SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Sept 21, 2017 9:51:01 GMT
Email seems a bit open-ended. Is there any hope of recovering the full lot or is it looking like that’s all that’s coming? At 19% LTV, the remaining loan has to be one of the safest ones on the platform; I wish you could sell me your holding (bonus and all)!
|
|
twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
|
Post by twoheads on Sept 21, 2017 10:08:03 GMT
Just to keep it for posterity...
We would like to announce a partial repayment of the above default loan. £578,250 of capital (45%) has now been repaid to investors in this loan and recorded on the platform as loan PBL047R1.
1. All investors in this loan should now have this capital credited to their Lendy accounts.
2. Outstanding interest payments will be paid once 100% of the loan capital has been repaid and only in the event of sufficient repayment being received.
3. Bonus accrual payments will be paid once 100% of the loan capital and outstanding interest has been repaid and only in the event of sufficient repayment being received.
I too have not been following this but I am now wondering what on Earth's going on. I cannot imagine that a new lender has stumped up cash if Lendy still has first charge on the security.
|
|
Tunny
Sometimes it is the people no one imagines anything of who do the things that no one can imagine
Posts: 30
Likes: 13
|
Post by Tunny on Sept 21, 2017 10:21:04 GMT
Now I'm confused.....If PBL047 is in default and investors cannot invest in a default loan. How come there have been several transactions made on 21/09/2017 in the investor activity tab.
|
|
garfield
Member of DD Central
Posts: 490 
Likes: 268
|
Post by garfield on Sept 21, 2017 10:36:02 GMT
I'm in this loan. I have just checked and all my loan parts now have a start date of 21/09/2017.
Needless to say, I have e-mailed Lendy.
|
|
Tunny
Sometimes it is the people no one imagines anything of who do the things that no one can imagine
Posts: 30
Likes: 13
|
Post by Tunny on Sept 21, 2017 10:44:32 GMT
Just wondering then if this is the only way Lendy can track who's owed what, if and when the remaining capital is recovered. As I assume all investors in this load have had a % repayment of their capital back.
|
|
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
Likes: 11,549
|
Post by ilmoro on Sept 21, 2017 10:46:13 GMT
Lenders in the loan have effective bought their remaining holdings in the loan as new loan parts. Its the way the system works. The old loan parts will still exist behind the scenes with their accrued interest bonus frozen at the point of partial repayment and the new loan parts start accruing from now. Its the same as when you partially list a loan part for sale on the SM, the system creates a new loan part and that loan part remains even if you cancel the sale, it doesnt merge back into the old one.
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Sept 21, 2017 10:49:57 GMT
I'm not sure about that. I also checked PBL120 which has a similar partial repayment (there's a PBL120R1 as well), but the start dates are all as they were. At the very least, it's inconsistent.
|
|
rrrupert
Member of DD Central
Posts: 121
Likes: 99
|
Post by rrrupert on Sept 21, 2017 10:58:10 GMT
I am in this loan. Looking at my Lendy statement I see the original loanpart paid back in full then a new loanpart created and bought. So, basically, what the pig guy said.
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Sept 21, 2017 11:18:35 GMT
Thanks rrrupert, all very confusing and nigh on impossible to keep track of! As has been said...
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Sept 21, 2017 21:19:36 GMT
Last update (15/09) reads: The borrower's refinance with another P2P lender has been 100% funded and the new lender's solicitor is finalising their due diligence prior to being able to complete. We are hoping that this will be repaid in the next week.I've not been following this, but I'm curious as to why a partial payment? Did he not borrow enough to cover the debt with Lendy here or what? : The other P2P lender decided not to make the loan a few days before Lendy posted that update. (It was on their website in a place accessible without logging in, so Lendy should have known when they posted that update that the refinance wasn't going to happen. I haven't a clue why they thought the replacement loan was 100% funded, as the website clearly indicated that it wasn't.) As I wrote in another thread... ... another P2P lender is taking on this loan (THC? listed it for a while I believe) ... THC did have it listed. It was 64% funded when THC decided not to proceed. A couple of days after that, Lendy reported it had been 100% funded and hoped that PBL047 would be repaid this week.
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Sept 22, 2017 6:33:57 GMT
Thanks rrrupert, all very confusing and nigh on impossible to keep track of! As has been said... Unlike some previous cases of Lendy fiddling with things, this one seems quite easy to keep track of, as they actually generated statement entries with the correct date! ... another way they could have done it, which would have been more confusing (and hopefully Lendy won't take this as a suggestion) would be to modify the original statement entry months ago when we originally purchased the loan parts, to make it look like we'd always had 2 separate loan parts, one of which was repaid just now, and the other of which remains outstanding. I suspect that the extra column that purports to allow for partial repayments was intended for a more user-friendly way of doing it, but that they either didn't complete the necessary changes or were not confident to use them on the live system yet.
|
|
username
Member of DD Central
Posts: 66
Likes: 40
|
Post by username on Sept 22, 2017 7:16:20 GMT
Any way to see the outstanding interest and 'bonus'? Seems like the interest has been reset on the replacement part, and the 'bonus' only shows for the remaining amount.
|
|
|
|
Post by Lendy Support on Sept 25, 2017 15:11:29 GMT
Hi, we have received half the repayment from the borrower, and are now just awaiting the balance. In the meantime our charge and security remain in place. Thanks Lendy Support |
|
username
Member of DD Central
Posts: 66
Likes: 40
|
Post by username on Oct 14, 2017 14:33:50 GMT
Assuming this repays enough to be the first loan successfully paying the bonus, I'd love to see the calculations they're going to apply given all the partial payments!!
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Oct 14, 2017 15:19:08 GMT
That's good news!
However, not the first. The full 3% Bonus was paid on PBL074.
|
|
