mickj
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Post by mickj on Jan 3, 2020 16:50:42 GMT
From the link 'View loans' under 'On Loan' within my dashboard, last week I was seeing 6.4% in bold as my average return. This week from the same link the bars vary between 6.3% for 2016, 4.9% for 2017, 4.5% for 2018 and 5.2% for 2019. I think I have the correct numbers as it's all very small on my 15" laptop screen, the link in the post above 'statistics page' is the same, almost beyond my eyesight capabilities. As I seem to be picking up 'loans via quickwithdraw' with a range of rates just lately it would be nice to easily find a current average return, I suppose that can be added to the csv file that I can download from that link (but would much prefer to see it on my dashboard), I am not so hot with spreadsheets and find the csv cumbersome and I know I should be able to add that calculation but the sun has been out and a walk into town seemed a better idea. Thanks for you time Matthew As a quick edit: in the last few minutes I have acquired a couple of small loans via quick withdraw, from my dashboard I can see I have the loans, download the csv from 'view account' I can see they are via quick withdraw, download the csv from 'view loans' and I may be able to find the rate my money is earning. I also seem to have 84pence in my wallet. And as a btb, last week I downloaded the 'view loans' csv and could total on column G 'Chunk Capital Outstanding' my current invested total, this column has disappeared from todays downloaded csv, I can see 'Chunk Amount' but this totals to more than my investments. Time for another walk ;-) |
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keystone
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Post by keystone on Jan 3, 2020 17:49:48 GMT
Matthew, I'm at a complete loss on how lending works works now! Last week I tested cashing out completely from the Growth fund, I was quoted transaction fee of £0.00 and interest shortfall discount of a few pounds. Today, I am being quoted transaction fee of £0.00, and interest shortfall discount of several hundred pounds! So last week I could have cashed out everything with hardly any Interest shortfall at the higher interest rates, and this week I have had my rates slashed and now also suffer an interest shortfall discount that wipes out the majority of my entire interest received from lending works! A double whammy! Now the transaction fee was said to be waived until January 1st but nothing was mentioned about the interest shortfall discount being increased massively. Why wasn't this disclosed in the notice to lenders? How is it the interest shortfall discount has increased so much when rates have been cut? You can't still be comparing to the 6.5% of last week when you are quoting 5.4% this week. Or is it my particular loans have performed so so badly that as well as cutting the interest rates going forward you have reduce the rates on my loans even further so they are so far below the current rates that there is a massive shortfall? I should have cashed out last week and rejoined this week without suffering this massive interest shortfall, why wasn't this explained in the email to lenders? I have no idea what my return is as that has been removed and replaced with a bar chart that you can hardly make out and somehow is comparable to the statistics page but you have to flip between them to see what relevance it is?
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macq
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Post by macq on Jan 3, 2020 18:43:31 GMT
Hi all The intention of the bar charts within your dashboards was to provide comparable information to that shown on the new statistics page here: www.lendingworks.co.uk/about-us/statistics i.e. the annualised performance of the loans you've funded within each annual cohort (the statistics page is a weighted average across all loans so each investor's returns will vary). Appreciate this doesn't take into account the proportion of your account currently (or ever) invested in each cohort but hopefully it's still helpful. We are currently gathering feedback on returns information requirements (there are various ways we can calculate and present this e.g. on an IRR basis) and expect to provide enhanced data on this going forward. Any feedback on what you would like to see and on what basis would be appreciated and will be considered in the next update. Many thanks As to feedback I can see expected returns by year on One Page and projected portfolio returns using the tools on another page but what i would like to see is my current average/annualised rate for the whole account as that's what i am most interested in and was always easy to find before front and centre (and is more important then projections)
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Post by jono75 on Jan 5, 2020 16:19:09 GMT
I'm a new investor, I put in 2k about a month ago in growth and set my setting to reinvest.
I was surprised then to have a red notification saying I had money not earning interest.
About half on my interest got reinvested, why not the rest? Also if you look at reinvestment settings for growth it says zero fees, isn't it 0.5%
There seem to be gremlins in the system.
Really hope the withdrawal interest shortfall mentioned above is an error.
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johni
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Post by johni on Jan 5, 2020 19:04:27 GMT
I'm a new investor, I put in 2k about a month ago in growth and set my setting to reinvest. I was surprised then to have a red notification saying I had money not earning interest. About half on my interest got reinvested, why not the rest? Also if you look at reinvestment settings for growth it says zero fees, isn't it 0.5% There seem to be gremlins in the system. Really hope the withdrawal interest shortfall mentioned above is an error. Reinvestment only happens when you have £10 in interest.
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Post by gravitykillz on Jan 7, 2020 9:47:47 GMT
I'm a new investor, I put in 2k about a month ago in growth and set my setting to reinvest. I was surprised then to have a red notification saying I had money not earning interest. About half on my interest got reinvested, why not the rest? Also if you look at reinvestment settings for growth it says zero fees, isn't it 0.5% There seem to be gremlins in the system. Really hope the withdrawal interest shortfall mentioned above is an error. Reinvestment only happens when you have £10 in interest. Yes it used to be £1 was required to reinvest now it is £10. It was stated this was changed due to software issues but in reality it is move designed to ensure they have alot more funds in the system which they dont have to pay interest on. Lending works have alot more small investors. Great business move !
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Post by Ace on Jan 7, 2020 10:26:42 GMT
Reinvestment only happens when you have £10 in interest. Yes it used to be £1 was required to reinvest now it is £10. It was stated this was changed due to software issues but in reality it is move designed to ensure they have alot more funds in the system which they dont have to pay interest on. Lending works have alot more small investors. Great business move ! That simply wouldn't make any sense. They have over £93,000,000 in funds under management with only around 6k investors. Increasing the average uninvested sum from ~50p to £5 means there is about 6000 * £4.50 = £27k extra funds that they are not paying interest on. I.e. ~ 0.03% of funds under management. In addition, if funds are not lent out then they're not earning their share of the interest on those funds. Even if they were to invest those spare funds in an instant access account at 1% (which I don't believe they do) it would only earn them £270 per year. Also, their whole reason for existence is to make money from lending our money to borrowers, so they're hardly likely to be looking for ways to reduce the amount of funds lent out. On balance I'm inclined to believe them, in that the real reason was to massively reduce the number of very small loan parts that are required to be managed.
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Post by gravitykillz on Jan 7, 2020 11:59:05 GMT
Well they have a shield balance of around £400k. With £93 million pounds worth of loans they need every penny they can get.
And no insurance cover either anymore.
Pooling event has been ended as well.
I like the business but just dont feel it's safe.
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mickj
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Post by mickj on Jan 7, 2020 15:57:13 GMT
Loan Chunk created - how do I find at what rate this is invested at ?
I am only in Growth, so is that automatically at 5.4% now ? And is there a way of seeing that somewhere ?
seems to be some fiddling with pages and downloadable csv files, are we working toward somewhere or am I missing something ?
I see "Download the CSV file to analyse the full details" but cannot find the details I am looking for !!
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jlend
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Post by jlend on Jan 10, 2020 13:47:36 GMT
Matthew , I'm at a complete loss on how lending works works now! Last week I tested cashing out completely from the Growth fund, I was quoted transaction fee of £0.00 and interest shortfall discount of a few pounds. Today, I am being quoted transaction fee of £0.00, and interest shortfall discount of several hundred pounds! So last week I could have cashed out everything with hardly any Interest shortfall at the higher interest rates, and this week I have had my rates slashed and now also suffer an interest shortfall discount that wipes out the majority of my entire interest received from lending works! A double whammy! Now the transaction fee was said to be waived until January 1st but nothing was mentioned about the interest shortfall discount being increased massively. Why wasn't this disclosed in the notice to lenders? How is it the interest shortfall discount has increased so much when rates have been cut? You can't still be comparing to the 6.5% of last week when you are quoting 5.4% this week. Or is it my particular loans have performed so so badly that as well as cutting the interest rates going forward you have reduce the rates on my loans even further so they are so far below the current rates that there is a massive shortfall? I should have cashed out last week and rejoined this week without suffering this massive interest shortfall, why wasn't this explained in the email to lenders? I have no idea what my return is as that has been removed and replaced with a bar chart that you can hardly make out and somehow is comparable to the statistics page but you have to flip between them to see what relevance it is? Did you get a reply? It could get even worse if a particular annual cohorts perform badly and you have a lot of loans in that cohort... The PF has been split by annual cohort now unlike RS. If you had a lot of loans originated in 2017 and 2018 it is particularly bad if you look at the new expected return on the stats page. 2019 growth interest rate is 5.3% which is not as bad but less than the current 5.4% I expect a high proportion of people would have been better off cashing out, albeit it would have taken time to reinvest in new loans if you wanted to stay with LW I think LW could have made this clearer.
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Post by Undecided on Jan 10, 2020 14:30:05 GMT
I'm not sure how LW works any more but if you cashed out and then reinvested wouldn't you end up with a lot of the loans you sold?
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jlend
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Post by jlend on Jan 10, 2020 14:37:39 GMT
I'm not sure how LW works any more but if you cashed out and then reinvested wouldn't you end up with a lot of the loans you sold? If you sold out in December when there were no fees and the rates had not been reduced someone else would have bought your loans. Reinvest now in January you would likely to be getting new loans in the 2020 cohort.
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keystone
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Post by keystone on Jan 10, 2020 15:32:39 GMT
Matthew , I'm at a complete loss on how lending works works now! Last week I tested cashing out completely from the Growth fund, I was quoted transaction fee of £0.00 and interest shortfall discount of a few pounds. Today, I am being quoted transaction fee of £0.00, and interest shortfall discount of several hundred pounds! So last week I could have cashed out everything with hardly any Interest shortfall at the higher interest rates, and this week I have had my rates slashed and now also suffer an interest shortfall discount that wipes out the majority of my entire interest received from lending works! A double whammy! Now the transaction fee was said to be waived until January 1st but nothing was mentioned about the interest shortfall discount being increased massively. Why wasn't this disclosed in the notice to lenders? How is it the interest shortfall discount has increased so much when rates have been cut? You can't still be comparing to the 6.5% of last week when you are quoting 5.4% this week. Or is it my particular loans have performed so so badly that as well as cutting the interest rates going forward you have reduce the rates on my loans even further so they are so far below the current rates that there is a massive shortfall? I should have cashed out last week and rejoined this week without suffering this massive interest shortfall, why wasn't this explained in the email to lenders? I have no idea what my return is as that has been removed and replaced with a bar chart that you can hardly make out and somehow is comparable to the statistics page but you have to flip between them to see what relevance it is? Did you get a reply? It could get even worse if a particular annual cohorts perform badly and you have a lot of loans in that cohort... The PF has been split by annual cohort now unlike RS. If you had a lot of loans originated in 2017 and 2018 it is particularly bad if you look at the new expected return on the stats page. 2019 growth interest rate is 5.3% which is not as bad but less than the current 5.4% I expect a high proportion of people would have been better off cashing out, albeit it would have taken time to reinvest in new loans if you wanted to stay with LW I think LW could have made this clearer. Not a dicky bird from Matthew despite him replying to other queries after my posting. I'm not surprised really as I have seen selective responses before. Thank you for your other comments as I think that sort of explains why I now have a significant drop in value if I try to cash out. Why Lending works couldn't have informed us of this I don't know, oh hang on I do, so they could trap us into holding our funds with them by not explaining the consequences properly.
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jlend
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Post by jlend on Jan 10, 2020 15:37:23 GMT
Loan Chunk created - how do I find at what rate this is invested at ? I am only in Growth, so is that automatically at 5.4% now ? And is there a way of seeing that somewhere ? seems to be some fiddling with pages and downloadable csv files, are we working toward somewhere or am I missing something ? I see "Download the CSV file to analyse the full details" but cannot find the details I am looking for !! It will be 5.4% for now, unless LW reduce the rate at a future date due to insufficient money in the PF for the annual cohort of the loan. Passed performance is not a guide to future performance we are always told. However we can see that previous annual cohorts have taken a hit...
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mickj
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Post by mickj on Jan 10, 2020 16:33:44 GMT
Thanks jlend , that's helpful, still not sure what a cohort is but. Looking again at the Loans CSV, I can now see that if I subtract 'Chunk Capital Repaid' column D from 'Chunk Amount'column C, I can see the amount I am currently invested. A pain to have to create that myself but. Now the columns 'Loan Gross Rate', 'Loan Annual Rate' and 'Loan APR', U,V and W show interest rates - do any of these percentages relate to my chunks and how much interest is expected this month, number varies a bit. |
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