benaj
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Post by benaj on Apr 7, 2021 19:41:51 GMT
Before selling any loan chunks, it's worth checking how much you've paid shield contribution in the past and total interest earned.
I was checking one of my friend's account earlier, he has £25 left on his account. His 4 loan chunks were acquired in March 2020. His shield contribution adjustment was £0.
To sell the loans,
transaction fee: £0.12
interest shortfall discount: £1.91
Total interest earned on his account: £130.97
Although £1.91 is relatively expensive for selling his remaining £25, it's not a lot compared to £130.97 interest earned.
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Post by fredblogs on Apr 7, 2021 22:55:21 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. A good point as to how the refund will be paid mogish. I have written to LW to make it very clear that the repayment MUST be in cash as that was how it was taken, and credit by means of more loans or anything else will NOT be acceptable.
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mogish
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Post by mogish on Apr 12, 2021 8:01:58 GMT
Anyone had their overcharge cash back to the appropriate account yet?
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Post by m1kehunt on Apr 13, 2021 15:32:13 GMT
Finally got most of my funds out (only £200 left), such a relief!
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mogish
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Post by mogish on Apr 13, 2021 15:52:22 GMT
Finally got most of my funds out (only £200 left), such a relief! Did you get the overcharge refunded, assuming you sold loans?
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Post by m1kehunt on Apr 13, 2021 19:38:14 GMT
the majority of my loans had no overcharge (flexible), the growth loans only charged 0.5% is this what you mean as I've had no other charges?
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mogish
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Post by mogish on Apr 13, 2021 20:10:43 GMT
the majority of my loans had no overcharge (flexible), the growth loans only charged 0.5% is this what you mean as I've had no other charges? Most would have a market rate adjustment fee on top of the 0.5%. Some lenders quoted anything up to 10%. There was an e nail from LW advising that the overcharge will be refunded in 5 days. I guess you luckily never got caught up in another of their errors
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starfished
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Post by starfished on Apr 13, 2021 22:03:09 GMT
the majority of my loans had no overcharge (flexible), the growth loans only charged 0.5% is this what you mean as I've had no other charges? That was the case for me as well. But I suspect it depends very much on which generation of loans you had exposure which is a function of when you joined.
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benaj
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Post by benaj on Apr 14, 2021 8:43:23 GMT
My partner received Other Credits. The money from other credits queued for loans. Now it has been cancelled and have been withdrawn
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Post by jojo on Apr 14, 2021 8:56:40 GMT
My partner received Other Credits. The money from other credits queued for loans. Now it has been cancelled and have been withdrawn I have received other credits too, all in all, not a bad exit and bad experience overall over 6 years, I had great interests during 4 years, obviously 2020 was not great but on average I had a decent annualized interest return and to be honest, 12 month ago I thought it could end way worst than what happen so I won't complain. Jon
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