Mucho P2P
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Post by Mucho P2P on May 7, 2019 16:16:19 GMT
To be fair, they only said they "anticipate" that they'll have sorted stuff out by close of business today. It's a step up from the "hope" they had of resolving it within 48 hours but definitely not a firm promise!
Maybe we'll soon have a further update that they "expect" to have it sorted by [tomorrow/Thursday/end of this week/...]
I wonder what the real issue is - e.g. maybe the FCA are objecting to Lendy paying the forfeited interest to themselves from the client account w.r.t. loan parts that were for sale?
Maybe Lendy should just "anticipate" having the issues resolved by June, and then when they are resolved in a couple of weeks time, they can pat themselves on the back for accomplishing it ahead of schedule.
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Monetus
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Post by Monetus on May 7, 2019 16:40:06 GMT
"Having resolved our banking issues we continue to work through the backlog of requests and we anticipate that this process will be completed by close of business by Thursday 9th May"
"Apologies that the monthly platform updates have yet to be issued. These will be published by Thursday 9th May."
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ptr120
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Post by ptr120 on May 7, 2019 17:07:51 GMT
I'll be calling the FCA tomorrow to point out that Lendy have breached their terms and conditions. My complaint to Lendy to point out the same has already gone in.
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Mucho P2P
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Post by Mucho P2P on May 7, 2019 18:40:20 GMT
"Having resolved our banking issues we continue to work through the backlog of requests and we anticipate that this process will be completed by close of business by Thursday 9th May"
"Apologies that the monthly platform updates have yet to be issued. These will be published by Thursday 9th May."
" Having resolved our banking issues we continue to work through the backlog of requests and we anticipate that this process will be completed by close of business by Thursday 9th May " <- So, has anyone received any transfers or interest as Lendy are "continuing to work through the backlog". How large was this backlog?
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beechside
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Post by beechside on May 7, 2019 18:54:34 GMT
I'll be calling the FCA tomorrow to point out that Lendy have breached their terms and conditions. My complaint to Lendy to point out the same has already gone in. To be honest, I wouldn't waste your time. I'm not happy; none of us are happy. However, it's the FCA who are controlling what Lendy can do. Lendy's Ts & Cs count for nothing when the FCA have to audit every payment. It's probably not that there are so many individual deposits and withdrawals but Lendy will have to prove that they are able to pay the interest to each and every individual. Case 1) Lendy tell you how much you are to receive in interest and then you have to wait for 2 weeks for FCA to approve it Case 2) Lendy give the data to FCA first, who approve it then we get the interest at the normal speed In both cases we are kept in the dark but it's the FCA who are the sticking point. I rather suspect the FCA are clogged with complaints about P2P at the mo. WIth Brexit sucking all Civil Servants form their seats, the FCA are probably feeling it in spades...
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Mucho P2P
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Post by Mucho P2P on May 7, 2019 19:10:29 GMT
I'll be calling the FCA tomorrow to point out that Lendy have breached their terms and conditions. My complaint to Lendy to point out the same has already gone in. To be honest, I wouldn't waste your time. I'm not happy; none of us are happy. However, it's the FCA who are controlling what Lendy can do. Lendy's Ts & Cs count for nothing when the FCA have to audit every payment. It's probably not that there are so many individual deposits and withdrawals but Lendy will have to prove that they are able to pay the interest to each and every individual. Case 1) Lendy tell you how much you are to receive in interest and then you have to wait for 2 weeks for FCA to approve it Case 2) Lendy give the data to FCA first, who approve it then we get the interest at the normal speed In both cases we are kept in the dark but it's the FCA who are the sticking point. I rather suspect the FCA are clogged with complaints about P2P at the mo. WIth Brexit sucking all Civil Servants form their seats, the FCA are probably feeling it in spades... Beechside, whilst I agree with you fully what you state, I will also add that Lendy brought these issues totally upon themselves, and it was nothing at all due to any actions of the lenders, yet it is the lenders who are affected, more so than Lendy. As for the payments to the lenders, they are mandated to be in a separate client account, that is reconciled on a regular basis <- FCA requirement. The client account should under no circumstances be missing any funds whatsoever.
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nyneil
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Post by nyneil on May 7, 2019 19:37:06 GMT
Could Lendy's bank account be frozen by the FCA? That could certainly be classed as 'banking issues'.
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Mucho P2P
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Post by Mucho P2P on May 7, 2019 19:44:22 GMT
Could Lendy's bank account be frozen by the FCA? That could certainly be classed as 'banking issues'. It is certainly a possibility whilst they investigate whatever they need to investigate. It would not be the first time that the FCA have halted client withdrawals.
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beechside
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Post by beechside on May 7, 2019 19:48:19 GMT
I am no apologist for Lendy. Yes, they have brought it upon themselves and I, to my shame and disappointment, fell for it in a way that will materially affect my life and that of my family. There are wiser people on these forums who raised a flag and I ignored them.
I now want out with the smallest loss possible, even though I know that "smallest possible" will be huge.
The FCA are, to my understanding, vetting every transaction. It doesn't matter whether the money is held in a segregated account or in a petty cash tin. Vetting all movements means they are preventing fraud and I welcome that, even if it means that our money is slowed down.
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iRobot
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Post by iRobot on May 7, 2019 21:14:06 GMT
Could Lendy's bank account be frozen by the FCA? That could certainly be classed as 'banking issues'. It is certainly a possibility whilst they investigate whatever they need to investigate. It would not be the first time that the FCA have halted client withdrawals. Two things I note: 1 - of the seven loans with 5-digit availability on the SM, all have had activity either yesterday or today. Doesn't necessarily mean deposits have been processed, but I'm surprised if it's solely down to funds already on account, or SM'ers trading between themselves. 2 - tranche 22 of DFL029 has yes to draw down. It filled on the 2nd and maybe the bank holiday has delayed things a little, but I were the borrower and had any notions towards my 'funding partner' being a bit iffy, I'd be looking for a release asap. Watching to see if this one's status switches from NO to YES may be the first indication the FCA have given a green light, however temporarily. Or, that status may never switch.
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sl75
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Post by sl75 on May 8, 2019 6:55:33 GMT
2 - tranche 22 of DFL029 has yes to draw down. It filled on the 2nd and maybe the bank holiday has delayed things a little, but I were the borrower and had any notions towards my 'funding partner' being a bit iffy, I'd be looking for a release asap. Watching to see if this one's status switches from NO to YES may be the first indication the FCA have given a green light, however temporarily. Or, that status may never switch. To be pedantic, if/when drawdown occurs, it won't switch from NO to YES - it'll just merge with the main loan. One I find even more interesting is PBL201, which supposedly still hasn't drawn down several MONTHS after it filled (but only according to the "drawn" status on platform - the 28/09/2018 update states that it was "drawn-down in the middle of last month").
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Post by Deleted on May 8, 2019 11:41:45 GMT
"Having resolved our banking issues we continue to work through the backlog of requests and we anticipate that this process will be completed by close of business by Thursday 9th May"
"Apologies that the monthly platform updates have yet to be issued. These will be published by Thursday 9th May."
Now I'm going to guess Lendy think that "by" means the end of Thursday, when the rest of us English speakers think it means "by the beginning of Thursday"
That's a chunk of capital I'm not going to see in a hurry. What a shower.
"by close of business by Thursday 9th May " can I ask the last Estonian leaving the office to turn off the lights...
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iRobot
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Post by iRobot on May 8, 2019 12:40:06 GMT
2 - tranche 22 of DFL029 has yes to draw down. It filled on the 2nd and maybe the bank holiday has delayed things a little, but I were the borrower and had any notions towards my 'funding partner' being a bit iffy, I'd be looking for a release asap. Watching to see if this one's status switches from NO to YES may be the first indication the FCA have given a green light, however temporarily. Or, that status may never switch. To be pedantic, if/when drawdown occurs, it won't switch from NO to YES - it'll just merge with the main loan. One I find even more interesting is PBL201, which supposedly still hasn't drawn down several MONTHS after it filled (but only according to the "drawn" status on platform - the 28/09/2018 update states that it was "drawn-down in the middle of last month"). Yep, and that has just happened. the tranche has been delisted and the loan amount for the overarching loan increased accordingly. Maybe things are finally moving....
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neal
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Post by neal on May 8, 2019 13:23:18 GMT
"Having resolved our banking issues we continue to work through the backlog of requests and we anticipate that this process will be completed by close of business by Thursday 9th May"
"Apologies that the monthly platform updates have yet to be issued. These will be published by Thursday 9th May."
" Having resolved our banking issues we continue to work through the backlog of requests and we anticipate that this process will be completed by close of business by Thursday 9th May " <- So, has anyone received any transfers or interest as Lendy are "continuing to work through the backlog". How large was this backlog? 13064 individual investments in the ten live loans. I'm pretty sure they would have dealt with ten times that figure 18 months ago before they fecked it all up.
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trevor
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Post by trevor on May 8, 2019 15:26:58 GMT
I have received an email from L in which they detail the issue their bank has caused and they name the bank. I suspect they wouldn't have done this unless the "banking issue" was real.
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