kaya
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Post by kaya on Oct 18, 2016 16:32:45 GMT
So now we have LC's answer to the first year's bonus tie-in. Anyone tempted? Personallly, after yet another default, I'll just be glad to get out without making a loss. Not another penny from me going here. I knew it was all rubbish from the beginning, but jumped in anyway, fool that I am.
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Post by lionelrichtea on Oct 18, 2016 16:51:43 GMT
I wouldn't consider depositing any more money unless they were to fix the core issues which are their due diligence, recovery process and weird secondary market. They don't bother interacting with us on here any more and seem more interested in promoting their mobile app and making superficial changes to the website design. It's a shame because I initially liked the platform but have now put over half of my 70 loans up for sale.
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adrianc
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Post by adrianc on Oct 18, 2016 17:31:25 GMT
Let's see if I actually see any of the 15% bonus on £1,000 investment from last year. Or, even, all of the £1,000 investment.
Good website, shame about the platform behind it.
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TheDriver
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Post by TheDriver on Oct 18, 2016 18:38:04 GMT
kaya ; have I missed something?
lionelrichtea ; couldn't have put it better myself, unfortunately
adrianc ; I'm not up for any bonus, and have already lost more in bad debts than gained in interest, so unlikely to see all my capital back unless LC perform some unexpectedly good recoveries.
I've had nothing sell for a week so maybe have to resign myself to a drawn-out exit, hoping there aren't two many more defaults on the way. Should have stuck to my original plan only to go for the shorter durations so I wouldn't be waiting up to 5 years - and on current form LC themselves won't be around that long :-(
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adrianc
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Post by adrianc on Oct 18, 2016 18:45:41 GMT
I've had nothing sell for a week I've got shot of just over £200 in a day and a bit - so I'm actually pleasantly surprised so far. But, I fear, they're the easy sells. The rest is where the fun will lie... Meanwhile, I have roughly £345 of my £1,000 + £150 bonus + £95 interest (not counting £75 green-but-unsellable and £105 red-but-not-default-honest-guv) sitting idle but which I can't yet withdraw, because LC have to go and have a little chat with my bank manager to decide whether they can give me my money back or not...
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adrianc
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Post by adrianc on Oct 19, 2016 8:39:05 GMT
...because LC have to go and have a little chat with my bank manager to decide whether they can give me my money back or not... "Please post us a recent bank statement..."
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SteveT
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Post by SteveT on Oct 19, 2016 8:44:34 GMT
...because LC have to go and have a little chat with my bank manager to decide whether they can give me my money back or not... "Please post us a recent bank statement..." The good news is that, once LC eventually accept your bank account details are genuine, they will still insist on processing all your withdrawals via Debit Card refund (taking 4 to 5 days) as opposed to Faster Payments. Surreal.
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adrianc
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Post by adrianc on Oct 19, 2016 8:51:41 GMT
"Please post us a recent bank statement..." The good news is that, once LC eventually accept your bank account details are genuine, they will still insist on processing all your withdrawals via Debit Card refund (taking 4 to 5 days) as opposed to Faster Payments. Surreal. Fertheloveofgawd...
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treeman
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Post by treeman on Oct 19, 2016 9:22:27 GMT
"Please post us a recent bank statement..." The good news is that, once LC eventually accept your bank account details are genuine, they will still insist on processing all your withdrawals via Debit Card refund (taking 4 to 5 days) as opposed to Faster Payments. Surreal. Is that because you paid it in via Debit Card ? Mine went in via FP .............. Sounds like a right PITA .......... Any experiences to share anyone?
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adrianc
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Post by adrianc on Oct 19, 2016 9:29:39 GMT
...because LC have to go and have a little chat with my bank manager to decide whether they can give me my money back or not... "Please post us a recent bank statement..." They're happy with a scan or screenshot. Just name and account number confirmation.
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pom
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Post by pom on Oct 19, 2016 9:30:33 GMT
The good news is that, once LC eventually accept your bank account details are genuine, they will still insist on processing all your withdrawals via Debit Card refund (taking 4 to 5 days) as opposed to Faster Payments. Surreal. Is that because you paid it in via Debit Card ? Mine went in via FP .............. Sounds like a right PITA .......... Any experiences to share anyone? Yeah I think they told someone a while back that htey have to refund it to where it came from, so if your 1k came via debit card they won't start using the bank account details until all that 1k has been returned. Can't verify that yet tho as not had that much back yet (wonder if ANYONE has had...) I was particularly unimpressed as the DC wasn't even attached to the same bank account as the one they verified
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treeman
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Post by treeman on Oct 19, 2016 9:40:50 GMT
Is that because you paid it in via Debit Card ? Mine went in via FP .............. Sounds like a right PITA .......... Any experiences to share anyone? Yeah I think they told someone a while back that htey have to refund it to where it came from, so if your 1k came via debit card they won't start using the bank account details until all that 1k has been returned. Can't verify that yet tho as not had that much back yet (wonder if ANYONE has had...) I was particularly unimpressed as the DC wasn't even attached to the same bank account as the one they verified Was going to wait till I'd sold a bit more before my first withdrawal but if it's going to be long-winded I might check the account later, hit the button and see what hoop-jumping has to be done? There isn't a minimum withdrawal or any other restriction as well is there ?
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pom
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Post by pom on Oct 19, 2016 10:01:52 GMT
Yeah I think they told someone a while back that htey have to refund it to where it came from, so if your 1k came via debit card they won't start using the bank account details until all that 1k has been returned. Can't verify that yet tho as not had that much back yet (wonder if ANYONE has had...) I was particularly unimpressed as the DC wasn't even attached to the same bank account as the one they verified Was going to wait till I'd sold a bit more before my first withdrawal but if it's going to be long-winded I might check the account later, hit the button and see what hoop-jumping has to be done? There isn't a minimum withdrawal or any other restriction as well is there ? Min £5....which is annoyingly elusive while waiting for shrapnel to repay
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kaya
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Post by kaya on Oct 19, 2016 18:35:57 GMT
kaya ; have I missed something?
No, not at all, it was just my vibe on the set-up at the start. I was then pleased to see LC take off and get more support, but like many, disappointed in the lack of constructive engagement and development. The run of dodgy loans, and so early on at that, now bodes nothing good, and confirms to me that my initial intuitive feelings were correct. I just hope that the bonuses that helped to lure me in will be enough to offset the mounting losses.
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TheDriver
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Post by TheDriver on Oct 19, 2016 20:07:53 GMT
Hi kaya;
Sorry, I didn't make that very clear. I thought you were referring to an extension of the offer for existing lenders to up their investment to be eligible for the 2.5% - which would be an obvious up-sell! However, as last year's bonus (~10%) is not covering many people's losses, it may not have been very successful.
I was actually quite optimistic at the start (because I assumed the big lenders had checked out LC and indicated credibility) but as I didn't qualify for any bonuses am now resigned to get back considerably less than I put in :-(
Unfortunately getting money withdrawn is proving a challenge - the online process is limited to £1k and gives the message that the account has to be validated, and when I rang to request a larger amount the person who does it wasn't there at midday and I'm still waiting for them to call back!
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