jcb208
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Post by jcb208 on Feb 24, 2018 15:45:36 GMT
I see now If you put a loan up for sale you get a total duration for sale time even to the minute.Another way Lendy are shafting us for every penny they can
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mikes1531
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Post by mikes1531 on Feb 24, 2018 20:11:18 GMT
I see now If you put a loan up for sale you get a total duration for sale time even to the minute.Another way Lendy are shafting us for every penny they can Moving goalposts, and especially doing so without any notice, is a Lendy speciality!
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rrrupert
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Post by rrrupert on Feb 24, 2018 20:14:08 GMT
I just looked at this. But what does it mean. I tried a loan to sell and it gives me Duration:2hrs 19minutes. Is it some kind of estimated time till it sells? I noticed it does not show when I put up a loan that has no queue.
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Jeepers
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Post by Jeepers on Feb 24, 2018 20:21:15 GMT
They've been doing this for a couple of months now.
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Post by GSV3MIaC on Feb 24, 2018 20:35:50 GMT
They've done it for ages and it has been discussed before. What it means is "that is how many days interest they are going to deduct". Exactly which months they did/will deduct it in is far from clear, but hey, that's par for the course .. doubtless they'll have some rounding mechanism in mind (which will be secret), although that may show up later (like the rounding down of the .25%/month bonus interest rates).
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mikes1531
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Post by mikes1531 on Feb 24, 2018 20:35:52 GMT
I just looked at this. But what does it mean. I tried a loan to sell and it gives me Duration:2hrs 19minutes. Is it some kind of estimated time till it sells? I noticed it does not show when I put up a loan that has no queue. : AIUI, when Lendy go to pay the interest on your loan part they will credit your account with the full amount for the entire time you have owned that part. Then they will debit your account for the interest that 'accrued' during the period the part was for sale -- because that interest goes to Lendy and not to you. It definitely is not an estimated time to sell. If there's no queue, and the part sells nearly instantly, the potential debit would be very close to zero and irrelevant. But even if it takes only a few minutes to sell, the system probably will have a record of the time the part was for sale and make the debit to your account, though it would have to be a reasonably large part to accrue a debit large enough not to round to 0p. (A £1k part of a 12% loan probably would generate a 1p debit if it was for sale for more than 22 minutes. A £100 part would have to be for sale for 219 minutes to generate a 1p debit.)
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jcb208
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Post by jcb208 on Feb 24, 2018 21:17:22 GMT
Had another look at this,put a part up for sale then cancelled after a minute now showing total duration for sale 1 minute 03 secs ,so looks like the time is added up ready for a deduction of interest as mentioned by mikes1531 |
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Jeepers
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Post by Jeepers on Feb 24, 2018 21:30:57 GMT
Not sure if they're just penny pinching or they know the entire loan boak would be on the SM if interest was still paid.
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mikes1531
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Post by mikes1531 on Feb 24, 2018 21:48:35 GMT
Not sure if they're just penny pinching or they know the entire loan boak would be on the SM if interest was still paid. I'd be willing to bet on the latter!
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