iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
|
Post by iRobot on Apr 6, 2021 19:08:35 GMT
So links to the LinkedIn Intriva Capital and Lending works pages are removed from this forum. Update.. Also, other LinkedIn pages are too. Use something like bitly.com/ to 'translate' them? eg: bit.ly/3utzCRG or LinkedIn link
|
|
|
|
Post by fredblogs on Apr 6, 2021 20:47:30 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? Further to this post. I have contacted LW in writing today to warn them of their clearly ILLEGAL contractual breach in the amount of fees taken on this transaction, and that my solicitor is ready to act in accordance with this. They have promptly replied claiming that 'technical issues', that they are dealing with are to blame and that they will return the overpayment to my account in due course. Watch this space.....
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Apr 7, 2021 7:23:31 GMT
I will be speaking to them today also advising legal action.
My 4k loan sale went through. As posted, £49 fee quoted, £174 charged. I'm absolutely fuming. I still have a similar balance but refuse to pay more fees until this is sorted out.
Will follow the legal action threat with interest.
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Apr 7, 2021 7:35:17 GMT
I've e mailed them now threatening legal action.
I would encourage others to do the same.
Was there any small print in the quoted fee stating the quote could change?
|
|
|
|
Post by markymark on Apr 7, 2021 10:34:56 GMT
I've e mailed them now threatening legal action. I would encourage others to do the same. Was there any small print in the quoted fee stating the quote could change? Very sorry to say, but there actually was a line of text at the final stage before accepting the quote, stating that it could change. that was the reason i chose to cancel and not proceed with my loan sales, knowing that this company can not be trusted, and it was almost certain they would increase the fees and/or interest shortfall above that of the quote. They have took us all for a ride this last year, and systematically helped themselves to our money, knowing full well that the ineffective uk financial regulators will turn a blind eye.
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Apr 7, 2021 11:29:31 GMT
I've e mailed them now threatening legal action. I would encourage others to do the same. Was there any small print in the quoted fee stating the quote could change? Very sorry to say, but there actually was a line of text at the final stage before accepting the quote, stating that it could change. that was the reason i chose to cancel and not proceed with my loan sales, knowing that this company can not be trusted, and it was almost certain they would increase the fees and/or interest shortfall above that of the quote. They have took us all for a ride this last year, and systematically helped themselves to our money, knowing full well that the ineffective uk financial regulators will turn a blind eye. Nope cant see any statement that the fees may increase. There is a statement advising if loan chunks were paid back earlier than the sale the value would decrease accordingly. Either way we I agree that they cannot be trusted, it's one error after another. How they ever got a licence to manage finance is beyond me.
|
|
|
|
Post by markymark on Apr 7, 2021 12:41:02 GMT
Very sorry to say, but there actually was a line of text at the final stage before accepting the quote, stating that it could change. that was the reason i chose to cancel and not proceed with my loan sales, knowing that this company can not be trusted, and it was almost certain they would increase the fees and/or interest shortfall above that of the quote. They have took us all for a ride this last year, and systematically helped themselves to our money, knowing full well that the ineffective uk financial regulators will turn a blind eye. Nope cant see any statement that the fees may increase. There is a statement advising if loan chunks were paid back earlier than the sale the value would decrease accordingly. Either way we I agree that they cannot be trusted, it's one error after another. How they ever got a licence to manage finance is beyond me. I stand corrected, just had another look and no mention of fees increasing, i think i may have dreamt it, but i do remember not proceeding because of it. Another one of lifes mysteries, i'll get back on the medication shortly....:-)
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
Post by jlend on Apr 7, 2021 14:22:00 GMT
I only had circa 10 pounds left in LW so the amount of money in question was obviously negligible.
But I hope this clears up the issue for others who had more to sell out
-----------
Dear xxx
You recently requested a loan sale from Lending Works. Included within your quote was an amount payable to cover the interest rate shortfall between the rates on your loans and the current rate. Since your sale request, we have found an issue with the calculation of this interest rate shortfall which would have meant you paid more than was estimated when you accepted the loan sale figures. This issue has now been fixed and we are going to refund the difference to your Lending Works account via an account credit. You do not need to take any further action and this refund will be processed for you automatically.
We plan to make this credit within 5 working days and you will be able to see the credit reflected in your account balance, in your transactions and in your monthly statement. Your monthly statement is the best place to see a simple and all-encompassing snapshot of all activity on your account, although April's statement will not be available until the beginning of May.
We are sorry for any inconvenience this has caused you and are working hard to ensure refunds are processed as quickly as possible.
Very best wishes,
The Lending Works team
|
|
|
|
Post by msra7jf3 on Apr 7, 2021 14:36:03 GMT
is there any news on when the sell functionality will be opened for all investors? Their email stated 7th April, but its still unavailable on my portal..
|
|
qwakuk
Member of DD Central
Posts: 259 
Likes: 96
|
Post by qwakuk on Apr 7, 2021 15:01:19 GMT
is there any news on when the sell functionality will be opened for all investors? Their email stated 7th April, but its still unavailable on my portal.. I tried around 10.30am and it was still NOT available. Will try again tomorrow.
|
|
|
|
Post by msra7jf3 on Apr 7, 2021 15:23:01 GMT
is there any news on when the sell functionality will be opened for all investors? Their email stated 7th April, but its still unavailable on my portal.. I tried around 10.30am and it was still NOT available. Will try again tomorrow. they've just opened it up, I tried again and can access now. I only have a small holding in LW left (sub £1k) but have been given a fee quote of 7.5%.. not sure if to just take the money and run or ride the wave
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
Post by jlend on Apr 7, 2021 15:30:35 GMT
is there any news on when the sell functionality will be opened for all investors? Their email stated 7th April, but its still unavailable on my portal.. I tried around 10.30am and it was still NOT available. Will try again tomorrow. Dear xxxx, We are pleased to confirm that we have now restarted the secondary market functionality for retail investors to sell their loans. To honour the queue of retail investors wishing to sell their loans when COVID-19 struck in March 2020, we restarted this functionality for the queued investors on 25 March 2021. Of our 6,400 retail investor customers, when COVID-19 first struck 729 customers requested a loan sale and were in that queue. Upon restarting the functionality on 25 March, 251 of these customers decided to continue and request a new loan sale. We are pleased to report that all new secondary market requests since 25 March 2021 have now been processed and there is currently no queue for this feature. The total quantum of loan sales that have now already been processed since 25 March 2021 is approx. £2.5m, whereas the queue that had formed in March 2020 reached approx. £8m. In the future we do not expect another substantial queue to build up as we have significantly more capital available to lend than we expect from new secondary market requests, therefore, we expect this product to return to normal operation from now onwards. The period of time since COVID-19 struck has been incredibly difficult for Lending Works and we know this has impacted our retail investor customers significantly too. We want to thank you for your ongoing support and we hope to move beyond those challenges for you and for us, permanently. Very best wishes, The Lending Works team
|
|
qwakuk
Member of DD Central
Posts: 259
Likes: 96
|
Post by qwakuk on Apr 7, 2021 16:10:07 GMT
Standard account quoted 8.9%
ISA account 7.5%
My sister's Standard account 9.3% - she is not going to be happy !
Still waiting on March 2021 statements and 2021 tax certs so I can assess how these rates compared to what they have already nicked back.
I believe these "fees" are treated as a bad debt (?), so effective rates for me are lower as more interest elsewhere against which I can offset and save some tax.
|
|
|
|
Post by overthehill on Apr 7, 2021 16:19:23 GMT
Don't play into their hands, they are monetizing loyal investor exits. I'm playing the waiting game knowing the FCA are watching their every move towards their institutional lending continued authorization.
They want an eyebulging 12% and 16% of my capital to sell all my loans because lender rates are higher than borrower loan rates, it's beyond my comprehension. I do know lender rates have gone down at least 50%. The documentary will be called Barely Legal.
|
|
mogish
Member of DD Central
Posts: 1,105
Likes: 527
|
Post by mogish on Apr 7, 2021 17:25:06 GMT
I and probably many others called , e mailed and made official complaints today regarding more of their system issue and overall incompetance in relation to the 4 times the original quote for loan sales.
I do wonder if they would have sent out the apology e mail and admitted fault and promised refunds if we had all accepted it just to get out?
On the matter of the refund, i was told this will be paid back to my classic, after a few words exchanged , i made it quite clear that this needs to be refunded to my isa wallet....where is was taken from.
It may be worth watching where your refund is returned to .
In hindsight i now wish i had acceted the £138 to sell out 8k..... the new quote is £295. Oh well another year with LW.
|
|
