benaj
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Post by benaj on Dec 1, 2020 22:59:21 GMT
Updates : November transactions
Balance at the end of October: £1511.60
Shield Contribution Adjustment in November: -£6.49
Capital repayment by shield: £1.68
Withdrawal in November: £40.33
Outstanding amount of late loans: £88.42
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benaj
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Post by benaj on Dec 2, 2020 11:00:57 GMT
Updates : November transactions Balance at the end of October: £1511.60 Shield Contribution Adjustment in November: -£6.49 Capital repayment by shield: £1.68 Withdrawal in November: £40.33 Outstanding amount of late loans: £88.42 Updates from partner's account: Shield contribution adjustment on 1st December: -£7.46 (Yep, that's just contribution on 1 single day) Wondering what would that be by the end of December. BTW, you may have to fiddle to get an output from recent transaction history. Just get some really old ones before download the "recent" ones. It's a bit strange, but it still works.
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Post by tommycatz on Dec 2, 2020 11:30:15 GMT
I think the negative interest will be scrapped once investing restarts. However, I just had a large repayment of £855, LW took £103!
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IFISAcava
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Post by IFISAcava on Dec 2, 2020 11:46:19 GMT
lost about 11% of yesterday's £23 capital-only repayment.
it is completely untenable (except in cloud cuckoo land) to say that is not a capital loss.
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Post by EJi on Dec 2, 2020 12:06:07 GMT
I think the negative interest will be scrapped once investing restarts. However, I just had a large repayment of £855, LW took £103! I hope so and I thought they might do that too to try and regain some trust but there's a reply by LW on Trustpilot that says
"the negative rates are required to be more severe for the next 3 months then flatten out for the rest of the life of those loans. " (I've also been told this by email)
So it looks like any loans we hold from the 2014-2019 cohort will have negative interest rates until they mature.
There's also a reply on Trustpilot saying
"We hope that our most recent update was good news to many of our retail investors - We will be resuming lending and reopening to retail investors during the week commencing 4th of January 2021 and will be doing so with loan pricing to accommodate a post-Covid-19 environment. This will ensure the shield has a substantially higher cushion against potential losses."
Where's the good news? How is that good news for retail investors? Might be good for new retail investors but not for the old loyal ones who stayed with them over the years.
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benaj
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Post by benaj on Dec 2, 2020 13:03:13 GMT
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Post by markymark on Dec 2, 2020 15:42:19 GMT
The rate could be anything plucked out of thin air (lets say 6%), but is meaningless as they could increase it to falsely attract investments (lets say to 6.5%) and then take it away again by reducing it (lets say to 4%) and claim the rate is supposed to be over the lifetime of the loan. They could then increase charges (to say 2%) and have NEGATIVE INTEREST RATES (lets say minus 40%) and whilst at the same time keeping the rate and any calculations of the Negative Interest Rate secret and claim no investor has lost money! This could all be signed off by their best buddies at the Financial Criminals Agency. Their smug boss could then claim it's been a good crisis for us and we're ending the year better than we started! Absolute nonsense, that could never happ..... Oh, wait... 😱 Financial Criminals Agency....:-) I have to say, i often wonder who's side they're actually on, they have very little interest in helping mere pesants, but if there's a few million in fines at the end of the rainbow to dish out, they seem to come alive.
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Post by markymark on Dec 2, 2020 15:55:30 GMT
I think the negative interest will be scrapped once investing restarts. However, I just had a large repayment of £855, LW took £103! Wouldn't it be misconduct to offer new investors higher rates, sorry let me rephrase that! Wouldn't it be misconduct to offer new investors positive rates, whilst existing investor have negative rates and their money locked, with no withdrawal option. Shame we don't have some sort of conduct authority that specializes in financial matters, i'm sure, if we did, something like this should be of primary concern for them.
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Post by tommycatz on Dec 2, 2020 18:09:37 GMT
So the existing investors earn no interest and have capital deducted. New investors earn interest and are backed by the shield which the existing investors have risked their capital and are propping up. Sounds really fair!
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Post by EJi on Dec 2, 2020 21:39:10 GMT
If only Matthew would post and explain things. They seem to love replying to trustpilot reviews with long answers but won't come on here. I would encourage anyone who hasn't already, to post a trustpilot review . They hate the bad publicity on there but don't seem to care about it here. Matthew if you don't want to post here why not get Arthur, Husnain and David to create acounts here? they post on trustpilot. Do you not think anyone who is thinking of using LW will find these threads? |
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Post by supernumerary on Dec 3, 2020 7:22:26 GMT
So the existing investors earn no interest and have capital deducted. New investors earn interest and are backed by the shield which the existing investors have risked their capital and are propping up. Sounds really fair! Succinctly described by you… …’really fair’ you asked, only in Cloud Cuckoo Land! 
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benaj
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Post by benaj on Dec 3, 2020 9:32:43 GMT
lost about 11% of yesterday's £23 capital-only repayment. it is completely untenable (except in cloud cuckoo land) to say that is not a capital loss.
Can someone explain the logic of paying shield contribution adjustment from a borrower who is late on payment while investor also pay shield contribution when borrowers pay on time? Having digging into transaction history, I notice one of the loan chunk (1488172) in my partner's account, has been in arrears since October 2019 and now paying Shield contribution adjustment for that loan chunk since Dec '20.Arrears from that borrower is over 2k from a 8k unsecured risk A loan. Will it be ever declared as defaulted on the loan book? Time will tell. How much shield contribution adjustment has to be paid for the 96p outstanding loan chunk (1488172) before "OUT"? No idea. Paid 1p so far for £1.65 original loan chunk.
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Post by jono75 on Dec 4, 2020 12:45:07 GMT
I know I have very little to complain about compared to many as I only have £20 left in LW after jumping ship in the great debacle of early 2020, but just as an example, I'm sure I had £20 of interest (was only in them for a couple of months!) and now it's just over eight. So with the fees from before I am negative overall, a negligible amount of course but makes me feel very bad for those with more invested.
I think the lack of posts on here from Matthew says all you need to know about Lending Works, bad companies go dark and/or use spin when they do bad things. A bit like Easyjet trying to make out they're doing us all a favour by charging for hand baggage.
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tyrex
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Post by tyrex on Dec 4, 2020 18:58:59 GMT
Came here when I spotted my capital eroding...
Con artists. Nothing more to say.
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Post by decleoro on Dec 6, 2020 14:15:33 GMT
So the existing investors earn no interest and have capital deducted. New investors earn interest and are backed by the shield which the existing investors have risked their capital and are propping up. Sounds really fair! Succinctly described by you… …’really fair’ you asked, only in Cloud Cuckoo Land! NOVEMBER STATEMENTS are now available on the website. so we can see exactly what has been taken from our accounts in November. 
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