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Poll
Feb 11, 2020 11:47:33 GMT
Post by befuddled on Feb 11, 2020 11:47:33 GMT
Hope this works - never created a poll before
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Poll
Feb 11, 2020 12:07:39 GMT
Post by propman on Feb 11, 2020 12:07:39 GMT
Whie I thought they were initially only going to reduce to 5.4% on average, I was expecting that some cohorts would be getting very little and that future reductions beyond this would be needed atleast in the short term.
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macq
Member of DD Central
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Poll
Feb 11, 2020 12:20:41 GMT
Post by macq on Feb 11, 2020 12:20:41 GMT
while question 2 sorta covers it i assumed that old loans has been cut to 5.4% from what ever rate they had been issued with at the start to help fund the provision and 5.4% would apply to new loans until there was a weekly change of rate in the future
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benaj
Member of DD Central
N/A
Posts: 5,591
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Poll
Feb 11, 2020 12:43:09 GMT
Post by benaj on Feb 11, 2020 12:43:09 GMT
TBH, although I have misunderstood how Lending Works' mechanics a few times since I joined the platform, I am very grateful for the investment return with this platform without suffering any losses. Here's a few things which I have misunderstood:- 1) I thought I was getting loans @ 6% when I first joined. I didn't know anything about the weighted average interest rate and the interest shortfall, Matthew explained, but it look me a while to understand it. 2) Estimated matching time: I failed to understand the meaning of "estimated", i.e. not accurate. The good news, matching time has been vastly improved compared to 2 years ago. 3) I failed to understand the implication of selling loans in flexible product. 4) I failed to anticipate the amount required for temporal interest shortfall and the amount of interest received from Jan 2020 from this update. I thought everything would be better from Jan 2020. I am just an investor like others. |
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Poll
Feb 11, 2020 21:28:21 GMT
Post by stevexxx on Feb 11, 2020 21:28:21 GMT
My understanding was I would be getting 5.4% or more after talking to them on the phone, as yet I don't know what the hell my returns are in the account I kept open.
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Post by Undecided on Feb 11, 2020 22:01:02 GMT
Aside from not realising the new rates would be backdated I assumed there would be no shortfall charge because the new rate was lower than the rate I invested at!
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IFISAcava
Member of DD Central
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Likes: 3,018
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Post by IFISAcava on Feb 11, 2020 22:12:52 GMT
Aside from not realising the new rates would be backdated I assumed there would be no shortfall charge because the new rate was lower than the rate I invested at! This is key nowhere was that made clear before the changes
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