keystone
Member of DD Central
Posts: 719
Likes: 590
|
Post by keystone on Jan 5, 2021 19:15:13 GMT
They haven't been accurate for 5 years considering they have been taking back interest already earned since 2015.
|
|
|
|
Post by supernumerary on Jan 5, 2021 20:56:17 GMT
New rates are up. Looks like they're open for lending again. 4% for flexible, 4.5% for growth. YES, in the ‘complex’ world of Lending Works, in cloud cuckoo land, this interest rate summary has appeared…   What does this actually mean now? I could be mistaken, that those who have money invested in the Flexible Account will now get 4% and those who have money invested in the Growth Account now get 4.5%... 
|
|
|
|
Post by fredblogs on Jan 5, 2021 21:00:23 GMT
Just read a Trustpilot review posted by Michael Cooper today. Looks to me like the most accurate and complete assessment that I've seen yet of the situation that LW have created. I will be interested to see what sort off response they can come up with to this one. Or maybe It's a little too close to the truth for them to attempt a reply.
Go ahead LW, I'd love to hear what you've got to say!
|
|
|
|
Post by decleoro on Jan 6, 2021 1:07:21 GMT
Just read a Trustpilot review posted by Michael Cooper today. Looks to me like the most accurate and complete assessment that I've seen yet of the situation that LW have created. I will be interested to see what sort off response they can come up with to this one. Or maybe It's a little too close to the truth for them to attempt a reply. Go ahead LW, I'd love to hear what you've got to say! Yes Fredblogs, it is fast becoming to look like a complete car crash. I completely over invested in LW, mainly due to their gaining ISA status from the FCA before even Ratesetter, from whom i had just removed a large sum after their problems in 2017. Oh how i wish i had left more where it was. Unable to see what they have taken as yet for last month, expecting to see the devastation within days though on the statements page. Indeed this does not have so much to do with Covid as just bad risky lending. I will also be removing all my money and nothing would keep me now. Am also annoyed with having to loose all the ISA status that i have built up since ISA's started, but will continue to do so. Lending works will not keep any of their present lenders in my opinion. The top brass have not done due diligence over the last few years and I will not be entering into any peer to peer in the future. Yes I also noted how they had stopped their insurance for the shield a while back. Funny how prospective new investors will probably still read that and believe it is still true on various old reviews on the internet. This has been a strong learning curve for me. I'm not going to say how much I lost in November but it is an eye watering amount. I am sick of listening to their lies and spin. Rant over! But God only knows how it is all going to pan out in the end. I fear more severe losses. Happy New Year Everyone! 
|
|
|
|
Post by Ace on Jan 6, 2021 7:51:07 GMT
Just read a Trustpilot review posted by Michael Cooper today. Looks to me like the most accurate and complete assessment that I've seen yet of the situation that LW have created. I will be interested to see what sort off response they can come up with to this one. Or maybe It's a little too close to the truth for them to attempt a reply. Go ahead LW, I'd love to hear what you've got to say! Yes Fredblogs, it is fast becoming to look like a complete car crash. I completely over invested in LW, mainly due to their gaining ISA status from the FCA before even Ratesetter, from whom i had just removed a large sum after their problems in 2017. Oh how i wish i had left more where it was. Unable to see what they have taken as yet for last month, expecting to see the devastation within days though on the statements page. Indeed this does not have so much to do with Covid as just bad risky lending. I will also be removing all my money and nothing would keep me now. Am also annoyed with having to loose all the ISA status that i have built up since ISA's started, but will continue to do so. Lending works will not keep any of their present lenders in my opinion. The top brass have not done due diligence over the last few years and I will not be entering into any peer to peer in the future. Yes I also noted how they had stopped their insurance for the shield a while back. Funny how prospective new investors will probably still read that and believe it is still true on various old reviews on the internet. This has been a strong learning curve for me. I'm not going to say how much I lost in November but it is an eye watering amount. I am sick of listening to their lies and spin. Rant over! But God only knows how it is all going to pan out in the end. I fear more severe losses. Happy New Year Everyone! You don't need to lose your ISA allowance. You can transfer cash from LW to another provider. LW ISA is not flexible though, so any cash you've withdrawn can't be put back and transferred.
|
|
benaj
Member of DD Central
N/A
Posts: 5,610 
Likes: 1,738
|
Post by benaj on Jan 6, 2021 8:07:48 GMT
uk.trustpilot.com/users/5ff2bb01e17491001abd3c21😬 Not directly related to LW. It’s not easy to digest any reviews nowadays. Misinformation, disinformation. scammers writing fake reviews everywhere. 🤐 At least the scxx words not on LW reviews yet. 2020 was really disappointing. Let’s hope there’s a turnaround in 2021. 🤞
|
|
Greenwood2
Member of DD Central
Posts: 4,385
Likes: 2,784
|
Post by Greenwood2 on Jan 6, 2021 9:01:05 GMT
uk.trustpilot.com/users/5ff2bb01e17491001abd3c21😬 Not directly related to LW. It’s not easy to digest any reviews nowadays. Misinformation, disinformation. scammers writing fake reviews everywhere. 🤐 At least the scxx words not on LW reviews yet. 2020 was really disappointing. Let’s hope there’s a turnaround in 2021. 🤞 He's consistent, I wonder what his day job is.... Edit: I mean this one, not the person mentioned previously (for clarity).
|
|
macq
Member of DD Central
Posts: 1,934
Likes: 1,199
|
Post by macq on Jan 6, 2021 13:07:45 GMT
People can argue over whether they are fair but you would think upon opening up to lending again that the words "simple p2p platform" would have been removed from the home page as i am guessing the average user is not a rocket scientist
|
|
|
|
Post by m1kehunt on Jan 6, 2021 13:25:30 GMT
New rates are up. Looks like they're open for lending again. 4% for flexible, 4.5% for growth. YES, in the ‘complex’ world of Lending Works, in cloud cuckoo land, this interest rate summary has appeared… View AttachmentWhat does this actually mean now? I could be mistaken, that those who have money invested in the Flexible Account will now get 4% and those who have money invested in the Growth Account now get 4.5%... Yes I'd also like to know this, so are we earning interest and paying shield contribution? (doubts it) Also , anyone wondering on how shield contribution is calculated - The more interest you've earned the higher percentage you will pay, usually applied to older loans (hence the "no capital loss statement")
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Jan 6, 2021 15:29:04 GMT
Yes Fredblogs, it is fast becoming to look like a complete car crash. I completely over invested in LW, mainly due to their gaining ISA status from the FCA before even Ratesetter, from whom i had just removed a large sum after their problems in 2017. Oh how i wish i had left more where it was. Unable to see what they have taken as yet for last month, expecting to see the devastation within days though on the statements page. Indeed this does not have so much to do with Covid as just bad risky lending. I will also be removing all my money and nothing would keep me now. Am also annoyed with having to loose all the ISA status that i have built up since ISA's started, but will continue to do so. Lending works will not keep any of their present lenders in my opinion. The top brass have not done due diligence over the last few years and I will not be entering into any peer to peer in the future. Yes I also noted how they had stopped their insurance for the shield a while back. Funny how prospective new investors will probably still read that and believe it is still true on various old reviews on the internet. This has been a strong learning curve for me. I'm not going to say how much I lost in November but it is an eye watering amount. I am sick of listening to their lies and spin. Rant over! But God only knows how it is all going to pan out in the end. I fear more severe losses. Happy New Year Everyone! You don't need to lose your ISA allowance. You can transfer cash from LW to another provider. LW ISA is not flexible though, so any cash you've withdrawn can't be put back and transferred. Im in the same ISA situation and certainly would not trust my money sitting building up to a transferrable amount just to save the tax. Much safer to draw it down as available to limit potential loses.IMO.
|
|
Tony
Posts: 51
Likes: 36
|
Post by Tony on Jan 6, 2021 17:16:00 GMT
So am I correct in my understanding that the advertised returns will only apply to new loans from today and that us "suckers" who have kept them afloat since May with no returns and an uncapped fee system will continue to loose our money. I do hope I'm wrong. Make my day please.
|
|
|
|
Post by fredblogs on Jan 6, 2021 20:14:31 GMT
Yes Tony i'm afraid you are right. Us "suckers" will continue to lose money until our loans are completely paid off. We have been told by LW that it will be at an estimated negative interest rate of -2% for the rest of the term, but currently it appears to be nearer to about -30% which they seem to be reluctant to confirm. So I wouldn't build up your hopes too much if I were you, particularly after the way we have been treated in the last 12 months.
Incidentally with reference to my last post, as I suspected LW's have chosen not to reply publicly to Michael Cooper's Trustpilot post made yesterday. But just to say that they have replied to him personally.
Go see!
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Jan 7, 2021 18:48:41 GMT
Just a reminder from their guide page. What a joke !
'Our mission
We will achieve our vision by putting 'fair' first and constantly innovating to offer the best possible user experience. Our relentless focus on outstanding customer service, honesty and transparency will ensure our customers love using Lending Works and trust the services that we offer, while our focus on living our company values will ensure our employees and partners feel enriched, valued and rewarded.'
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Jan 7, 2021 19:53:31 GMT
After e mailing my enquiry to LW on 15 dec re the NA marked withdrawals on my account (which was explained on this forum within mins)and still receiving no response, I followed it up today.
Yhe response from Alex was... I have referred your query to snr management.
No apology for delay in responding. No apology for not being in a position to answer my query. Very poor service .
It seems I'm losing 13.1% last month.
Has anyone actually been given confirmation of what the % deduction LW are making ?
|
|
|
|
Post by markymark on Jan 7, 2021 20:25:58 GMT
Just a reminder from their guide page. What a joke ! 'Our mission
We will achieve our vision by putting 'fair' first and constantly innovating to offer the best possible user experience. Our relentless focus on outstanding customer service, honesty and transparency will ensure our customers love using Lending Works and trust the services that we offer, while our focus on living our company values will ensure our employees and partners feel enriched, valued and rewarded.'
WOW....Scary stuff! This delusional, non viable company, has our money, that's a concern....:-( Every single point in that statement, is exactly the opposite, to what Lending Works actually is in reality. Out of seven P2P investment companies, i have invested in, through the covid crisis, Lending Works has performed astonishingly badly, they should be ashamed!
|
|
