pom
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Post by pom on Oct 6, 2016 10:11:09 GMT
Has anyone ACTUALLY WITHDRAWN more than their initial investment yet? (the £1000 or whatever) Nope - tho I guess if I add up my bonuses and earnings and compare to what's still invested I've actually withdrawn nearly £800 now (withdrew some during the year), so without wanting to count too many chickens I'm getting hopeful that I will at least get that initial £1000 back....definitely not going to make any predictions as to profit yet tho
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awk
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Post by awk on Oct 6, 2016 10:35:05 GMT
I was quite impressed that 9 of the 36 loans parts (which I was "allowed" to list) got sold within 3 hours. However, they were all in loans with less than a couple of hundred pounds available (but thankfully included the people who wash sheets and towels for a living in Scotland).
It will be interesting how quickly anything else goes - because I don't understand how LC select which parts get sold !
So, £1000 went in and £500 has come out so far ...
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Post by GSV3MIaC on Oct 6, 2016 10:57:36 GMT
<snip> because I don't understand how LC select which parts get sold ! Which is one of the main reasons people are leaving .. the SM is just too opaque, and liquidity is not subject to being adjusted by offering discounts or premia.
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pom
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Post by pom on Oct 6, 2016 11:29:18 GMT
Ugh... with GH now having gone red almost all my summer bonus is now "stuck"
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treeman
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Post by treeman on Oct 6, 2016 13:44:48 GMT
It is starting to look like dominoes now ........ ......... Frustratingly I'm still a few weeks away from my bonus anniversary ........
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arbster
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Post by arbster on Oct 6, 2016 14:24:57 GMT
I do hope they've sacked their original underwriting team and employed some more competent ones; if not, the bulging pipeline of new loans fills me with horror...
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TheDriver
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Post by TheDriver on Oct 7, 2016 23:13:31 GMT
The LC website has actually grown on me - somehow, it feels friendlier than others ! I had a similar sentiment - although the recent updates are disappointing, and underlying anomalies haven't been addressed
Has anyone ACTUALLY WITHDRAWN more than their initial investment yet? (the £1000 or whatever)
Interestingly you seem to be able to deposit as much as you like as added funds, but can only elect to withdraw up to £1k without contacting LC direct and initiating a manual process. Unless someone has been very lucky with their investment selection they probably have more locked in lost/suspended trading than profit to date - it's interesting that even where a loan is nearly 6 months overdue it is still classed as LIVE and shows on the investment balance. LC have much to prove in their handling of bad debts - a good start would be actually classifying them as OVERDUE ! - and they don't seem to have made any recoveries to date, which will probably be my prime reason for pulling out.
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pom
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Post by pom on Oct 14, 2016 11:09:22 GMT
Well I spotted the banner advertising 2.5% cashback for investing with LC at the top of the page. Thought I would check them out, but after reading the comments on here I'm having second thoughts. Besides potentially giving existing investors an opportunity to bail out is there any merit to investing with LC? Well to be fair I still believe that not only will I get my capital back but will have made money out of it too, it's just going to take a while to fully exit. At least with a 2.5% cashback you should probably get a reasonable return at the end of it all, so as long as you don't mind tying up 5k for a year and not getting it all back instantly then it may well be worth considering. If you're happy to hold loans to the end then it may suit you - if you want to flip then beware that SM sales are pretty much down to luck AND you have pay 0.5% for the privilege. There WILL be loans that go into arrears and get declared as losses, but it's still too early to really judge how many or how successfully they'll be resolved. The risk is that if they don't manage to attract lenders more permanently over this next year, there really will be trouble when this offer expires. If you do do it tho, my tip would be to make sure you only buy small loan parts then you have a better chance of further diversifying later on by thinning out (I bought £50 chunks on the SM to get invested and then realised I couldn't split them) as there's only 60 or so loans trading on the SM at the moment. Oh and make sure you get a referral to maximise your bonuses
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r00lish67
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Post by r00lish67 on Oct 16, 2016 5:10:46 GMT
Well I spotted the banner advertising 2.5% cashback for investing with LC at the top of the page. Thought I would check them out, but after reading the comments on here I'm having second thoughts. Besides potentially giving existing investors an opportunity to bail out is there any merit to investing with LC? I could try and think up some reasons, but I really wouldn't touch LC with a bargepole given my experience for exactly the reasons you've seen already on other posts in this forum, the most significant of which in my view are: 1) Platform risk, primarily due to poor underwriting to date and a demonstrated inability to fill even the smallest loans within a reasonable timeframe without the help of mysterious big hitter 3rd parties. 2) Underwriting has been poor to date, as above. 3) SM is opaque, with also no ability to add premiums or discounts. If I could discount my remaining loan parts by 1%, I'd happily sell you them today. Also, a 0.5% charge to sell. Don't forget the 1% charge a'la FC also, just to hold your loans. 4) As you've observed, many of us are the on way out, so as well as being opaque, as you can imagine the SM is not quite as liquid as you'd probably like, so prepare to hold to term. 5) In common with FC, little to no asset security offered on the loans. 6) PM is almost equally opaque due to the aforementioned 3rd parties dumping in huge bids right near the end at very low rates thereby deflating the best available rate. 7) As yet unproven ability to recover loans in arrears. They don't seem to like actually defaulting loans, I suppose because it would hit their stats. 8) Unwillingness of LC to respond in any meaningful way to the concerns above, all of which have applied since I started investing a year ago, despite being raised with them frequently on this forum and direct with them by lots of investors. Oh wait, they did do something on point 3) - it used to be 0.25% to sell your loans, and then they decided to lift that to 0.5%. Great. Wow, that turned into more of a rant than I was expecting. Very therepeutic, thanks.
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r00lish67
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Post by r00lish67 on Oct 16, 2016 5:17:55 GMT
To try and be more helpful, if you're looking for new platform incentives, you could consider:
Ratesetter - guess you're probably with this one already - £100 bonus for investing £1k FundingSecure - £25 Landbay - £50 for £1k or £100 for £5k via quidco I think.
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adrianc
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Post by adrianc on Oct 17, 2016 8:34:26 GMT
Where are you putting the start line in the race to the exit? The first anniversary of the money being deposited and lent out? Or the first anniversary of the bonuses being paid, nearly a month later? Soddit. 13th Oct was when my initial grand was invested. Today's insolvency is the final straw. I'm not waiting for the 4th Nov (anniversary of the bonus) to consider it safe. They're all listed. I won't hold my breath.
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adrianc
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Post by adrianc on Oct 17, 2016 13:32:58 GMT
Where are you putting the start line in the race to the exit? The first anniversary of the money being deposited and lent out? Or the first anniversary of the bonuses being paid, nearly a month later? Soddit. 13th Oct was when my initial grand was invested. Today's insolvency is the final straw. I'm not waiting for the 4th Nov (anniversary of the bonus) to consider it safe. They're all listed. I won't hold my breath. LC have confirmed in writing that it's safe from the first anniversary of the deposit, which is nice. Hundred quid or so sold already - could be worse...
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treeman
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Post by treeman on Oct 17, 2016 13:43:31 GMT
Soddit. 13th Oct was when my initial grand was invested. Today's insolvency is the final straw. I'm not waiting for the 4th Nov (anniversary of the bonus) to consider it safe. They're all listed. I won't hold my breath. LC have confirmed in writing that it's safe from the first anniversary of the deposit, which is nice. Hundred quid or so sold already - could be worse... Told me on the phone earlier it was the anniversary of the grand being invested ! Whatever ........... Mine's safe - so all listed ..........
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adrianc
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Post by adrianc on Oct 17, 2016 13:45:27 GMT
LC have confirmed in writing that it's safe from the first anniversary of the deposit, which is nice. Hundred quid or so sold already - could be worse... Told me on the phone earlier it was the anniversary of the grand being invested ! Whatever ........... Mine's safe - so all listed .......... <re-reads email> Ooops. You're right. My bad.
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Post by nanniema on Oct 17, 2016 20:28:45 GMT
When the anniversary is reached and the bonus becomes "safe" does it then move from the bonus column on the right to the "available"column on the left and then can be withdrawn?
The reason for asking is that although my anniversary date was nearly a month ago and I have been verbally assured by LC that I have met all the requirements, I still cannot withdraw or invest the £100. According to LC it is caused by a glitch in the system and this morning rang me to say it had now been fixed, I then demonstrated that it had not and so they "will get back to me".
Has any one else had this problem or can I start to feel paranoid?
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