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Post by nightmare on Mar 18, 2019 7:25:29 GMT
Some time ago I tried to sell some of my loan parts. Today I checked on them and found out that they whilst they were still appearing on my 'selling loan parts' list and therefore NOT accruing any interest they were no longer listed as being available for sale on the live loan parts page- i.e. they would never be sold but it was Lendy rather than myself that was getting the interest. So yet another reason why the sooner I can detach myself fully from this 'company' the better.
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pom
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Post by pom on Mar 18, 2019 10:18:28 GMT
Assuming that is that any further interest is ever paid on whichever loan you're talking about....
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sl75
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Post by sl75 on Mar 18, 2019 10:18:47 GMT
Some time ago I tried to sell some of my loan parts. Today I checked on them and found out that they whilst they were still appearing on my 'selling loan parts' list and therefore NOT accruing any interest they were no longer listed as being available for sale on the live loan parts page- i.e. they would never be sold but it was Lendy rather than myself that was getting the interest. So yet another reason why the sooner I can detach myself fully from this 'company' the better. The fee for retaining your place in the sales queue is forfeiture of interest. It seems you understood this, and chose to accept it even when you knew that sales were not occurring quickly so there'd be a long wait with no further interest accruing to you.
If trading is ever re-enabled on those loans, the lenders who kept their places reserved at the front of the queue will be the first to achieve sales.
If you no longer consider that a fee worth paying (e.g. you think that at least some interest will eventually be recovered, and/or you don't expect trading ever to be re-enabled in that particular loan), you can cancel your sale at any time (unless you were the person with a partially-sold loan part at the front of the queue at the moment the loan was suspended).
Where Lendy are absolutely certain that under no circumstances will trading ever be re-enabled on a particular loan, they could, as a courtesy, cancel all remaining sales orders, but I expect that for most of the suspended loans, there exist possible circumstances under which the loans could be re-enabled for trading, and it's currently left to individual investors to determine whether they think that's sufficiently likely, and their desire to sell under those circumstances sufficiently great to continue to reserve their place in the queue.
Personally, I think it's daft to continue to pay such a high potential fee to reserve a place in a sales queue that's unlikely to generate a sale within the next month or two, but it was very clear last year that there were a significant number whose opinion differed from mine, and for at least some of these on at least some loans, sales were in fact achieved before the relevant loans were suspended, which they probably wouldn't have been in the alternative scenario where the longest sales queues were several millions of pounds long due to no cost to the seller for remaining in the queue (e.g. under those circumstances I've got several excess holdings which would have been up for sale, and may have gone on to be sold in preference to the loan parts of other investors who later became sufficiently desperate to sell that they considered the forfeiture of all interest a fee worth paying).
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Post by nightmare on Mar 18, 2019 10:58:00 GMT
Some time ago I tried to sell some of my loan parts. Today I checked on them and found out that they whilst they were still appearing on my 'selling loan parts' list and therefore NOT accruing any interest they were no longer listed as being available for sale on the live loan parts page- i.e. they would never be sold but it was Lendy rather than myself that was getting the interest. So yet another reason why the sooner I can detach myself fully from this 'company' the better. The fee for retaining your place in the sales queue is forfeiture of interest. It seems you understood this, and chose to accept it even when you knew that sales were not occurring quickly so there'd be a long wait with no further interest accruing to you.
If trading is ever re-enabled on those loans, the lenders who kept their places reserved at the front of the queue will be the first to achieve sales.
If you no longer consider that a fee worth paying (e.g. you think that at least some interest will eventually be recovered, and/or you don't expect trading ever to be re-enabled in that particular loan), you can cancel your sale at any time (unless you were the person with a partially-sold loan part at the front of the queue at the moment the loan was suspended).
Where Lendy are absolutely certain that under no circumstances will trading ever be re-enabled on a particular loan, they could, as a courtesy, cancel all remaining sales orders, but I expect that for most of the suspended loans, there exist possible circumstances under which the loans could be re-enabled for trading, and it's currently left to individual investors to determine whether they think that's sufficiently likely, and their desire to sell under those circumstances sufficiently great to continue to reserve their place in the queue.
Personally, I think it's daft to continue to pay such a high potential fee to reserve a place in a sales queue that's unlikely to generate a sale within the next month or two, but it was very clear last year that there were a significant number whose opinion differed from mine, and for at least some of these on at least some loans, sales were in fact achieved before the relevant loans were suspended, which they probably wouldn't have been in the alternative scenario where the longest sales queues were several millions of pounds long due to no cost to the seller for remaining in the queue (e.g. under those circumstances I've got several excess holdings which would have been up for sale, and may have gone on to be sold in preference to the loan parts of other investors who later became sufficiently desperate to sell that they considered the forfeiture of all interest a fee worth paying).
In answer to your first sentence obviously I did, WHAT I DIDN'T EXPECT TO HAPPEN WAS THAT FORFEIT TO CONTINUE ONCE THE LOANS HAD BEEN PULLED FROM THE AVAILABLE LOAN PART PAGE. Perhaps you're happy to continue paying for a service that you are no longer receiving but I AM NOT.
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sl75
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Post by sl75 on Mar 18, 2019 11:46:07 GMT
In answer to your first sentence obviously I did, WHAT I DIDN'T EXPECT TO HAPPEN WAS THAT FORFEIT TO CONTINUE ONCE THE LOANS HAD BEEN PULLED FROM THE AVAILABLE LOAN PART PAGE. Perhaps you're happy to continue paying for a service that you are no longer receiving but I AM NOT. The service you are continuing to receive up until the point you cancel a sale, is that you are maintaining your position in the selling queue, so that if or when there are any further buyers, you will achieve a sale before people who added their loan parts to the queue behind you.
As the loan has been suspended, you need to consider how likely you think it might be that trading may be later re-enabled for that loan, in which case you'll still retain your position in the queue (and might indeed have jumped forwards a few places due to people in front of you cancelling their sales).
What's the alternative? If they immediately cancel all sales the moment a loan is suspended, and then later trading is re-enabled on the loan due to changed circumstances, there'd be a "fastest finger first" frenzy for who gets to be near the front of the new queue, and those who paid a fee to be in the queue for months before the suspension would get no priority.
In particular, you'd then have logged on to find that the loan you thought should be for sale was no longer for sale, and that there now a really long queue.
The only person who can decide whether, despite the suspension, it is still worth forfeiting interest in order to remain in the queue just in case trading is re-enabled, is the investor themselves. I assume you've now expressed this preference by cancelling your sales, and will come back shouting and screaming again if trading is ever re-enabled in that loan and you've now lost your place in the queue...
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sydb
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Post by sydb on Mar 18, 2019 11:56:13 GMT
Everyone would like their place in any queue kept for them but there is always a penalty (usually time or money). The option was/is there to take your parts off sale. I shouldn't worry about it too much. The interest is chicken feed with so many loans now losing so much capital on the security sales and fees. Perhaps you are lucky enough to have most of your portfolio where interest still makes a big difference. Congratulations, you are better off than me. I am not optimistic enough to think that much of my accrued interest owed will actually materialise (well, it might, but it won't cover the capital losses). To think I once cared about interest rates.
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