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Post by tommycatz on Dec 6, 2020 16:38:09 GMT
I can reveal the calculation used for robbing capital... whatever the amount of interest LW ****** from your account, the same amount is ****** again!
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Post by supernumerary on Dec 6, 2020 17:57:52 GMT
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.  Shield contribution adjustments = NEGATIVE interest rate.
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Post by fredblogs on Dec 6, 2020 19:20:41 GMT
The incompetent morons have got the statements wrong and deducted the amount twice. This is not reflected in your accounts. Please check!
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Post by Ace on Dec 6, 2020 19:31:25 GMT
I don't really understand what logic LW is applying here. I understand that all interest earned by one's account is redirected to the shield. So, we all lose all of our interest. That makes sense to me as it shares the pain equally between all in an attempt to preserve capital. I also understand that they have now decided that that will not be sufficient, so they need to make capital reductions (which they decided to call negative interest). But, surely the capital reductions should be the same percentage for all. It makes no sense to me to decide that the capital reduction will be equal to whatever interest ones account earned. So, if you've picked up rubbish loans that aren't paying interest then your capital reduction will be small. If you've picked up good loans that are paying interest then your capital reduction will be large!  ? Also, if that's what they decided to do, why didn't they tell us and explain why? |
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benaj
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Post by benaj on Dec 6, 2020 21:29:48 GMT
I don't really understand what logic LW is applying here. I understand that all interest earned by one's account is redirected to the shield. So, we all lose all of our interest. That makes sense to me as it shares the pain equally between all in an attempt to preserve capital. I also understand that they have now decided that that will not be sufficient, so they need to make capital reductions (which they decided to call negative interest). But, surely the capital reductions should be the same percentage for all. It makes no sense to me to decide that the capital reduction will be equal to whatever interest ones account earned. So, if you've picked up rubbish loans that aren't paying interest then your capital reduction will be small. If you've picked up good loans that are paying interest then your capital reduction will be large! ? Also, if that's what they decided to do, why didn't they tell us and explain why? Have you seen the " how it works?" on Lending works? It's now become clear how it really works like I too fail to understand the logic as well, in a different way. I suppose when the borrow is in arrears and virtually no cash left in the shield, there shouldn't be ANY CONTRIUTION at all. Why should investors keep contributing shield, when the whole portfolio consists of arrears only and LW doesn't declare irrevocable principal like zopa.
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Post by Ace on Dec 6, 2020 21:59:22 GMT
I don't really understand what logic LW is applying here. I understand that all interest earned by one's account is redirected to the shield. So, we all lose all of our interest. That makes sense to me as it shares the pain equally between all in an attempt to preserve capital. I also understand that they have now decided that that will not be sufficient, so they need to make capital reductions (which they decided to call negative interest). But, surely the capital reductions should be the same percentage for all. It makes no sense to me to decide that the capital reduction will be equal to whatever interest ones account earned. So, if you've picked up rubbish loans that aren't paying interest then your capital reduction will be small. If you've picked up good loans that are paying interest then your capital reduction will be large! ? Also, if that's what they decided to do, why didn't they tell us and explain why? Have you seen the " how it works?" on Lending works? It's now become clear how it really works like I too fail to understand the logic as well, in a different way. I suppose when the borrow is in arrears and virtually no cash left in the shield, there shouldn't be ANY CONTRIUTION at all. Why should investors keep contributing shield, when the whole portfolio consists of arrears only and LW doesn't declare irrevocable principal like zopa. Sorry benaj, you've lost me.
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macq
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Post by macq on Dec 6, 2020 22:20:53 GMT
When you land on their home page you are greeted by the words "the fair and simple platform" written in the largest font on the page
The word "simple" should not even be on the page as nobody really understands whats happening anymore or how it effects each individual account and the platform themselves cannot seem to explain in CLEAR plain simple English what is happening (many people claimed mis-selling on endowment mortgages and personally i found them easier to follow!)
The product is no longer a flat rate Black box but now about negative rates and claw backs and what year you invested and could even have something to do with your star sign for all i know - but simple it ain't
So i can't comment on the word "fair" as i don't know if i am being treated better,worse or more worse then somebody else but just glad i got the majority out at the start of the year
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morris
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Post by morris on Dec 8, 2020 17:24:32 GMT
My November statement has now disappeared.
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criston
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Post by criston on Dec 8, 2020 17:30:36 GMT
My November statement has now disappeared. And mine. Balance on loan now £0. Logged back in to find it all back.
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Post by fredblogs on Dec 8, 2020 18:08:54 GMT
I found when I checked my statements on Sunday when they were released, that the ISA one was incorrect. They had deducted the so called 'shield contribution' twice and taken another £500.00. I immediately messaged them with as you can imagine none too polite wording, that they get there act together and sort it out. Since then the ISA statement has disappeared. So I would guess they are dealing with it in their usual way without apologies or notifying anyone.
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criston
Member of DD Central
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Post by criston on Dec 9, 2020 17:49:51 GMT
I have lost touch.
When is this daily p******** due to end.
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Post by supernumerary on Dec 9, 2020 18:32:17 GMT
I have lost touch. When is this daily pilfering due to end. …I don’t know, but I have mentally rebranded the company, but I am unsure with how to do the ‘rebrand’…  Cloud Cuckoo Land-ing WorksCloud Cuckoo Lending WorksCloud Cuckoo Land of Lending Works…and so forth… If it wasn’t so upsetting for people, it would be laughable, but it really is dire isn’t it? Taking money from existing lenders to pay new investors is a Ponzi scheme! Your lawyer should be rubbing his with glee. I wonder what the rate will be? What will they do when nobody invests? 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! 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? Came here when I spotted my capital eroding... * * * artists. Nothing more to say. I can reveal the calculation used for robbing capital... whatever the amount of interest LW ****** from your account, the same amount is ****** again! The incompetent morons have got the statements wrong and deducted the amount twice. This is not reflected in your accounts. Please check!
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IFISAcava
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Post by IFISAcava on Dec 13, 2020 15:41:12 GMT
They are also proving extremely slow at processing ISA transfer requests. Which is a problem because their ISA is not flexible so you can't withdraw money without losing the ISA wrapper, thus leaving one's free cash exposed to platform failure.
I may be forced to keep sending in regular forms to see if by chance one of them actually gets processed.
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morris
Member of DD Central
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Post by morris on Dec 13, 2020 17:55:13 GMT
They are also proving extremely slow at processing ISA transfer requests. Which is a problem because their ISA is not flexible so you can't withdraw money without losing the ISA wrapper, thus leaving one's free cash exposed to platform failure. I may be forced to keep sending in regular forms to see if by chance one of them actually gets processed. That is very true. First they have to get round to deduct it from the balance and then it is shown as pending withdrawal for a several days.
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Post by tommycatz on Dec 13, 2020 20:09:02 GMT
Unfortunately, in December, I have had 2 large capital repayments.
Money transferred out = £1761
Shield contribution adjustment = £294
Now, is not a good time from borrowers paying off their loans in full. Investors are being clobbered.
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