sl75
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Post by sl75 on Jun 18, 2018 8:51:51 GMT
Seems disingenuous to continue to show cash back when it is no longer available on DFL035/PBL198 but they claim it still is on PBL199, unless it has fully funded since (as I don't think we can know when the original loan finishes and secondary market sales begin) I think the "original loan finishes" would be determined by when Lendy pay any further round of cashback (at which point they really ought to remove the "cash back" label). If they pay it on PBL199, then it will destoy several reasons they could have given as to why later investors in DFL035 and PBL198 who saw loan availability and advertised cashback should have been able to easily determine they would not in fact receive it. For reference a small loan part I added to the sales queue a couple of days before the initial cashback was paid (for the express purpose of monitoring movement in the sales queue) is now within £75k of the front of the queue. With nothing in the pipeline right now, I might as well park further funds on this PBL, as with the ever-shortening queue, 341 days remaining, and no possibility of later tranches, I anticipate it will become relatively liquid relatively soon - it's unlikely I wouldn't at least get 12% interest for the period held, and your message suggests a more realistic chance of cashback on top of that!
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sl75
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Post by sl75 on Jun 18, 2018 12:05:32 GMT
" ...
DFL035 is now 100% funded so is not open to new investors at this stage." Just realised that this message you quoted from Lendy does not seem to answer to the question presumably asked. Yes, it is indeed 100% funded (and more specifically there are no loan parts for sale so it shows 0% remaining), so at this precise moment, new investors cannot invest in it, making the cashback point completely moot at this precise instant. However, the moment anyone sells their loan part, it becomes open to new investors, some of whom may reasonably expect to receive cashback as there is no visible indication that they won't. Regarding the loan we're talking about here, the loan part I mentioned in my previous post is now within £46k of the front of a £114k queue. The loan is probably 100% funded by some definitions.
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Post by supernumerary on Jun 19, 2018 7:45:34 GMT
For reference a small loan part I added to the sales queue a couple of days before the initial cashback was paid (for the express purpose of monitoring movement in the sales queue) is now within £75k of the front of the queue. Regarding the loan we're talking about here, the loan part I mentioned in my previous post is now within £46k of the front of a £114k queue. The loan is probably 100% funded by some definitions. Thank you for posting those observations.  By the way the sales volume was progressing after the FULL repayment of DFL030, I believed that on Sunday, the 17th Jun 2018, two days ago, that the amount on the secondary market for PBL199 would go below £100,000.  Your selling of a small loan part, for reference purposes and monitoring its place in the queue, confirms my ‘casual observation’ of the investor activity of PBL199 on the afternoon of Sunday, the 17th June 2018, being greater than the reduction in the amount available on the secondary market.  With the amount now available in PBL199 at £41,630, you would be correct in stating for all intent and purposes, PBL199 has been 100% fully funded. 
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SteveT
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Post by SteveT on Jun 19, 2018 7:55:28 GMT
At 13:04 yesterday, Lendy responded to my Support Ticket question with "We can confirm that PBL199 is still paying cashback to NEW investments, but not those on the secondary market, which would have already had the bonus paid."
I think the last remaining "new" availability probably sold late yesterday afternoon or evening, so the chunky sums invested this morning may be in for a disappointment. Certainly a couple of cashback-paid parts I listed for sale yesterday lunchtime, when the queue was around £110k, are now just £38k back.
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Post by Deleted on Jun 19, 2018 8:14:52 GMT
At 13:04 yesterday, Lendy responded to my Support Ticket question with " We can confirm that PBL199 is still paying cashback to NEW investments, but not those on the secondary market, which would have already had the bonus paid." I think the last remaining "new" availability probably sold late yesterday afternoon or evening, so the chunky sums invested this morning may be in for a disappointment. Certainly a couple of cashback-paid parts I listed for sale yesterday lunchtime, when the queue was around £110k, are now just £38k back. I can't quite fathom that someone came up with a cashback system for primary market purchases which isn't available on secondary purchases, but provides no way of telling the difference. It all seems like schoolboy stuff sometimes, in fact I think I'd have been harshly marked down if this had been my GCSE IT project for such an obvious oversight.
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elliotn
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Post by elliotn on Jun 19, 2018 10:06:12 GMT
At 13:04 yesterday, Lendy responded to my Support Ticket question with " We can confirm that PBL199 is still paying cashback to NEW investments, but not those on the secondary market, which would have already had the bonus paid." I think the last remaining "new" availability probably sold late yesterday afternoon or evening, so the chunky sums invested this morning may be in for a disappointment. Certainly a couple of cashback-paid parts I listed for sale yesterday lunchtime, when the queue was around £110k, are now just £38k back. CB wasn't paid for my original loan parts listed on the SM at the first payment run even though I remained the owner.
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SteveT
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Post by SteveT on Jun 19, 2018 10:09:54 GMT
As soon as parts are listed on the Lendy SM they are no longer “Live” and so it seems consistent that they’d lose rights to cashback and/or bonus, as well as no longer accruing rights to interest.
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sl75
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Post by sl75 on Jun 20, 2018 16:59:20 GMT
I see that at some point since the time I looked yesterday, they have now finally removed the cash back label from this and the other loans, and the summary explicitly states the cash back offer is now closed.
Will be fascinated to hear how anyone gets on who bought loan parts in those various loans after the original cash back payment but before there was any indication that cashback had ended.
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Post by Deleted on Jun 20, 2018 21:25:09 GMT
It would appear that our questions and forum comments continue to shape how Lendy behave, following on from their change of direction on partial repayment bonuses they have removed incorrectly displayed bonus offers immediately after we've pushed the topic.
Long may we continue to discuss and put pressure on poor operational standards rather than generically moan and groan our way from board to board!
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sl75
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Post by sl75 on Jun 21, 2018 8:44:08 GMT
[Edit: oops - just after posting I realised I'm replying to the point I made about cashback in the post above yours, rather than the point you made about bonus payments...] ... they have removed incorrectly displayed bonus offers immediately after we've pushed the topic. Hardly immediately... I've been banging on about this for months. e.g.: ... (Lendy also have the problem that they forgot to remove the "CASH BACK" marker from some other loans such as PBL198 when cash back was paid, which creates a whole different set of problems for Lendy to resolve for people who invested on those loans after that point, but that's another set of issues, which don't directly affect me...) Following the payment of cashback (on the main loan, not Tranche 3 which is yet to draw down), Lendy have again (like with PBL198) left the "**1% CASH BACK OFFER**" tag on the loan, despite already having paid out cashback. [... Lendy will] have investors who have bought loan parts over this weekend and later demanding to know where their cashback is NEXT month (and having continued to advertise it, Lendy should really honour that promise) ... ... They'll also now need to decide whether the continued advertisement of cashback on loans that they DID already pay last month means they have to pay new investors who bought loan parts after last month's cashback was paid... either way some people may be upset! |
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pence
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Post by pence on Jul 2, 2018 18:07:41 GMT
I bought PBL199 on the 16th and on the 19th Jun. For the 16th I received cashback today but for the 19th I didn't. I am however quite sure (but not 100% sure) that the website still said 2% cashback in the 'ASSET DETAILS' column.
How are we supposed to know till when Lendy pays cashback? They should pay cashback as long as the websites says they do.
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trevor
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Post by trevor on Jul 2, 2018 20:03:56 GMT
You should know by now that they make their own rules as they go.
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tx
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Post by tx on Jul 2, 2018 22:22:51 GMT
Can only reply on ourselves.
One way to know, well too late for PBL199, is to buy 1p and then sell it straight in order to monitor the “tail” of the initial loan amount. The sales queue of this 1p will pay cashback, give it a few thousand buffer.
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sl75
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Post by sl75 on Jul 3, 2018 12:00:50 GMT
I bought PBL199 on the 16th and on the 19th Jun. For the 16th I received cashback today but for the 19th I didn't. I am however quite sure (but not 100% sure) that the website still said 2% cashback in the 'ASSET DETAILS' column.
How are we supposed to know till when Lendy pays cashback? They should pay cashback as long as the websites says they do. The cut-off seems to have been at some point on the 19th - by the 20th it was definitely explicitly stating that the cashback offer was closed, as mentioned above...
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pence
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Post by pence on Jul 3, 2018 20:04:00 GMT
Can only reply on ourselves. One way to know, well too late for PBL199, is to buy 1p and then sell it straight in order to monitor the “tail” of the initial loan amount. The sales queue of this 1p will pay cashback, give it a few thousand buffer. Hey that's actually a good idea
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