criston
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Post by criston on Apr 2, 2021 14:08:12 GMT
Sorry if this is a silly question, but does anyone know why some loans are not available to sell? Mostly loans with late payments etc. I guess. Hopefully, eventually the remaining unsaleable amount will be covered by Shield or borrower repayments. I have already been back into my accounts to sell anything available again, before the rush on 7/4/21.
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Post by markymark on Apr 2, 2021 14:45:24 GMT
Anybody else tried getting a quote for selling loans today? I just put in a request to sell £10,000 and they were going to take 12% in fees!
Returned £8800
Fees £1200
How can this be correct if the interest on the loans is only 4-6%?
These (hard to explain entities without using expletives) really shouldn't be allowed to keep doing this, this deceitful bunch have been destroying peoples livelihoods, for over a year now, by helping themselves to investors cash as and when they please, with all manner of corporate concocted BS as an excuse, and still it goes on now we try to withdraw OUR money!!!
Any answers appreciated
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jlend
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Post by jlend on Apr 2, 2021 14:54:48 GMT
Anybody else tried getting a quote for selling loans today? I just put in a request to sell £10,000 and they were going to take 12% in fees! Returned £8800 Fees £1200 How can this be correct if the interest on the loans is only 4-6%? These (hard to explain entities without using expletives) really shouldn't be allowed to keep doing this, this deceitful bunch have been destroying peoples livelihoods, for over a year now, by helping themselves to investors cash as and when they please, with all manner of corporate concocted BS as an excuse, and still it goes on now we try to withdraw OUR money!!! Any answers appreciated Several years interest. If you download your loan book you can see how long your loans still have to run
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criston
Member of DD Central
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Post by criston on Apr 2, 2021 14:55:10 GMT
Anybody else tried getting a quote for selling loans today? I just put in a request to sell £10,000 and they were going to take 12% in fees! Returned £8800 Fees £1200 How can this be correct if the interest on the loans is only 4-6%? These (hard to explain entities without using expletives) really shouldn't be allowed to keep doing this, this deceitful bunch have been destroying peoples livelihoods, for over a year now, by helping themselves to investors cash as and when they please, with all manner of corporate concocted BS as an excuse, and still it goes on now we try to withdraw OUR money!!! Any answers appreciated My first sale was 6.2%. My second sale of the original first lot of unsaleables was for £43 & after fees ended up at £38, so much of a muchness.
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Post by decleoro on Apr 2, 2021 14:56:12 GMT
Anybody else tried getting a quote for selling loans today? I just put in a request to sell £10,000 and they were going to take 12% in fees! Returned £8800 Fees £1200 How can this be correct if the interest on the loans is only 4-6%? These (hard to explain entities without using expletives) really shouldn't be allowed to keep doing this, this deceitful bunch have been destroying peoples livelihoods, for over a year now, by helping themselves to investors cash as and when they please, with all manner of corporate concocted BS as an excuse, and still it goes on now we try to withdraw OUR money!!! Any answers appreciated
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Post by markymark on Apr 2, 2021 15:37:02 GMT
Anybody else tried getting a quote for selling loans today? I just put in a request to sell £10,000 and they were going to take 12% in fees! Returned £8800 Fees £1200 How can this be correct if the interest on the loans is only 4-6%? These (hard to explain entities without using expletives) really shouldn't be allowed to keep doing this, this deceitful bunch have been destroying peoples livelihoods, for over a year now, by helping themselves to investors cash as and when they please, with all manner of corporate concocted BS as an excuse, and still it goes on now we try to withdraw OUR money!!! Any answers appreciated Several years interest. If you download your loan book you can see how long your loans still have to run
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Post by markymark on Apr 2, 2021 15:43:56 GMT
Anybody else tried getting a quote for selling loans today? I just put in a request to sell £10,000 and they were going to take 12% in fees! Returned £8800 Fees £1200 How can this be correct if the interest on the loans is only 4-6%? These (hard to explain entities without using expletives) really shouldn't be allowed to keep doing this, this deceitful bunch have been destroying peoples livelihoods, for over a year now, by helping themselves to investors cash as and when they please, with all manner of corporate concocted BS as an excuse, and still it goes on now we try to withdraw OUR money!!! Any answers appreciated Several years interest. If you download your loan book you can see how long your loans still have to run So which is better? Sell loans now, ie; process the loan sale with a 12% loss or let the loans run their course, withdrawing capital returned to my cash account over the next few years? ie; Will i lose the 12% by holding the loans over the next few years anyway?
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Post by essexboy on Apr 2, 2021 16:00:40 GMT
Several years interest. If you download your loan book you can see how long your loans still have to run So which is better? Sell loans now, ie; process the loan sale with a 12% loss or let the loans run their course, withdrawing capital returned to my cash account over the next few years? ie; Will i lose the 12% by holding the loans over the next few years anyway? Feels like more underhand stuff going on. I got a quote for around 5pct (which I accepted), then ended up suffering closer to 10pct when the actual sale was made!
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Post by markymark on Apr 2, 2021 16:05:00 GMT
Similar story here, a did a quote a week ago which was around 6% in fees, today the same quote is 12% in fees....Pretty much as expected from this company, seems to be par for the course, based on their customer treatment over the last year.
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Post by markymark on Apr 2, 2021 16:22:31 GMT
I do wonder why this company has trashed it's reputation over the last year, and freely helped themselves to their investors money at any given opportunity? Perhaps because they can, a lack of any 'REAL' financial conduct oversight in this country hasn't helped, lets be honest here, the 2 we have, are as useful, as an ashtray on on a motorbike. Perhaps it's just ignorance, desperation, their failings as a profitable company or just greed! Why can they not see, after a year of investors being exploited, no more investors....No more business!
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mogish
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Post by mogish on Apr 2, 2021 17:40:28 GMT
No more retail investors.... I believe they dont care, their future business model will be backed by institutional investors. Intriva capital have recently made another acquisition which I think will work hand in hand with LW.
Regarding the quoted fee... I was quoted £49 to sell £4k... is this likely to change after I have sold on the basis of the quote given?
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criston
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Post by criston on Apr 2, 2021 17:59:58 GMT
No more retail investors.... I believe they dont care, their future business model will be backed by institutional investors. Intriva capital have recently made another acquisition which I think will work hand in hand with LW. Regarding the quoted fee... I was quoted £49 to sell £4k... is this likely to change after I have sold on the basis of the quote given? That's excellent. Do a print off before you finally confirm. Or is it done ?
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Post by tommycatz on Apr 2, 2021 20:47:54 GMT
Name check Intriva Capital in your trust pilot reviews and let them know what you think on their LinkedIn account.
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Post by frankfurt13 on Apr 3, 2021 11:00:31 GMT
Same for me. Was quoted £880 on just short of 29K last week. Nearly £2300 now.
Basically a lot of people have bolted for the door and LW are trying to stem the bleeding.
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Post by overthehill on Apr 3, 2021 15:27:13 GMT
The last year has provided plenty of evidence this company cannot be trusted to do anything which is morally right for their investors. Now they've found another revenue stream by using zero or poor communication to unsettle remaining investors and panic them into selling out at obscene discounts. Their selling fee was already high at 1.5% as I recall, it's 0% or 0.5% for most of the top P2P companies, but some of the quotes I've seen on here sums up this company nicely.
Every investor that sells up increases Intriva / Lending Works profits and makes it easier for Intriva to take over the loan book and ironically also benefit the investors who hold out.
Look at the reputational damage done already by existing investors. There is no doubt in my mind they are going institutional and have no interest in us as retail investors, just look at their recent acquisition. But there is no way they are going to prosper unless the loanbook is wound down properly, of course some would argue it has already breached that threshold over the last year.
All our interest and a chunk of our capital has been going to lending works and the provision fund for a YEAR so the loan book is probably a lot better than we're being told and improves everytime another investor sells up. Intriva seem comfortable with this arrangement rather than using their own capital.
I'm pretty sure the Ratesetter/Metro Bank initial message was a zero interest in taking over existing loan book, didn't turn out that way. I wasted money selling out of Ratesetter but it was the projected rates rather than the prospect of the loanbook crashing.
I'm hanging in there and doing the opposite of what they want.
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