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Post by tommycatz on Nov 25, 2020 22:02:34 GMT
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jester
Member of DD Central
Posts: 161 
Likes: 203
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Post by jester on Nov 26, 2020 12:05:29 GMT
Wow, as much as their overall rating is hanging in there, the recent swell of reviews is seriously damning. What I don't understand is that even if this ends up in the relatively positive scenario where no one loses capital as Matthew has suggested and the negative rates are only eroding interest earned ..... I have no idea how they thought overpaying interest up front and then clawing it back when the loan book struggles was ever going to sit well with investors. They've created a system that seems designed to cause themselves bad press no matter what the end point is. As P2P investors we're all well used to defaults and risk, but the concept of taking away what we've been given is a tough one to swallow for anyone! |
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Post by oppsididitagain on Dec 3, 2020 12:16:08 GMT
Catch 22
you write a 1star review telling people to avoid the platform and don't invest, yet we need these investors to inject cash in to the platform
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benaj
Member of DD Central
Posts: 4,855
Likes: 1,591
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Post by benaj on Dec 3, 2020 12:32:45 GMT
Catch 22 you write a 1star review telling people to avoid the platform and don't invest, yet we need these investors to inject cash in to the platform The other solution is find a big institutional investor to inject the cash.
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Post by EJi on Dec 3, 2020 12:56:01 GMT
Catch 22 you write a 1star review telling people to avoid the platform and don't invest, yet we need these investors to inject cash in to the platform Totally agree and I thought exactly the same but I've still left a 1 star review. They seem to care about their reputation on there and interact with replies. They take no notice on this forum and if you email them it's all said behind closed doors with no bad publicity and they avoid answering fully what you ask. I would happily edit my review if they improve the situation.
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Post by oppsididitagain on Dec 3, 2020 14:23:33 GMT
Catch 22 you write a 1star review telling people to avoid the platform and don't invest, yet we need these investors to inject cash in to the platform The other solution is find a big institutional investor to inject the cash. We were told in June that a cash injection was on the way, 6months on , ZERO interest/-Ve rates + 2% management fee. this cash hasn't appeared. This is the money that should be propping up the business. IF all management fees are returned - just like the supermarkets have done to the Govt - and some sort of interest rate reinstated . Pay us back and I will carrying on lending supporting LW..
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Post by EJi on Dec 7, 2020 21:55:02 GMT
There's a positive review appeared . Looks like it was written by someone close to LW. They've made it look not too possitive so they don't raise suspicion but they just repeat the LW hot air.
They say at one point "New lending resumes in January so, bit by bit, things should gradually normalise in 2021 and 2022"
No it won't, they've told us the negative interest rates will remain for the remainder of the loan terms. Only new lenders will benefit. Old loyal lenders have been shafted.
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woody
New Member
Posts: 2
Likes: 1
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Post by woody on Dec 7, 2020 22:41:55 GMT
Interestingly all the reviews from David L on Trustpilot have been made in the last 24 hours
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iano
Member of DD Central
Posts: 139
Likes: 175
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Post by iano on Dec 8, 2020 0:27:07 GMT
Playing Devil's advocate, these read more as someone aspiring to be a review writer rather than anything provably nefarious (rapid time-frame noted and a little repetition too). That being said their write-up of LW seems terribly naive and brushes over the fact that a lot of their positive points (boosting shield, external investment) were in progress way before Covid due to their own mismanagement of interest rates and letting the shield weaken dangerously despite multiple concerns being raised here.
I also find their 2% returns rather feeble given 15 months ago you could get an FSCS supported (1/2 year fixed) account not far from that with no risk whatsoever and this individual must surely be in line for negative rates to come - so that's going down further.
As far as their 'Good communication', well that must explain the amnesty at the beginning of the year LW felt compelled to make after the debacle with the revised interest rates (which I foolishly passed on) - all before Covid kicked in and negative rates occurred.
To be honest, I've already given them a personal token kicking in the review's (oo-er missus) hoping still that the scores stay at a point where we don't do too much damage but I seriously think this company deserves nothing more than a 3.x score.
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p2pete
Member of DD Central
Posts: 144
Likes: 142
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Post by p2pete on Dec 8, 2020 10:14:51 GMT
I don't know how LW can say no lender will make capital losses. For the financial year 20/21 they haven't paid any interest and are now taking our capital, so doesn't that mean that ALL lenders will make a loss in 20/21? And worse still, due to the way they have gone about it the loss cannot be offset against gains made on other P2P sites for tax purposes. They claim that IF the shield becomes over funded then 2014-2019 loans will receive extra interest, but even if by some miracle that happened, it would be taxed. If I receive -£100 in the financial year 20/21 and then earn £100 interest in 21/22 then that's a capital loss after tax isn't it?
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scooter
Member of DD Central
Posts: 352
Likes: 328
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Post by scooter on Dec 8, 2020 12:41:51 GMT
I don't know how LW can say no lender will make capital losses. For the financial year 20/21 they haven't paid any interest and are now taking our capital, so doesn't that mean that ALL lenders will make a loss in 20/21? And worse still, due to the way they have gone about it the loss cannot be offset against gains made on other P2P sites for tax purposes. They claim that IF the shield becomes over funded then 2014-2019 loans will receive extra interest, but even if by some miracle that happened, it would be taxed. If I receive -£100 in the financial year 20/21 and then earn £100 interest in 21/22 then that's a capital loss after tax isn't it? Hi, It's not a one year product though..... I'm not here to defend them but as long as the "Shield" rules were written at the start of the business and have not changed recently (they are undated) I haven't found anything technically wrong with what they are doing. I would complain to the FO if did not trust pilot. If you invest through an isa there is no tax to pay or reclaim.... JMVHO
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Post by tommycatz on Feb 14, 2021 21:43:38 GMT
Lending Works
Reviews 1,596
Average
3.6
Average down to 3.6!
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Post by tommycatz on Mar 10, 2021 14:53:27 GMT
Don't forget to update your reviews and name check intriva capital and follow Lending Works and intriva capital on LinkedIn and comment on their posts.
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