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Post by fredblogs on Mar 11, 2022 17:54:03 GMT
Here's a suggestion how about we all (lenders) withdraw a penny a day every day. That will keep them busy and make them work for all money they've swindled out of us. Or maybe it might just prompt them to clean the slate and buy back the remaining loans at face value.
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mogish
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Post by mogish on Mar 13, 2022 16:00:13 GMT
Yip I can go with that. Maybe I've been to generous in my transferring isa amounts of 15 quid!
1p transfers sounds fun.
Thankfully my new isa provider doesnt have a request limit. Loanpad wont request anything less than £500.
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Post by shell147 on Mar 28, 2022 7:35:19 GMT
Hey all. Thought others would be interested to know this. I'm one of those who went through the painful & drawn out process of raising a complaint to the Fin. Ombudsman after LW dismal final response. After much waiting I was finally assigned a complaints handler about 6 weeks ago. Unsurprisingly they have a number of complaints against LW they are investigating as a collection, so Ombudsman are still working through their official response.
But last thing on Friday LW came back with a settlement offer via the Ombudsman. It's valid only for a few days so you basically have to choose between waiting longer for the Ombudsman response and gambling on their verdict vs taking the money on the table - but personally the offer is not bad at all. Not quite as much as the negative interest rates clawed back but not far off, so pretty good outcome considering.
Curious if anyone else has had similar success already or received similar offer?
Fwiw, I didn't get the sense this is going to be rolled out to all impacted so it's defn been worth the pain/hassle of raising the complaint & waiting. Just thought sharing might help others endure the same....
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scooter
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Post by scooter on Mar 28, 2022 8:15:02 GMT
Hi, well done! What was the basis of your complaint? If it doesn't get as far as an ombudsman it doesn't get published so that is probably their thinking.
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Post by shell147 on Mar 28, 2022 9:58:48 GMT
Yeah, that was my guess too, that they'd prefer I settle before the Ombudsman officially concludes their investigation. It's tempting I have to admit to keep the investigation going as LW have been so awful how they handled everything but gift horse/mouth and all that..
I listed a fair few things for the Ombudsman to investigate but the one I was really upset about was the "variable" interest rate change to the T&C's. Which was then shortly used to condone the negative interest rate introduction. My point was that was never made clear nor was their any way of rejecting the change to T&C's at the time. Likewise with the secondary market closure their was no way to exit the investments.
To my mind, introducing a change to T&C's without offering an exit route seemed against fair market practice etc - and it's the point they seem to have picked up on with making this settlement offer.
Regardless - it may be a long drawn out process but they do finally seem to have taken it seriously!
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Post by borderer on Mar 28, 2022 13:11:56 GMT
Hi
This is really good news. The way LW is behaving is ridiculous.
Could you share that main points of your submission to the Ombudsman? If we get as many as possible to complain then LW may have to change wholesale the way there are dealing with remaining retail investors.
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mogish
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Post by mogish on Mar 28, 2022 19:57:30 GMT
Excellent results. I would be keen to follow a complaint if they are likely to make an offer.
I've had to chase them again today to get them to transfer my monthly isa amount.
Do you think this would be as positive for investors like myself who have paid the extortionate fee to sell sellable loans?
Currently left with dregs from the remainder.
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Post by shell147 on Mar 29, 2022 6:09:17 GMT
I think the more people who make a formal complaint, the more likely the FCA steps up. A few people they can ignore, but as those numbers grow they tend to look at it more closely. Says the cynic in me!
That's partly why I bothered tbh. It's a free process, just painful and drawn out. Be warned I submitted mine back in Feb '21! Hopefully, now they have a bunch of people looking at them collectively it won't be quite so long for others....
My complaint was based on these points;
- Introduction of changes to T&Cs with no ability to exit investments
- Financial impact of changes from 6th April are ongoing. Ability to exit remains closed
- Communications are not investor-focused or helpful. Exit criteria continue to change. No ability to trust communications or next steps.
-Impact is out of line with the expected risk described upfront by LW (Lending Works)
-Impact is out of line with other equivalent risk investments
I'm pretty sure it's the first one, re the variable interest rate change. which they are looking at closely.
I went through a timeline of the changes & shocking communication updates. Then I just included an estimate of the cost to myself. I.e. negative rate impact & lost interest. You could add your exit charges here as to how you mitigated the financial impact for you.
Obviously, I didn't expect zero impact on my investments - so it was more about making the point it was out of line with others and unreasonable to expect. As opposed to expecting to have no impact from the pandemic.
Hope helps! Be great to hear of other similar success stories.
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Post by buzzablinio on Mar 29, 2022 8:57:22 GMT
I was made an offer too last week having gone through the Ombudsman over two years ago? I accepted straight away as for me it was a great offer. I can't believe some folks are still mulling over whether to complain. Bizarre. Hope they are not too late... particularly as they'd be more than likely complaining about something that happened years ago...
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Post by borderer on Mar 29, 2022 16:43:49 GMT
I was made an offer too last week having gone through the Ombudsman over two years ago? I accepted straight away as for me it was a great offer. I can't believe some folks are still mulling over whether to complain. Bizarre. Hope they are not too late... particularly as they'd be more than likely complaining about something that happened years ago... Pretty cynical of LW to offer a deal to those who complain but not offer it to everyone. But that it to be expected, I suppose.
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Post by buzzablinio on Mar 29, 2022 20:49:38 GMT
Pretty cynical of LW to offer a deal to those who complain but not offer it to everyone. But that it to be expected, I suppose. Why would LW offer compensation to anyone that hasn't bothered to complain? Surely the silence of those non complainants signals an acceptance of the modus operandi?
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scooter
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Post by scooter on Mar 29, 2022 23:08:46 GMT
I was made an offer too last week having gone through the Ombudsman over two years ago? I accepted straight away as for me it was a great offer. I can't believe some folks are still mulling over whether to complain. Bizarre. Hope they are not too late... particularly as they'd be more than likely complaining about something that happened years ago... Pretty cynical of LW to offer a deal to those who complain but not offer it to everyone. But that it to be expected, I suppose. I was going to complain (I always complain...) but to be honest I couldn't make head nor tail of any of it, although I always pass my lender-worthiness checks with full marks..... I suppose that says it all really. I think I was waiting for a definitive explanation..... I was reading through my correspondence with LW and the posts on here earlier and I realise I don't even understand what a "cohort" is? LW " An annual cohort comprises all Loans disbursed in a calendar year". Year sold to me via secondary market or the year sold the first time around? They only class me as having 2019 & 2020 cohorts so it must be sold to me as I have loans which started three years earlier than that.... but then my cohort is not the same as anyone else's cohort.... I think it is clear I should have failed the investor pre checks.....
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Post by borderer on Mar 30, 2022 5:41:59 GMT
Exactly. More people would have complained if they had a clearer understanding of the rules and regulations and how LW had breached them.
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Post by jamiee on Apr 1, 2022 13:17:27 GMT
My compensation has just appeared in my classic account. Quite impressed/surprised that it has been paid a week after accepting the offer.
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Post by buzzablinio on Apr 6, 2022 16:11:33 GMT
Compensation received, withdrawn and account closed 🙂
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