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Post by birdie on Apr 14, 2021 8:55:12 GMT
I have had money on offer now since 6th April 2020 and have made regular offers over the last year and not a single penny has been matched, both in my ISA and every day account.
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Post by Ace on Apr 14, 2021 9:17:53 GMT
I have had money on offer now since 6th April 2020 and have made regular offers over the last year and not a single penny has been matched, both in my ISA and every day account. You seem to be swimming against the tide here birdie. I can't imagine why funds on offer aren't being invested when so many of us are trying to get out. Personally I'd see it as a good result, as it would allow you to withdraw the funds and put them somewhere more deserving of your trust. However, as you're keen to get in, I would suggest calling LW to discuss why your funds aren't being invested. I'd certainly be interested to know what they have to say if you feel like sharing.
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Post by birdie on Apr 14, 2021 10:50:29 GMT
I haven't spoken to anyone but have e-mailed and made comments on their Twitter account, each time they have said it wont be long just wait a little longer, I know they weren't lending until January this year but I thought I might be near the front of the queue when re-lending started as my money has now been on offer for over a year!!
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mogish
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Post by mogish on Apr 14, 2021 11:32:51 GMT
Tbh email them they do get back to you.
To save a load of hassle.... plenty other platforms to choose from....
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Post by Ace on Apr 14, 2021 14:31:08 GMT
I haven't spoken to anyone but have e-mailed and made comments on their Twitter account, each time they have said it wont be long just wait a little longer, I know they weren't lending until January this year but I thought I might be near the front of the queue when re-lending started as my money has now been on offer for over a year!! ObviousInvestor has reported that he invested £10k in Feb and none of it has been invested yet. See here.
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Post by fredblogs on Apr 14, 2021 20:28:40 GMT
Why anyone would want to sacrifice more of their hard earned cash with these charlatans after their track record is beyond me. But with reference to the question of why funds aren't being matched, my guess is because Intriva Capital is probably effectively buying up all the loans from the secondary market at a bargain price by means of extortionate selling fees to retail investors. A less scrupulous version of what RateSetter did.
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benaj
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Post by benaj on Apr 19, 2021 9:00:36 GMT
I haven't spoken to anyone but have e-mailed and made comments on their Twitter account, each time they have said it wont be long just wait a little longer, I know they weren't lending until January this year but I thought I might be near the front of the queue when re-lending started as my money has now been on offer for over a year!! ObviousInvestor has reported that he invested £10k in Feb and none of it has been invested yet. See here. Now I begin to understand why some banks have regular saving account and maximum top up limit.
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Post by birdie on Apr 23, 2021 10:47:09 GMT
My e-mail to Lending Works.
Good morning, I am getting concerned about the lending time, I thought that when lending started again in January I would be near the front of the queue as I have had money on offer since 6th April 2020 and more offers totaling over xxxxxx in last years ISA, none of this has earned me a penny over the last year!! I am still not receiving interest on money still on loan, I have been loyal and stuck with you through this troubling time but as there is no indication of queuing time I have no alternative but to start withdrawing funds and invest elsewhere as they mature.
This is the response I have received today.
Steve
I hope you're well.
We resumed lending again in January 2021; however, matching times will be longer than usual due to our stricter credit model. That being said, we have gone live again with our loan brokers, allowing loan volumes to increase. Therefore, I don't suspect your funds to be queuing for much longer.
We will be providing an update on matching times in our next performance update, which will be produced at the end of this month.
I hope the above helps!
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mogish
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Post by mogish on Apr 23, 2021 11:49:26 GMT
My e-mail to Lending Works. Good morning, I am getting concerned about the lending time, I thought that when lending started again in January I would be near the front of the queue as I have had money on offer since 6th April 2020 and more offers totaling over xxxxxx in last years ISA, none of this has earned me a penny over the last year!! I am still not receiving interest on money still on loan, I have been loyal and stuck with you through this troubling time but as there is no indication of queuing time I have no alternative but to start withdrawing funds and invest elsewhere as they mature. This is the response I have received today. Steve We resumed lending again in January 2021; however, matching times will be longer than usual due to our stricter credit model. That being said, we have gone live again with our loan brokers, allowing loan volumes to increase. Therefore, I don't suspect your funds to be queuing for much longer. As Fredblogs said, I agree , I think Intriva will be backing the new loans to borrowers who are far less risky than the ones we(original) investors lent to and are now paying the price. Its good to see platforms are taking steps to limit default risk more , Zopa are also taking quite a bit time to fulfill loans , his may help reduce defaults in future. Personally , I dont trust LW now or in the future , they offer no more interest than their competitors , and even if they do , its not gauranteed to end up in your pocket! Im sure other forum members would be happy to reccomend other platforms where you will limit risk more and get your money lent out instantly.
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Post by birdie on Apr 24, 2021 8:40:59 GMT
My e-mail to Lending Works. Good morning, I am getting concerned about the lending time, I thought that when lending started again in January I would be near the front of the queue as I have had money on offer since 6th April 2020 and more offers totaling over xxxxxx in last years ISA, none of this has earned me a penny over the last year!! I am still not receiving interest on money still on loan, I have been loyal and stuck with you through this troubling time but as there is no indication of queuing time I have no alternative but to start withdrawing funds and invest elsewhere as they mature. This is the response I have received today. Steve We resumed lending again in January 2021; however, matching times will be longer than usual due to our stricter credit model. That being said, we have gone live again with our loan brokers, allowing loan volumes to increase. Therefore, I don't suspect your funds to be queuing for much longer. As Fredblogs said, I agree , I think Intriva will be backing the new loans to borrowers who are far less risky than the ones we(original) investors lent to and are now paying the price. Its good to see platforms are taking steps to limit default risk more , Zopa are also taking quite a bit time to fulfill loans , his may help reduce defaults in future. Personally , I dont trust LW now or in the future , they offer no more interest than their competitors , and even if they do , its not gauranteed to end up in your pocket! Im sure other forum members would be happy to reccomend other platforms where you will limit risk more and get your money lent out instantly. Steps have been taken already with more to follow thanks to this forum.
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upland
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Post by upland on May 8, 2021 11:52:58 GMT
I have asked similar questions of LendingWorks but am little the wiser. I have trouble understanding what they are on about and they often seem quite upbeat which annoys me as I see this as a monumental disaster that the original offer with insurance and shield etc suggests would not happen (to me at least). As it does not seem to have happen at Ratesetter and Zopa I have concluded that this is not a place to be.
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Post by birdie on May 15, 2021 7:36:01 GMT
Still nothing being lent out, interest has been paid on existing loans for the last few weeks now.
Steve
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Post by birdie on May 20, 2021 7:32:46 GMT
Still nothing lent out, as mentioned before I have money on offer since 6th April 2020. Hanging in there for curiosity now.
Steve
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Post by overthehill on May 20, 2021 7:58:12 GMT
My interest rate is still negative, which is not surprising since my last investment was 30dec2019. Normally you can offset losses over time with interest on other existing or new loans with the same provider but it's seems apparent this would have been wasted capital. To me the unavailibility of new loans is just another clue that retail investors are about to be excluded while they hope for more discount exits.
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mogish
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Post by mogish on May 20, 2021 10:17:04 GMT
My interest rate is still negative, which is not surprising since my last investment was 30dec2019. Normally you can offset losses over time with interest on other existing or new loans with the same provider but it's seems apparent this would have been wasted capital. To me the unavailibility of new loans is just another clue that retail investors are about to be excluded while they hope for more discount exits.
I agree. Anyone waiting to lend is lending free money. LW (Like AC) dont need us anymore as other funding stream are available. I refuse to pay any ore exit fees so at this rate I can moan about them for another year till rundown is complete:)
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