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Post by propman on Dec 14, 2018 12:49:07 GMT
However, all valid feedback on the matching times stated (this is jumping around primarily due to reinvestments coming in and a slowdown in new lending (it works on a 30 day rolling basis)). We are also aware we need to be communating matching times much better/earlier in the process so leave this with me. It would be good to have a warning on the site communicating the approximate matching times. It's frustrating moving from a 6% platform to a 6.5% platform and seeing your money sit there for weeks unmatched. Also, would you be supportive of minor changes to the current system? It makes sense for reinvested money to leapfrog new money, but not at all costs. When the reinvested money joins the queue, perhaps there could be a check so that it only leapfrogs new money younger than say 14 days. So for new customers, after the initial wait, they would at least then see their money invested properly instead of constantly getting shoved back to the end of the queue. I disagree as when New money was taking > 14 days then relent money would be delayed significantly and lenders would need to review this as well as new offers on a regular basis. As I stated above, the long initial wait is a cost of getting onto the rapid relending merry-go-round where withdrawing repayments comes at a , presumably deliberate, cost of loss of the significant preference.
I could live with a maximum % of new money matching (say 90%) so that there remained some movement in the new money queue (eg £10m new money queued, £500k of repayments and £400k of lending, £360k of the 500k relent money would be matched together with £40k of new money), maybe even weighted average between the new and relent where relending has a substantial say 10x weight for relent money (so in above example relending would be 10x500/(10x500+10000) = 1/3 of the 400k = 133k relending and £267k of new money.
I say this despite having 20% of my money in LW waiting as new money.
What would others prefer?
- PM
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mickj
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Post by mickj on Dec 14, 2018 18:19:40 GMT
Opened account yesterday am, made debit card transfer and shortly after a small bank transfer to sort of test I had it right. Small transfer credited today and is now a 5 year offer, the card transfer is still pending. Not to worry the offer is at the back of the 21 day matching time. This is going to take some adjusting to.
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Post by Matthew on Dec 15, 2018 9:32:16 GMT
Hi all Apologies for not being very responsive - I’m out of the office at the moment. We’ve had a large influx of investor funds in the past few weeks which, coupled with a slowdown in loan demand in the lead up to Christmas (expected in prime and near prime lending but opposite further down the risk spectrum), has caused delays in getting new money invested. Please note that we would never compromise on credit quality in order to have funds invested more quickly - this is hopefully evident from the current matching times but even so, worth reiterating. No amount of pressure on here or any other forum would change that. However, all valid feedback on the matching times stated (this is jumping around primarily due to reinvestments coming in and a slowdown in new lending (it works on a 30 day rolling basis)). We are also aware we need to be communating matching times much better/earlier in the process so leave this with me. In terms of cash drag, note that a 30-day matching time typically makes around 0.1% annualised difference over the 5 year term as reinvestments are matched very quickly (normal within 1 working day). Matt Hi Matthew, I appreciate the work on credit quality. Could you please tell us what's the office hours during Christmas holidays and how much further delay should investor be expected? Hi benaj - we’ll be working on all business days, but finishing early on the 24th and 31st as there are generally very few calls and emails on those days. In terms of matching times, this will pick up significantly in January but is likely to be slower for the remainder of this month.
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Post by carol167 on Dec 16, 2018 9:30:39 GMT
Just for info.... I transferred in 10k from a maturing cash ISA to my LW ISA, as part of my preplnned strategy for this year, on the 26th of November.
It's finally marked as matched today (16th of December).
December is often a slow month.
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Post by gravitykillz on Dec 16, 2018 10:23:05 GMT
My £50 bonus is still waiting to be matched. That was from the 27th November. It is stating it will be matched tomorrow.
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benaj
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Post by benaj on Dec 16, 2018 22:42:12 GMT
Just for info.... I transferred in 10k from a maturing cash ISA to my LW ISA, as part of my preplnned strategy for this year, on the 26th of November.
It's finally marked as matched today (16th of December).
December is often a slow month.
I thought December is often a slow month, but it seems this is not the case across all the p2p platforms www.p2p-banking.com/countries/germany-international-p2p-lending-volumes-december-2016/ Lending works December 16 loans: £2.1 Mil, up 41% previous month www.p2p-banking.com/countries/germany-international-p2p-lending-volumes-december-2017/ Lending works December 17 loans: £3.7 Mil, down 25% previous month 30 day Lending from 15 Oct 18 - 13 Nov 18: £4.43 Mil. I got the feeling the lending this December at Lending works is a lot slower than Jan'18 / June'18, at least the queue is moving now, time to match is now 5 days for me.
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Post by gravitykillz on Dec 17, 2018 7:57:10 GMT
Yes seems like there is alot more competition for loans these days with new p2p firms popping up every year and low interest rates from banks and building societies.Maybe lending works needs to spend for cash on marketing. Most people dont even know lending works exist.
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Post by jojingles on Dec 17, 2018 14:22:50 GMT
The matching times seem to have been taken off the site or they are down. Has this happened before?
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benaj
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Post by benaj on Dec 17, 2018 17:33:57 GMT
Last time I deposited money on 6th Nov 2018, chunk was created 3 days after. I am hopeful the lending speed will pick up on January.
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Post by df on Dec 18, 2018 17:14:26 GMT
The matching times seem to have been taken off the site or they are down. Has this happened before? First time in my LW experience. I don't like this, so made a withdrawal. I don't mind some cash drag when I have some idea about what the queue is. In this case I don't. I had similar situation with BM, idle cash sitting there for many months waiting for something to happen and there is no communication on the subject from platform. It is understandable when there's shortage of loans, it's normal, but I wish they didn't keep us in the dark. It's obvious, atm my cash is not needed. That's perfectly fine, but wouldn't it be better if lenders are notified (e-mail or include current queue situation in weekly update we already receive or anything that can help with efficiency)? Then I will invest new money when it is needed.
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mickj
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Post by mickj on Dec 18, 2018 22:44:09 GMT
New and yesterday had 20 days plus matching so I had an rough idea, today I am 'new offer' and who knows, I know which I prefer - are we all on 'new offer' time ?
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IFISAcava
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Post by IFISAcava on Dec 18, 2018 23:47:11 GMT
New and yesterday had 20 days plus matching so I had an rough idea, today I am 'new offer' and who knows, I know which I prefer - are we all on 'new offer' time ? yes I am 18 days in, was down to 3 days (started at 5 days) now who knows?
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jsmill
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Post by jsmill on Dec 21, 2018 9:27:37 GMT
The matching times seem to have been taken off the site or they are down. Has this happened before? First time in my LW experience. I don't like this, so made a withdrawal. I don't mind some cash drag when I have some idea about what the queue is. In this case I don't. I had similar situation with BM, idle cash sitting there for many months waiting for something to happen and there is no communication on the subject from platform. It is understandable when there's shortage of loans, it's normal, but I wish they didn't keep us in the dark. It's obvious, atm my cash is not needed. That's perfectly fine, but wouldn't it be better if lenders are notified (e-mail or include current queue situation in weekly update we already receive or anything that can help with efficiency)? Then I will invest new money when it is needed. Absolutely, no cash from me until this is sorted. Smacks of deliberately obscuring an inconvenient fact. Lenders appreciate it is December and slower than normal but should not be hidden.
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p2pete
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Post by p2pete on Dec 21, 2018 9:56:59 GMT
My deposit on 23rd Nov was matched on 17th Dec.
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Post by df on Dec 21, 2018 14:00:48 GMT
My deposit on 23rd Nov was matched on 17th Dec. Am I right thinking that the only way to discover a current queue for new money is to read forum posts? I can't find any queue information on website.
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