|
|
Post by Ace on Mar 25, 2021 21:43:34 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. There is no "Quick withdraw" button. Quick withdraw is activated by "Withdraw money" followed by "Sell loans". It doesn't seem to be possible to cancel a sale once it's been confirmed.
|
|
|
|
Post by tommycatz on Mar 25, 2021 22:08:44 GMT
Once I click the 'Proceed to Confirmation' button is that it or is there another screen displaying how much actual fees and other deductions will be subtracted, like a decent P2P company like Rate Setter would have?
|
|
|
|
Post by Ace on Mar 25, 2021 22:10:36 GMT
Once I click the 'Proceed to Confirmation' button is that it or is there another screen displaying how much actual fees and other deductions will be subtracted, like a decent P2P company like Rate Setter would have? You get 1 more screen detailing the fees before a final confirmation.
|
|
|
|
Post by decleoro on Mar 26, 2021 4:44:55 GMT
Once I click the 'Proceed to Confirmation' button is that it or is there another screen displaying how much actual fees and other deductions will be subtracted, like a decent P2P company like Rate Setter would have? You get 1 more screen detailing the fees before a final confirmation. Ace once you proceed to Confirmation the fees will be shown before you actually confirm. So you will be able to cancel then if you don't want to proceed. Well that's almost it I guess..As mentioned before I had a lot of money invested with LW, far too much in fact! I have just sold all loans in both my Classic and ISA accounts. I had accumulated £170,000.00 in the ISA and now my Isa status is all lost! just had to get it out.. there is still over 30k still in between the two accounts which is out to bad loans. At this point i have fees of 14k approx on the Classic and 4k approx on the Isa I have already lost 18.5k on the recent negative interest. so to date lost approx 35k, my isa status, and possibly/probably the tax i have paid on the classic since 2017. Will speak to tax after April 5th or when i know what my losses are on the Classic account. Now will just have to wait and see what happens regarding the bad loans which are left in!!
|
|
|
|
Post by Ace on Mar 26, 2021 7:03:59 GMT
You get 1 more screen detailing the fees before a final confirmation. Ace once you proceed to Confirmation the fees will be shown before you actually confirm. So you will be able to cancel then if you don't want to proceed. Well that's almost it I guess..As mentioned before I had a lot of money invested with LW, far too much in fact! I have just sold all loans in both my Classic and ISA accounts. I had accumulated £170,000.00 in the ISA and now my Isa status is all lost! just had to get it out.. there is still over 30k still in between the two accounts which is out to bad loans. At this point i have fees of 14k approx on the Classic and 4k approx on the Isa I have already lost 18.5k on the recent negative interest. so to date lost approx 35k, my isa status, and possibly/probably the tax i have paid on the classic since 2017. Will speak to tax after April 5th or when i know what my losses are on the Classic account. Now will just have to wait and see what happens regarding the bad loans which are left in!! Your ISA status is only lost if you've withdrawn the sale proceeds to your bank account. There's no reason to do this. The ISA sales get paid to your LW ISA wallet. You can then complete an ISA transfer form of a new ISA manager and your funds would be transferred to them maintaining the ISA status.
|
|
|
|
Post by tommycatz on Mar 26, 2021 7:47:45 GMT
Thanks for confirmation screen info. I did a test and the fees displayed was 3.63% including the 0.5% fee. So I'm debating whether to cash out now and take the hit or wait a while. I assume as already suggested, this ability to allow lenders to sell loans only makes me think the new owners are providing the funds. If that is the case, why didn't they do it in December? Robbers! Eventually, LW will probably follow RS and buy out all loans once most lenders have sold and paid the fees.
|
|
|
|
Post by tommycatz on Mar 26, 2021 8:05:33 GMT
Anyone with some spare cash should look into buying EIS shares on Seedrs. Some great share listings at the moment,ie MacRebur the plastic road company, looking to raise £3M to build 5 New factories around the world.
3O% tax refund and if the company goes bust, you can claim your tax bracket on the remaining 70%. Don't go mad, brand new start up companies are more likely to fail and try to avoid the weak ones. Some of the current offerings are selling their products by across UK and US supermarkets and are looking for final rounds of funding to expand.ie Fullgreen. Vegan companies are very popular too.
Some investors buy EIS shares, claim the 30%, hold the minimum 3 years ago then sell and repeat.
|
|
|
|
Post by Ace on Mar 26, 2021 8:15:11 GMT
Thanks for confirmation screen info. I did a test and the fees displayed was 3.63% including the 0.5% fee. So I'm debating whether to cash out now and take the hit or wait a while. I assume as already suggested, this ability to allow lenders to sell loans only makes me think the new owners are providing the funds. If that is the case, why didn't they do it in December? Robbers! Eventually, LW will probably follow RS and buy out all loans once most lenders have sold and paid the fees. The ability to sell will be open to all from 7th April, so probably best to make your decision before then if you're going to sell. They say that they're not expecting a queue, but they would say that wouldn't they? Perhaps keep an eye out to see how other sellers on this forum get on. I issued my sell request yesterday, its only a mid 3 figure sum, but nothing has sold yet. EDIT: If they were planning an MB/RS style buyout it seems odd that they've now opened up to new lenders.
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Mar 26, 2021 8:20:08 GMT
Thanks for responding to my cancel loans question. Will call them today.
During the conversation I had with LW yesterday I asked if they intended to continue seeking retail investors cash and the answer was yes. He also advised intriva have injected 200 million in .
After us all paying the bad loans fees, shield fees 2% wage contributions and neg interest or whatever else they call things it seems a cracking business model from intriva point of view.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Mar 26, 2021 8:58:51 GMT
of the £1000 and change I have left, I have put up for sale the sellable £13 (with ~5% fee) and £990 is left stuck in one defaulted loan for the next 4 years earning 0% (if I am lucky).
|
|
benaj
Member of DD Central
N/A
Posts: 5,608 
Likes: 1,738
|
Post by benaj on Mar 26, 2021 10:09:07 GMT
My partner still has £1200 invested in the account. £1150 can be sold. The price to exit is just about same as promotional credit earned due to small size of investment.
|
|
|
|
Post by oppsididitagain on Mar 26, 2021 10:26:43 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. I was going to say : Who is buying this stuff When I spoke with LW over the past few months I asked why dont they merge new lending with old lending and thus smooth out the loss 'cohort' with the new stuff, loads of silly excuses were given . So now after we have paid the fee's ,propped up the shield etc. some one gets clean loans earning 4% ? This doesn't seem right to me ? Surely it would be beneficial for everyone to merge the books and start paying us 3.5%/4.25% on all funds invested - Which I think is a fair market rate all things considered I would carry on lending if this were the case
|
|
macq
Member of DD Central
Posts: 1,934
Likes: 1,199
|
Post by macq on Mar 26, 2021 10:32:38 GMT
If i do an ISA transfer for say £10 will it cost them negative money in admin etc?  |
|
|
|
Post by oppsididitagain on Mar 26, 2021 11:24:25 GMT
lets hope so, but I think honest bad reviews on Trust pilot will do more damage
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Mar 29, 2021 6:52:04 GMT
No que expected......if there are that many investors waiting then why aren't our loans selling quickly then?
|
|
