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Mobikwik reinvested P2P lenders' money without their consent

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Zacobite said:
You won't lose money.. dont worry... Its just liquidity.. earlier when you withdrew they will give you back money from some other loan repayment which is what rbi has stopped.. u have to get money back from the people you have lent to.. hence the lockin and restrictions.. Only way to lose money is IF the loaner doesn't pay back.. So hang on.. all ir money will be returned.. RBI regulations.. + MOBIKWICK is IPO bound.. this is the last thing they want....
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Thanks a lot for your calming words man! Seriously.
Yes you're right. But the quantum of money invested in my case is giving me nightmares.

Actually we were all enjoying the honeymoon period of these P2P apps and tbh, i agree, this is how these apps actually should function. I never understood how they used to give almost guaranteed 12% returns with immediate full money withdrawal. We were living on borrowed time. So yeah.. Will wait..

Luckily they are IPO bound so def they will avoid such traps to destroy their own IPO.
 
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Guys please suggest, I have about 1L in mobikwik flexi. I don't understand why are we complaining if they reinvested our money we gave for lending as long as we are getting interest. I withdraw interest every week.
 
Zacobite said:
You won't lose money.. dont worry... Its just liquidity.. earlier when you withdrew they will give you back money from some other loan repayment which is what rbi has stopped.. u have to get money back from the people you have lent to.. hence the lockin and restrictions.. Only way to lose money is IF the loaner doesn't pay back.. So hang on.. all ir money will be returned.. RBI regulations.. + MOBIKWICK is IPO bound.. this is the last thing they want....
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Maybe one more way to look at it is,Earlier they used to allow instant withdrawal because they had massive un invested amount available to them.. (Maybe.. Hypothetically)

Assuming that If total 1K crore is invested by people like us, maybe only 50% of it is loaned to borrowers. So maybe they were able to give easy withdrawals earlier from that 50% pool of uninvested money. God knows whats going.. Will just need to wait for 12th September.
 
keval said:
Guys please suggest, I have about 1L in mobikwik flexi. I don't understand why are we complaining if they reinvested our money we gave for lending as long as we are getting interest. I withdraw interest every week.
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Here we are complaining bcoz for every nonsense MK pulled off, they r citing RBI rules blah blah. So the main question here is, if Mobikwik was so hell bent on following the rules of RBI why did they follow the rule partially where before investment, customer approval is needed as per new mandate.. They never took approval from us before building a new fund corpus to loan out to others from 3rd september.

Secondly, there is no info as to how many installments we may have to wait for to get our money. Initially it wasnt the case. What if they divide your loaned amount into 12-36 installments. Means for 1-3 years you are stuck partially.
 
I had been thinking of parking some money in Mobikwik for the last one year. Just a couple of days ago, I had made up my mind and set aside the amount, and then this happened. Thank God I didn't take that step.
 
codenerd said:
Here we are complaining bcoz for every nonsense MK pulled off, they r citing RBI rules blah blah. So the main question here is, if Mobikwik was so hell bent on following the rules of RBI why did they follow the rule partially where before investment, customer approval is needed as per new mandate.. They never took approval from us before building a new fund corpus to loan out to others from 3rd september.

Secondly, there is no info as to how many installments we may have to wait for to get our money. Initially it wasnt the case. What if they divide your loaned amount into 12-36 installments. Means for 1-3 years you are stuck partially.
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I didn't check xtra from last week. I didn't know they have locked in our funds without consent. Now I know what are we complaining for! So what's the update how are getting the money back? I was invested in the flexi plan so thought I can withdraw anytime
 
codenerd said:
Maybe one more way to look at it is,Earlier they used to allow instant withdrawal because they had massive un invested amount available to them.. (Maybe.. Hypothetically)

Assuming that If total 1K crore is invested by people like us, maybe only 50% of it is loaned to borrowers. So maybe they were able to give easy withdrawals earlier from that 50% pool of uninvested money. God knows whats going.. Will just need to wait for 12th September.
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yeah.. but interest & principal will be paid.. there is no default here... so lil patience will be needed by all
 
sousnake said:
One question - what if mobikwik refuses to pay?
What can investors do?
I have never invested in these, so want to know risk attached.
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risk is minimal of loaners not paying back... like if u lend money to 100 ppl... anf if 5 don't pay back.. that is the risk
 
codenerd said:
Maybe one more way to look at it is,Earlier they used to allow instant withdrawal because they had massive un invested amount available to them.. (Maybe.. Hypothetically)

Assuming that If total 1K crore is invested by people like us, maybe only 50% of it is loaned to borrowers. So maybe they were able to give easy withdrawals earlier from that 50% pool of uninvested money. God knows whats going.. Will just need to wait for 12th September.
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possible but unlikely.. carrying idle cash will be non productive as they still have to pay u daily... but surely is a possibility
 
sousnake said:
One question - what if mobikwik refuses to pay?
What can investors do?
I have never invested in these, so want to know risk attached.
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They won't refuse to pay but theybcan blame it on the
percolate said:
I was able to withdraw all funds from 12% club a couple of days ago.
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Then why the hell only Mobikwik + Lendbox doing all drama. People havent been able to withdraw from more than a week from Mobikwik
 
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