sl75
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Post by sl75 on May 24, 2018 15:21:23 GMT
I've not checked specific amounts, but from my loans, in terms of which lines are present or absent on the statement, I have: - PBL120 (residual holding, "repaid" tab) : paid capital, interest, bonus today. [as expected]
- PBL120 (sold more than 300 days ago) : nothing paid today [as expected]
- PBL120 (sold within last 300 days) : paid interest today. [as expected]
- PBL120R1 : nothing paid today [expected accrued interest from 31/07/2017 to 16/08/2017]
- PBL120R2 : nothing paid today [expected accrued interest and bonus from 31/07/2017 to 23/11/2017]
- PBL120R3 : nothing paid today [expected accrued interest and bonus from 31/07/2017 to 27/02/2018]
- PBL120R4 : nothing paid today [expected accrued interest and bonus from 31/07/2017 to 28/02/2018]
As such, it seems they've processed PBL120 fully, but not yet processed the accrued interest/bonus payments expected from PBL120R1 to PBL120R4. Edit: done a handful of minor corrections; also: NB the accrued interest and/or bonus for R1 to R4 is shown on the repaid loan parts tab, so they know how much is owing - just presumably nobody's pressed the button for those loans yet. |
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jsmill
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Post by jsmill on May 24, 2018 16:27:59 GMT
I've not checked specific amounts, but from my loans, in terms of which lines are present or absent on the statement, I have: - PBL120 (residual holding, "repaid" tab) : paid capital, interest, bonus today. [as expected]
- PBL120 (sold more than 300 days ago) : nothing paid today [as expected]
- PBL120 (sold within last 300 days) : paid interest today. [as expected]
- PBL120R1 : nothing paid today [expected accrued interest from 31/07/2017 to 16/08/2017]
- PBL120R2 : nothing paid today [expected accrued interest and bonus from 31/07/2017 to 23/11/2017]
- PBL120R3 : nothing paid today [expected accrued interest and bonus from 31/07/2017 to 27/02/2018]
- PBL120R4 : nothing paid today [expected accrued interest and bonus from 31/07/2017 to 28/02/2018]
As such, it seems they've processed PBL120 fully, but not yet processed the accrued interest/bonus payments expected from PBL120R1 to PBL120R4. Edit: done a handful of minor corrections; also: NB the accrued interest and/or bonus for R1 to R4 is shown on the repaid loan parts tab, so they know how much is owing - just presumably nobody's pressed the button for those loans yet. your 'from' dates in the list pbl120r2-r4 are wrong, but the rest makes sense. It matches with my calculations. Lendy totally forgot of a big part of interest which is still due. Same situation for my account now that I have worked it through
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sl75
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Post by sl75 on May 24, 2018 17:19:02 GMT
your 'from' dates in the list pbl120r2-r4 are wrong How so? 31/07/2017 was the last date interest was paid on any part of PBL120 according to my statement, so all loan parts from all of these would be due interest from that date.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 24, 2018 17:26:15 GMT
your 'from' dates in the list pbl120r2-r4 are wrong How so? 31/07/2017 was the last date interest was paid on any part of PBL120 according to my statement, so all loan parts from all of these would be due interest from that date. loan went ia on 28/7 so interest on 31/7 was presumably 4 day's short
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mary
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Post by mary on May 24, 2018 17:55:20 GMT
Great to see this repaid with interest and bonus. I suspect the approval of the second charge loan for DFL012 was dependent on this repayment (same borrower). Therefore, the first tranche should move to live shortly as that progresses. Hopefully then that project can move forwards as the webcam suggests nothing happening. Seems to be an accurate assumption, 2nd charge on DFL012 now going live tomorrow. Lets hope it attracts sufficient funding to cover the interest owed on the 1st charge loan before the end of the month!
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ncp
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Post by ncp on May 24, 2018 18:30:36 GMT
Like other people I have not been paid any interest that was due on the repaid tranches. I have raised a query with Lendy Support to confirm what we all already know. I have also said that they are not doing themselves any favours by trying to make out we all did better than we did, 25% return, round objects!
For figures: Total Interest accrued due on all repaid loan parts £109k repaid around £65k. Bonus £38k, repaid £19k. Return 9.2% if you had the loan part from IA (27/7/17). Less return if you bought in later, parts I bought the end of November have only earned 6.6% due the large partial repayment on 27/2/18 on which interest has not been paid. For me paid interest £1630, not paid £1204.
On balance I am happy to get the capital back, and earned something on top.
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empirica
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Post by empirica on May 24, 2018 19:27:07 GMT
From the email:
What alarms me - and actually depresses me slightly - is that Lendy have taken a stance which clearly suggests they felt they had initially negotiated a good deal and then worked 'vigorously' and gone the extra mile to get an even better one.
That Lendy returned to investors what was owed to them was _ given the viability of the asset _ nothing more than should have demanded from the borrower in the first instance.
Expecting investors might entertain a sub-par return initially and then crow about some notional 25% return which wouldn't have been achieved if Lendy had gone with its' initial negotiation and not sensed the groundswell of discountent, does not do Lendy any favours in the eyes of this potential investor.
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empirica
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Post by empirica on May 24, 2018 19:30:44 GMT
Talking of poor standards in communications ….
An update just in: "Further to the previous update on PBL120 today, we have identified a banking error that has resulted in some investors receiving an interest underpayment. Whilst the amount is small relative to the total payment, we take this issue extremely seriously, and as a result have taken immediate action to correct the error. We will therefore made a further interest payment to the affected investors on Friday 25th May 2018 once we have confirmed the banking error has been corrected. We’d like to apologise for any inconvenience caused. Kind regards The Lendy Team"
Even that refers to a 'banking error' rather than a payment error, as if saying banking somehow lays the blame at the feet of some third party and it really wasn't Lendy's own failing.
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Yintara
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Post by Yintara on May 24, 2018 19:44:51 GMT
Well, at least they've realised it fairly quickly and are doing something about it fairly quickly, which is better communication than I've come to expect. What worries me is whether they'd have noticed they'd messed up their own figures if some investors weren't keeping better track of things than they are?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 24, 2018 21:40:06 GMT
Sums owed on each part (assumes interest paid up to midnight previous day)
| Tranche | Value | Start | End | Held | Interest | Bonus %
| Held
| Bonus
| per £100
| Interest
| Bonus
| R1
| £1591272
| 28/7
| 15/8
| 19 days
| £9940.00
| .3123%
| 19 days
| £4969.54
| £100
| £0.63
| £0.31
| R2
| £1292829
| 16/8
| 22/11
| 99 days
| £42078.93
| 1.6274%
| 99 days
| £21039.50
| £81.25
| £2.64
| £1.32
| R3
| £1205004
| 23/11
| 26/2
| 96 days
| £38031.91
| 1.0192%
| 62 days
| £12281.40
| £75.26
| £2.37
| £0.77
| R4
| £658472
| 27/2
| 27/2
| 1 day
| £216.48
| 0
| NA
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| £41.38
| £0.01
| 0
| R5
| £651886
| 28/2
| 23/5
| 85 days
| £18217.09
| 0
| NA
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| £40.96
| £1.15
| 0
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| 300 days
| 108484.41
| 2.9589%
| 180 days
| £38290.44
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| £6.80
| £2.40
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Edit: revised down slightly as interest in July seems to have been paid in full so 4 days less accrued. Bonus should be unaffected.
Edit. Ok, Lendy dont think they paid the full interest in July & Im not arguing so numbers reverted
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ncp
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Post by ncp on May 24, 2018 23:01:08 GMT
I assume the lower payment is a mistake and needs correction. Either Lendy pays the interest in full or this loan should be defaulted and the borrower legally pursued for the difference. The terms of the vote on this loan were 1/ Capital back, no interest whatsoever 2/ Wait 12-18 months for the property to be sold on the open market and take your chance; so no pursuance of shortfall in option 1 as this is an assignment of debt, and all of its options for further recovery.
If this is the only interest I get then I reluctantly accept it; unlike others who have not had their capital returned in full yet.
The latest 'website update' states a 'banking error', and interest will be paid. Shame they did not bother to Email directly all those involved
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Post by Lendy Support on May 25, 2018 7:03:14 GMT
Dear all, further to the previous update on PBL120 yesterday, we have identified a banking error that has resulted in some investors receiving an interest underpayment.
Whilst the amount is small relative to the total payment, we take this issue extremely seriously, and as a result have taken immediate action to correct the error. We have therefore made a further interest payment to the affected investors.
We’d like to apologise for any inconvenience caused.
Regards
The Lendy Team
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ptr120
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Post by ptr120 on May 25, 2018 7:25:33 GMT
Except that it isn't really a banking error, is it, Lendy Support ? That would imply that it was the fault of your bank - Barclays, and I don't think that any of us are gullible enough to believe that. A little bit of honesty that this is a Lendy mistake would go a long way. |
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hazellend
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Post by hazellend on May 25, 2018 7:34:18 GMT
Except that it isn't really a banking error, is it, Lendy Support ? That would imply that it was the fault of your bank - Barclays, and I don't think that any of us are gullible enough to believe that. A little bit of honesty that this is a Lendy mistake would go a long way. It’s a banking error like you see in monopoly heh
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hazellend
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Post by hazellend on May 25, 2018 7:38:11 GMT
Calm down
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