pence
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Post by pence on Jun 30, 2018 9:36:03 GMT
Apologize if this has been answered already but I couldn't find any posts.
On lendy.co.uk/investor-cashback its says "At the end of the month cash back will be paid along with interest to whoever is holding the fully paid for loan part at the time." Does that mean we could sell a loan just after midnight in the early morning of the first day of the new months and would still qualify for cashback ? Or do we have to wait until the cashback is actually paid ? Last time (and first time  ) I received a cashback payment on the 3rd of May. Thanks!
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elliotn
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Post by elliotn on Jun 30, 2018 11:08:41 GMT
Probably but you would to confirm with Lendy. I can confirm listing day before month did NOT get my CB despite still being wholly and unequivocally the loan part owner per their guidance notes.
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pence
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Post by pence on Jun 30, 2018 13:17:45 GMT
That's another thing that is confusing:
* someone buys a cashback loan * waits until cashback is paid out
* puts the loan on the secondary market * you buy the loan while its still advertised as cashback
Does Lendy then pay the cashback a 2nd time ? The 2nd buyer has no information to know if for the loan part he buys cash back has already been paid or not. There is no other information than in the description.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 30, 2018 13:22:47 GMT
That's another thing that is confusing:
* someone buys a cashback loan * waits until cashback is paid out
* puts the loan on the secondary market * you buy the loan while its still advertised as cashback
Does Lendy then pay the cashback a 2nd time ? The 2nd buyer has no information to know if for the loan part he buys cash back has already been paid or not. There is no other information than in the description.
Additional CB will be paid only if the loan hasn't filled. So for example PBL199 took more than a month to fill so CB was/will be paid twice. Yes, no way to know other then clear Comms or Lendy removing the CB flag as requested umpteen times. Did remove it on PBL199.
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pence
Posts: 46
Likes: 14
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Post by pence on Jun 30, 2018 17:08:07 GMT
That's another thing that is confusing:
* someone buys a cashback loan * waits until cashback is paid out
* puts the loan on the secondary market * you buy the loan while its still advertised as cashback
Does Lendy then pay the cashback a 2nd time ? The 2nd buyer has no information to know if for the loan part he buys cash back has already been paid or not. There is no other information than in the description.
Additional CB will be paid only if the loan hasn't filled. So for example PBL199 took more than a month to fill so CB was/will be paid twice. Yes, no way to know other then clear Comms or Lendy removing the CB flag as requested umpteen times. Did remove it on PBL199.
So some people who buy one single loan part get for the first month 2% CB + 1% interest and for the 2nd month 2% CB + 1% interest .. a whopping 6% total in 2 months ?
That's a lot.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on Jul 2, 2018 21:29:56 GMT
Additional CB will be paid only if the loan hasn't filled. So for example PBL199 took more than a month to fill so CB was/will be paid twice. Yes, no way to know other then clear Comms or Lendy removing the CB flag as requested umpteen times. Did remove it on PBL199.
So some people who buy one single loan part get for the first month 2% CB + 1% interest and for the 2nd month 2% CB + 1% interest .. a whopping 6% total in 2 months ?
That's a lot.
On reflection the second sentence is rubbish. You would only get one lot of cashback. If you invested in the first month it would be paid at the beginning of the next month, if you invested the next month before the loan had fully filled you would get CB the next month but anyone who invested in the first month wouldnt get a second CB payout.
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pence
Posts: 46
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Post by pence on Jul 3, 2018 20:01:38 GMT
So some people who buy one single loan part get for the first month 2% CB + 1% interest and for the 2nd month 2% CB + 1% interest .. a whopping 6% total in 2 months ?
That's a lot.
On reflection the second sentence is rubbish. You would only get one lot of cashback. If you invested in the first month it would be paid at the beginning of the next month, if you invested the next month before the loan had fully filled you would get CB the next month but anyone who invested in the first month wouldnt get a second CB payout.
Thanks for the clarification. That makes sense.
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) I received a cashback payment on the 3rd of May.
