criston
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Post by criston on Mar 25, 2021 14:57:44 GMT
If I remember rightly LW said when & if the Secondary Market resumes, our queue position would stay in place.
Until recently my 'for sale' figure was still showing, albeit obviously somewhat more than my current holding.
Now that figure has disappeared.
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Post by supernumerary on Mar 25, 2021 15:15:23 GMT
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Post by EJi on Mar 25, 2021 15:29:50 GMT
Sell loans is active. Just listed mine for sale.
Fees including shortfall is roughly 5% for me.
Edit:
Just had an email. It's being opened up first for people who had a previous sell order in. You still need to log in and create a new sell order.
Will open for people who did not have a sell order on 7th April.
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criston
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Post by criston on Mar 25, 2021 15:37:50 GMT
Sell loans is active. Just listed mine for sale.
Fees including shortfall is roughly 5% for me.
Judging by the email, I deduce existing loan sales are to be honoured. Sales to restart on 7/4/21. You say you have listed. Did you have an existing loan sale & does it say when sales will resume ? I am trying to assess prioritisation. I note your edit.
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morris
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Post by morris on Mar 25, 2021 15:51:21 GMT
'Money will be paid into your nominated bank account', which implies that the ISA wrapper will end. If that is so I will leave it and transfer when it is paid into the ISA wallet.
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criston
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Post by criston on Mar 25, 2021 16:00:16 GMT
'Money will be paid into your nominated bank account', which implies that the ISA wrapper will end. If that is so I will leave it and transfer when it is paid into the ISA wallet. Didn't notice that. But glad I sold out as much as possible. If it is not transferable to another IFISA, need to weigh up the tax benefits versus getting some interest on the removed funds. Waiting for repayments could take a time. Can't remember exact figures, but around 80% was saleable & as mentioned earlier around 5% lost to LW.
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Post by Ace on Mar 25, 2021 16:14:49 GMT
'Money will be paid into your nominated bank account', which implies that the ISA wrapper will end. If that is so I will leave it and transfer when it is paid into the ISA wallet. Didn't notice that. But glad I sold out as much as possible. If it is not transferable to another IFISA, need to weigh up the tax benefits versus getting some interest on the removed funds. Waiting for repayments could take a time. Can't remember exact figures, but around 80% was saleable & as mentioned earlier around 5% lost to LW. I think it's only withdrawals that go to your bank account. ISA sales should go to your ISA wallet and be transferable elsewhere. I've just initiated my sale. A total fee of 6.9% for me and only 57% of the rump was sellable. Still leaves me with an overall profit, but quite a hit. I've lost faith in LW, so just want out ASAP.
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Post by indexfund on Mar 25, 2021 17:06:44 GMT
I think it's only withdrawals that go to your bank account. ISA sales should go to your ISA wallet and be transferable elsewhere.
Possibly, but it definitely says that it will be sent straight to nominated bank account. This must be a LW error as they are not allowed to 'unwrap' investors capital in this way. It should go into investors wallets first so they make the decision to move to another provider maintaining the tax wrapper. Hopefully they will realise the mistake and reword the message, though not holding my breath!
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Post by Ace on Mar 25, 2021 17:21:29 GMT
I think it's only withdrawals that go to your bank account. ISA sales should go to your ISA wallet and be transferable elsewhere.
Possibly, but it definitely says that it will be sent straight to nominated bank account. This must be a LW error as they are not allowed to 'unwrap' investors capital in this way. It should go into investors wallets first so they make the decision to move to another provider maintaining the tax wrapper. Hopefully they will realise the mistake and reword the message, though not holding my breath! I could be wrong, but I think you may be misunderstanding their withdrawal page. It has two sections. The top section allows you to sell loans, which I belive will go to your wallet. The bottom section is used to withdraw from your wallet, and it's this that the reference to your bank account applies to.
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criston
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Post by criston on Mar 25, 2021 17:28:21 GMT
Do we assume non saleable loans will eventually be paid in full, either by the borrower or Shield, especially as LW have raided our accounts to support Shield.
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Post by indexfund on Mar 25, 2021 17:32:33 GMT
I could be wrong, but I think you may be misunderstanding their withdrawal page. It has two sections. The top section allows you to sell loans, which I belive will go to your wallet. The bottom section is used to withdraw from your wallet, and it's this that the reference to your bank account applies to.
Ace.. either you are correct or LW have just in the last 15mins changed the page I saw, but either way I have managed to initiate the sale which it confirms will go into my wallet. And as you said, it is quite a hit! However, I have a substantial sum in the ISA and very keen to keep the tax wrapper, and transfer to my Fund/share ISA asap.
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IFISAcava
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Post by IFISAcava on Mar 25, 2021 17:40:23 GMT
Do we assume non saleable loans will eventually be paid in full, either by the borrower or Shield, especially as LW have raided our accounts to support Shield. "paid in full" but just with added "negative interest". Most people would call that not in full, but why split hairs.
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Post by fredblogs on Mar 25, 2021 20:09:28 GMT
No queue expected.
'We do not expect a queue of loan sale requests to build up again as we now have significantly more capital in the queue to buy new loans than was in the queue to be sold'.
This would suggest to me that Intriva Capital are buying up the loans from us at a knocked down price. I can't believe that there is a mass of retail investors lining up to buy what LW claim to be bad loans that only a few weeks ago were being hit with so called negative interest rates of over 30%. It makes sense to have only one lender from a admin perspective. Only one monthly statement to F*** UP.
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mogish
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Post by mogish on Mar 25, 2021 21:20:53 GMT
How do I cancel a pending loan sale?
I did a test to sell a small amount from flexible. I now want to cancel this and sell my entire holding.
Is it possible to do this... I still cant see a quick withdraw button.
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benaj
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Post by benaj on Mar 25, 2021 21:33:59 GMT
How do I cancel a pending loan sale? I did a test to sell a small amount from flexible. I now want to cancel this and sell my entire holding. Is it possible to do this... I still cant see a quick withdraw button. IIRC, you have to wait until sales completion.
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