|
|
Post by brightspark on Apr 10, 2018 8:45:14 GMT
I can see why the developers need the new tranches to come along regularly, but they must be aware that previous tranches on the SM doesn't bode well. I can't imagine anyone has autobid on any more. Are the borrowers contractually obliged to continue the DFLs here, our could they switch to a more liquid platform? If nothing that is stated by Lendy can be taken as it seems i.e. those using Lendy must exercise all due diligence, contracts between lenders and borrowers may not be what is fondly imagined. Possibly that is why loan repayment deadlines are moveable feasts to be totally ignored by most borrowers. Following my logic even if DFL borrowers were "contractually obliged" it would not in practice matter a jot were any to jump ship. The whole Lendy edifice may best be understood by viewing its framework as a figment of the imagination to be bent at will rather than a set of rigorously enforced rules.
|
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400 
Likes: 416
|
Post by brianlom1 on Apr 10, 2018 9:11:34 GMT
Sometimes I read this forum then log in and look at the SM and then realise there are lots of rose tinted and hopeful SM sellers amongst us. I'm expecting to log in and see a baron sm, quite the opposite. Either that or they don't remember the good ol days of the good ship SS. I agree, unless there's a significant reversal of fortunes (such as DFL004 paying up on time?) most of the loans on the SM are not going to sell (so retail investors are foregoing interest payments with nothing to show in return). This wouldn't be so bad if all accrued interest was being channelled into the PF (@lendy - would you please confirm either way).
|
|
|
|
Post by Deleted on Apr 10, 2018 14:34:03 GMT
Either that or they don't remember the good ol days of the good ship SS. I remember being in awe of the amount of money moving around on SS in the 'good old days'. I remember one day where they had several large new loans timed to coincide with several large repayments. Must have been an 8-figure sum of money flying through the system on that single day alone, it really was impressive to watch! How times change...
|
|
gwenynwyr
Member of DD Central
Posts: 54
Likes: 23
|
Post by gwenynwyr on Apr 10, 2018 14:40:24 GMT
Sometimes I read this forum then log in and look at the SM and then realise there are lots of rose tinted and hopeful SM sellers amongst us. I'm expecting to log in and see a baron sm, quite the opposite. Either that or they don't remember the good ol days of the good ship SS. I agree, unless there's a significant reversal of fortunes (such as DFL004 paying up on time?) most of the loans on the SM are not going to sell (so retail investors are foregoing interest payments with nothing to show in return). This wouldn't be so bad if all accrued interest was being channelled into the PF (@lendy - would you please confirm either way). As accrued interest is only theoretical; until the borrower pays up it would add nothing to the PF. In the unlikely event of the borrower paying up I'm sure the lenders will want their share and not see it going elsewere.
|
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 400
Likes: 416
|
Post by brianlom1 on Apr 10, 2018 17:49:32 GMT
I agree, unless there's a significant reversal of fortunes (such as DFL004 paying up on time?) most of the loans on the SM are not going to sell (so retail investors are foregoing interest payments with nothing to show in return). This wouldn't be so bad if all accrued interest was being channelled into the PF (@lendy - would you please confirm either way). As accrued interest is only theoretical; until the borrower pays up it would add nothing to the PF. In the unlikely event of the borrower paying up I'm sure the lenders will want their share and not see it going elsewere. Not sure why you would think that, most loans on the SM are in the IOA phase so interest has been paid on account. As per my previous post, confirmation from Lendy (one way or the other) wouldn't go amiss ...
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Apr 10, 2018 18:16:36 GMT
If they go back to paying interest while listed for resale they must also allow discounting otherwise the queues will go up exponentially withi people taking their place in the queue
|
|
|
|
Post by df on Apr 10, 2018 19:45:07 GMT
I can see why the developers need the new tranches to come along regularly, but they must be aware that previous tranches on the SM doesn't bode well. I can't imagine anyone has autobid on any more. Are the borrowers contractually obliged to continue the DFLs here, our could they switch to a more liquid platform? In theory, they can refinance, but in practice there aren't many platforms that will lend to these type of borrowers (one of them has recently collapsed).
|
|
empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on Apr 10, 2018 19:45:21 GMT
Sometimes I read this forum then log in and look at the SM and then realise there are lots of rose tinted and hopeful SM sellers amongst us. I'm expecting to log in and see a baron sm, quite the opposite. Either that or they don't remember the good ol days of the good ship SS. I agree, unless there's a significant reversal of fortunes (such as DFL004 paying up on time?) most of the loans on the SM are not going to sell (so retail investors are foregoing interest payments with nothing to show in return). This wouldn't be so bad if all accrued interest was being channelled into the PF (@lendy - would you please confirm either way). On signing up with Lendy, I read that the "retention of interest for loan parts for sale on the secondary market is a fee." I wondered if fees charged by the platform have any bearing on tax?
|
|
gwenynwyr
Member of DD Central
Posts: 54
Likes: 23
|
Post by gwenynwyr on Apr 11, 2018 9:56:22 GMT
As accrued interest is only theoretical; until the borrower pays up it would add nothing to the PF. In the unlikely event of the borrower paying up I'm sure the lenders will want their share and not see it going elsewere. Not sure why you would think that, most loans on the SM are in the IOA phase so interest has been paid on account. As per my previous post, confirmation from Lendy (one way or the other) wouldn't go amiss ... IIUIC, accrued interest is paid (normally) after the interest paid on account has run out.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Apr 11, 2018 10:52:30 GMT
Not sure why you would think that, most loans on the SM are in the IOA phase so interest has been paid on account. As per my previous post, confirmation from Lendy (one way or the other) wouldn't go amiss ... IIUIC, accrued interest is paid (normally) after the interest paid on account has run out. You need to read about this in the support section if you don't understand. An extract; Please note that loans that indicate an interest status of IA (interest accruing) the interest continues to accrue on Investor's accounts but is not credited monthly. This is where a loan term indicates or exceeds 0 days left, the interest status changes from Interest on Account (IOA) to the interest accruing (IA) as the loan is overdue for repayment. The interest will continue to accrue on account for the tolerance period. After the tolerance period the loan will be classed as non-performing. Accrued interest is only payable if it is recovered from the borrower or realised from the disposal of the security. More information can be found here regarding how interest is paid on our Non-performing Loan Policy.
|
|
gwenynwyr
Member of DD Central
Posts: 54
Likes: 23
|
Post by gwenynwyr on Apr 12, 2018 15:33:20 GMT
IIUIC, accrued interest is paid (normally) after the interest paid on account has run out. You need to read about this in the support section if you don't understand. An extract; Please note that loans that indicate an interest status of IA (interest accruing) the interest continues to accrue on Investor's accounts but is not credited monthly. This is where a loan term indicates or exceeds 0 days left, the interest status changes from Interest on Account (IOA) to the interest accruing (IA) as the loan is overdue for repayment. The interest will continue to accrue on account for the tolerance period. After the tolerance period the loan will be classed as non-performing. Accrued interest is only payable if it is recovered from the borrower or realised from the disposal of the security. More information can be found here regarding how interest is paid on our Non-performing Loan Policy. Liz, we seem to have different expectaions of accrued interest actually being paid out!
|
|
|
|
Post by skint4achange on Apr 12, 2018 16:04:18 GMT
I think there seems to have been a crossing of wires here.
The original post that Brianlom1 posted said that he would not object if the interest that was lost on the loan parts on the SM was put into the PF (He was referring to the loan parts that are IOA).
"I agree, unless there's a significant reversal of fortunes (such as DFL004 paying up on time?) most of the loans on the SM are not going to sell (so retail investors are foregoing interest payments with nothing to show in return).
This wouldn't be so bad if all accrued interest was being channelled into the PF (@lendy - would you please confirm either way)."
I think the confusion came about when Brian used the phrase "Accrued interest" even though he was only on about the interest from parts on the SM that were for sale! However, this was not made clear until his later post:
"Not sure why you would think that, most loans on the SM are in the IOA phase so interest has been paid on account.
As per my previous post, confirmation from Lendy (one way or the other) wouldn't go amiss ... "
By which time, everyone was piling in and shooting at everyone else which made the whole thing a lot more tense! 
Right, I am off for a nap. Being a good guy (For once!) has exhausted me! 
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Apr 12, 2018 16:07:57 GMT
IA and bonus interest is all BS with still more than 20+loans in DEF/SUS/IA surely the past month has shown us that we will be lucky to get 100% capital back.most of these loans will come down to lendy get out of vote for how much you want to lose.we lose a lot more than they say if you addin your capital+interest+IA+bonus interest for that loan. i nearly forgot we also have to pay all the recovery fees.well done lendy
|
|
tx
Member of DD Central
Posts: 300
Likes: 127
|
Post by tx on Apr 12, 2018 16:15:25 GMT
IA and bonus interest is all BS with still more than 20+loans in DEF/SUS/IA surely the past month has shown us that we will be lucky to get 100% capital back.most of these loans will come down to lendy get out of vote for how much you want to lose.we lose a lot more than they say if you addin your capital+interest+IA+bonus interest for that loan. i nearly forgot we also have to pay all the recovery fees.well done lendy I actually don’t know how receiver and recovery fee works. Do they get paid upfront? Or only deducted from the recovered funds afterwards?
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Apr 13, 2018 15:43:26 GMT
IA and bonus interest is all BS with still more than 20+loans in DEF/SUS/IA surely the past month has shown us that we will be lucky to get 100% capital back.most of these loans will come down to lendy get out of vote for how much you want to lose.we lose a lot more than they say if you addin your capital+interest+IA+bonus interest for that loan. i nearly forgot we also have to pay all the recovery fees.well done lendy I actually don’t know how receiver and recovery fee works. Do they get paid upfront? Or only deducted from the recovered funds afterwards? I believe receiver fees are deducted from the sale proceeds. The site recovery fees are more complicated.
|
|
