pom
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Post by pom on Aug 16, 2019 19:59:58 GMT
Well I guess it had to happen eventually but its not at all clear to me what is going on.
Got a "normal" "your investment has been repaid" at 6:07pm and given it's just over halfway through the month was rather surprised when I logged in to ONLY find capital in my account, no interest payment.
Digging into my "realised" investments I see I now have one listed as "income shortfall" and it's not at all obvious why - regular payment was made on 1/8...on 8/8 an LPA receiver was appointed and there was a note that income payments were being held until further notice...and then 8 days later miraculously the debt is fully repaid? (but no interest for Aug).
Well I guess I can hope there'll be further info next week, but pretty poor to do this without any additional explanation right before a weekend, even if it does appear to be "only" 2weeks interest missing. So maybe it'll turn out to be an oversight and will all be resolved next week.
Or maybe this is the first case where there hasn't been full repayment of capital & interest....
More if/when I get a response to my email seeking clarification..
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Post by gravitykillz on Aug 16, 2019 20:11:34 GMT
Well I guess it had to happen eventually but its not at all clear to me what is going on. Got a "normal" "your investment has been repaid" at 6:07pm and given it's just over halfway through the month was rather surprised when I logged in to ONLY find capital in my account, no interest payment. Digging into my "realised" investments I see I now have one listed as "income shortfall" and it's not at all obvious why - regular payment was made on 1/8...on 8/8 an LPA receiver was appointed and there was a note that income payments were being held until further notice...and then 8 days later miraculously the debt is fully repaid? (but no interest for Aug). Well I guess I can hope there'll be further info next week, but pretty poor to do this without any additional explanation right before a weekend, even if it does appear to be "only" 2weeks interest missing. So maybe it'll turn out to be an oversight and will all be resolved next week. Or maybe this is the first case where there hasn't been full repayment of capital & interest.... More if/when I get a response to my email seeking clarification.. I'm sure there is a logical explanation if they only repaid your capital and not the interest. I am not invested in that specific loan as your dates don't correspond with any repayments in my account. Please keep us informed of lendinvest response to this anomaly.
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benaj
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Post by benaj on Aug 16, 2019 22:54:48 GMT
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pom
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Post by pom on Aug 17, 2019 13:03:22 GMT
No there is no provision fund, and I'm slightly alarmed you're investing there but didn't know that. It is however quite possible that there might have been a small topup by LendInvest (to maintain claims of no capital lost) as otherwise its a suspiciously round number to recover. Could also just be that someone switched off income payments and forgot to switch it back and that the remaining interest will turn up next week. We shall see...hopefully an explanation on Monday if nothing else As for performance I've been using LI for over 4 years and this is the first hint of one that might not pay out in full - tho lets face it has to happen sooner or later, and with all the economic uncertainties at the moment more likely sooner.
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benaj
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Post by benaj on Aug 17, 2019 13:13:02 GMT
I thought LendInvest have no provision fund, but some transaction activities makes me wonder why lenders receive interest repayment just less than 30 days before going into arrears. According to Lendinvest, Individual loans are considered to be in arrears when Two or more interest payments are overdue. At least Lendinvest has capacity to pay lender interest even when borrower misses repayment first time. Provision fund is mentioned in the Lendinvest glossary. www.lendinvest.com/help/glossary/#p |
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Post by gravitykillz on Aug 17, 2019 13:47:20 GMT
I like lendinvest and I'm pretty sure we are making a mountain out of a mole hill.
Lendinvest and crowdproperty are my only platforms where the investment is locked in for a year regardless of what happens.
All my other platforms I could withdraw the money in a few days albeit a loss of bonuses. Be patient and have some faith.
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pom
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Post by pom on Aug 17, 2019 16:28:04 GMT
I like lendinvest and I'm pretty sure we are making a mountain out of a mole hill. Lendinvest and crowdproperty are my only platforms where the investment is locked in for a year regardless of what happens. All my other platforms I could withdraw the money in a few days albeit a loss of bonuses. Be patient and have some faith. You're not getting it. If I end up having lost 16 days of interest then that is a far better result than would normally be expected once LPA receivers are involved. It's barely a pimple let alone a molehill. Especially as the loan ran for over 2yrs. The only thing that makes it interesting is the possibility that it might be their first incomplete recovery - I've not seen anyone else report one else I wouldn't have bothered.
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jsmill
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Post by jsmill on Aug 17, 2019 20:49:02 GMT
Not in that specific Loan pom but I was going to post anyway as have started to have a few issues with the platform for the first time. Current investments read as 22 live, 3 out of term (not unusual) and 3 in arrears (had been zero for a few years). In one case there has been circa 40% of capital paid back, the others zero. My concern is that whilst historically I have been comfortable with the tendency to allow loans to run long beyond the scheduled repayment date this is not the case when the borrower is not servicing the interest. In these circumstances I expect recovery processes to be commenced. However, LI's approach sadly seems to be the same in these situations as well. On contacting them I have received useless boilerplate type responses. For me it isn't good enough and have therefore started withdrawing when investments mature. |
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pom
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Post by pom on Aug 19, 2019 17:00:48 GMT
So looks like it was just someone in too much of a hurry to leave on Fri evening to finish pressing all the buttons - now paid. Hopefully when it does happen for real there will at least be some comms around it
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