ben
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Post by ben on Dec 23, 2015 15:36:47 GMT
Anybody else given up with LW , have some funds waiting to be invested and has been two weeks already and is still not at the front, last time took nearly 3 weeks, with each month the amount having to be reinvested and waiting again and again I really do not see the point.
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Post by captainconfident on Dec 23, 2015 20:04:42 GMT
I'm on this platform for diversity reasons i.e. too much exposure to Ratesetter. I was a bit dis-chuffed when I found a waiting list after signing up. Indeed, the reinvestments getting stuck in a lengthy logjam hadn't struck me yet.
I've no real complaints though. Once the above are understood as the demerits of this site, you either still want to invest or you don't.
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ben
Posts: 2,020
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Post by ben on Dec 23, 2015 20:09:25 GMT
I'm on this platform for diversity reasons i.e. too much exposure to Ratesetter. I was a bit dis-chuffed when I found a waiting list after signing up. Indeed, the reinvestments getting stuck in a lengthy logjam hadn't struck me yet. I've no real complaints though. Once the above are understood as the demerits of this site, you either still want to invest or you don't. reinvestments take a few days its the initial investment that takes time
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Post by captainconfident on Dec 23, 2015 20:19:49 GMT
Thanks for the tip, that's good to know.
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ben
Posts: 2,020
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Post by ben on Dec 23, 2015 20:43:12 GMT
they have it set reinvestment takes priority over new money few times been down to about 2 days then its gone up to 8 days on estimate , so suppose if was to put money in best to do it in big chunks rather then a regular standing order
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Post by Matthew on Dec 24, 2015 10:54:00 GMT
Thanks for the feedback ben and captainconfidentAs mentioned, the backlog is normally only an issue in getting initial deposits away; reinvested repayments are typically matched within 1-2 business days. There are a few points to note: 1. The algorithm which estimates the number of days left to match could be improved; it's a simplified model which does not estimate the volume of funds coming back into the market via reinvested repayments (we could get somewhere near estimating this but it would indeed be an estimate). We've had a lot of feedback on this and we will look to improve it - it is currently indicative and averages out the fluctuations caused by reinvestments but on any given day can fluctuate; 2. We are working on ways in which we can improve loan matching times for initial deposits and there are a number of different ways in which this could be achieved. Please see the following blog posts which also analyse the impact of the queue on your overall returns: www.lendingworks.co.uk/blog-post/why-must-i-wait-my-money-matchwww.lendingworks.co.uk/blog-post/quick-guide-how-our-interest-rates-workAny questions please let me know. Have a lovely Christmas. |
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Post by Financial Thing on Dec 29, 2015 3:14:21 GMT
Anybody else given up with LW , have some funds waiting to be invested and has been two weeks already and is still not at the front, last time took nearly 3 weeks, with each month the amount having to be reinvested and waiting again and again I really do not see the point. nope, I like the system, hands off, great interest rate, supposedly safe. It doesn't take long to get reinvested.
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Post by Matthew on Dec 29, 2015 7:16:10 GMT
they have it set reinvestment takes priority over new money few times been down to about 2 days then its gone up to 8 days on estimate , so suppose if was to put money in best to do it in big chunks rather then a regular standing order - It actually makes no difference to your return with Lending Works whether you lend £10k and wait 2 weeks for it to match or wait 2 weeks on every £1k chunk invested. So I wouldn't worry about changing strategy to avoid idle funds. This of course assumes you're doing something else with the funds when they're not invested in LW. The reinvestment settings mean once your money is lent it's very low maintenance for the investor. You can build in a required premium for accepting a few weeks delay in getting your initial funds matched - for example only investing in LW if the rate is at least 0.1% better than comparable sites which can match a bit more quickly (around 30 days queue in the 5 year market equates to around 0.1% annualised return). This also assumes return is the only driver for investing in LW - there are better rates out there for investors with a greater risk appetite. There are many other important factors to consider which arguably should influence investors' decisions more than a 0.1% return variance over 5 years. Thanks
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ben
Posts: 2,020
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Post by ben on Dec 31, 2015 20:41:53 GMT
yes noticed gone down to 6% so like you said will not be long below 6% I will give it another go and see how it goes new year new start I suppose
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Post by Matthew on Jan 1, 2016 0:08:48 GMT
Anybody else given up with LW , have some funds waiting to be invested and has been two weeks already and is still not at the front, last time took nearly 3 weeks, with each month the amount having to be reinvested and waiting again and again I really do not see the point. Yes, I've almost given up a few times. There's been a few times I've almost cancelled
active loans and withdrawn.
The 6.6% rate I was enticed with has slowley dropped to 6.1%. I think it's just a matter of time before we see sub 6% rates.
Not only am I unhappy with the rate drop it also messes up my spreadsheet. I have no idea what rate I'm getting in total. I asked Matthew in August about implementing a
weighted average but it still hasn't come. Will it ever? I was told it would. p2pindependentforum.com/post/56488/thread
My reinvestments seem to take about 3-4 days but sometimes up to 7. This bothers me. (I don't need to be pointed
to the same old blog post about how little we lose by having money sitting in queue.)
The website seems to be very slow most of the time (although it has improved over the last few weeks). It doesn't matter which browser I use or where I connect.
It's just slow.
I read they were expecting to reach £25 million lent by the end of 2015. They've only reached 18. This is quite an under achievement. www.financialreporter.co.uk/specialist-lending/lending-works-announces-record-q1.html
Despite my criticisms I'm sticking with them for now.
Edit: Since writing the above I notice the rates will be dropping to 6% from Monday. We will be adding the weighted average rate on your active loans; apologies it hasn't happened yet. I will see if I can get this added in Jan/Feb - some other things took priority. If it helps we can send you this manually in the meantime if you DM me or email our CS team. Hopefully you'll stick with LW to see the notable improvements we have planned in the new year.
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Post by Matthew on Jan 1, 2016 9:06:12 GMT
Thanks I spotted this too - the rate should be 6.1% for next week so I'm not sure why the rates in the lender centre are showing as 6.0% (and also for the current week's rates bizarrely). Will have this sorted out on Monday though - the rate should be 6.1%.
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Post by Matthew on Jan 1, 2016 16:14:51 GMT
Matthew Thanks for the update. What's the 5 year rate for next week? The site's saying 6% but the weekly email is saying 6.1% All sorted now - 6.1% it is.
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nairda
Member of DD Central
Posts: 112
Likes: 43
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Post by nairda on Jan 1, 2016 16:29:26 GMT
I gave up very soon after joining due to the glacially slow lending. To be fair LW did try and contact me after my complaint but for some reason known only to them they chose to contact me on my mobile which at the time rarely picked up calls or texts at home and it was some time before I noticed the voicemail asking me to ring them. I didn't bother as such a long time had elapsed and while my investment is quite small I am drawing it down each month and investing elsewhere.
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Post by Matthew on Mar 8, 2016 13:18:33 GMT
EJiJust to keep you in the loop re: weighted average rates on your loans... This update is being rolled into the new member area which is being released with the new website in the next few months. As I mentioned before, if you need this information in the meantime I'm happy to manually send this to you given you've been asking for it for a while! I am very confident you will be much happier with the new site, and we'll be seeking additional lender feedback to make further improvements after release so hope to have your insight when it does.
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ribs
Probably not James Marshall
Posts: 148
Likes: 151
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Giving Up
Mar 10, 2016 14:16:59 GMT
via mobile
Post by ribs on Mar 10, 2016 14:16:59 GMT
Hopefully you'll stick with LW to see the notable improvements we have planned in the new year. any hints on this? Is there a road map or anything to view?
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