tweets, legal remedies and other info and updates about this mobikwik crap.
Only serious investors who are currently invested in mobikwik Xtra join this.
Plz join the group to unitedly fight against #P2PLending #p2pscamsters #Mobikwikscam #Lendboxscam
Only serious investors who are currently invested in mobikwik Xtra join this.
Last edited:
Update 27th Sept, 2024:
Mobikwik replied to one of my tweets and shared this link: https://promotions.mobikwik.com/inapp/faq/xtra/xtra.html
After reviewing the link, Iād like to highlight a few points:
"Was it necessary to apply these changes to existing Xtra investments, or could they have been limited to new investments?"
Based on recent regulatory clarifications, certain features of the product have been specifically disallowed, effective immediately, including the anytime/flexible withdrawal facility. All repayments will now be credited directly to lenders as borrowers make their payments. As a result, these changes apply to both existing and new Xtra investments.
"Why was my consent not taken for the change in Xtra?"
Since the clarifications and updates are effective immediately, changes to existing investments have been made whereby withdrawals must now be linked directly to borrower repayments. Borrower repaymentsāincluding both principal and interestāwill be available for withdrawal to your bank account monthly, starting from the 12th of each month.
---
First of all, Mobikwik didnāt inform individual lenders, which is a violation of the new RBI P2P guidelines. They are using the new RBI guidelines as an excuse, but as per the guidelines, they should have informed customers about their borrowers, matched credit profiles, and then lent the money. Other P2P investment platforms returned their customersā money (for those who requested it) before the new guidelines were implemented. So, how are others managing without issues, but Mobikwik and Lendbox canāt?
Mobikwik replied to one of my tweets and shared this link: https://promotions.mobikwik.com/inapp/faq/xtra/xtra.html
After reviewing the link, Iād like to highlight a few points:
"Was it necessary to apply these changes to existing Xtra investments, or could they have been limited to new investments?"
Based on recent regulatory clarifications, certain features of the product have been specifically disallowed, effective immediately, including the anytime/flexible withdrawal facility. All repayments will now be credited directly to lenders as borrowers make their payments. As a result, these changes apply to both existing and new Xtra investments.
"Why was my consent not taken for the change in Xtra?"
Since the clarifications and updates are effective immediately, changes to existing investments have been made whereby withdrawals must now be linked directly to borrower repayments. Borrower repaymentsāincluding both principal and interestāwill be available for withdrawal to your bank account monthly, starting from the 12th of each month.
---
First of all, Mobikwik didnāt inform individual lenders, which is a violation of the new RBI P2P guidelines. They are using the new RBI guidelines as an excuse, but as per the guidelines, they should have informed customers about their borrowers, matched credit profiles, and then lent the money. Other P2P investment platforms returned their customersā money (for those who requested it) before the new guidelines were implemented. So, how are others managing without issues, but Mobikwik and Lendbox canāt?
Sahil_07
TF Ace
They are just copy pasting same reply
Taking time is one thing. Favouring the banks and resolving the cases in their favour is next level.