Carter
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Post by Carter on Jan 22, 2019 12:53:45 GMT
No way round this for Lendy. They have screwed up by misrepresenting the status of loans with respect to IOA and the evidence is clear this hasn't just been a one off. I already had my complaint in from the initial issue last year and wait patiently for a formal explanation. As far as I can see this cannot be explained away and Lendy will have to report this and take a hit.
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Post by supernumerary on Jan 22, 2019 16:24:28 GMT
Has anybody queried this with Lendy support and received an explanation? I know the loan is suspended but that doesn't mean that interest stops being paid on account (likewise with the other suspended loans) and also it was suspended much earlier in December than the 25th. Thank you for your email.
That is correct interest has only been paid up to 25 December 2018. This is because the borrower has only paid interest on this loan up to 25 December 2018. Interest will continue to accrue on account. As per the latest loan update, we will provide a detailed update as soon as we can and in any event on or before the next monthly update at the end of January 2019.Thank you for your patience in this matter.Kind regards,The Lendy Support Team
I must have missed that. I wasn't aware that interest was only paid up to 25th December and I can't find where it actually says interest was not paid for the full loan term?? THIS AFTERNOON, on the 22nd January 2019, TWENTY days later, only now do I know why my interest payment was lower, as posted previously.  Interest coming through now! Thanks for the update.  If the 'interest payment run' has finished, then it looks like, I have received less than I anticipated. Received NO explanation from Lendy and yet today, PBL199 still shows on the LIVE website as an IOA. COULD IT be that the MUCH vaunted 2% cashback offer for PBL199 and the interest payments on PBL201 (which according to the live loan page HAVE NOT been drawn down) were taken from the pool of money provided for the upfront 12 months interest payment (IOA) on PBL199? Could that be the possible explanation?
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ncp
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Post by ncp on Jan 22, 2019 18:46:21 GMT
I have raised an OFFICIAL complaint with Lendy after being ignored then brushed off by Lendy (lack of) Support. The complaint was quickly responded to by post (we will investigate). If not resolved to my satisfaction in the stipulated time frames I will escalate to FSO. The crux of the complaint was:
I have suffered an unexplained financial loss from an FCA regulated provider and where that provider in theory already holds the interest payment on account.
Why was interest underpaid? There would seem to be only 2 answers:
1.1 Your 3rd party software provider screwed the interest calculation up.
1.2 Lendy instructed the 3rd party software provider to only calculate interest up to 25th December.
If 1.1 why has Lendy not told investors of the screw up (you must have received several Emails) and informed them of when the error will be corrected?
What will Lendy do to correct this situation and avoid it happening in the future?
If 1.2 why did Lendy not inform investors prior to the interest payment, or immediately after, that there would be a shortfall in the interest payment for the reason that ………………………………………..?
What will Lendy do to correct this situation and avoid it happening in the future?
I suggest everyone else lodges a complaint.
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SteveT
Member of DD Central
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Post by SteveT on Jan 22, 2019 18:48:09 GMT
Er, what about possibility 1.3:
“Interest has only been paid up to 25 December 2018. This is because the borrower has only paid interest on this loan up to 25 December 2018”
(see above)
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ncp
Posts: 19
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Post by ncp on Jan 22, 2019 18:58:13 GMT
I think you will find that where interest has not been taken (deducted) by Lendy from the loan advance (Lendy Policy) they stipulate in the loan overview that interest has only been paid to a given date or the lender will maintain monthly interest payments. I did not see that in the loan overview so 1.3 should not be an option. I will wait for Lendy to respond..
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rocky1
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Post by rocky1 on Jan 23, 2019 3:41:47 GMT
The interest is peanuts compared to the losses on lenders capital that will be coming on these bits of land.not just on these loans but on all this borrowers overvalued schemes he should have been pulled in a long time ago.
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Post by picanto on Jan 23, 2019 10:10:55 GMT
The interest is peanuts compared to the losses on lenders capital that will be coming on these bits of land.not just on these loans but on all this borrowers overvalued schemes he should have been pulled in a long time ago. The LTV on this loan is 40%, so this should, in theory, be one of the safer loans to recover capital.
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rocky1
Member of DD Central
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Post by rocky1 on Jan 23, 2019 13:02:04 GMT
valuation £10.4 million completed project. valuation 0.89 acre bit of land with planning not so sure.
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hazellend
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Post by hazellend on Jan 23, 2019 13:28:42 GMT
valuation £10.4 million completed project. valuation 0.89 acre bit of land with planning not so sure. Wrong, the valuation is for the plot of land as is
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rocky1
Member of DD Central
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Post by rocky1 on Jan 23, 2019 13:47:42 GMT
my mistake. well that makes it a lot better then a few buildings to be demolished on 0.89 acre worth £10.4 million.
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min
Member of DD Central
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Post by min on Feb 1, 2019 12:16:11 GMT
Update due by end of January. Err - it's February and no update. I suppose they didn't say January of which year.
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Post by p2plender on Feb 1, 2019 12:53:45 GMT
Brookes did promise much better communication so expect something around April and be glad.
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rocky1
Member of DD Central
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Post by rocky1 on Feb 1, 2019 13:13:08 GMT
Exactly what you would expect from lendy.so Liam's grovelling little speech and his enhanced teams words stand for jack Sh,t.still there is nothing we can do but put up with it and bite our tongues.not the sort of people I could put up with in my circle of friends.
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Post by charliebrown on Feb 1, 2019 14:37:23 GMT
Exactly what you would expect from lendy.so Liam's grovelling little speech and his enhanced teams words stand for jack Sh,t.still there is nothing we can do but put up with it and bite our tongues.not the sort of people I could put up with in my circle of friends. The only thing worse than incompetence is dishonesty. Lendy has both; they’re dishonestly incompetent.
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Post by Badly Drawn Stickman on Feb 1, 2019 15:14:30 GMT
Exactly what you would expect from lendy.so Liam's grovelling little speech and his enhanced teams words stand for jack Sh,t.still there is nothing we can do but put up with it and bite our tongues.not the sort of people I could put up with in my circle of friends. The only thing worse than incompetence is dishonesty. Lendy has both; they’re dishonestly incompetent. Would that not by default make them competent?
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