upland
Member of DD Central
Posts: 479 
Likes: 175
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Post by upland on May 5, 2021 12:15:51 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. I thought that keeping some there would put me at the head of the Q but they never were lent out and I eventually reduced the money looking for a deal to a few bits to keep an eye on the situation. It is just sitting there. I am staggered that I am still earning trivial / interest and the capital sum kept getting lower. I am backing out of LW. The annual statement seems to have some sort of irrecoverable losses called shield contributions. I had similar sums with RS and Z and they have both come through in the black.
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Post by birdie on May 6, 2021 14:34:09 GMT
I have been withdrawing continually but I have left a few of my early offers just for curiosity to see how long it takes to be lent out.
Steve
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Post by stevexxx on May 10, 2021 16:00:30 GMT
Just checked my statement for last year, 20p interest and £19 charges, this was on loans offered out at 6%..Thank god I closed one account with the change in t@c's in 2019 Its theft and I will be so glad when I finally get all my money out. I shall be adding my voice to all the others at trustpilot..
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Post by Ace on May 10, 2021 18:50:10 GMT
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benaj
Member of DD Central
N/A
Posts: 5,591
Likes: 1,735
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Post by benaj on May 11, 2021 9:14:11 GMT
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invester
P2P Blogger
Posts: 612
Likes: 618
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Post by invester on May 11, 2021 10:13:02 GMT
With no accountability I suspect they are gaming their own systems to produce those claims.
I am still losing money every month and I expect they will keep on raiding my account until I have withdrawn the capital.
Deductions are now at 25% of lifetime interest.
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Post by tommycatz on May 11, 2021 17:34:54 GMT
Average amount invested per investor use to be around £20K
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mogish
Member of DD Central
Posts: 1,105
Likes: 527
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Post by mogish on Dec 14, 2021 15:31:42 GMT
update from LW, not entirely unexpected but they are pulling out of P2P. Unfortunatly not the same ways as Ratesetter or Zopa, I believe they are running down the loanbook which may take 5 years!
Worst P2P ive had the misfortune to invest in. Just hope we all get outstanding monies back.
Not a lot of p2p platforms left now. Whos next?
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Post by overthehill on Dec 14, 2021 16:05:38 GMT
update from LW, not entirely unexpected but they are pulling out of P2P. Unfortunatly not the same ways as Ratesetter or Zopa, I believe they are running down the loanbook which may take 5 years! Worst P2P ive had the misfortune to invest in. Just hope we all get outstanding monies back. Not a lot of p2p platforms left now. Whos next?
It's been like watching a glacier, the inevitable demise into the sea just not nearly as graceful.
I can't decide if the retail exit excuses are just trashing the industry you're about to compete with or to cover up their own callous behaviour. A respectful exit for their investors is still not being offered. They still want me to believe that I need to sell my loans at a huge discount because other willing lenders are being offered higher rates on new loans, are they really? The reality is that Intriva seems to have no intention of doing the right thing like Metro Bank. The casual 5 year exit warning is designed to be a soul breaker in the hope lenders just pay the exhorbitant discount and get out. Good riddance LW.
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mogish
Member of DD Central
Posts: 1,105
Likes: 527
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Post by mogish on Dec 14, 2021 16:13:28 GMT
well the soul breaker worked on me overthehill. I was loath to pay them anything but I just dont trust them. For the 1.1% I was allegedly likely to gain , id rather take a hit than potentially lose the lot if Intriva decided to do a wellesley and buy the loan book then let LW go bust.
Wehave all well and truly be shafted by LW year on year.
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Post by redpete on Dec 14, 2021 16:38:10 GMT
I note one statement from the announcement:
"All customers with money in an investment account who choose to take no action will continue to earn interest at the advertised rate subject to the performance of the portfolio."
Rate continues to be advertised at 4.5%, the 'subject to the performance of the portfolio' clause means that I've not received any interest since April 2020. (Well, there was 39p paid in May this year!) My fault (!) because that was when I initiated withdrawal from the platform, which of course means I am now left with the basket-case loans.
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Post by birdie on Dec 14, 2021 16:47:45 GMT
With Zopa and Lending Works closing so close together there's going to be quite a lot of money looking for a new home.
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Post by df on Dec 14, 2021 17:09:57 GMT
update from LW, not entirely unexpected but they are pulling out of P2P. Unfortunatly not the same ways as Ratesetter or Zopa, I believe they are running down the loanbook which may take 5 years! Worst P2P ive had the misfortune to invest in. Just hope we all get outstanding monies back. Not a lot of p2p platforms left now. Whos next? I was expecting it because RS and recently Zopa made the same decisions to pool from p2p market. Good news. Bad news would've been if they were going into administration. I think it is very likely that we'll get our money back, but we'll have to see. If that's your worst p2p investment, you can consider yourself lucky  My worst was Collateral where I expect substantial losses (possibly 100% capital loss)... Don't know who's going to be next. In my loan book Ablrate is showing some signs of potential collapse.
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Post by tommy13emails on Dec 14, 2021 17:37:53 GMT
Assetz Capital made a profit last year. So are worth looking at if you are staying in P2P investment.
I wonder if the LW selling fees still apply?
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Post by tommy13emails on Dec 14, 2021 17:40:40 GMT
Just to add, I had large LW repayment last week so maybe there are more as the loans are bought?
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My worst was Collateral where I expect substantial losses (possibly 100% capital loss)...