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Post by tommycatz on Apr 21, 2021 21:17:22 GMT
Your request for information
Thank you for your email of 23 March 2021, in which you asked for the following information:
“I would like to make a request under the Freedom of Information Act regarding the
company Lending Works Limited.
Please can supply the number of complaints made about Lending Works Limited in
2021, 2020 and 2019.”
Response
I’ve carefully considered your request and I’m able to share with you the following information.
We’ve received a total of 40 new complaints about Lending Works Limited between 1 January
2019 to present day. We can’t provide a further breakdown by year as in 2019 we received less
than ten complaints about this business – and we wouldn’t give the exact figures where the
numbers are less than 10. This is because such small numbers could lead to the individual who
brought the complaint being identified. And consumers bring their complaints to our service on
the understanding that their information will be kept confidential and not made public.
We also publish business specific complaints data every six months on our website – although
please note we only publish data where we have 30 new and 30 resolved complaints against the
business.
I hope that my response addresses your request; but if you don’t believe we’ve fully complied with
the Freedom of Information Act 2000 the next steps are overleaf.
Yours sincerely,
Anna Bourlet
Data protection and FOI adviser
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Post by Frederick on Apr 22, 2021 9:35:59 GMT
LW sure are doing great business , my loan chunks are now offering me 1.1% !! There must be a lot of hand shaking and back slapping between nick and his mates when they discuss how little returns they are offering investors after a year if us paying the salaries. Not bad for an amateur outfit . The best bit... as my total "investment " slowly decreases, the fee to escape doesnt!! Cracking business strategy guys I'm glad the FCA are on board to help us out.. not. Morning rant over.. back to my porridge. As a matter of fact, FCA is very similar or equivalent to the Federation of Master Builders. All builders boast on their ads that their clients and customers can have peace of mind because the builder belongs to the Federation of Master Builders. However, if anything goes wrong then the poor customer realises that the Federation has no power to even ask the builder to correct their mess / mistakes, the maximum they can do is to cancel the builder's membership. FCA is no different, they have no power and most of FCA workers just know how to answer the phone. The prime example of FCA's failure is Lendy, which spectacularly collapsed despite being under the alleged watchful eye of FCA. My personal experience of talking with FCA is that it is a total waste of time. In my opinion, FCA is a toothless and expensive quango.
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Post by redpete on May 30, 2021 12:04:56 GMT
They're maybe doing something right by their institutional investor(s) with the ridiculous 'shortfall in interest fee'. The other thing they're doing right is fast turn-around of ISA transfer requests. Apart from that... I've just given up on them (or tried to). Two ISAs from 2019 totalling £3000: - Quick Withdraw request successfully sold £2280 within a couple of days.
- 0.5% early exit fee which was expected and reasonable.
- Interest shortfall fee of £145 (6.3%) which was expected but definitely not reasonable (IMNSHO).
- £713 (24% of my loans) not sold and apparently not saleable because the loans have missed payments, not expected and not easy to track down in LW FAQs.
One of the unsold loans was originally a chunk of £400 which surprised me as most chunks were much smaller amounts as LW spread the contributions across many loans. Anyone know why this particular contribution would have been assigned just to one loan? Currently 1.3% annual return, includes £100 cashback and will be pretty much wiped out if other loans sell with interest shortfall fee. |
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Post by Ace on May 30, 2021 21:18:50 GMT
They're maybe doing something right by their institutional investor(s) with the ridiculous 'shortfall in interest fee'. The other thing they're doing right is fast turn-around of ISA transfer requests. Apart from that... I've just given up on them (or tried to). Two ISAs from 2019 totalling £3000: - Quick Withdraw request successfully sold £2280 within a couple of days.
- 0.5% early exit fee which was expected and reasonable.
- Interest shortfall fee of £145 (6.3%) which was expected but definitely not reasonable (IMNSHO).
- £713 (24% of my loans) not sold and apparently not saleable because the loans have missed payments, not expected and not easy to track down in LW FAQs.
One of the unsold loans was originally a chunk of £400 which surprised me as most chunks were much smaller amounts as LW spread the contributions across many loans. Anyone know why this particular contribution would have been assigned just to one loan?Currently 1.3% annual return, includes £100 cashback and will be pretty much wiped out if other loans sell with interest shortfall fee. From memory, I think LW claimed that there was no need to split one's funds into tiny chunks because the risk was effectively mutualised through the provision fund (shield).
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Post by birdie on May 31, 2021 7:58:23 GMT
And still no individual has had any money lent out that has been on offer for over a year. Still waiting just for curiosity.
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Post by redpete on May 31, 2021 21:57:59 GMT
They're maybe doing something right by their institutional investor(s) with the ridiculous 'shortfall in interest fee'. The other thing they're doing right is fast turn-around of ISA transfer requests. Apart from that... I've just given up on them (or tried to). Two ISAs from 2019 totalling £3000: - Quick Withdraw request successfully sold £2280 within a couple of days.
- 0.5% early exit fee which was expected and reasonable.
- Interest shortfall fee of £145 (6.3%) which was expected but definitely not reasonable (IMNSHO).
- £713 (24% of my loans) not sold and apparently not saleable because the loans have missed payments, not expected and not easy to track down in LW FAQs.
One of the unsold loans was originally a chunk of £400 which surprised me as most chunks were much smaller amounts as LW spread the contributions across many loans. Anyone know why this particular contribution would have been assigned just to one loan?Currently 1.3% annual return, includes £100 cashback and will be pretty much wiped out if other loans sell with interest shortfall fee. From memory, I think LW claimed that there was no need to split one's funds into tiny chunks because the risk was effectively mutualised through the provision fund (shield). That shows either poor risk assessment of their own products on behalf of customers, or they were not telling the whole truth about the reason.
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jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on Jun 13, 2021 8:47:01 GMT
And still no individual has had any money lent out that has been on offer for over a year. Still waiting just for curiosity. Have you had any matches yet?
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Post by birdie on Jun 15, 2021 10:14:07 GMT
And still no individual has had any money lent out that has been on offer for over a year. Still waiting just for curiosity. Have you had any matches yet? Not a sniff yet, still waiting though.
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jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on Jun 15, 2021 10:20:02 GMT
Have you had any matches yet? Not a sniff yet, still waiting though. I had a 10 pound placeholder match on the Flex market on 11th June. Matched across 2 loans I don't have any other money on loan with them as I sold out earlier or the loans have all paid back. So haven't had the issues many others have.
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Post by Undecided on Aug 18, 2021 15:07:34 GMT
I believe a number of Investors have submitted a compliant about LW to the FO. I have in Jan 2020. I that entire time I have received one phone call and 2 emails from them to say they are working on it. It's been so long I've forgotten what I complained about!
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mogish
Member of DD Central
Posts: 1,105
Likes: 527
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Post by mogish on Oct 26, 2021 7:07:12 GMT
I guess LW must be doing ok these days.. no post for a few months!
Only 2400 to go. Should be out by 2023😁
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Post by birdie on Oct 26, 2021 8:17:49 GMT
I guess LW must be doing ok these days.. no post for a few months! Only 2400 to go. Should be out by 2023😁 I don't know how they are doing but they're getting slower at lending money out. Nothing has moved for me since 21st September.
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Post by Ace on Oct 26, 2021 8:29:18 GMT
I guess LW must be doing ok these days.. no post for a few months! Only 2400 to go. Should be out by 2023😁 I don't know how they are doing but they're getting slower at lending money out. Nothing has moved for me since 21st September. They're no better at getting money back either. My balance is still shrinking faster than the sum of my withdrawals.
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Post by overthehill on Oct 26, 2021 8:29:48 GMT
I guess LW must be doing ok these days.. no post for a few months! Only 2400 to go. Should be out by 2023😁
I would hope they are doing ok : bought by another company, charging extortionate fees for selling loans and exiting, paying negative interest to a huge number of loyal borrowers. For any non-forum non-financial people reading this via an internet search, negative interest means taking your capital.
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benaj
Member of DD Central
N/A
Posts: 5,661 
Likes: 1,746
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Post by benaj on Oct 26, 2021 13:28:37 GMT
I don't know how they are doing but they're getting slower at lending money out. Nothing has moved for me since 21st September. They're no better at getting money back either. My balance is still shrinking faster than the sum of my withdrawals. Update from my partner's account: Only ££ left in the account, no automatic withdrawal since September. Amount available for sale is £. It's probably better to pay a fee to sell.
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