ncp
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Post by ncp on Dec 20, 2017 18:59:25 GMT
Hi,
The only object of this post is to inform other investors in Lendy of a potential underpayment of interest. I do not normally post on forums, so if readers belong to other forums you may wish to repost this thread there.
When PBL108 was repaid on 24/11/17 I had 8 loan parts. the first 3 were purchased 20/9, 17/10 & 24/10, the rest being purchased 1/11 or afterwards. The bonus, paid with the Capital repayment, was correct; however the accrual of interest paid on 1st December ONLY paid interest for the month of November, and paid no interest for September/October on the first 3 loan parts purchased before 1st November.
I contacted Lendy (2 weeks ago + 2 phone calls) who now say the situation of 'queued interest' in being investigated by the 'technical team' and I will receive the unpaid interest in due course. In reality the accounting software is outsourced to a third party who seemingly do not share the desire or urgency to resolve failures in their system in a timely fashion. (Judging from other threads I am not the only one)
I have not in the past calculated theoretical interest (I am now), but was keeping a note on this, and other loans, that were IA status; hence finding the error.
This interest was paid with normal interest, so if you were not checking and have or had repayments of IA loans in the past you may also have been underpaid interest. As an ex-systems analyst I cannot believe that it has only happened to me, but could accept that is has only happened on this loan.
Merry Xmas
ncp
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ncp
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Post by ncp on Dec 20, 2017 23:51:23 GMT
new2p2p
I was not aware of any other threads. I did searches to no avail, and checked the thread titles on this forum; being surprised I found nothing I thought I should post. Please merge posts as appropriate, as I said I don't normally post on forums.
As stated the only intention of the post was awareness, if people are already aware I am surprised that Lendy did not communicate that fact to me claiming it was a new complaint to them (perhaps Cust Serv are not aware). Perhaps no one else has complained to them.
I was a systems analyst, and I am sorry to say that most programs released in this day and age are 'procedurally' tested but not fully 'system' tested, and are released in a 'beta' state, i.e. We thing it works but if something goes wrong tell us and we will fix it. The 3rd party owns and runs the software and the fault is with them, and not Lendy. However Lendy either need to bring the system in house, or force the 3rd party to be more accountable and responsive which may be harder to do than say. Swapping systems midstream would cause it own issues. If the underpayment of IA is limited to this loan then I will guess the problem is human error, if not just this loan then computer system error. (Like when an energy company was due to refund me £73.81 but instead refunded me £7.381, and they did not even notice - and YES I gave them the money back and then they wondered why my account was £7250 in credit.)
The only way to 'force' Lendy to realise that something has to be done is by people making an 'official FCA complaint' against Lendy (as I will do in the New Year if my complaint to Lendy is not resolved). Hundreds of complaints will delay full FCA accreditation, which for me will a bummer as I want them to get full accreditation ASAP to allow IFISA on the platform; but needs must as they say.
Despite this issue I am more than happy to continue to invest with Lendy, low 6 figures and increasing each month. At the end of the day I WILL get everything that is owed to me and where compensation is appropriate I will claim and get it.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 21, 2017 2:54:46 GMT
I believe there is some September interest missing from PBL133. Lendy's policy of RATS (Retrospective Alteration of Transaction Statements) makes it complicated to calculate interest when partial repayments are made. I think the FCA should take action over RATS, it's probably illegal.
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ingwer
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Post by ingwer on Dec 21, 2017 8:53:31 GMT
With Lendy ( I cant think of other p2ps as bad that I use), I do not understand why they don't 'fess up. I would appreciate the honesty and clarity approach rather than a smoke and mirrors approach. It would give me more confidence in them that when things go wrong, then Lendy will be there to put things right fairly and quickly especially if it is their responsibility.
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Post by charlata on Dec 21, 2017 9:07:58 GMT
I'm in the same boat on PBL108. One might have thought the obvious response was to pay the interest immediately, and find the coding error at their own leisure. It would take about ten minutes on a spreadsheet to work out who is owed what. I wonder if they've created a problem for themselves using the whole surplus on PBL108 to make a partial repayment on PBL107. As such there's nothing left in the kity to pay the interest. If Lendy pay it of their own funds, this could be construed as skin in the game, which is banned by the FCA. I predict we will get our interest when 107 repays. Clever really. 2 months of unpaid interest on PBL108 is £30k. Which if used to reduce PBL107, for say 3 months, equals additional profit of £1350 for Lendy. We can always hope they'll pay us interest on our unpaid interest  . |
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Post by Lendy Support on Dec 21, 2017 12:10:03 GMT
Dear all, as per the thread, there has been a technical error in the interest report, which has resulted in a underpayment of interest for PBL108. Please though be assured that all investors who have been affected by the underpayment of interest for PBL108 will have their account credited as soon as our technical team have resolved the error. On behalf of Lendy we would like to apologise for any inconvenience experienced. Lendy Support |
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webwizard
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Post by webwizard on Dec 21, 2017 12:43:37 GMT
Dear all, as per the thread, there has been a technical error in the interest report, which has resulted in a underpayment of interest for PBL108. Please though be assured that all investors who have been affected by the underpayment of interest for PBL108 will have their account credited as soon as our technical team have completed resolved the error. On behalf of Lendy we would like to apologise for any inconvenience experienced. Lendy Support Well done Paul in responding to this. I can feel the palpable anxiety easing. It would be great if such issues can be highlighted to appropriate investors with an update on the main Lendy website or via e-mail in a proactive manner. This is important for increasing trust in the platform and certainly diminish the flight of ideas and runaway conspiracy theories that are abound on these forums.
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rocky1
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Post by rocky1 on Dec 21, 2017 16:22:18 GMT
hi every one not sure if i am in the right place here but here goes.i have been with ss/lendy for well on 2years now and things seem to be getting worse.the train seems to be running away and leaving half the carriages behind. have people noticed how much their monthly interest has dropped and the ever increasing available loans where lendy receive interest as loan parts are up for sale.the default loans seem to have gone to the back of the queue with little or no chance of getting 100% of capital back never mind any IA or bonus interest.i personally have at the moment 19 loans that are IA and doing nothing.not to mention loans suspended or defaulted.IMO lendy need to start clearing up the mess they are leaving behind that is costing us THE LENDERS who in good faith are funding these loans.i feel some times that lendy are taking the p££s eg how has dfl 020 glasgow car park gdv increased over 3 million in less than 6 months there must be a oil field under the tarmac.the time will come when these new loans will simply not get funded and all the cash backs and other BS will not work.i also use MT FS KUFLINK who i think are a lot more aware of whats going on with at the end of the day are high risk borrowers.i have read p2p forums for a long time now and have great respect for the forums and contributors and see that a lot of us are on all these sites.by the way cooling dude is the main man who tells it as it is. sorry for rambling on just not very pleased with lendy any more they should concentrate on our best interests never mind bloody cowes sponsors and champange days and stupid irrelevant updates from paul. thank you for reading regards rocky1
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ingwer
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Post by ingwer on Dec 21, 2017 18:06:28 GMT
I could not agree more. I think Lendy are confused between customer service and inane communications. However, the other side is that they can fill substantial loans/tranches - so why the need to change ? I think (hope) in the long run, Lendy will do us right but the need for secrecy / lack of communication will mean many investors on here will find solace with other platforms.
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zlb
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Post by zlb on Dec 22, 2017 14:33:01 GMT
Could keep this issue with its own thread as it's occurring in various places..?
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ncp
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Post by ncp on Dec 22, 2017 18:49:01 GMT
I too have had the interest credited and an apology from Lendy. Problem is they have OVERPAID me!!!!!
I will be informing them of this; fairs fair I complain when they do not pay me so it is only right I tell them when they have overpaid me. I think they also need to understand the failings of their 3rd party software supplier. The difference is I will NOT be chasing the resolution.
I think this thread should now be closed. If an underpayment occurs in the future on another loan then I suggest that members open up a specific thread for that loan, rather than posting as part of other threads.
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elgerod
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Post by elgerod on Dec 22, 2017 22:22:33 GMT
new2p2p
I was not aware of any other threads. I did searches to no avail, and checked the thread titles on this forum; being surprised I found nothing I thought I should post. Please merge posts as appropriate, as I said I don't normally post on forums.
For your information, the other threads mentioning this issue were: p2pindependentforum.com/thread/5688/pbl107-flats-houses-london-repaid?page=31Comment by da2279 on 1st Dec 2017. (Title of thread refers to PBL107 to 115.) and p2pindependentforum.com/thread/10967/capital-repaid-outstanding-interest-bonusstarted by da2279 on 4th Dec 2017. I have updated both threads with the news that the interest has now been paid. Interesting that you were overpaid. I wonder by how much? I often have minor discrepancies with Lendy's calculations, but usually by only 30p (per £1000 loan part), perhaps one day's interest.
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ncp
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Post by ncp on Dec 23, 2017 19:43:34 GMT
elgerod
Sorry for not trawling thousands of posts on hundreds of pages on dozens of threads, but thanks for updating them.
Overpayment is hard to precisely calculate and I do not know how many days a loan runs for; buy day 1 sell/repaid day 2 is I day in my book, but 1 OR 2 days in Lendy's; hence the differences I and you have noticed of 32.78p per £1000 per day on a 12% loan. This is not only limited to interest. Loan part ids can show different amounts when checking between TRANSACTIONS and LOAN PARTS SOLD/REPAID. On all loan parts for this loan the bonus accrual credited was £300.33, but according to Bonus accrual on repaid loan parts it is £296.41. To date if I sum the interest earned on Live/Sold/Repaid loan parts and compare it my Tax Statement (which is the actual interest I have received) the tax statement shows an additional amount of over £300.
As for this loan: My loan parts bought before 1/11/17 have received an extra days interest, ok 1/11/17 has been paid as the extra day. My loan parts purchased ON 1/11/17 have received 2 extra days interest, so at least 1 day extra. The load part purchased 23/11/17 (loan repaid 24/11/17) cost £1432 has already received 1 days interest of 47p, and I have now received an additional £11.30p, or around 24 days interest. Loan repaid 24/11, surely not a coding error that we all are so familiar with!!!!!!!
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nick
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Post by nick on Jan 5, 2018 8:42:14 GMT
elgerod
Sorry for not trawling thousands of posts on hundreds of pages on dozens of threads, but thanks for updating them.
Overpayment is hard to precisely calculate and I do not know how many days a loan runs for; buy day 1 sell/repaid day 2 is I day in my book, but 1 OR 2 days in Lendy's; hence the differences I and you have noticed of 32.78p per £1000 per day on a 12% loan. This is not only limited to interest. Loan part ids can show different amounts when checking between TRANSACTIONS and LOAN PARTS SOLD/REPAID. On all loan parts for this loan the bonus accrual credited was £300.33, but according to Bonus accrual on repaid loan parts it is £296.41. To date if I sum the interest earned on Live/Sold/Repaid loan parts and compare it my Tax Statement (which is the actual interest I have received) the tax statement shows an additional amount of over £300.
As for this loan: My loan parts bought before 1/11/17 have received an extra days interest, ok 1/11/17 has been paid as the extra day. My loan parts purchased ON 1/11/17 have received 2 extra days interest, so at least 1 day extra. The load part purchased 23/11/17 (loan repaid 24/11/17) cost £1432 has already received 1 days interest of 47p, and I have now received an additional £11.30p, or around 24 days interest. Loan repaid 24/11, surely not a coding error that we all are so familiar with!!!!!!! The interest amounts reported under interest earned on Live/Sold/Repaid loan parts are not reliable or accurate and have had a number of dependencies since about June/July 17. This has been reported by myself and others ( here) and is mainly due to many loan parts showing one less day earning than actual (I suspect the report is rounding time invested to the nearest day). However, except for the recent reported errors in interest paid on PBL108, I'm not aware of errors in actual interest payments made - fortunately these do not seem to be calculated from the same reports/data.
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