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Post by fredblogs on Apr 4, 2021 17:18:39 GMT
Anyone had partial or full loan sales yet. Just sold £10,000.00 in the classic that went up for sale 0n 25/03/21. The sale quote I accepted was for a TOTAL of £588 in fees. I estimate that they have taken about £765. It's difficult to see exactly how much because they won't declare that until the April statement and in the Transactions there is hundreds of entities for quick sale fees, so it would take forever. On top of that the other undeclared amounts for so called Shield Contributions that keep trickling away make things even more difficult to calculate, but I know I've been short changed. I will be contacting LW some time this week for an explanation. Has anyone else seen similar findings?
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Post by tommycatz on Apr 4, 2021 21:10:20 GMT
I had a quote last week, sell £17000 and to be charged £600. I did not proceed as this will take me close to making a capital loss.
Today, I had a quote for selling £16800 with fees of £1575.
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Post by fredblogs on Apr 4, 2021 23:01:35 GMT
I had a quote last week, sell £17000 and to be charged £600. I did not proceed as this will take me close to making a capital loss. Today, I had a quote for selling £16800 with fees of £1575. Although in your case this is an obscene amount in fees tommycatz, it's their offer and not a compulsory transaction. You were wise to decline. Whereas in my case they are in breach of contract as I accepted their offer and they have not honoured it. In layman's terms they have broken the law.
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mogish
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Post by mogish on Apr 5, 2021 7:27:33 GMT
I had a quote last week, sell £17000 and to be charged £600. I did not proceed as this will take me close to making a capital loss. Today, I had a quote for selling £16800 with fees of £1575. Although in your case this is an obscene amount in fees tommycatz, it's their offer and not a compulsory transaction. You were wise to decline. Whereas in my case they are in breach of contract as I accepted their offer and they have not honoured it. In layman's terms they have broken the law. Exactly. As I stated earlier My quote was £20 fee and £29 .at £49 for £4k I accepted . If they are to charge more surely this is illegal? My other quote for €8309 was £138. These figures seem "reasinable" compared to the other quotes I'm reading. I joined late 2018 so could this charge depend on what loans we are invested in ?
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iRobot
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Post by iRobot on Apr 5, 2021 10:50:55 GMT
Anyone had partial or full loan sales yet. Just sold £10,000.00 in the classic that went up for sale 0n 25/03/21. The sale quote I accepted was for a TOTAL of £588 in fees. I estimate that they have taken about £765. It's difficult to see exactly how much because they won't declare that until the April statement and in the Transactions there is hundreds of entities for quick sale fees, so it would take forever. On top of that the other undeclared amounts for so called Shield Contributions that keep trickling away make things even more difficult to calculate, but I know I've been short changed. I will be contacting LW some time this week for an explanation.Has anyone else seen similar findings? Might I suggest that you simultaneously raise a complaint with the FCA on the basis that the original offer failed the general test of: "A firm must ensure that a communication ... is fair, clear and not misleading." Would seem LW have been errant in this area and, regardless of any redress they may offer you (and other individual complainants), the possibility is they will continue with bad practices until properly censured. For all its faults, the FCA is still the Regulator and it can only take action on what it knows about and/or it is made aware of.
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Post by tommycatz on Apr 5, 2021 17:18:57 GMT
A lender wrote about the extra selling fees on trust pilot and this was the reply by LW:
Hi Andrew,
Would you mind emailing cs@lendingworks.co.uk with your account information and we shall look into this immediately.
Thanks
Richard
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johni
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Post by johni on Apr 5, 2021 17:30:04 GMT
I had a quote last week, sell £17000 and to be charged £600. I did not proceed as this will take me close to making a capital loss. Today, I had a quote for selling £16800 with fees of £1575. Although in your case this is an obscene amount in fees tommycatz, it's their offer and not a compulsory transaction. You were wise to decline. Whereas in my case they are in breach of contract as I accepted their offer and they have not honoured it. In layman's terms they have broken the law. Actually I disagree. The fee is to offset losses if the amount last week was £600 and now it is £1575 then either the loan book has deteriorated materially in the last week or once again the loan sharks are taking additional money to enhance their profits in which case this is theft of your money Lendingworks which is it.
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Post by decleoro on Apr 6, 2021 4:24:28 GMT
Just sold £10,000.00 in the classic that went up for sale 0n 25/03/21. The sale quote I accepted was for a TOTAL of £588 in fees. I estimate that they have taken about £765. It's difficult to see exactly how much because they won't declare that until the April statement and in the Transactions there is hundreds of entities for quick sale fees, so it would take forever. On top of that the other undeclared amounts for so called Shield Contributions that keep trickling away make things even more difficult to calculate, but I know I've been short changed. I will be contacting LW some time this week for an explanation.Has anyone else seen similar findings? Might I suggest that you simultaneously raise a complaint with the FCA on the basis that the original offer failed the general test of: "A firm must ensure that a communication ... is fair, clear and not misleading." Would seem LW have been errant in this area and, regardless of any redress they may offer you (and other individual complainants), the possibility is they will continue with bad practices until properly censured. For all its faults, the FCA is still the Regulator and it can only take action on what it knows about and/or it is made aware of.
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Post by decleoro on Apr 6, 2021 4:43:25 GMT
This is ridiculous! Awake at 5am to see that my sale has gone through and way above the quote price! Can't figure it out but my total loss on classic account is looking about 54k!!!!! I earned about 60k in inerest since mid 2017 and paid 40% tax on some of that! So basically no I've not lost what I put in but God have I been deceived!! This is appalling. I will be speaking to them today and if it's not sorted will be getting on to the media, I don't think the FCA are fit for purpose.. They gave LW the go ahead for ISAs before anyone else!! Why was that I wonder??!!!! They obviously think it's ok to quote one selling fee and then decide to nearly double it! Completely fraudulent!! This had better turn out to be one of their computing errors!!
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mogish
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Post by mogish on Apr 6, 2021 6:50:43 GMT
My loan has still not sold. I've e mailed them to discuss the quoted fee.
No doubt get some bs excuse as usual.
If the quote changes surely this is falsely advertised, misleading and downright fraudulent.
They would just as well say we will charge what we want!
Whete are all those thousands of investors waiting to buy the loans?
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benaj
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Post by benaj on Apr 6, 2021 8:45:09 GMT
Quick update from my partner's account: - All loans are sold on 4th April - Quick Withdraw interest rate penalty: £58.07 - Quick Withdraw fee: £4.11 - Quick Withdraw loan chunks total: £1060.32 - Amount released: £998.14 - Loan chunks left on the account: £32.99 No difference on Fees and interest penalty from quotation. But wait, although no further transaction after quick withdraw, amount appeared on the account £997.70. What happened to the missing 44p?  |
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mogish
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Post by mogish on Apr 6, 2021 9:20:46 GMT
I'm expecting a call later today to clarify the sale position.
Rather than guessing it would be nice if LW explained how charges etc will be applied. Ie are the older loans 2018-19 being charged more? Are they pre 2018?
I refuse to pay more to get my money back, this might backfire but as someone said earlier, I believe they will charge over the top to release investors in order to make profits look better for the incoming institutional investors.
Either way,I want my cash back but not at any price.
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Post by overthehill on Apr 6, 2021 10:15:26 GMT
This is ridiculous! Awake at 5am to see that my sale has gone through and way above the quote price! Can't figure it out but my total loss on classic account is looking about 54k!!!!! I earned about 60k in inerest since mid 2017 and paid 40% tax on some of that! So basically no I've not lost what I put in but God have I been deceived!! This is appalling. I will be speaking to them today and if it's not sorted will be getting on to the media, I don't think the FCA are fit for purpose.. They gave LW the go ahead for ISAs before anyone else!! Why was that I wonder??!!!! They obviously think it's ok to quote one selling fee and then decide to nearly double it! Completely fraudulent!! This had better turn out to be one of their computing errors!!
This company led by the new owners is possibly willing to go to new depths because they think they can and nobody including the FCA is going to do anything to stop it.
I don't have the precise details of the historic changes as I tuned out a while ago but the interest rates were around 6.5% and their modified retrospective returns were around 3-3.5%.
So by my calculation if every loan qualified for clawback for the full loan period then they should only be taking back 50% of your paid interest as an absolute maximum, the rest is profiteering.
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Post by tommycatz on Apr 6, 2021 18:31:30 GMT
Interesting, I try to post a link to the Intriva Capital LinkedIn page and it's not displayed? |
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Post by tommycatz on Apr 6, 2021 18:34:17 GMT
So links to the LinkedIn Intriva Capital and Lending works pages are removed from this forum.
Update..
Also, other LinkedIn pages are too.
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