macq
Member of DD Central
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Post by macq on Mar 6, 2019 11:36:57 GMT
Given this lack of fulfilment of the demand for their product, could LW not consider doing something like Kuflink (a 'reserve') where money put in can earn interest at the investment rate sought up until the actual loan is created? The way it works is if the funds are pulled by the investor prior to the (uncertain) date of the contract formation they get nothing and if left the 'reward' is a cashback anyway and falls outside normal income. It would not need to apply 'from day one', merely from after a stipluated waiting time - like five days. But it would be better payable from day 1. Given LW has a cashback budget already why not re-purpose that for the time-being and see how things go. If investors are waiting an average of three weeks and you pay them only for two weeks of that that's something like a fifth to one quarter percent - not a lot in other words. [Over to you.] This reminds me of something I read about Paypal. In the early days Paypal use to pay interest on balance until the regulator jumped on them for not having a banking license. The potential fall-out was so catastrophic it was the main catalyst for the tieing up with Ebay (plus good timing). So it might not be that straightforward although i do confess i'm not sure how the regulation has moved on since then, and of course a couple of platforms have managed to pull off something similar. cashback rather then interest the same as Landbay would i assume to be the way round the problem but maybe the headline rate would have to drop to cover it
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Post by markaldrich on Mar 6, 2019 17:17:11 GMT
Absolute rubbish. Having pulled money previously put another 10k in on the basis of the new indicator saying 7 days. It now says 28 and my money not invested.
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Post by Matthew on Mar 6, 2019 17:58:37 GMT
Come on LW this really isn't good enough. If you're unable to give a reasonable estimate of how long it will take to match, and you've proved that you can't do this even when you give a large range, then look at the problem from the lenders perspective and give them what they need. I.E. Show the lender their position in the queue. That way they can take an informed decision of whether to withdraw or leave funds queuing. Currently lenders have no idea if they are at the head of the queue or still near the back. Hi Ace and others contributing to this thread. I agree - this isn't good enough and I understand your frustration. The queue is currently about 21 days (5 year) according to our internal calculations and we're showing 21 - 28 to allow some margin for error. Clearly this is not where we want it to be but it's worth noting it is on its way down (it takes a few weeks for the estimate to catch up with changes in supply/demand as it's calculated on a rolling basis). Two things I'll take away to look at: 1. Consider whether we can bring back the amount of new money queued ahead of each offer (this was removed last year to speed up page load times - this could sometimes time out if you had many offers) 2. Consider introducing some form of cash back on offers queued over say 7 days so funds are not idle for longer periods of time Please keep providing feedback though, good or bad, as we do take on board all comments.
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Post by davidspindle on Mar 7, 2019 1:27:12 GMT
My 5-year offers were matched thus: 7 Feb matched on 1 Mar; 16 woring days 11 Feb matched on 6 Mar; 17 working days
15 Feb matched on 6 Mar; 13 working days so there has been some reduction in the queueing time.
My main concern is that the rates are set on a weekly basis and are more likely to reduce during times when the queueing period is long. This happened to me back in 2017 when the LW IFISA was one of the first to open and the consequential stampede led to extended matching times and reduced rates. I sold out (at a cost) as soon as a worthwhile alternative IFISA became available. The nett result was significantly worse than most of my non-IFISA p2p at the time.
A more attractive proposition would be if rates were fixed at the time that the offer was made, rather than at the time of matching.
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Post by markaldrich on Mar 7, 2019 13:02:13 GMT
So just had confirmation that:
1. Matching times were wrong due to a system bug
2. Customer services has no idea where my money is in the queue.
I invested 10k relying on what now turns out to be a misrepresentation and have lost money as a result. I have now withdrawn the monies and will place elsewhere. Very poor.
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trevor
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Post by trevor on Mar 7, 2019 17:04:12 GMT
It's taken 17 days for my cash to be loaned. I shan't be lending anymore until i believe their website is telling the truth.
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Post by Ace on Mar 7, 2019 18:39:46 GMT
markaldrich and trevor , I'm in total agreement with you that the service was't good enough. However, I'm heartened that LW ( Matthew ) have accepted this and have promised to look at suggestions made on here for potential improvements. To put this in perspective a 5 year investment of £1000 with an initial 7 day cash drag would return a profit of ~ £368.48. The same investment with a 17 day cash drag would return a profit of ~ £366.19.
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Post by markaldrich on Mar 7, 2019 22:46:36 GMT
It’s one thing getting it wrong once but this is the second time. Was told they were offering some form of compensation first time round but nothing materialised. For even customer services to be able to give no indication of queue position is inexcusable. No real apology. Don’t think they care.
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NSFW
Posts: 118
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Post by NSFW on Mar 9, 2019 21:51:17 GMT
I put some in on the 19th of this month. I'll let you know when it's matched. Mine is matched and lent out but forgot to keep checking soz... Probably took a couple of weeks or so.
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tomp
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Post by tomp on Mar 10, 2019 9:04:09 GMT
My deposit form 19th Feb, placed on the LW queue 20th Feb has been partially matched. That would be about 12 working days
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oldtimer
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Post by oldtimer on Mar 12, 2019 17:08:17 GMT
Mine too. Was queued on 21st Feb.
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Post by gravitykillz on Mar 12, 2019 19:33:40 GMT
MY deposit from the 18th feb is now completely matched.
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qwakuk
Member of DD Central
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Post by qwakuk on Mar 13, 2019 14:49:03 GMT
My last deposit was on 27th Feb so should be finally matching in the next few days
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benaj
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Post by benaj on Mar 13, 2019 15:38:09 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. My test deposit is fully matched today on 13 Mar, so 11 working days.
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Post by df on Mar 13, 2019 15:53:25 GMT
My last deposit was on 27th Feb so should be finally matching in the next few days Mine was on 27th Feb too (14 days ago). Watching it patiently. I prefer the old system when we could see the queue ahead.
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