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Post by oppsididitagain on Mar 10, 2021 19:43:04 GMT
exactly one of the points I made to LW, however they said due to FCA regs they couldn't merge as selling known bad debt is not allowed.
I went on to say these are pooled investments covered by the shield so merging the 2 would be better for everyone but another excuse was made..
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Post by df on Mar 10, 2021 19:51:18 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. My last transfer in was in Sept 2019. Since reinvestment option was abolished I just withdraw whatever arrives in my wallet. No intension to re-invest atm, but I might re-visit in future depending on LW's progress. Seems like nothing to chase there at the moment, except negative rates - banks offer better deals as we speak... so no chasing or outsourcing my votes to my feet.
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scooter
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Post by scooter on Mar 10, 2021 22:11:10 GMT
Yeah, I like them. 👷🏼♀️
I've said before that I am mainly to blame for not understanding the product properly and not acting when I should of done. I have 7 complaints outstanding with the FO re FC and about 5 waiting for FC to resolve. I have been bought out of a poor platform and received compensation from two others for incorrect loan management... .. If I saw a problem with LW I would fight for fairness, but I just don't see an issue with what they have done. We just got caught in the rain...
I have been reducing my balance with them only because I was over invested... I will start to let the interest invest again soon. 👷🏼♀️
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Post by tommycatz on Mar 11, 2021 6:56:48 GMT
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 tommycatz on Mar 11, 2021 7:01:43 GMT
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. Good spot! I still think I can drip feed onto the secondary market at a decent mark up of % profit with the new 500% max setting. If not, CP won't be introducing new rules to claw any shares back! Plus general consensus is the new share price in the next round of funding will be over £50 and these shares can be sold before claiming EIS tax relief.
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trevor
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Post by trevor on Mar 11, 2021 18:14:59 GMT
Withdrawing as loans mature and not a penny will be reinvested, ever. LW are a disgrace.
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mogish
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Post by mogish on Mar 11, 2021 18:46:47 GMT
I think its safe to say most retail investors have no intention of having anything to do with LW and are simply withdrawing as funds be ome available. The management cant be naive enough to think otherwise(look at trustpilot reviews),my guess is they are waiting or are in the process of, finding funding elsewhere to bridge the gap once/if the sm opens back up to fill the void as the mass exodus starts.
Surely Intriva capital will want to see some growth at some point? Or is that coming from the interest payments we should be recieving?
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mogish
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Post by mogish on Mar 12, 2021 8:04:35 GMT
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Post by stevexxx on Mar 22, 2021 17:49:58 GMT
Ive been drawing down my money for a year now without a hitch, neither have I made a loss and interest is still trickling in so cant complain however there are so many people unhappy about LW I don't think I will investing with them again..
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johni
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Post by johni on Mar 23, 2021 19:53:10 GMT
Ive been drawing down my money for a year now without a hitch, neither have I made a loss and interest is still trickling in so cant complain however there are so many people unhappy about LW I don't think I will investing with them again.. Do you realise that the small amount of interest you may be getting is actually capital? What lending works claim is it is interest already paid! No this is capital. You will find your balance is less now than it was in June 2020.Lending Works lost money on loans owned by other lenders but all the losses are being paid back by the lenders locked in. Not 1 penny is being paid by Lending Works. They have happily taken all their fees they have not shared in this loss in any way. So for anyone thinking of putting money in Lending Works DON'T
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Post by chammers on Mar 24, 2021 9:35:56 GMT
Ive been drawing down my money for a year now without a hitch, neither have I made a loss and interest is still trickling in so cant complain however there are so many people unhappy about LW I don't think I will investing with them again.. I have been with LW almost since day one - it will take a long time to exhaust my account, but I will never use them again! I quote this one example - last week I had a 5 year "loan chunk" of £2,329.80 mature - LW promptly deducted £477.18 as a shield contribution adjustment!!
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IFISAcava
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Post by IFISAcava on Mar 24, 2021 10:01:02 GMT
Ive been drawing down my money for a year now without a hitch, neither have I made a loss and interest is still trickling in so cant complain however there are so many people unhappy about LW I don't think I will investing with them again.. I have been with LW almost since day one - it will take a long time to exhaust my account, but I will never use them again! I quote this one example - last week I had a 5 year "loan chunk" of £2,329.80 mature - LW promptly deducted £477.18 as a shield contribution adjustment!! Just don't call it a capital loss - it's only "negative interest"...
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macq
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Post by macq on Mar 24, 2021 11:46:16 GMT
I have been with LW almost since day one - it will take a long time to exhaust my account, but I will never use them again! I quote this one example - last week I had a 5 year "loan chunk" of £2,329.80 mature - LW promptly deducted £477.18 as a shield contribution adjustment!! Just don't call it a capital loss - it's only "negative interest"... Hard to imagine either would happen from the "Fair and simple platform"
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upland
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Post by upland on May 7, 2021 6:18:27 GMT
Hard to imagine either would happen from the "Fair and simple platform" I have been with LW since 2018 and I am now trying to get my head around what it going on. I have found that their customer service talks jargon and indeed a "Fair and simple platform" is now just what it is not. I seem to have made nothing for this last year and I have some sort of losses. Nothing like this from Z and RS.
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Post by overthehill on May 7, 2021 7:11:44 GMT
LW are history for retail lending, I suggest Intriva didn't buy it for that. Even if they offered attractive returns, how do you know for certain they won't grab it back in years ahead or collapse which admittedly might have been an even worse outcome last time round. I haven't even researched their recovery performance of defaulted unsecured loans, not so important when so much of investor's money is going into the shield.
Don't pay any fees or premiums to exit, just withdraw as repayments/interest is paid. There will come a point where it makes financial sense for them to buy the existing loan book like Ratesetter. They want investors to believe the loan book is in a fragile state so as many as possible panic leave.
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