Mr_N
Posts: 222
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Post by Mr_N on Dec 13, 2018 22:06:49 GMT
Lendy Support Why have you not told us why this loan along with others has been suspended.It is our money at risk,surely an update should of been posted Welcome to Lendy. If you look to your left you will see the Ombudsman, and shortly we'll be flying by the FCA on the right.
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Post by supernumerary on Dec 14, 2018 10:38:27 GMT
PBL199 & PBL201 message BOTH the same;
"This loan cannot be invested in because it has been suspended."
Originally a £1,200,000 loan, the uptake for PBL201 has been ‘painfully slow’… On suspension, only £313,206 of PBL201 has been taken up by lenders.
Whilst I have NOT been paying full attention to the exact correlation of figures, the secondary market for PBL199 increased in almost ‘tandem’ with the PBL201 ‘take up’.
Reviewing the PBL201 update for 28/09/2018, written by Lendy;
“This second charge loan was added to the platform and drawn down in the middle of last month, to assist with the costs of an enhanced planning application.”
...and yet PBL201 states, Drawdown: NO.
It does appear strange for this loan to have been suspended on the same day, as DFL008 re-imbursed £9.857,594. MAYBE this has been suspended before a full repayment of both PBL199 and PBL201?
Whilst the borrower has been progressing with an enhanced planning application, MAYBE another source of finance will be forthcoming for this development?
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cobi
Member of DD Central
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Post by cobi on Dec 14, 2018 10:48:18 GMT
I wonder whether they have suspended loans to direct money being reinvested to where Lendy wanted it to go.
This could be why there is no reason for the suspension on the site.
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Post by picanto on Dec 14, 2018 11:37:27 GMT
I wonder whether they have suspended loans to direct money being reinvested to where Lendy wanted it to go. This could be why there is no reason for the suspension on the site. Seems odd, surely Lendy need to fill the second charge loan and with the full repayment of DFL008, this is the best chance they will have at doing that?
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cobi
Member of DD Central
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Post by cobi on Dec 14, 2018 11:49:25 GMT
I wonder whether they have suspended loans to direct money being reinvested to where Lendy wanted it to go. This could be why there is no reason for the suspension on the site. Seems odd, surely Lendy need to fill the second charge loan and with the full repayment of DFL008, this is the best chance they will have at doing that? A lot of money was repaid yesterday to investors accounts. There is quite a lot of investors reinvesting today, and that's without an email informing people of the repayment. I am suggesting that Lendy may prefer money to go into certain loans and so suspended others.
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Post by picanto on Dec 14, 2018 11:52:39 GMT
Seems odd, surely Lendy need to fill the second charge loan and with the full repayment of DFL008, this is the best chance they will have at doing that? A lot of money was repaid yesterday to investors accounts. There is quite a lot of investors reinvesting today, and that's without an email informing people of the repayment. I am suggesting that Lendy may prefer money to go into certain loans and so suspended others. Quite possibly. When I wrote my original reply to you I thought it was only this loan that had been suspended. I've only just noticed in the past couple of minutes that other loans have been suspended as well. I guess we will have to wait for an announcement from Lendy as to what is going on.
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Mr_N
Posts: 222
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Post by Mr_N on Dec 14, 2018 12:58:41 GMT
A lot of money was repaid yesterday to investors accounts. There is quite a lot of investors reinvesting today, and that's without an email informing people of the repayment. I am suggesting that Lendy may prefer money to go into certain loans and so suspended others. Quite possibly. When I wrote my original reply to you I thought it was only this loan that had been suspended. I've only just noticed in the past couple of minutes that other loans have been suspended as well. I guess we will have to wait for an announcement from Lendy as to what is going on.
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pence
Posts: 46
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Post by pence on Dec 14, 2018 15:35:25 GMT
I was selling the now suspended PBL199.
Will the interest now accrue again or how does this work?
Thanks.
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elliotn
Member of DD Central
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Post by elliotn on Dec 14, 2018 15:46:32 GMT
I was selling the now suspended PBL199.
Will the interest now accrue again or how does this work?
Thanks.
If the loan is in term you will only receive interest for loan parts that are de-listed and not on sale.
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Post by supernumerary on Dec 14, 2018 15:48:02 GMT
I was selling the now suspended PBL199. Will the interest now accrue again or how does this work? Thanks.
As a matter of enquiry. Is it still showing as a selling loan, under 'Selling Loanparts', in the 'My Loans' section, in YOUR Lendy account?
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Post by picanto on Dec 14, 2018 16:46:32 GMT
I was selling the now suspended PBL199.
Will the interest now accrue again or how does this work?
Thanks.
Can you cancel the loan sale?
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star dust
Member of DD Central
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Post by star dust on Dec 14, 2018 18:24:56 GMT
I was selling the now suspended PBL199.
Will the interest now accrue again or how does this work?
Thanks.
You will need to cancel the sale of your loan part and then the interest will start accruing again. You can cancel it under the My Loans/ Selling LoanParts / drop-down for that loan/part - far right blue "Cancel Sale" button. It should then move to your Live Loanparts section with interest accruing.
The loan is still marked as IOA and I assume interest was held on account for the term of the loan when it drew down in June, it still has a term of 161 days remaining. Of course if the loan is unsuspended but not repaid you would then go to the back of any remaining sales queue should you want to put it up for sale again. You should get interest for the period that it is not up for sale though - assuming it's ever paid/recovered post term that is.
I probably haven't been paying enough attention recently, but I am assuming they still pay interest on suspended loans that are IOA. To answer my own query in the affirmative, their FAQ state
"What happens to interest once secondary market trading in a loan is suspended?
1 year ago
If secondary market trading in a loan is suspended, investors will continue to receive or accrue interest dependent on whether Lendy are holding interest on account or not.
Please note that in the event of a suspension of secondary market trading, those with loans for sale on the secondary market at the point of suspension will not receive or accrue interest in line with our usual policy. Investors may therefore wish to cancel the sale of suspended loans.
Loans cannot be placed for sale whilst secondary market trading in that loan is suspended. Loans that were already placed for sale prior to the suspension will maintain their position within the sale queue."
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r00lish67
Member of DD Central
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Post by r00lish67 on Dec 14, 2018 18:32:49 GMT
I was selling the now suspended PBL199.
Will the interest now accrue again or how does this work?
Thanks.
You will need to cancel the sale of your loan part and then the interest will start accruing again. You can cancel it under the My Loans/ Selling LoanParts / drop-down for that loan/part - far right blue "Cancel Sale" button. It should then move to your Live Loanparts section with interest accruing.
The loan is still marked as IOA and I assume interest was held on account for the term of the loan when it drew down in June, it still has a term of 161 days remaining. Of course if the loan is unsuspended but not repaid you would then go to the back of any remaining sales queue should you want to put it up for sale again. You should get interest for the period that it is not up for sale though - assuming it's ever paid/recovered post term that is.
I probably haven't been paying enough attention recently, but I am assuming they still pay interest on suspended loans that are IOA. To answer my own query in the affirmative, their FAQ state
"What happens to interest once secondary market trading in a loan is suspended?
1 year ago
If secondary market trading in a loan is suspended, investors will continue to receive or accrue interest dependent on whether Lendy are holding interest on account or not.
Please note that in the event of a suspension of secondary market trading, those with loans for sale on the secondary market at the point of suspension will not receive or accrue interest in line with our usual policy. Investors may therefore wish to cancel the sale of suspended loans.
Loans cannot be placed for sale whilst secondary market trading in that loan is suspended. Loans that were already placed for sale prior to the suspension will maintain their position within the sale queue."
Whilst you're theoretically right, in practice Lendy aren't currently paying interest on DFL019 (which is IOA). There are others too where they don't have sufficient IOA, although these are extensions rather than initial drawdowns. Still, it wouldn't surprise me in the slightest if they didn't have sufficient interest on account here. IMV, whether or not they will continue to pay interest is purely going to come down to whether we are about to witness a triumphant restructuring of Mr.SD's loans or the end of his empire. Place your bets, please.
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pence
Posts: 46
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Post by pence on Dec 14, 2018 19:25:55 GMT
Thank you for the replies.
Yes, my selling loanparts in the suspended PBL199 are still appearing under "Selling Loanparts" and I can cancel them.
So the only reason not to cancel them would be to hope that the loan is "un-suspended".
Has that ever happened?
Looks like canceling is the better option.
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Post by picanto on Dec 14, 2018 20:05:28 GMT
Thank you for the replies.
Yes, my selling loanparts in the suspended PBL199 are still appearing under "Selling Loanparts" and I can cancel them.
So the only reason not to cancel them would be to hope that the loan is "un-suspended".
Has that ever happened?
Looks like canceling is the better option.
As far as I'm aware, no loan which has been suspended has ever been unsuspended. Loans are suspended for a change in risk profile so to protect new investors (although leaving current investors in the loan stuffed). But as Lendy have yet to confirm why this particular loan and the others today have been suspended it remains anybody's guess as to what has happened.
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