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Post by Deleted on Feb 7, 2018 8:51:11 GMT
Can somebody explain how the bonus interest is paid if you purchase or sell a loan in the 'tolerance period'? Does the seller get the bonus interest up to the time it's sold or does it go to the buyer totally? If, and when, the capital is repaid obviously. I'm thinking it's the latter. Accrued interest is paid based on days held, bonus is paid to the final holder for assuming the default risk. I always believed this to be the case too elliotn but with the repayment of PBL107 yesterday I got a proportion of the bonus equivalent to the time I held it in negative days even though I didn't hold it at the end as per interest. On the opposing side skint4achange reports holding it and only receiving the bonus equivalent to how long he held it rather than the full amount. Are the goalposts changing or another oversight?
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Post by GSV3MIaC on Feb 7, 2018 15:38:13 GMT
IMO Ly have made it all so complicated that they have no chance of coding it right, even if we had a mutual and unambiguous concept of what 'right' actually is .. which I don' believe we do. Even before bonus interest, the parts on sale interest calculations were messed up. And then there's the mystery invisible SM parts in the queues ...
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Feb 7, 2018 15:43:11 GMT
I suggest you may want to check your accounts, the bonus payments that were made yesterday have been deducted today :-(
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Post by skint4achange on Feb 7, 2018 17:04:08 GMT
Can somebody explain how the bonus interest is paid if you purchase or sell a loan in the 'tolerance period'? Does the seller get the bonus interest up to the time it's sold or does it go to the buyer totally? If, and when, the capital is repaid obviously. I'm thinking it's the latter. The bonus goes to whoever had the loan part when the loan was repaid. If you had a loan part and sold it, the buyer would get all the bonus interest.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
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Post by brianlom1 on Feb 7, 2018 17:30:19 GMT
This is the transcript of today's correction e-mail:
"We would like to confirm a correction to yesterday's bonus payment for this loan.
As per our bonus accrual policy, if you did not hold the loanpart on the date of repayment you are unfortunately not entitled to receive a bonus.
Owing to a technical error, some bonus payments were made incorrectly. These payments have now been corrected.
Please check your account in case to ensure the correction has not resulted in you having a negative balance.
We'd like to apologise for this error."
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Post by gaspilot on Feb 7, 2018 17:45:14 GMT
So, if you had a spare £200K you could buy what's available on the SM of DFL005. Then, when it pays back tomorrow (  ) you'll net yourself a 0.5% bonus of £1000. |
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Post by skint4achange on Feb 7, 2018 18:13:18 GMT
I suggest you may want to check your accounts, the bonus payments that were made yesterday have been deducted today :-( No they have not. Only the parts that were paid out by mistake, I.e. Those that were paid out to people who did not hold the loan part at redemption, have been taken back.
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Post by skint4achange on Feb 7, 2018 18:15:18 GMT
Accrued interest is paid based on days held, bonus is paid to the final holder for assuming the default risk. I always believed this to be the case too elliotn but with the repayment of PBL107 yesterday I got a proportion of the bonus equivalent to the time I held it in negative days even though I didn't hold it at the end as per interest. On the opposing side skint4achange reports holding it and only receiving the bonus equivalent to how long he held it rather than the full amount. Are the goalposts changing or another oversight? This appears to have now all been sorted and you should have the correct amount of interest. I feel sorry for those that were not entitled to it and then reinvested it when they got it! Now stuck with more loan parts and debt! 
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Post by skint4achange on Feb 7, 2018 18:18:02 GMT
So, if you had a spare £200K you could buy what's available on the SM of DFL005. Then, when it pays back tomorrow ( ) you'll net yourself a 0.5% bonus of £1000. I invested about £40k in this loan over the last 3 weeks gambling on it repaying. I don't mind as it all worked out, but I would have been a bit worried after the end of February!
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Feb 7, 2018 18:20:35 GMT
I feel sorry for those that were not entitled to it and then reinvested it when they got it! Now stuck with more loan parts and debt! I would expect Ly to cancel any such investments in the PM, if asked. Not much they can do about the SM.
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poppyland
Member of DD Central
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Post by poppyland on Feb 7, 2018 19:57:18 GMT
So, if you had a spare £200K you could buy what's available on the SM of DFL005. Then, when it pays back tomorrow ( ) you'll net yourself a 0.5% bonus of £1000. I invested about £40k in this loan over the last 3 weeks gambling on it repaying. I don't mind as it all worked out, but I would have been a bit worried after the end of February! You play a dangerous game skint4achange! I wouldn't have the balls to do that.
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Post by skint4achange on Feb 7, 2018 22:53:47 GMT
I invested about £40k in this loan over the last 3 weeks gambling on it repaying. I don't mind as it all worked out, but I would have been a bit worried after the end of February! You play a dangerous game skint4achange! I wouldn't have the balls to do that.My bold & Underlined: Nor would I if my wife found out!  But, I did look at it and weigh up the risks. This seemed like quite a safe bet to be honest.........................................Compared to some of the loans on Ly
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elliotn
Member of DD Central
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Post by elliotn on Feb 8, 2018 6:14:08 GMT
I invested about £40k in this loan over the last 3 weeks gambling on it repaying. I don't mind as it all worked out, but I would have been a bit worried after the end of February! You play a dangerous game skint4achange! I wouldn't have the balls to do that. I bought 4 figs day before repayment. Safest investment in a long time. Due diligence is your friend - Rightmove SSTC, just shy of 3M.
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) you'll net yourself a 0.5% bonus of £1000.
But, I did look at it and weigh up the risks. This seemed like quite a safe bet to be honest.........................................Compared to some of the loans on Ly