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Post by lendingcrowd on May 10, 2016 16:20:07 GMT
Hi everyone, We apologise that the Terms & Conditions of this offer are somewhat confusing - that was not our intention. To clarify, the terms require that investors keep £1,000 invested (lent out) for 12 months. Investors are able to buy and sell loan parts during this time, provided that they keep £1,000 lent over the platform. If investors keep over £1,000 lent out, the bonus award will not be reclaimed, although it is "locked in" for the 12 months. We hope that this helps clarify the situation - please let us know if you have any questions. If you have a specific question about your account, please use our Contact Us page to send us an email. Thanks, LendingCrowd |
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grahamg
Member of DD Central
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Post by grahamg on May 10, 2016 17:11:20 GMT
Hi everyone, We apologise that the Terms & Conditions of this offer are somewhat confusing - that was not our intention. To clarify, the terms require that investors keep £1,000 invested (lent out) for 12 months. Investors are able to buy and sell loan parts during this time, provided that they keep £1,000 lent over the platform. If investors keep over £1,000 lent out, the bonus award will not be reclaimed, although it is "locked in" for the 12 months. We hope that this helps clarify the situation - please let us know if you have any questions. If you have a specific question about your account, please use our Contact Us page to send us an email. Thanks, LendingCrowd When you say £1000 do you mean the sum originally lent out or the outstanding capital ?
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adrianc
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Post by adrianc on May 10, 2016 17:49:17 GMT
Hi everyone, We apologise that the Terms & Conditions of this offer are somewhat confusing - that was not our intention. To clarify, the terms require that investors keep £1,000 invested (lent out) for 12 months. Investors are able to buy and sell loan parts during this time, provided that they keep £1,000 lent over the platform. If investors keep over £1,000 lent out, the bonus award will not be reclaimed, although it is "locked in" for the 12 months. We hope that this helps clarify the situation - please let us know if you have any questions. If you have a specific question about your account, please use our Contact Us page to send us an email. Thanks, LendingCrowd When you say £1000 do you mean the sum originally lent out or the outstanding capital ? Seems fairly clear to me that it means £1,000.00 or more actively lent out at all times - the "Investment" figure on the summary screen, the grey section of the pie chart. I know mine dipped a bit below £1,000 in the very early days, before the bonuses were credited to my account, but it's stayed above that since - and the bonuses are still shown. Right now, I'm still ahead. A*****'s b** "default" has me for £120, but excluding that still leaves me (currently) £80+ up on the whole lot, including the bonuses. Actually, looking at that... Is it £120? The "Total Principal" for the two parts is £120, but it shows me as having £119 "Remaining" on the Loan Summary list, but just under £98 "Outstanding Principal" on the Manage Parts page. <shrug>
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kaya
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Post by kaya on May 10, 2016 20:57:57 GMT
This would be unfair. If an investor puts in their £1000, then gets the bonus but does'nt immediately invest it (or invests it but is waiting for drawdown at the end of a new auction), then the total amount invested could easily briefly fall below £1000 due to repayments. Another scenario is the total amount invested falling below £1000 briefly, due to selling a loan part in order to diversify into new loans. My understanding was that the required minumum amount had to be left on the platform, i.e. no withdrawls, and I believe I once received confirmation of this following a direct query made long ago (now deleted). The above post by LC creates a doubt, so further clarification would be helpful. It would be a travesty of a bonus, if it were reclaimed due to the above scenarios. A loyal investor might even subsequenly go on to invest several more thousands, yet lose the bonus! (I believe many investors would indeed have put in a lot more, if LC had opened up the secondary market to 'normal' trading, but they want to do things their way, it would seem, no matter what their investors might want. It could be too late now with all the defaults looming).
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adrianc
Member of DD Central
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Post by adrianc on May 23, 2016 8:55:02 GMT
Yeah, that's pretty much my situation. Due to unpredictable secondary market sales (put £200 of a loan up for sale to increase the chances of selling some of it, then 4 months later the lot goes in one bite), I've dropped below £1k on a few occasions. I've always either bought or bid back to over £1k, but it could take a week for a bid to turn into a loan, leaving me with periods not meeting min requirements. The bonus is currently still in my account, but I'd feel hard done by if it got pulled back on a technicality at the 12 month mark as it's the sincere intention to follow the rules. I can't see LC benefiting from being that strict either. I must have been lucky, looking at some of the comments around here recently, as I've only got one £20 default in the Bar that's giving optimistic vibes. So I'm not as down beat about LC, ...yet.  I'm just having a think about that... There's agitation in the thread about that loan, to get it declared in default. Which, I have to admit, does make a lot of sense. I'm not terribly optimistic about it... Anyway, if that IS defaulted, my loaned amount will dip below the grand. So... will that trigger a clawback of the bonus? I sincerely hope not! lendingcrowd - any clarification?
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on May 23, 2016 13:49:51 GMT
Hi adrianc;
AFAIK Default wouldn't affect the balances outstanding, it is a matter of fact as per LC's declared policy that when a repayment is more than 30 days late it will become that status, but the figures wouldn't change.
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