mogish
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Post by mogish on Sept 17, 2020 8:14:46 GMT
I agree . I'm sure given the choice again many of us would leave LW . I fell for the promises in December that all was ok and prob misunderstood the interest rate reduction.
I get the feeling LW and other platforms dint really want retail investors any longer.
For me the trust is gone and dont believe a word LW say . Prob more so now an investment company are on board and will want a quick ROI asap.
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Post by oppsididitagain on Sept 23, 2020 7:37:21 GMT
I agree . I'm sure given the choice again many of us would leave LW . I fell for the promises in December that all was ok and prob misunderstood the interest rate reduction. I get the feeling LW and other platforms dint really want retail investors any longer. For me the trust is gone and dont believe a word LW say . Prob more so now an investment company are on board and will want a quick ROI asap. for me, If they paid SOME interest I would consider them in the future - At least Assetz, Ratesetter, FundingCircle, Zopa, JustUs, all giving us some returns on our cash. Considering LW have secured funding from an external source, I think this should be easily achieved. As you say they dont seem to want retail investors now.. If they do they have a strange way of keeping them happy. A letter to the FCA will be written this weekend.
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macq
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Post by macq on Sept 23, 2020 8:51:24 GMT
Seeing as LW started this thread maybe it now needs the word non added to make it relevant ( i also seem to have stopped getting emails but even their blogs and home page are lacking news)
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criston
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Post by criston on Sept 27, 2020 11:25:50 GMT
Lending Works, it's about time you responded here.
Your current strategy would most likely to have caused a loss of confidence with the majority of your lenders & the longer it goes on the worse it will get.
Surely taking 2% of our capital plus all our interest cannot go on forever, or could it.
However, one has to wonder, if & when you restart normal lending, who will want to invest.
I suspect many will try & sell, but there will not be any buyers.
Therefore something radical will need to be done.
Please advise.
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morris
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Post by morris on Sept 27, 2020 15:21:22 GMT
Lending Works, it's about time you responded here. Your current strategy would most likely to have caused a loss of confidence with the majority of your lenders & the longer it goes on the worse it will get. Surely taking 2% of our capital plus all our interest cannot go on forever, or could it. However, one has to wonder, if & when you restart normal lending, who will want to invest. I suspect many will try & sell, but there will not be any buyers. Therefore something radical will need to be done. Please advise. Are they actually taking 2% of account balances. I have been looking at my monthly statements and I can't see a deduction.
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criston
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Post by criston on Sept 27, 2020 15:47:46 GMT
Lending Works, it's about time you responded here. Your current strategy would most likely to have caused a loss of confidence with the majority of your lenders & the longer it goes on the worse it will get. Surely taking 2% of our capital plus all our interest cannot go on forever, or could it. However, one has to wonder, if & when you restart normal lending, who will want to invest. I suspect many will try & sell, but there will not be any buyers. Therefore something radical will need to be done. Please advise. Are they actually taking 2% of account balances. I have been looking at my monthly statements and I can't see a deduction. LW statement. 'During the Normalisation Period, Lending Works will receive a pro-rated servicing margin of 2.0% p.a. of the outstanding loan portfolio to cover the overheads associated with servicing the portfolio'
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mogish
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Post by mogish on Sept 27, 2020 15:56:21 GMT
I may be wrong but I believe the 2% is from the interest payments. Ie 2% servicing fee and the rest going in to the shield fund or whatever it's called now.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 29, 2020 17:24:34 GMT
May rejoin lending works in January if the provision fund is at a decent level. decent being... what ?
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criston
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Post by criston on Sept 30, 2020 15:23:27 GMT
From Lending Works. Thank you for providing us with your interest funds; this will cover our running costs until the end of the year & increase our profit.
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mogish
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Post by mogish on Sept 30, 2020 15:49:34 GMT
Cracking business deal for Intriva capital and LW directors, interest free loan from more mug punters for another 3months. P*** off the retail investors... too much hassle anyway. Hope this is not another Wellesley situation about to unfold.
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Post by jamiee on Sept 30, 2020 17:27:04 GMT
I've stopped being disappointed and just angry now. I've emailed LW since receiving the update the afternoon but feel pretty powerless. No mention whatsoever of when interest payments might start to be paid again. Why would there be when they can continue to take 2% for themselves.
Surely they are going to stop retail investors because who in their right mind would continue to invest with LW after how they have treated us?!
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Post by borderer on Sept 30, 2020 18:15:28 GMT
A pretty shameless way for LW to act - drop a quick email and keep the interest for three months.
Oh well, as soon as I can get money out then that's the end of LW for me.
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mogish
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Post by mogish on Sept 30, 2020 18:46:22 GMT
And there lies the problem... getting money out. At the rate I'm making withdrawals it will take years to get my money back... if they last that long.
No doubt when the normalisation period ends and secondary market resumes the final insult will be some over inflated MRA will be applied.
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johnnyj
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Post by johnnyj on Sept 30, 2020 20:21:26 GMT
All is not certain. Consequently we have no choice but to divert 100% of your interest including to cover our costs/salaries for a third three month period.
I did ask by email & via Trustpilot if their directors continued to take a reduced (80%) salary when the first period of normalisation was extended into the second.
They refused to say, apparently that subject became ‘confidential’ in the second period. Go figure.
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Post by jono75 on Oct 1, 2020 8:05:41 GMT
And there lies the problem... getting money out. At the rate I'm making withdrawals it will take years to get my money back... if they last that long. No doubt when the normalisation period ends and secondary market resumes the final insult will be some over inflated MRA will be applied. I got all I could out when they messed everything around early in the year (thankfully), got £200 I couldn't get out as it's a bad debt. Now they've sold lots of debt, why can't they repay that now, surely the shield fund is looking better now that they've taken all our interest for the past six months? I know it's not much money, but don't like loose ends. It'll take me about three years to get out at this rate.
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