awk
Posts: 275
Likes: 146
|
Post by awk on Nov 17, 2015 14:41:46 GMT
Well, I wasn't expecting to see that money again.
All sold (at 3% premium) and looking forward to that Steak on Saturday night, but all other diary products are off the menu
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Nov 13, 2015 9:15:57 GMT
Mine has been correct for some time now, but then about 2 days ago suddenly it was £2.02 out.
There is a message on the help tab about missed interest payments from 11/11/15 - I thought it was probably this, but surely they have re-run things since then
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Nov 4, 2015 18:40:14 GMT
Hi Lendingcrowd,
So, as an update;-
I actually received an email from you today (the first response, 7days after requesting my £10 withdrawal), asking me to send a bank statement. As per previous messages in this thread, I've gone paperless so print my own statements which it looks like you don't accept?
I've also just checked and I made a number of transfers to you, all by debit card, with the last being the 6th October. So, even with your 7 day processing (which surely can't be right) you received cleared funds weeks ago.
I'm away this week (somewhere hot) and will contact you about my £10 next week - it's not urgent - all I wanted to do was pipe clean the process - I'm glad I did !!
However, as a comparison to a competitor, the first time I withdrew funds fron FC I had a phone call 2 hours later requesting that I confirm a couple of things and the money was in my account by 07.30 the next day.
You really need to improve - 7 days to even respond is just not acceptable in this day and age.
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Nov 4, 2015 8:24:22 GMT
Hi Lendingcrowd,
It might be useful if you could explain your withdrawal processes (or at least the timetable).
Given the concerns raised in this thread, I did a trial withdrawal of £10 back to the same bank account which deposited the funds. That was a week ago and not heard anything yet - and certainly no money.
If I really did need to get some cash quickly, then this would be a serious issue.
Once the first withdrawal clears, are subsequent withdrawals put through the same long process?
I have generally been very impressed with Lendingcrowd, but not being able to get your money out is a huge concern.
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Oct 30, 2015 17:56:07 GMT
What do we think? Is all lost?
I'd hoped it would clear before the weekend
Now it looks like cheese sandwich with the TV on Saturday night rather than a Medium-rare fillet washed down with a nice Shiraz.
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Oct 28, 2015 8:25:02 GMT
I'm similar to queenvictoria - I didn't think I'd ever say that !
SS is currently 54% of P2P investments as money comes out of FC - so could hit 75% fairly quickly.
However, P2P is only 9% of my overall 'portfolio'. The vast majority of this is in the stock market including some fairly hairy emerging market funds and oil producers - surely the oil price must turn soon !
Interestingly, I started P2P as an alternative for my 'SAFE' money given the non-existent returns from gilts/bonds (the traditional safe/boring home).
How do others see P2P risk compared with even FTSE100 shares?
Again, property asset backed feels very safe compared to Asia funds or oil explorers. Even worst case where say you might recover 80p in the Pound.
Within SS, I am currently diversified down to 7% in a single loan. However, I'd like to understand the SS platform risk a bit more. There is some wording about money put aside to wind down the loan book if SS went belly up - does anyone understand this?
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Oct 20, 2015 6:39:16 GMT
I've just looked at the Tax Statement provided by FC:
First it shows "interest" and then "fees" and then shows the total interest after fees highlighted in Bold with a clear title of interest paid to you.
It then shows "bad debt" and "recoveries", with the total titled as capital gain/loss.
"promotions" don't appear - (these are cash-back and/or rewards for signing up)
Also, no mention of profit/loss on buying/selling parts at a premium/discount.
So, if I was to print it off at the end of the year, then the obvious steer would be :-
- declare interest after fees, but not bad debt - treat bad debt as a capital loss (wont help me this year) - ignore promotions - ignore trading gain/loss
Makes me think about converting some future interest into a trading gain by selling my good parts on the SM at a premium - I'll need to update my spreadsheet to work it out !!
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Oct 9, 2015 6:32:23 GMT
After all that, it looks like it was repaid overnight.
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Oct 5, 2015 8:42:36 GMT
I've started dabbling with LC and other than deal flow, it looks promising.
I'd be interested in how people think the risk bands align with FC - without estimated default rates, I'm struggling to decide if the rates are good, bad or indifferent.
Are there any known criteria used by either, or is it a just relative thing?
thanks
|
|
awk
Posts: 275
Likes: 146
|
Lendy (L) in Administration
PBL58 Torquay
Sept 28, 2015 14:24:13 GMT
Post by awk on Sept 28, 2015 14:24:13 GMT
She's just hit 0% (£61 left)
But now I've got the dilemma - there's nothing left which I really want (ie - with more than about 6 months to run) other than the new ones. But given that they are currently less sellable than PBL58 (and haven't been drawn down) maybe I'm best leaving my spare money sitting here and waiting for something new to come up.
Need to get my head around SS 'gaming' tactics - are there any, or is it just really dull - you put your money in, you earn 12% nett and you take your money out !!
|
|
awk
Posts: 275
Likes: 146
|
Lendy (L) in Administration
PBL58 Torquay
Sept 25, 2015 20:53:20 GMT
Post by awk on Sept 25, 2015 20:53:20 GMT
I've decided to hold fire and just earn the interest - OK 30% in one loan sounds all wrong, but given its backed by real assets should I really worry too much? I'm sure it will settle down in a couple if weeks and I can spread it around a bit.
Having come come FC, I'm still struggling to come to terms with SS - all looks too easy for 12% (after fees) !!
|
|
awk
Posts: 275
Likes: 146
|
Lendy (L) in Administration
PBL58 Torquay
Sept 25, 2015 13:01:24 GMT
Post by awk on Sept 25, 2015 13:01:24 GMT
Probably best if I'm patient then - it's still earning interest
... and if anyone wonders, it's £3k, so while it's a lot to me it won't distort the whole market once released ! ... if only I had that much invested.
|
|
awk
Posts: 275
Likes: 146
|
Lendy (L) in Administration
PBL58 Torquay
Sept 25, 2015 12:27:39 GMT
Post by awk on Sept 25, 2015 12:27:39 GMT
Hi, has anyone managed sell any of this recently? how long did it take to sell?
I have my 'spare' funds sitting there for 'redistribution', but I don't know how much of the current c£78k is underwriters and how much is true sellers.
Im worried that if I try and sell it will sit there and not earn interest
thanks
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Sept 22, 2015 17:47:47 GMT
Hi,
I wasn't "in" on this particular one, but did those who were get interest for the 22 days between going live and being pulled?
If so, does that mean that SS take the hit, or would they have had some fees to cover it?
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Sept 14, 2015 16:16:41 GMT
So, as of today (14SEP2015), is the new trust structure and provision fund in place? I don't see anything in the T&Cs. Has the structure actually changed, or is it all still just plans and talk?
Also, from a platform risk perspective (ie SS going out of business), there is a section in the risk statement about SS having funds to wind-down the loans and pay out. Does anyone understand how the funds to wind-down existing loans are ring-fenced from the administrators? Presumably, they would have to employ a subset of employees and have rights to the IT platform, etc, etc.
A clearer understanding of how these two risk types (indivual loan defaults and SS going out of business) are mitigated would help me assess just how much money to invest.
many thanks
|
|