awk
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Post by awk on Oct 28, 2017 16:25:00 GMT
This is a bridging loan, not a development loan, and the security appears pretty solid to me. Indeed, Please turn me over 's photos show that serious money has been spent in recent weeks by demolishing the derelict building, increasing the site value further. I suspect much of selling queue is larger holders simply wanting to ensure their funds aren't stuck behind everyone else if / when they wish to redeploy elsewhere. That's the downside of par-only Secondary Markets; all you can do is queue! And as each queue lengthens, prospective buyers assume there's something amiss so sales dry up. All MoneyThing needs is an option for those genuinely wanting to exit quickly to offer a discount (in 0.1% steps, perhaps with a 1% cap initially to protect the unwary from themselves) and let market forces do the rest. (Disclosure: I currently have my entire holding up for sale, in various bits dotted through the queue, because there's no logic in not doing so. However, I'd happily buy some more at a decent discount) But what would the queue length be if MT stopped paying interest while listed ? I think we are just seeing a case of “oh there’s a queue there, I may as well join it just in case because I’ve got nothing to lose” I must admit at being a bit miffed by LY and COLL stopping interest, but maybe it is the answer
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awk
Posts: 275
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Post by awk on Oct 13, 2017 11:19:31 GMT
Interesting the order in which they sold out
1of8 was first to go (shortest term and in my view the least attractive) 8of8 (longest term and in my view the most attractive) 6of8 2of8 and then I lost track
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awk
Posts: 275
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Post by awk on Oct 12, 2017 8:23:09 GMT
I was out yesterday, so this has caught me out a bit.
How do I know whether mine have been rolled over or not? I can’t remember whether I had ticked the renew box and it was too late when I read the email.
No money has been returned (yet) and I have some positive “invested” entries under “pending loans” - is that good news?
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awk
Posts: 275
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Lendy (L) in Administration
Interest drop
Oct 2, 2017 6:08:05 GMT
Post by awk on Oct 2, 2017 6:08:05 GMT
If you have any loans which have gone beyond the planned repayment date, then interest is now accruing on account and will be paid out if and when the loan is finally repaid.
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awk
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Post by awk on Sept 24, 2017 16:08:07 GMT
I don't come down here very often as I'm out of LC (as far as I can be), but just thought I'd look for any updates and/or recoveries (I've written them off, but would like to be pleasantly surprised).
No posts in four weeks says it all - is there anyone here, or is it just me
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awk
Posts: 275
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Post by awk on Sept 19, 2017 13:30:17 GMT
I have taken a few opportunities to sell down a bit just to re-balance things, having been over weight in this, but it remains my largest Lendy holding. My only concern has been its size and the ability of Lendy to keep filling new tranches. However, with the introduction of CB, they have the mechanism there if needed. I keep looking at new tranches to see if CB is offered - if it was, I would probably top up again. Hence my surprise that GeorgeT was selling his last £2k - but if his strategy is to exit P2P, then that makes more sense.
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awk
Posts: 275
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Post by awk on Sept 19, 2017 9:16:51 GMT
My spirit is nice and dry. My part sold within 30 minutes. I am still holding some as there is nothing bad about the loan as far as I am aware. I am just using a bit of the GerogeT strategy. Likewise. I was checking the purchasing activity on the SM yesterday afternoon when I noticed that an investor had bought £50,000 of this loan in one bite and I thought straight away that now is my chance to get rid of my final £2k in this one. No sooner had I listed my part when another greedy fish snapped up another £25k in one bite and I was out of the loan completely in no time at all. While this is one of the better DFLs and there is some actual evidence of progress,I am afraid it has become far far too big for me to feel comfortable in it and the liquidity is now questionable with the release of regular neutron cheese so I thought it best to get out while I could. Hi GeorgeTout if interest, where have you put your £2k that you think is a better investmet than this one? and that has availability ?
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awk
Posts: 275
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Post by awk on Sept 15, 2017 14:32:40 GMT
Just checked the updated accrual bonus under "my loans" and it isn't very accurate. I was expecting it to be incremented by exactly the same amount as yesterday, but is was only half what is was yesterday ! On investigation, it appears to be calculated to only 2 decimal places. PBL120 is a 12% loan, so bonus interest is 6% pa. It looks like they take this, divide by 365 and multiply by the number of days. Rounding to 2 decimal places gives:- 48 days = 0.79% 49 days = 0.81% 50 days = 0.82% so, some days increment by 0.01% and others 0.02% I expect the actual bonus amount paid will be calculated on the unrounded percentage and then rounded to the penny as normal *.
My data scraper alerts me if the %bonus reported to 2 decimals is any different to that which I expect. So far, three days in, no deviations.
* Normal for most organisations - you can never be sure with Lendy.
I don't have a problem with displaying the percentage as 2 decimal places, but the £££ value has been calculated off this 2 decimal place number - given the amount of this loan (currently paying 18%) that I hold, then my bonus interest is out by a couple of pounds, not pence. Just looks a bit sloppy to me
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awk
Posts: 275
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Post by awk on Sept 15, 2017 13:53:11 GMT
Just checked the updated accrual bonus under "my loans" and it isn't very accurate. I was expecting it to be incremented by exactly the same amount as yesterday, but is was only half what is was yesterday !
On investigation, it appears to be calculated to only 2 decimal places.
PBL120 is a 12% loan, so bonus interest is 6% pa. It looks like they take this, divide by 365 and multiply by the number of days.
Rounding to 2 decimal places gives:-
48 days = 0.79% 49 days = 0.81% 50 days = 0.82%
so, some days increment by 0.01% and others 0.02%
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awk
Posts: 275
Likes: 146
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Post by awk on Sept 14, 2017 14:26:37 GMT
£32k for a car park space - they're having a laugh !
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awk
Posts: 275
Likes: 146
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Post by awk on Sept 13, 2017 9:16:43 GMT
A minute or two ago, all the bonus accrual values were updated to reflect the number of days overdue.
All bonuses now seem to be calculated as: %BA = %PA / 2 * OverdueDays / 365
The OverdueDays maxes out at 180, thus all defaults (all are 12%PA) have %BA equal to 2.96%.
We see then that the bonus is tied to the number of overdue days and that it stops increasing when the overdue term reaches 180 and the loan defaults. Good spot ! also updated under "my loans" to show value in £££
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awk
Posts: 275
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Post by awk on Aug 28, 2017 20:41:20 GMT
Paul, I've Just gone to sell some DFL003 and the £24.69 black hole is STILL there - this goes back to at least February ! I remember you saying that fixing this was a priority - what progress ? I refer my learned friend to p2pindependentforum.com/post/210909That said, it's inexcusable that this bug is still there after so long. Every now and then, chinks of hints of ineptness appear in the dyke of Lendy's IT department/person, sorry to say. Not that they're alone in that. Hi warn , I hadn't seen that post. However, it was Paul64 who said that this was one of their priorities, so I'll wait for his return and explanation
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awk
Posts: 275
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Post by awk on Aug 28, 2017 16:54:13 GMT
There's also a small black hole on DFL003 This problem still exists. Queue says £24.69 ahead of a part I try to sell now, but nothing on the Available page. Paul64 , I've Just gone to sell some DFL003 and the £24.69 black hole is STILL there - this goes back to at least February ! I remember you saying that fixing this was a priority - what progress ?
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awk
Posts: 275
Likes: 146
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Post by awk on Aug 23, 2017 12:25:08 GMT
I had 2 marked as loss today. All my remaining loans are in default. I logged in yesterday just to check if I'd missed any updates (their emails usually go to junk these days!) and was surprised to see a new default loan in my account, but with zero capital loss - I checked and as far as I can see, I sold out ages ago, so not sure what is going on.
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awk
Posts: 275
Likes: 146
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Post by awk on Aug 16, 2017 8:28:53 GMT
The 'problem' with online HRMC submissions is limited to a few very specific situations. See link below for the full list. I think that items 51, 52 and 56 are the ones which will relate to p2p interest. www.sa2000.co.uk/2017-exc-indi.pdfThe online form calculates your tax BEFORE you actually submit the form. So, thinking that I may be impacted, I calculated my tax liabaility (or lack of it) before filling in the form. Their calculation was the same as mine, so I hit the button.
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