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Post by 999william on Sept 3, 2019 9:46:33 GMT
I always thought that Landbay credited the interest to your account on the first working day of the month? Recently that has not been happening. Today is 3rd September and I have not yet had the interest credited. Same happened last month... What's occurring Landbay?
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Post by dan1 on Sept 3, 2019 9:54:48 GMT
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Post by 999william on Sept 3, 2019 14:26:46 GMT
Thanks for that info Dan. I don't really understand why they now need 3 working days to undertake what used to be done easily in 1....just seems like they are hanging onto money I am due for no reason 🙄🤔
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Post by landbayceo on Sept 4, 2019 17:58:17 GMT
Hi 999william.
We collect interest from borrowers by Direct Debit on the last day of the month, and we wait until those the funds clear before crediting investors with the interest. In the scenario where the last day of the month falls on a weekend, the time it takes to clear can take an additional day. This is why we say interest is paid within the first three working days of the month.
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Post by 999william on Sept 7, 2019 11:24:55 GMT
Thanks for that response 😎 I assume that means that you previously took on the risk of interest payments not clearing when you used to credit lenders accounts on the first working day? Anyway, I know what to expect now so thank you for responding 👍
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