kaya
Member of DD Central
Posts: 1,150
Likes: 718
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Post by kaya on May 25, 2017 7:39:18 GMT
So there is no hope for my (entirely sarcastic) optimism? Some iron bars then? Baseball bats?
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arbster
Member of DD Central
Posts: 810
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Post by arbster on May 25, 2017 8:06:05 GMT
LendingCrowd really is a sorry shower - £0.00 recoveries for me too. Excluding the marketing money my XIRR is 0.67%, but I don't expect to stay in the black for long. I genuinely begrudge them the fees they've charged me. The most positive thing I can say about LendingCrowd is that they make FC look less incompetent.
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r00lish67
Member of DD Central
Posts: 2,691
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Post by r00lish67 on May 25, 2017 8:33:24 GMT
I don't understand how they continue to operate to be honest, I genuinely don't, even disregarding loan performance. By their own stats page, they've only ever issued 135 loans for a total of £11.1m since their inception in 2014.
To put this in perspective, I just had a look at FC's loanbook and started summing by loan amount from the most recent loans issued until I reached £11.1m. Do you know what date I reached? 20th May, 2017, 5 days ago.
FC themselves apparently struggle for profitability, so I can but imagine how LC are doing.
But in more positive news, their self-select ISA is coming soon i see! Form an orderly queue....
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ablender
Member of DD Central
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Likes: 555
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Post by ablender on May 27, 2017 13:37:38 GMT
I don't understand how they continue to operate to be honest, I genuinely don't, even disregarding loan performance. By their own stats page, they've only ever issued 135 loans for a total of £11.1m since their inception in 2014. To put this in perspective, I just had a look at FC's loanbook and started summing by loan amount from the most recent loans issued until I reached £11.1m. Do you know what date I reached? 20th May, 2017, 5 days ago. FC themselves apparently struggle for profitability, so I can but imagine how LC are doing. But in more positive news, their self-select ISA is coming soon i see! Form an orderly queue.... I bet LC will soon go to a P2P platform to borrow money. - AD: a competitor platform asks for money.
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adrianc
Member of DD Central
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Post by adrianc on May 28, 2017 14:11:06 GMT
I don't understand how they continue to operate to be honest, I genuinely don't, even disregarding loan performance. By their own stats page, they've only ever issued 135 loans for a total of £11.1m since their inception in 2014. To put this in perspective, I just had a look at FC's loanbook and started summing by loan amount from the most recent loans issued until I reached £11.1m. Do you know what date I reached? 20th May, 2017, 5 days ago. FC themselves apparently struggle for profitability, so I can but imagine how LC are doing. The answer is in the balance sheet filed for the parent company. Net retained earnings at 31/12/16 - £2.3m negative. It's being heavily subsidised. Expensive vanity project - which makes you wonder when the funders will pull the plug.
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awk
Posts: 275
Likes: 146
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Post by awk on Jun 13, 2017 15:02:12 GMT
With my final couple of holdings now all 'officially' in default and no expectation of any recoveries, I decided it was time to clear out the remaining couple of pounds and pence from my account (I tend to normally only withdraw round numbers).
First problem was that there is a minimum £5 withdrawal - no problem I thought, i'll put £5 in and then take it all out.
But then it said the minimum deposit was £100 - bit surprised, but they aren't keeping my money, so I put £100 in from my debit card.
I then go to withdraw the lot and it says I can't because I recently made a deposit which hasn't cleared - that was on Thursday, the transaction showed on my bank account Friday, but today (Tuesday) is still stops me withdrawing MY money with the same message !
I just want my money !
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muh3
Posts: 52
Likes: 13
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Post by muh3 on Jun 13, 2017 16:41:10 GMT
With my final couple of holdings now all 'officially' in default and no expectation of any recoveries, I decided it was time to clear out the remaining couple of pounds and pence from my account (I tend to normally only withdraw round numbers). First problem was that there is a minimum £5 withdrawal - no problem I thought, i'll put £5 in and then take it all out. But then it said the minimum deposit was £100 - bit surprised, but they aren't keeping my money, so I put £100 in from my debit card. I then go to withdraw the lot and it says I can't because I recently made a deposit which hasn't cleared - that was on Thursday, the transaction showed on my bank account Friday, but today (Tuesday) is still stops me withdrawing MY money with the same message ! I just want my money ! It normally takes about 5-6 working days (from memory) before he money is available for a withdraw. Edit and after that you need to wait 4 days for the refund
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min
Member of DD Central
Posts: 603
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Post by min on Jun 13, 2017 21:27:42 GMT
With my final couple of holdings now all 'officially' in default and no expectation of any recoveries, I decided it was time to clear out the remaining couple of pounds and pence from my account (I tend to normally only withdraw round numbers). First problem was that there is a minimum £5 withdrawal - no problem I thought, i'll put £5 in and then take it all out. But then it said the minimum deposit was £100 - bit surprised, but they aren't keeping my money, so I put £100 in from my debit card. I then go to withdraw the lot and it says I can't because I recently made a deposit which hasn't cleared - that was on Thursday, the transaction showed on my bank account Friday, but today (Tuesday) is still stops me withdrawing MY money with the same message ! I just want my money ! I was in the same position. Paid in £5 by bank transfer and took it (plus the odd pence) out the following day.
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awk
Posts: 275
Likes: 146
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Post by awk on Jun 17, 2017 15:58:50 GMT
With my final couple of holdings now all 'officially' in default and no expectation of any recoveries, I decided it was time to clear out the remaining couple of pounds and pence from my account (I tend to normally only withdraw round numbers). First problem was that there is a minimum £5 withdrawal - no problem I thought, i'll put £5 in and then take it all out. But then it said the minimum deposit was £100 - bit surprised, but they aren't keeping my money, so I put £100 in from my debit card. I then go to withdraw the lot and it says I can't because I recently made a deposit which hasn't cleared - that was on Thursday, the transaction showed on my bank account Friday, but today (Tuesday) is still stops me withdrawing MY money with the same message ! I just want my money ! I was in the same position. Paid in £5 by bank transfer and took it (plus the odd pence) out the following day. My debit card transfer was finally "cleared" yesterday - 6 working days - and I requested all the money out From what min said, it looks like I should have done a bank transfer (£5 vs £100 and 1 day vs 8 days) I would say, I'll remember that for next time, but I don't expect a next time - unless they actually do break their duck and recover some money !
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