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Post by oppsididitagain on Mar 10, 2021 8:46:29 GMT
Good Morning,
Is anyone, who has been with LW for the last 3-5 years and been caught up in this debacle , re lending in the new markets of 4-4.5%?
Personally Im tempted to try and recover some of my losses, and re-lend some cash but also very aware that I should stand my ground and slowly just walk away without giving them any more cash.
Just curious who is chasing the £££ and who is voting with their feet .
EDIT : Just to say I have about 20K left split between standard and ISA.
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Post by c64 on Mar 10, 2021 9:36:06 GMT
No.
(1) I sold out 99% of my loans in Dec 2019 at what turned out to be some other lender's subsequent expense, so despite that being a happy outcome for me I don't trust them not to pull an equally horrible stunt again with me on the wrong side of it;
(2) The new rates look as unsustainable, in the present climate, as 6.5% was a couple of years ago. The "debacle" was pre-Covid. They have no track record of anything except undue optimism. If they deliver 4.5% on 2021 cohort over the next five years I might think about it, otherwise it is all just talk;
(3) All academic because I don't think the risk/return is worth it on any unsecured personal debt platform until after furlough is finished, jobs are lost and borrowers can no longer supply payslips showing reliable income from the job they are about to lose. Cash and a limited amount of secured borrowing for me for now, then I'm back in late 2021 I imagine.
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mogish
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Post by mogish on Mar 10, 2021 10:34:16 GMT
No chance...trust is gone , inconsistent information given , and still no ability to sell loans. As soon as I can get my money out the better.
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IFISAcava
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Post by IFISAcava on Mar 10, 2021 11:42:08 GMT
Nope. Won't be going back.
Managed to sell most of what I had at a hefty discount (ending up with an XIRR of about 3.5%); unfortunately still have over a grand stuck in bad loans earning "negative interest" and gradually eroding in value.
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Post by buzzablinio on Mar 10, 2021 13:39:58 GMT
There just isn't a bargepole long enough....it's an absolute no from me.
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Post by tommycatz on Mar 10, 2021 14:48:36 GMT
No chance. I reckon I have had about £1K stolen. I'm taken my cash weekly and investing in EIS shares and claiming back the 30% tax. Going to buy more Cheeky Panda shares and try to gain back the £1K. 20% discount at the moment.
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Ukmikk
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Post by Ukmikk on Mar 10, 2021 15:30:33 GMT
Not a chance. This bunch have already shown themselves to be incompetent at best, at worst choose your own description, you'll probably be right. A leopard doesn't change its spots.
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Post by carol167 on Mar 10, 2021 15:39:30 GMT
Not a cat in hell's chance.
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johni
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Post by johni on Mar 10, 2021 16:03:38 GMT
Why would anyone lend with Lending Works? As an existing lender you have to pay for all the losses the company has made even those of other lenders who have left. They continue to take all of their fees even though their poor credit checking caused these losses. The company lies to its lenders. They change the rules to suit their needs.
So to be clear:-
DO NOT LEND WITH THIS COMPANY AS THEY CANNOT BE TRUSTED.
No I am not.
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macq
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Post by macq on Mar 10, 2021 17:33:33 GMT
Guess we don't need a poll then  |
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jlend
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Post by jlend on Mar 10, 2021 17:40:26 GMT
Assume some people never turned off their auto reinvestment as their is a queue to lend money at the moment
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 10, 2021 18:31:40 GMT
No chance. I reckon I have had about £1K stolen. I'm taken my cash weekly and investing in EIS shares and claiming back the 30% tax. Going to buy more Cheeky Panda shares and try to gain back the £1K. 20% discount at the moment. Pretty sure its a 20% premium
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Post by Ace on Mar 10, 2021 19:08:54 GMT
No chance. I reckon I have had about £1K stolen. I'm taken my cash weekly and investing in EIS shares and claiming back the 30% tax. Going to buy more Cheeky Panda shares and try to gain back the £1K. 20% discount at the moment. Pretty sure its a 20% premium And don't forget that "Shares purchased through a secondary campaign are not S/EIS eligible and could impact your ability to claim S/EIS relief on future investments in this business.", so no 30% tax relief on these.
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Post by oppsididitagain on Mar 10, 2021 19:14:43 GMT
Guess we don't need a poll then Indeed,  I was curious as im thinking - do I leave the cash there to dissolve over the next 3 years or so, withdrawing as and when its available or reinvest the cash in the new 'cohort' as its called, and try and earn new interest to offset the F£&K up LW made. I have spoken to LW on many occasions to try and get them to merge the old with the new loans and then I would consider it but as they won't. it seems an overwhemingly NO ... In which case, I doubt LW will last 2021
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mogish
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Post by mogish on Mar 10, 2021 19:33:12 GMT
Assume some people never turned off their auto reinvestment as their is a queue to lend money at the moment If there is a queue to lend, would opening the secondary market not speed things up? Being a generous type i would be happy to sell them my loans.
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