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Post by gravitykillz on Feb 22, 2019 16:10:07 GMT
Why does it say 1 to 7 working days ?
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Post by davidspindle on Feb 22, 2019 16:36:02 GMT
In my experience LW have always underestimated matching times for new offers. Matching times for a specific offer would often increase several times during the waiting time. I complained about this a couple of years ago pointing out that their algorithm needed improving but got only waffle as a reply.
Given the evidence presented by myself and df this is either incompetence or "speaking with forked tongue" .
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Post by gravitykillz on Feb 22, 2019 17:17:13 GMT
So they are a bunch of lieing fibbers eh ?
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benaj
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Post by benaj on Feb 22, 2019 18:12:53 GMT
My test sample offered on 24th Jan was matched today. That makes matching time 29 days. Actual lending works volume (data from Loanbook): Dec 18 - £3.48 Mil Jan 19 - £6.06 Mil Since 1st Feb 2019 - £3.38Mil
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Post by Matthew on Feb 22, 2019 20:31:11 GMT
Why does it say 1 to 7 working days ? 1-7 days is the current estimate for new money added today based on the current queue length and the average daily amount of new money matched over the last 28 days. Money placed on offer on 24 January would have had a longer estimated queue time at that time as the queue was significantly longer. The queue estimate is not perfect but we hope the underlying calculation is much more accurate than the previous one. Hope this helps.
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Post by Ace on Feb 22, 2019 20:43:24 GMT
Why does it say 1 to 7 working days ? 1-7 days is the current estimate for new money added today based on the current queue length and the average daily amount of new money matched over the last 28 days. Money placed on offer on 24 January would have had a longer estimated queue time at that time as the queue was significantly longer. The queue estimate is not perfect but we hope the underlying calculation is much more accurate than the previous one. Hope this helps. This was first noticed on Wednesday 20th Feb. So it is predicting that all investments made prior to that date will be matched and invested by Friday 1st March. Best hold judgement on its accuracy until then.
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Post by Matthew on Feb 22, 2019 21:21:31 GMT
1-7 days is the current estimate for new money added today based on the current queue length and the average daily amount of new money matched over the last 28 days. Money placed on offer on 24 January would have had a longer estimated queue time at that time as the queue was significantly longer. The queue estimate is not perfect but we hope the underlying calculation is much more accurate than the previous one. Hope this helps. This was first noticed on Wednesday 20th Feb. So it is predicting that all investments made prior to that date will be matched and invested by Friday 1st March. Best hold judgement on its accuracy until then. Sure - it will be interesting to see how accurate that estimate is. It is complicated by the fact that lending doesn't happen on a straight-line basis i.e. it's affected by both in-month seasonality (matching times are slower at the start of the month due to reinvested repayments taking priority, the majority of which happen early in the month), the level of loan prepayments during the period (again, prepayments would be reinvested first) and natural fluctuations in loan volume throughout the period. We can invest more time in weighting the queue times depending on the time of the month but let's see if that's necessary.
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Post by gravitykillz on Feb 22, 2019 22:07:01 GMT
Why not avoid this and just state up to 7 -14 working days for queue matching times on the site ?
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Post by Matthew on Feb 22, 2019 22:10:49 GMT
Why not avoid this and just state up to 7 -14 working days for reinvestment on the site ? Reinvestments are normally matched same or next day - the queue times indicated are only for new money (there will be a tooltip explaining this added shortly).
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Post by davidspindle on Feb 23, 2019 1:17:53 GMT
LW has an obligation to publish information to investors that is as accurate as possible. LW know exactly when monthly loan repayments are due and by now they should have statistically valid data on late payments and early repayments, which should be relatively small in comparison to the month total. It is astonishing that they have still chosen not to take into account that repayments are concentrated early in the month. This is not rocket science and its inclusion should be implemented.
If they had been published in a sales context their previous estimates would have justified a complaint to the ASA. I have had initial matching estimates of 5 to 7 days take over a month to be matched.
My reinvestment offer of today was matched today. Those new offers of 7, 11 and 15 February are outstanding.
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Ukmikk
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Post by Ukmikk on Feb 23, 2019 11:16:40 GMT
Why does it say 1 to 7 working days ? It basically sounds like a finger-in-the-air guesstimate to me. Not really confidence inspiring tbh.
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Post by gravitykillz on Feb 23, 2019 11:52:26 GMT
False advertising is great for business.
Especially when you can use words like estimate to get away with it.
Any normal person depositing money would presumed they would be matched within a week. When in reality it is almost triple that.
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ashtondav
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Post by ashtondav on Feb 23, 2019 18:38:36 GMT
Why does it say 1 to 7 working days ? It basically sounds like a finger-in-the-air guesstimate to me. Not really confidence inspiring tbh. It’s perfectly sensible. Depending on supply and demand you’ll be matched in 1 to 7 days. OK, they could have just said “within 7 days”, but for goodness sake stop reading conspiracy and incompetence into a massive improvement compared to December. i can’t get matched on RS dependably within 7 days at 6.5%. Neither can you. So let’s grow up and be sensible and be thankful that 6.5% is available within a week. Very good, IMHO.
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Post by gravitykillz on Feb 26, 2019 8:12:16 GMT
On the basis my recent experience, the matching time is only a couple of days. This post was total fabrication. Based on my experience and other ppl on this forum.
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benaj
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Post by benaj on Feb 26, 2019 9:50:06 GMT
I have made a test deposit, now the money is in the queue (26 Feb). Let's see if the estimate (1-7 working days) getting better or not.
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