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Post by df on Feb 10, 2019 3:16:28 GMT
My new money on 10th Jan got matched today. Quote from HAPPY NEW YEAR e-mail sent on 4th Jan: "Timeframe on changes? Not long to wait - your reinvigorated timer and speedier queues are arriving this month." Well..... we are now approaching the middle of next month - the queue is still 1 month and the only way to find out what it is one has to either read the forum or try it themselves. I followed the promise and deposited a test amount on 22nd Jan, money arrived on 24th, still in the queue.
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Post by df on Feb 10, 2019 4:24:20 GMT
useful, I was wondering why my first time use of this platform was like this. So it's taking about 28 days. Is that indication of the platform being over-subscribed owing to it's perceived security, at a time where things are thought to be unpredictable? Impossible to say what motivates others, but for me it's a combination of: Highest paying platform of this type with a decent PF (that I'm aware of) (excluding short term lending with very high APRs like WLU). Can invest via an IFISA. Effectively diversified over all loans (so no chance of accidentally picking up an unlucky number of bad loans). Ability to drawdown interest and/or capital repayments if required. Virtually no cash drag once initially invested. Low withdraw fee if early access to capital is required, making it superior to most 30 day access accounts once an initial investment term has elapsed. The platform's engagement on this platform has been good so far. The only drawback for me is the initial cash drag, but this is outweighed by the above. EDIT: Should also have added: it requires absolutely zero management (fire and forget). EDIT 2: Clarified first point. To add to your list - no investor has lost any money. I very much agree, demand/supply imbalance is the only issue. Not a big one, because with initial 1 month cash drag you still get approx 6%, but in this current cash drag scenario the only advantage over RS 5-year is lower selling fees (shouldn't matter for those who see it as long term). RS advantage is - you are 3 days ahead if deposit by debit card (money comes out of your bank account day after they are already invested), DC deposits to LW have to travel for two days before joining the queue.
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Post by gravitykillz on Feb 10, 2019 5:11:01 GMT
What happens if lw increase their rate for the 5 year product and you are invested at the previous rate. Wont the withdrawal fee go up as well ?
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Post by Ace on Feb 10, 2019 9:46:29 GMT
What happens if lw increase their rate for the 5 year product and you are invested at the previous rate. Wont the withdrawal fee go up as well ? Yes it would, but that seems unlikely any time soon given the oversupply of lender cash. It's a minor risk that I'm happy to take.
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picnicman
Member of DD Central
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Post by picnicman on Feb 10, 2019 10:23:34 GMT
My new money on 10th Jan got matched today. Quote from HAPPY NEW YEAR e-mail sent on 4th Jan: "Timeframe on changes? Not long to wait - your reinvigorated timer and speedier queues are arriving this month." Well..... we are now approaching the middle of next month - the queue is still 1 month and the only way to find out what it is one has to either read the forum or try it themselves. I followed the promise and deposited a test amount on 22nd Jan, money arrived on 24th, still in the queue. and Ace - spoke to customer support on Friday - queue is now two weeks apparently - I asked when would they communicate what is happening about the reinstatement and the new key partner as us investors were still in the cold. Agent said they would pass it on  , but were hoping that new key partner for new loans would be in place this coming week. If they are and the queue lessens, we will not know unless they tell us or someone who is in the queue posts here  ? Updates on this would have been useful. Cheers P
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zlb
Member of DD Central
Posts: 1,422
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Post by zlb on Feb 10, 2019 17:39:36 GMT
useful, I was wondering why my first time use of this platform was like this. So it's taking about 28 days. Is that indication of the platform being over-subscribed owing to it's perceived security, at a time where things are thought to be unpredictable? ...Effectively diversified over all loans (so no chance of accidentally picking up an unlucky number of bad loans)..... Thanks Ace. I hadn't known this aspect. So it's a bit like AC access accounts in this respect?
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Post by df on Feb 11, 2019 2:42:09 GMT
...Effectively diversified over all loans (so no chance of accidentally picking up an unlucky number of bad loans)..... Thanks Ace . I hadn't known this aspect. So it's a bit like AC access accounts in this respect? If you look at "your loan holdings" in your AC access accounts, you will most likely find that diversification is not great. Currently in my 30-day my maximum exposure is 3.57% (typically larger chunks are allocated to larger loans), to compare I have 0.3% max exposure on LC with smaller loan book. But it doesn't really matter how well you are diversified on LW or AC access, it doesn't affect your returns.
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Post by gravitykillz on Feb 12, 2019 18:31:27 GMT
Invested 3k on 15/01/19. Still not invested. Starting to get annoyed!
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benaj
Member of DD Central
N/A
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Post by benaj on Feb 12, 2019 18:53:08 GMT
Invested 3k on 15/01/19. Still not invested. Starting to get annoyed! It's worth the wait. LW has already lent out £2.1 mil since 30th Jan.
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Post by gravitykillz on Feb 14, 2019 21:39:11 GMT
Finally got matched. After 30 days !
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Post by Ace on Feb 16, 2019 0:29:16 GMT
Email from LW to lenders says that long waits to match are over, and an updated queue timer will be live next week with "optimum accuracy".
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IFISAcava
Member of DD Central
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Post by IFISAcava on Feb 16, 2019 10:37:22 GMT
Email from LW to lenders says that long waits to match are over, and an updated queue timer will be live next week with "optimum accuracy". In the meantime I have cancelled my new money orders. They say 14 days now but I had been waiting a lot longer without a match. Previous batch took 30 days.
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zlb
Member of DD Central
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Post by zlb on Feb 16, 2019 11:14:18 GMT
Anyone know who the new "partners" are, regarding loan derivation? Presume they'd have to fit the current borrower dd at LW.
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rscal
Posts: 985
Likes: 537
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Post by rscal on Feb 16, 2019 13:25:43 GMT
Got that email too, even though I just tipped my toe in deposited money, waited for about 10 days back-end of last year, and withdrew it not liking the result. Since then it's gotten up to 30 days apparently. Why don't they do something like an 'if not matched' guarantee? So they would pay interest from eight days upto matching - like kuflink with 'reserves'. It would be cashback as withdrawal before actual matching would void payment. In fact they could 'double your money' or something (i.e. pay 13% for 5 yr and 10% for 3 year) for lucky, selected customers as a marketing ploy, unless the FCA stuck in there with an objection I suppose? You could even shave rates by 0.1% to fund it.
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Post by Ace on Feb 16, 2019 13:31:23 GMT
Got that email too, even though I just tipped my toe in deposited money, waited for about 10 days back-end of last year, and withdrew it not liking the result. Since then it's gotten up to 30 days apparently. Why don't they do something like an 'if not matched' guarantee? So they would pay interest from eight days upto matching - like kuflink with 'reserves'. It would be cashback as withdrawal before actual matching would void payment. In fact they could 'double your money' or something (i.e. pay 13% for 5 yr and 10% for 3 year) for lucky, selected customers as a marketing ploy, unless the FCA stuck in there with an objection I suppose? You could even shave rates by 0.1% to fund it. Nice idea, but pack it in on the "shaving rates" malarkey 😉
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, but were hoping that new key partner for new loans would be in place this coming week. If they are and the queue lessens, we will not know unless they tell us or someone who is in the queue posts here 
? Updates on this would have been useful. Cheers P