trium
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Post by trium on Oct 21, 2019 22:04:57 GMT
When you pick up a second hand loan that was originally issued when rates were lower you get a compensation payment, labelled as " Quick Withdraw loan interest shortfall received", to make the interest up to the current going rate. Thanks Ace, that led me to a hitherto undiscovered corner of the site where I found an entry labelled as you describe but the amount is zero. I'd better email them
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Post by Ace on Oct 21, 2019 22:47:34 GMT
When you pick up a second hand loan that was originally issued when rates were lower you get a compensation payment, labelled as " Quick Withdraw loan interest shortfall received", to make the interest up to the current going rate. Thanks Ace, that led me to a hitherto undiscovered corner of the site where I found an entry labelled as you describe but the amount is zero. I'd better email them Could it be that the loan is a very small value, such that the interest compensation is less than a penny. Presumably fractions of a penny will be held accurately internally, but displayed as £0.00. I have a second hand loan of £1.40 that has an interest compensation of £0.01. That was on a loan at 6.0%. Anyway, please do let us know how LW respond.
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trium
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Post by trium on Oct 22, 2019 11:53:46 GMT
Could it be that the loan is a very small value, such that the interest compensation is less than a penny. Presumably fractions of a penny will be held accurately internally, but displayed as £0.00. I have a second hand loan of £1.40 that has an interest compensation of £0.01. That was on a loan at 6.0%. Anyway, please do let us know how LW respond. There's probably something in that as my account balance increased by 1p, however the loan is £50 with over 8 months to run on a rate shortfall of 2%. I make that a quarter of a penny per day short of the earnings on a new loan (reducing as it amortises) so I would have thought an amount less than 1p is inadequate.
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Post by Matthew on Oct 22, 2019 16:19:13 GMT
Could it be that the loan is a very small value, such that the interest compensation is less than a penny. Presumably fractions of a penny will be held accurately internally, but displayed as £0.00. I have a second hand loan of £1.40 that has an interest compensation of £0.01. That was on a loan at 6.0%. Anyway, please do let us know how LW respond. There's probably something in that as my account balance increased by 1p, however the loan is £50 with over 8 months to run on a rate shortfall of 2%. I make that a quarter of a penny per day short of the earnings on a new loan (reducing as it amortises) so I would have thought an amount less than 1p is inadequate. Hi triumI haven't looked into your account, but one thing that might explain the difference is accrued interest being deducted from the shortfall. Let's say you acquired the chunk on 21 October and it last made a payment (to the old lender) on 22 September, there's a month's worth of interest (£50 at 4.5% = c19p) which will be paid with the next repayment (on 22 October) and should have been payable to the old lender. When the old lender sells their loans, they sell at a discount to reflect any interest shortfall for the remainder of the contract, but this is offset (to the extent possible) by any accrued interest due to them as above. So at first glance it looks like you've been underpaid, but on the next repayment you'll receive more interest than you were expecting i.e. interest for the days you've held the chunk plus interest from the last repayment to the date you acquired it. Perhaps once the next payment comes in you can provide an update - always happy to dig around in the detail every once in a while! Matt
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benaj
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Post by benaj on Oct 23, 2019 6:59:52 GMT
Growth matching time: offers created 17th Sep, Matched 22nd Oct. - 25 working days
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Post by davidspindle on Oct 24, 2019 11:36:54 GMT
Growth Matcing time: offers made on 30 Sept matched on 24 October, 18 working days.
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Post by geofft on Oct 28, 2019 14:45:08 GMT
Strange - the 'Growth' queue length has suddenly dropped from 21-28 days to 1-7 days and all my cash in the queue has gone out.
I'm not complaining, but I wonder what caused that, a sudden rash of borrowers or some intervention from LW?
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benaj
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Post by benaj on Oct 28, 2019 15:25:17 GMT
Strange - the 'Growth' queue length has suddenly dropped from 21-28 days to 1-7 days and all my cash in the queue has gone out. I'm not complaining, but I wonder what caused that, a sudden rash of borrowers or some intervention from LW? Strange indeed, my Growth offer created on the 11th Oct is yet to be matched. Another heads up for the Flexible investors. My Flexible offer created on the 17th Oct is yet to be matched, if it doesn't get matched today, that's more than 7 working days.
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Post by df on Oct 28, 2019 16:19:27 GMT
Strange - the 'Growth' queue length has suddenly dropped from 21-28 days to 1-7 days and all my cash in the queue has gone out. I'm not complaining, but I wonder what caused that, a sudden rash of borrowers or some intervention from LW? Strange indeed, my Growth offer created on the 11th Oct is yet to be matched. Another heads up for the Flexible investors. My Flexible offer created on the 17th Oct is yet to be matched, if it doesn't get matched today, that's more than 7 working days. My last order was matched in 32 working days. That (incl. 2 days of money traveling from bank account to LW) makes it 48 days of cash drag.
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Post by df on Oct 28, 2019 16:26:16 GMT
Strange - the 'Growth' queue length has suddenly dropped from 21-28 days to 1-7 days and all my cash in the queue has gone out. I'm not complaining, but I wonder what caused that, a sudden rash of borrowers or some intervention from LW? Could also be caused by investors withdrawing their funds.
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Post by propman on Oct 28, 2019 17:56:52 GMT
Money paid in on 18/10 was loaned today (6 working days) with offers 6 days (4 working days) apart matched against Quick sales today. So seems like a large withdrawal has used up most of the offers left.
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ashtondav
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Post by ashtondav on Oct 28, 2019 18:26:02 GMT
The problem is we get no positive news on p2p. Instead we get relentless bad news: Lendy, collateral, 4 months to sell on FC, FS collapse, consistent under delivery on Zopa, RS tricking punters into accepting lower rates. And no one making any profit!
So yes, I withdrew a chunk of uninvested cash on LW simply because I hear no good news from anyone in this industry, and I don’t see how 6.5% is deliverable seeing what I see on other platforms.
I’m worried. And I see nothing that addresses my worries. (NB, realise not much of my rant is LW specific.)
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benaj
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Post by benaj on Oct 28, 2019 18:51:50 GMT
Money paid in on 18/10 was loaned today (6 working days) with offers 6 days (4 working days) apart matched against Quick sales today. So seems like a large withdrawal has used up most of the offers left. Is that ISA new money? I am surprised my new money in my classic account not matched, Growth offer made on the 11th Oct.
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Post by davidspindle on Oct 29, 2019 1:39:18 GMT
I had a large number of matches in Growth over the last two days in the several accouts that I manage: about 5k total, mostly less than 100 each. These were ex-RS and had been drip-fed a couple of times a day into the queue over two weeks in mid-October to avoid future cash-drag caused by early repayment of large chunks. Judging by the finish dates, most appeared to be new loans of 4 or 5 years duration, rather than second-hand as would be the case if there had been a large number of withdrawals.
I suspect that the large number of comments about increased matching times in this forum may have had an effect on allocation policy. I know that this kind of intervention has occurred in the past as, following a complaint about a transfer delay, my offers jumped about 9 days along the queue by being back-dated.
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Post by Ace on Oct 29, 2019 8:44:49 GMT
... These were ex-RS and had been drip-fed a couple of times a day into the queue over two weeks in mid-October to avoid future cash-drag caused by early repayment of large chunks. ... Too late for you now, but for others considering this it doesn't seem to be a logical strategy to me. By holding available money back you are effectively adding certain cash drag at the front end in the hope of avoiding potential cash drag later on, which: a) may not occur, and b) will most likely be much shorter since reinvestment take precedence over new money.
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