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Post by birdie on Apr 14, 2021 9:08:56 GMT
I have money on offer waiting to be invested since 6th April 2020, I thought this would be at the front of the queue when lending started again in January but as yet it is still waiting.
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mogish
Member of DD Central
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Post by mogish on Apr 14, 2021 9:35:38 GMT
I have money on offer waiting to be invested since 6th April 2020, I thought this would be at the front of the queue when lending started again in January but as yet it is still waiting. It could be the market is slow or like Zopa they are selecting borrowers more carefully. It's a pity they didnt do that before and previous investors might have stayed on board. Either way it might be better in future. Best of luck.
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Post by overthehill on Apr 14, 2021 10:56:06 GMT
I have money on offer waiting to be invested since 6th April 2020, I thought this would be at the front of the queue when lending started again in January but as yet it is still waiting.
Investors are refusing to be coerced by FUD into paying exit charges that are calculated by a black box. If that assumption is right, then new money (from where) must be exceeding new loans.
Unrelated to the posters point, I'm unclear as to how investors are still being quoted eye-watering charges when they have been giving back their capital for the last year so LW can reclaim previously paid interest.
Based on my quote, another ingredient of these exit charges is supposedly due to your existing loan rates being less than the rates offered to new lenders. Lender rates have dropped from 6.5% to 4-4.5% ?! Looks like another black box calculation.
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mogish
Member of DD Central
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Post by mogish on Apr 14, 2021 11:29:59 GMT
Take from all poster comments what you will birdie.
I think you get you get picture.
Take Ace advice. Prob better platforms out there.
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Post by birdie on Apr 14, 2021 11:36:14 GMT
I do use another two platforms three with RateSetter, now gone, I think I'll hang on with Lending Works a little longer and see how it performs, I'm trying to spread funds around a bit.
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Post by overthehill on Apr 30, 2021 20:00:30 GMT
I'm feeling less negative, not more positive, after reading this. They are going take every last drop of blood from their early investors.
"
Lending Works said due to the current economic environment, negative interest rates are still required for two annual cohorts, 2017 and 2018 at a lower amount, and interest rates diversion will continue to be applied to all but 2020 and 2021 cohorts.
The platform said that interest rates will drop from minus 17 per cent to minus seven per cent for the 2017 cohort and from minus five per cent to minus three per cent for the 2018 cohort.
Meanwhile, Lending Works said that for the 2020 loans, there will not be any interest adjustments and interest will begin being paid again. "
or less depressing
" Those cohorts set to a negative position are now less negative and the 2020 and 2021 cohorts are paying interest as usual. "
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Post by Ton ⓉⓞⓃ on Apr 30, 2021 20:05:58 GMT
I have money on offer waiting to be invested since 6th April 2020, I thought this would be at the front of the queue when lending started again in January but as yet it is still waiting.
Have you been able to lend your money out yet, if you don't mind me asking?
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Post by fredblogs on Apr 30, 2021 21:03:49 GMT
I'm feeling less negative, not more positive, after reading this. They are going take every last drop of blood from their early investors.
"
Lending Works said due to the current economic environment, negative interest rates are still required for two annual cohorts, 2017 and 2018 at a lower amount, and interest rates diversion will continue to be applied to all but 2020 and 2021 cohorts.
The platform said that interest rates will drop from minus 17 per cent to minus seven per cent for the 2017 cohort and from minus five per cent to minus three per cent for the 2018 cohort.
Meanwhile, Lending Works said that for the 2020 loans, there will not be any interest adjustments and interest will begin being paid again. "
or less depressing
" Those cohorts set to a negative position are now less negative and the 2020 and 2021 cohorts are paying interest as usual. "
This is largely a red herring as there was very little lending in 2020. If you remember the market was closed from April onwards and a lot of investors started drawdown in January after they brought in variable interest. 2021 cohorts were paying interest anyway since the market reopened in January, which is great for as long as it lasts. This was the case for all other cohorts initially.
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Post by df on Apr 30, 2021 21:05:47 GMT
I have money on offer waiting to be invested since 6th April 2020, I thought this would be at the front of the queue when lending started again in January but as yet it is still waiting.
Have you been able to lend your money out yet, if you don't mind me asking?
Quote from the e-mail: "The time it takes for a retail investor's money to be lent out after making a lending offer, or using the auto lend feature, is significantly longer than usual currently. This is because there is a substantial queue of funds waiting to be lent from 2020 and new investments being made in the first quarter of 2021." I'm intrigued why people would keep their cash in such a long queue for a very risky investment at such low projected rate.
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mogish
Member of DD Central
Posts: 1,105
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Post by mogish on May 1, 2021 8:15:29 GMT
Unfortunately for LW the only way forward will not be growth from previous investors , it will be from the acquisition of intriva recent purchase..
Retail investors will be ditched as they know no one with the knowledge of thier operating history will invest with them again.
The trustpilot reviews are enough of a warning to anyone considering investing with them.
Unfortunately my experience with any communication with them has left me never feeling quite confident that the information I've got is consistent.
Once trust has gone it's not worth the hassle or gamble.
Only 4k to go and no more time spent with this crowd.
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Post by Ace on May 1, 2021 8:32:19 GMT
Unfortunately for LW the only way forward will not be growth from previous investors , it will be from the acquisition of intriva recent purchase.. Retail investors will be ditched as they know no one with the knowledge of thier operating history will invest with them again. The trustpilot reviews are enough of a warning to anyone considering investing with them. Unfortunately my experience with any communication with them has left me never feeling quite confident that the information I've got is consistent. Once trust has gone it's not worth the hassle or gamble. Only 4k to go and no more time spent with this crowd. I agree with you mogish. However, the fact that someone is wanting to deploy funds and is being forced to wait, if true, suggests that there is a queue of investor cash wanting to get in. Perhaps there are large numbers of investors that don't read this forum or trustpilot. Perhaps they get their investment steers from 4thway who still give LW their top rating.
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Post by birdie on May 1, 2021 8:44:24 GMT
I have money on offer waiting to be invested since 6th April 2020, I thought this would be at the front of the queue when lending started again in January but as yet it is still waiting.
Have you been able to lend your money out yet, if you don't mind me asking?
Still not a penny lent out. I'm hanging in there just for curiosity now, some has been withdrawn and invested elsewhere. Steve
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Post by birdie on May 1, 2021 8:56:52 GMT
As I said earlier, I would have thought that money on offer on the 6th April 2020 should have been at the front of the queue when re-lending started this year, 6th April was the same day the Normalization Period first started, so my money went on offer the same day.
More fool me but I'm waiting out of curiosity to see when it is lent out.
Steve
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Post by oppsididitagain on May 1, 2021 14:07:51 GMT
LW look after themselves first so get to the back of the queue :-)
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mogish
Member of DD Central
Posts: 1,105
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Post by mogish on May 3, 2021 16:13:56 GMT
LW look after themselves first so get to the back of the queue :-) You said what I was trying to say in one line! Ace comments were also spot on, only time will tell if the delays in investing is due to stricter due diligence or other parties taking priority.
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