izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Aug 1, 2017 12:40:11 GMT
I've not received any cashback either, but to be honest, I had very low expectations they'd pay anything with previous experience of non-payment for getting them new investors (i.e. lambs for the slaughterhouse).
rant: I was a fan of Lendy but with the new situation of the Secondary Market, the introduction of lower rates, the non-existence of the IFISA and their lack of direct communication, I'm trying to get out. I say trying because my loan parts have been on sale for nearly two months, some have moved on but some have hardly budged. (Needless to say, like a lemon I did pre-fund the pipeline for the cashback offer, despite my low expectations) They used to have 3 out of those 4 correct (i.e. except IFISA). It used to be excellent communication at the beginning, all 12% rates and excellent liquidity in secondary market. So for investors, they are getting worse and worse. I think they will eventually get to offer the IFISA but I'm hoping there'll be better green pastures by then. sorry for the rant. end of rant.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jul 19, 2017 15:09:12 GMT
Lendy to Investors:
Look at these loans I got from the back of Denzil's truck. This time next year, we'll be BILLLLIIIIONAIRES!!!
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jul 13, 2017 23:12:32 GMT
Paul64 , with a couple of your posts in this thread, I'm therefore guessing you are reading this. Can you please please please answer cooling_dude's question below. Thanks in advance. Paul64 Could you clarify something for me please - if you cancel a loan part on the SM, do we still get the Interest for the duration it was listed (up to months end), or has that feature been removed The "Reminder that interest is not paid when loan parts are put up for sale" makes me think that the above may have been removed... but I can't work it out
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jul 10, 2017 22:33:54 GMT
" it was just what happened to come out the other end when they introduced the cancel option"
Ok, so what you are saying is that this interest-restoration feature was a bi-product of their implementation of the cancel option. However, as they state on their website, I think it is reasonable to take it as binding and this is now part of the contract. If there are new terms they have to explicitly notify us. Right?
Now a little bit more importantly, I am a little concerned with "This is also why we see Interest go AWOL if you don't cancel before the new month"
Because this is exactly what's happened to me. I cancelled all parts for sale right at the end of last month (and none of my parts got sold throughout the month) and I've seen myself short of the 1% of balance expected. I am or was expecting the missing bit to appear on this month end. Is that fair or should I be chasing Lendy as you mention it goes AWOL? (I've sold a little bit this month, so that's going to get complicated on knowing whether I'm getting paid those interest or not..)
It's all getting very complicated .. arrrgh. It would have helped if the transactions and interest statements all had a good dashboard where things are clear ..
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jul 10, 2017 22:19:05 GMT
I don't think it was ever an actual feature - just a bug that remained after LY introduced the ability to cancel SM listings. Reading in between the lines; I believe that the days of cancelling before EOM to gain interest has finished. Cooling_dude, I very much doubt it is just a bug, since on Lendy's website the following clearly states that interest rates are accrued while up for sale and payable if sale is cancelled: "If a loan part sale is cancelled then you will be reinstated the amount of interest that had accrued for the period it was up for sale, and you shall receive the accrued interest at the end of the month when interest payments are made to investors accounts." See here: support.lendy.co.uk/hc/en-us/articles/115003956505-How-can-I-cancel-the-sale-of-my-loan-part-
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jul 10, 2017 21:56:01 GMT
Paul64 Could you clarify something for me please - if you cancel a loan part on the SM, do we still get the Interest for the duration it was listed (up to months end), or has that feature been removed The "Reminder that interest is not paid when loan parts are put up for sale" makes me think that the above may have been removed... but I can't work it out Has the question above been answered yet? If Lendy confirms this (i.e. cancelled for sale loan parts to now still lose interest), Lendy should have been more forthright about it. It isn't good enough that we have to guess such changes. I'm however hoping, while this is a good question for us to be 100% sure, Paul or some Lendy representative, will be here to assure us this isn't the case otherwise, I would view this very negatively.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jul 8, 2017 12:31:28 GMT
"Draft valuation figures do not provide any increase on the existing figures held and as such we are in discussions with Borrower to provide additional security in order to consider an extension to the facility, which is now overdue."
Please help confirm or correct my current understanding:
1. An Extension to the facility means extending the end date of the loan not the amount itself? 2. If additional security is required, that means the valuation must have dropped in value? (if so why?) (of course if extension to facility means additional borrowing, then that would present a different set of questions) 3. For those with the crystal ball, is this going to go for default or is it likely to be resolved. (Also what will next week's lottery numbers be?)
Thanks for all the help in advance.
p.s: if you know the answer to the lottery numbers, don't bother with the other questions.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jun 22, 2017 18:00:54 GMT
I recommended 5 people shortly after I joined in. I know 3 of them (relatives) joined SS. Followed the correct procedure. I never received any reward whatsoever from Saving Stream (now Lendy). I think at least one of the other two (colleagues at work) joined as well, since she did ask me a question or made a comment about the secondary market. I think I would have recommended SS then whether SS was offering a reward or not. However, now with the Secondary Market, the amount in default and the lower rates, I wouldn't recommend it to family, relatives and close friends (unless the reward was a million pounds per recommendation .. everything has a price).
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jun 20, 2017 8:29:12 GMT
Sooo, if I've got this straight, the recent updates were: 1. 28 April: solicitors are ready for sale of units ( ah great weheey!) 2. 11 May: the last remaining point has been resolved which will enable completion ( oh .. so it wasn't ready then? ok nevermind, at least now that it is resolved, there's nothing else in the way and completion is now enabled) 3. 26 May: solicitors are finalising matters so everything will be concluded shortly ( finalisation? where did that come from?) 4. 09 June: solicitors have finalised matters ( let me guess, next update: solicitors have now concluded matters and everything will be settled shortly)
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jun 19, 2017 20:53:25 GMT
Ilmoro, many thanks for both moving the post in the appropriate thread and the information you provided. I did search the forum to look for the discussion but somehow I didn't find it and it wouldn't be the first time I've been blind. It reassures me that you guys understand what's going on. I do have another stupid question though and it is from the very sentence that answered my previous worries: "The basic issue is that on the platform the loan term starts ticking down from launch but the actual term for the borrower doesnt start until drawdown."
As I understand it we (the lenders) start getting interest from LAUNCH. Now if the 'actual term' is from drawdown, that means, to my understanding, the interest paid in advance by the borrower is for the actual term .. Is it Lendy who is paying us interest between LAUNCH and DRAWDOWN?
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jun 19, 2017 16:58:04 GMT
I've just noticed this on the Lendy Website:
"The Lendy platform was launched in 2012 and since then our investors have grown to over 16,000, with our loan book growing to over £320m.
As one of the fastest growing P2P platforms, we continually review how our business is run in order to ensure we're acting in the best long-term interests of all our users. With this in mind, we feel it's important to let all of our customers know of any changes with as much advance notice as possible.
A recent review has identified certain disparities in the way we calculate a loan term, with some discrepancies between a loan term published on the platform and the term noted in the master loan document.
This message is to give you advance notice that we will be undertaking a reconciliation programme, and making adjustments where a remaining term differs between platform and the master loan document. Discrepancies can occur for a variety of reasons but the most common are when extensions have been agreed but not factored into the platform loan term; and the different methods used by parties to calculate the term.
Implementation of the changes start next week."
I don't think I understand this notice fully and would like to read your thoughts if you have any. I'll start on what I do understand.
There's a change that will be implemented next week. It hastens to warn us that it is in the best "LONG-TERM" interests of the users. This is when I got some of my paranoid alarm bells ringing and started thinking it is perhaps not in our short-term and medium-term interests?
The issue as I understand it: disparities of what loan term is published in the master loan document and what Lendy publishes on the website. What I'm fearing will happen is that Lendy is finding ways to whitewash the loan book appeal and make some of the loans look better than they are?
I'm sure the above will sound paranoid to some, but I'd be interested to hear if that's all it is. Perhaps this 'issue' has been known to the community for some time anyway and this is just the formality of the process to resolve it?
OR perhaps this is just confirmation to some of you that they are in fact Lizards people who are taking over the world and this is just one more unbearable step to make it happen?
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jun 19, 2017 12:04:15 GMT
Yes good point about the issue of SM exploding if people are encouraged to list for sale without consequences. I didn't see it like that before. Having waited nearly two months for some of my loan parts to sell, I have decided to cancel the sales. It isn't a sign of U turn or any confidence-gaining in Lendy, in fact quite the opposite. Now I'm convinced that Lendy isn't safe for long. The defaults have risen to £23 Million and for those with tardy loans like me, there's no way out.
All that is left for me to do is cross my fingers, hold the squeaky bum and pray.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Jun 13, 2017 3:02:44 GMT
"Interest will be earned whilst loan parts are for sale."
That's very interesting, I wasn't aware Lendy had this in the to-do list. Is this anywhere close to being implemented? I'd welcome this very much. When I had put up for sale some of the loans I had, there was a chimp in Chester Zoo and while he has now turned into a man thanks to evolution, the sales queue for my loans has hardly notched down £25.
sigh.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on May 25, 2017 7:53:24 GMT
ugh .. really frustrated with the SM. Is there an alternative out there for 12%? Well, today's the perfect day to build up a large position in MoneyThing. The launch of a large new loan this afternoon (£2.5m, 12 months, paying 13%) means there's good SM availability across much of MT's loan book this morning as existing lenders look to diversify their existing holdings. Feast away. Excellent, will direct some funds towards MT. However, need to get some loans sold on the SM first .. ugh, you have >140k of PBL168 currently on SM, which has 40% LTV and 312 days left. Who's going to buy my puny loan if beasts like this are on the SM ...
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on May 2, 2017 20:02:20 GMT
ugh .. really frustrated with the SM. Is there an alternative out there for 12%?
If not, what are the "entry to market" challenges for this business? There are a few intelligent cookies here (with investment to spare), why don't we open another one?
We make it simple, assets backed, property related and perhaps an organic growth strategy. Any Lawyers and Surveyors here?
|
|