invester
P2P Blogger
Posts: 612 
Likes: 618
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Post by invester on Jul 6, 2018 20:40:39 GMT
Seems that the modus operandi for borrowers is to promise a settlement offer at some time in the future, then shortly before it just lower the offer and start negotiations again.
Buys around 3 months with the possibility of getting an interest free loan.
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pence
Posts: 46
Likes: 14
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Post by pence on Jul 20, 2018 19:44:51 GMT
From today's newsletter:
The loan is currently -406 days old. I was wondering does "full accrued interest" mean interest from day 0 to day -180 or from day 0 to repayment day?
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geoff
Member of DD Central
Posts: 54
Likes: 49
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Post by geoff on Jul 20, 2018 19:58:57 GMT
From today's newsletter:
The loan is currently -406 days old. I was wondering does "full accrued interest" mean interest from day 0 to day -180 or from day 0 to repayment day?
Normal interest continues to accrue for the life of the loan, however bonus interest stops accruing after day -180
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GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
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Post by GeorgeT on Jul 20, 2018 20:16:54 GMT
I'm not in this one and I hope everybody who is gets the full capital return plus bonus interest which is promised in the latest update.
However I will be quite surprised if that is what transpires given the circumstances here - but it is about time that Lendy exceeded my expectations and I look forward to an excellent outcome in the interests of all the investors and the platform in general.
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empirica
Member of DD Central
Posts: 326
Likes: 235
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Post by empirica on Jul 21, 2018 11:26:38 GMT
From today's newsletter: The loan is currently -406 days old. I was wondering does "full accrued interest" mean interest from day 0 to day -180 or from day 0 to repayment day? Normal interest continues to accrue for the life of the loan, however bonus interest stops accruing after day -180 It's a pertinent question and I'm a little surprised the Lendy support pages don't have a worked example. Something along the lines of (borrowing a little from the DFL004 Vote example):
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| Investment Level | £ 1,000.00 |
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| Interest Rate | 12% |
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| Start Date | 03/06/2016 |
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| Drawdown Date | 10/06/2016 |
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| Term Date | 10/06/2017 |
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| Days Overdue | 406 |
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| Accued Interest | £ 133.48 |
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| Bonus Accrual Rate | 2.96% |
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| Bonus Accrual Payment | £ 29.60 |
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| Settlement on Full Repayment | £ 1,163.08 |
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| Overall Return for 'Start Date' Investor | £ 285.38 |
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| Annualised Return | 13.4% |
Lot of detail there _ perhaps too much for a support doc _ but some of it is already on a loan's Particulars page, maybe the rest could end up there too.
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pence
Posts: 46
Likes: 14
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Post by pence on Jul 22, 2018 18:42:00 GMT
From today's newsletter:
The loan is currently -406 days old. I was wondering does "full accrued interest" mean interest from day 0 to day -180 or from day 0 to repayment day?
Normal interest continues to accrue for the life of the loan, however bonus interest stops accruing after day -180
Thanks geoff .. I wasn't aware of this
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Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
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Post by Monetus on Jul 22, 2018 19:21:32 GMT
This loan went from a total white elephant to a pretty safe bet now that the planning issue has been resolved.
The land has already been earmarked for construction by a major developer with a GDV of £45 million and they’ve already started marketing it.
Now that there is major money to be made all round I have a feeling this one will work out OK for investors.
For once Lendy did the right thing with this loan but that doesn’t mean the poor communication throughout was acceptable.
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pence
Posts: 46
Likes: 14
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Post by pence on Jul 22, 2018 19:39:15 GMT
Normal interest continues to accrue for the life of the loan, however bonus interest stops accruing after day -180 It's a pertinent question and I'm a little surprised the Lendy support pages don't have a worked example. Something along the lines of (borrowing a little from the DFL004 Vote example):
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| Investment Level | £ 1,000.00 |
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| Interest Rate | 12% |
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| Start Date | 03/06/2016 |
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| Drawdown Date | 10/06/2016 |
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| Term Date | 10/06/2017 |
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| Days Overdue | 406 |
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| Accued Interest | £ 133.48 |
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| Bonus Accrual Rate | 2.96% |
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| Bonus Accrual Payment | £ 29.60 |
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| Settlement on Full Repayment | £ 1,163.08 |
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| Overall Return for 'Start Date' Investor | £ 285.38 |
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| Annualised Return | 13.4% |
Lot of detail there _ perhaps too much for a support doc _ but some of it is already on a loan's Particulars page, maybe the rest could end up there too. Thank you. Examples always help. I could verify all numbers except the annualised return. There are probably many ways to calculate this. With the cash flow numbers below and excels XIRR function I even get 13.63%. | 03/06/2016 | -£1,000.00 | investment | | 01/07/2016 | £9.21 | interest | | 01/08/2016 | £10.19 | interest | | 01/09/2016 | £10.19 | interest | | 01/10/2016 | £9.86 | interest | | 01/11/2016 | £10.19 | interest | | 01/12/2016 | £9.86 | interest | | 01/01/2017 | £10.19 | interest | | 01/02/2017 | £10.19 | interest | | 01/03/2017 | £9.21 | interest | | 01/04/2017 | £10.19 | interest | | 01/05/2017 | £9.86 | interest | | 01/06/2017 | £10.19 | interest | | 12/07/2018 | £1,163.08 | settlement on full repayment |
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Jul 30, 2018 6:40:58 GMT
Lendy stated they expect full repayment "BEFORE the end of July 2018" making investors feel delighted.
That leaves only 1 day to go.
Some may think that this was yet another bit of Lendy fake news.
We shall see.
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Post by charliebrown on Jul 30, 2018 14:09:36 GMT
Lendy stated they expect full repayment "BEFORE the end of July 2018" making investors feel delighted.
That leaves only 1 day to go.
Some may think that this was yet another bit of Lendy fake news.
We shall see. I stoped being delighted by LY’s promises of repayments a long time ago. I’ll only be delighted when I see the money back in my bank account, not before, and certainly not based on LY hollow promises.
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Post by rebull on Jul 31, 2018 5:34:10 GMT
Well todays the day, i ca'nt wait to get my money back made plans for it already {hua}
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Jul 31, 2018 13:29:16 GMT
Only 3 1/2 hours till 6 pm and silence from the Lendy team on the promised full repayment by today of this long over due loan.
Many may think that it was yet another bit of fake news from the totally unreliable management team running the Lendy platform.
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Balder
Member of DD Central
Posts: 646
Likes: 622
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Post by Balder on Jul 31, 2018 13:31:46 GMT
As Lendy have sent a note out today saying that DFL005 will not be re-paying today as expected I think you could still be in with a shout, maybe.
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Post by da2279 on Jul 31, 2018 13:33:30 GMT
Latest Update....
"Unfortunately, and through no fault of the borrower’s, the refinance of the loan has taken longer to complete than expected due to unavoidable legal issues. We remain in close communications with the borrower and his legal representatives and we therefore anticipate that the repayment of all capital, accrued interest and bonus accrual to investors will take place during August 2018."
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
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Post by sussexlender on Jul 31, 2018 13:41:56 GMT
I simply do not believe anything this management team say about any loans. It is easy to blame the lawyers.
They have proved that any Borrower can simply walk all over them time and again. Any old excuse will do which is then repeated back to investors.
I am very pleased that I did not recommend this shambles of a P2P company to anyone else.
Gradually removing funds and will not be back. No point in putting this criticism on "non" Trustpilot as they have been nobbled by Lendy.
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