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Post by gravitykillz on Apr 10, 2020 4:41:33 GMT
Trying to buy a house, so, I tried to withdraw my money from lendingworks early in March..... Delay. ..Now a 3 month ‘freeze’. At the same time , I tried to do the same with my Ratesetter account..... Delay... then I received an email recently saying my funds were there for withdrawal , followed in short order by an email saying Ratesetter had ‘sold part of their bad loan book’ (or some such) and had also bolstered their ‘shield’ with those funds and all back to normal. I presume that’s why I got my money also- too much of a coincidence . Why can’t LendingWorks do the same thing?? And pay out those wishing to withdraw ?? Vast majority of my loans in excess of 6% surely they would be saleable at current market interest rates?? Sounds dodgy if they are not looking at doing the same .. (FWIW ,like others , I also think the ‘Directors should be taking zero pay , (not 80%) until the company is running as it should. In effect they are Taking from investors who cannot even access even 1% of their own money. No doubt the directors will make lots when the sun shines , or when the company is sold, but the sun ain’t shining!,) House deposit money into p2p. Wow you are bold! I put maybe 10% of my savings into p2p but would never risk that level of cash. Hopefully everything will work out with lending works but it will take a few weeks. I have a few hundred in assetz and ratesetter and am getting my money back in dribs and drabs.
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Post by gravitykillz on Apr 10, 2020 4:46:31 GMT
I've currently lost interest in p2p lending. Have majority of money in lendinvest and crowdproperty but not overly concerned so far.
Right now I am playing around with my vanguard account and learning about etf.
Seems to be doing really well so far! (Touch wood)
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Post by frankfurt13 on Apr 10, 2020 11:07:45 GMT
I've currently lost interest in p2p lending. Literally or metaphorically?
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Post by carol167 on Apr 10, 2020 14:53:45 GMT
I've currently lost interest in p2p lending. Literally or metaphorically? Both in the case of Lending Works.
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Post by frankfurt13 on Apr 13, 2020 10:44:25 GMT
LW certainly stopped paying those insurance premiums at the wrong time...
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Post by Matthew on Apr 14, 2020 9:38:40 GMT
I am one of the people on the queue waiting to draw part of my investment since mid March. I also have my capital repayments and interests set to be withdraw every 28th of the Month from the last 3 months and everything has been working fine even in March. I do have 3 questions : 1 - If i understand LW updates, all repayment will be available to draw (because they can't be invested) , would the capital repayments be automatically transfer into bank account like when you setup your investment preference to draw repayment monthly, if yes, is the 28th of each month be the day or will it be on a weekly basis? 2 - I do have a question on whether LW will create a cancelation option for people who have asked to withdraw and now which to cancel part or total the amount? (because they don"t want to pay interest shortfall fees they had or because they don't need the money now and wish to wait later to draw) , I have just seen that Ratesetter have announced 5.3M has been cancelled over the last 2 weeks, it could help LW restarts back to normal early ? 3- Also, because I had to pay interest shortfall fees and still I have not been able to access the money, if there is no possibility to cancel part or all of the withdraw amount, would the shortfall interest fees be the same or can they be higher or lower in 90 days time ? because they were calculated on the loan lifetime interest rate - current interest rate at the time of the withdraw request. Thanks for anyone in the forum or Matthew from LW if we could have some answers. Much appreciated the transparent approach from LW, i think and i share most investors view that this measure are for the best to protect investor capital. Hi jojoThanks for your questions - I'll try to answer these as best I can below. 1. Correct. All capital repayments on your loans will become available to withdraw as they are paid, as normal. Your existing re-investment settings will apply but obviously any offers will be pending until the end of the Normalisation Period. These offers can be cancelled at any time. Repayments will only be transferred to your bank account automatically if you’ve set this up in your lending settings. You can choose to receive payments weekly (on Fridays) or monthly (on the 28th of the month). 2. We are working on the functionality for investors to cancel pending loan sale requests - this should be available soon. In the meantime, if you need to cancel a pending request you can get in touch with our customer service team who will be able to assist. 3. Any interest shortfall discount will be recalculated at the point of sale. Before re-opening the secondary market, we will get in touch with all investors with a pending loan sale request and let them know the remaining balance available to sell (this will be lower due to repayments received on the chunks which were marked for sale) and any fees which will apply on the new balance. We will only action the sale once the investor confirms they are happy. The complete process for lifting the Normalisation Period will be communicated to all retail investors ahead of that time, so all customers are fully aware of all of the details. Hope this helps.
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chris1200
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Post by chris1200 on Apr 30, 2020 9:59:21 GMT
Matthew - Are we going to get the update of the statistics page that's due today? Thanks!
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r00lish67
Member of DD Central
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Post by r00lish67 on Apr 30, 2020 10:18:31 GMT
Matthew - Are we going to get the update of the statistics page that's due today? Thanks! Looks like it's already updated ..
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chris1200
Member of DD Central
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Post by chris1200 on Apr 30, 2020 10:19:54 GMT
Matthew - Are we going to get the update of the statistics page that's due today? Thanks! Looks like it's already updated .. That must have happened just after I posted as I've been checking throughout the day! Maybe I jogged their memory... Edit: The shield balance is certainly up nicely, and we can see it's getting contributions of 8.09% from loans (provided borrowers are actually paying, I suppose). I don't know if we've seen that total figure before?
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jlend
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Post by jlend on Apr 30, 2020 13:30:03 GMT
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jlend
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Post by jlend on May 1, 2020 7:24:57 GMT
Seems to be some extra columns on the personal loan book downloads unless i have never spotted them before. Some completed, others not yet used.
Some people might find them useful, i only have a few defaulted loans left having sold out before the lock down. Does make it easier to see the few loans i still have.
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Post by oppsididitagain on Jul 2, 2020 12:03:35 GMT
I completely feel let down by the actions of LW, after the last update they sent.
Another 3 months of no interest, taking the 2% and having locked up funds. The statement is so biased towards the borrowers and not the investors (me and you), I guess it just shows you how much they care about us or how much up sh!t creek with out a paddle they really are.
They will blame the FCA and other government bodies, which I think are poor excuses and an easy, get away with it attitude. If the FCA is there to protect us, the consumer, how can you protect borrowers if its normal people lending the money to them ? I understand payment holidays with loans from banks, or CC as they have the outlets to refund themselves.
Are you advising clients on payment holidays to look at CBILS, business bounce back loans ?
Are you actively involved with the govt depts to get this platform up and running again?
You say 8% of the book is on a payment holiday, and this has been extended - so 92% of the outstanding interest is going into the shield - minus your 2% - can none of this money be paid out in interest? Other Platform have cut returns but at least things are moving slowly, all be in with a worse return.
At the moment LW is just frozen, you may as well just wind the business down.
What is being done to move us forward ?
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Post by EJi on Jul 2, 2020 12:48:06 GMT
It seems like the business is in wind down. Matthew has said nothing for 2 months whereas stuartassetzcapital from Asettz Capital has been saying and doing all he can to try and protect his bussines whilst still paying out interest and making some repayments. And RateSetter have been giving daily updates and still allowing people to sellout and still paying interest.
It seems like LW don't care and are happy just to take our interest to pay themselves for as long as they can.
I don't see any way out of this for them. Matthew can you say anything possitive about your future?
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Post by decleoro on Jul 2, 2020 16:29:11 GMT
We have to remember that LW were showing a near deficit in the shield before covid 19. They took steps by dropping the interest rate to lenders to protect/bolster the shield. We didn't get much interest as a result from January to March. Then Covid happened just as they were starting to hopefully improve things. They have installed a more experienced person to look at Risk, I feel perhaps they were lending to too many high risk people? This situation is now hopefully being rectified. What they are doing now with the continued period of no interest to lenders is to ensure the platform continues and the shield can be replenished to a point where they can move forward and cope with probably further bad loans as a result of Covid 19. From where I am standing they have to do this to lessen the chance of lenders loosing any of their capital, which to me is of the utmost importance. It is worth remembering that if one was to have money deposited presently in FSCS covered account you would be lucky to get 1%.
If what LW are doing now means that they will bolster the shield to an acceptable level and learn to lend to less risky lenders then they will hopefully continue after this crisis is over. I think what LW are doing is the best thing for all concerned and we have to remember that there was always risk.
If LW come through this I feel they will succeed very well in the future, having learned much from the possible realities and precarious nature of the financial world and the people (borrowers) in it.
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