lexo
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Post by lexo on Jun 7, 2018 12:39:09 GMT
Does anyone know why May interest was only credited to lenders accounts only on 4 June?
I had an impression that this day is fixed (and it is not 4th day of the next month) and can't be changed at Landy's will.
Lendy didn't feel that they need to provide investors with any explanation regarding the delay.
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SteveT
Member of DD Central
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Post by SteveT on Jun 7, 2018 12:41:58 GMT
It wasn't (although some cashback was delayed until the 4th). Interest was paid on 1st June, being the first working day of the month.
If your question is actually "Why was the 'Interest Now Paid' notification email not sent out until the 4th?" then I imagine they held it back until the cashback issue had been resolved.
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xpubman1
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Post by xpubman1 on Jun 7, 2018 12:44:11 GMT
I am wondering why you find it so important?...just allow Lendy to get on with what concerns us all.....Recovery.......
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tx
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Post by tx on Jun 7, 2018 16:42:23 GMT
I wonder why this is not important, I think any financial firm and transaction should be on time, any delay or system issue should be explained. Imagine the effect of late payments for mortgage would have on borrower, credit score tarnished, and a technical default fee be charged by the lender. How come Ly wasn’t subject to any or those? Cash back and interest are Ly’s obligation to investors, it is important they are paid on time. The delay, in my opinion was a technical default and breach of T&C, and yet, no penalty for the breaching party here.
Why is this not important to anyone invested on Ly? This is very important. Would any investors want to have more delays in payment back to them? No. Recovery is part of the picture but not the only part.
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toffeeboy
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Post by toffeeboy on Jun 7, 2018 17:55:38 GMT
I wonder why this is not important, I think any financial firm and transaction should be on time, any delay or system issue should be explained. Imagine the effect of late payments for mortgage would have on borrower, credit score tarnished, and a technical default fee be charged by the lender. How come Ly wasn’t subject to any or those? Cash back and interest are Ly’s obligation to investors, it is important they are paid on time. The delay, in my opinion was a technical default and breach of T&C, and yet, no penalty for the breaching party here. Why is this not important to anyone invested on Ly? This is very important. Would any investors want to have more delays in payment back to them? No. Recovery is part of the picture but not the only part. Firstly it was paid on time, the only thing not on time was the email to say it had been which was delayed until the cash back was paid.
What Pubman is saying is that the majority of us would rather Lendy put all of it's efforts into getting us our capital back, a lot of which isn't even paying interest anymore, than getting us one months interest payments on time.
Which is more important to you, getting your interest on time or getting your capital back. I know which I would prefer at the moment!!!
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Post by brightspark on Jun 7, 2018 18:38:50 GMT
I would like both!
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tx
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Post by tx on Jun 7, 2018 18:52:33 GMT
The cash back was late. It was not on time. The cash back was paid on 4 June. Interest was paid on 1 June. T&C states, cash back and interest should be paid together. It was a breach to my mind.
If a financial institution cannot keep basic activities on time, one cannot expect them to keep huge and far more important activities on time either. No wonder so many loans are late and not yet recovered. It is the discipline that a firm adhered to would give them the edge and do business in good order. Ly clearly lacks this discipline.
To recover the capitals in overdue loans, this discipline would be the driving force I believe. The late payment of cash back just demonstrated the lack of such discipline.
That is why I believe paying interest and cash back on time is paramount.
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