ncp
Posts: 19 
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Post by ncp on Jun 2, 2018 14:12:27 GMT
It took me 13 emails and 16 weeks before Lendy coughed up the missing interest on PBL133. I still don't know if they took any notice of my explanations, but the outstanding interest was made after I requested the auditors investigate my findings. The missing bonuses on PBL120 R2, R3 & R4 are more obvious, but the blanket payment of a bonus on the residual PBL120 (regardless of term held) has complicated the situation. I don't think lendy have even written a program to deal with multiple bonus payments. And the thing is, once eventually they realise their error in underpaying/not paying interest and settle with the investor who raised the initial Q, do they then put things right with all other investors in a similar position, or does each complaint about under payment of interest have to be looked at & eventually settled on an individual basis. I guess we will never know....... I have contacted Lendy today to claim underpayments of interest and bonus. As far as I can determine (from my own loan parts) in calculating the interest and bonus due the 3rd party software provider used the following formula, with interest and bonus rolled into one, on ALL loan parts irrespective of when the loan part was purchased or repaid. (all mine were purchased after the 27/7/17)
Repayment Date minus default date minus 1 day multiplied by 1 per cent. So for say repayment 3 - (27/2/18 - 27/7/17 - 1) x1% = 214 days @ 1%. I assume this is why some people are claiming overpayments (loans held for short periods of time) or no bonus (loans held at default). Days used for repayment 2 118, for repayment 4 215. It should be easy enough for you to check your own amounts that you received and claim any shortfalls.
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xpubman1
Member of DD Central
Posts: 62
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Post by xpubman1 on Jun 2, 2018 14:32:06 GMT
It is wonderful that ncp has all this time to question fractions of percentage points that he believes to be underpaid. Keeps us all on our toes.... beancounting?
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ncp
Posts: 19
Likes: 20
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Post by ncp on Jun 2, 2018 14:49:11 GMT
It is wonderful that ncp has all this time to question fractions of percentage points that he believes to be underpaid. Keeps us all on our toes.... beancounting? Depends on how big your beans are. Loss of bonus on a £10,000 loan part held at default is over £295, not an insufficient sum. I held over £25k in that loan. Keep counting your beans.
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agent69
Member of DD Central
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Post by agent69 on Jun 2, 2018 14:54:54 GMT
I held over £25k in that loan. Did you miss out on the diversification thread, or are you incredibly rich?
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Post by loftankerman on Jun 2, 2018 15:39:34 GMT
It is wonderful that ncp has all this time to question fractions of percentage points that he believes to be underpaid. Keeps us all on our toes.... beancounting? You've said recently that your objective is to get your posts count up to a level where you can gain access elsewhere. I assume you are thinking of DD Central. I never applied to join because I had already stopped investing in Lendy. I did note however that forum members on here were advised that valueless posts, just to get the numbers up would not assist entry. So it may well be that posts whining about whiners and taking pot shots at people bright enough to be able offer solutions to technical queries won't be worth a hill of beans, counted or otherwise.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Jun 2, 2018 16:25:28 GMT
It is wonderful that ncp has all this time to question fractions of percentage points that he believes to be underpaid. Keeps us all on our toes.... beancounting? It's far more than fractions. It's serious amounts, and Lendy aren't even acknowledging they have a problem. Paul64 would you like to comment?
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locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
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Post by locutus on Jun 4, 2018 8:08:18 GMT
From Lendy Support:
This makes zero sense and is moving the goal posts yet again. Has anyone else had a response?
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ncp
Posts: 19
Likes: 20
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Post by ncp on Jun 4, 2018 9:50:41 GMT
From Lendy Support: This makes zero sense and is moving the goal posts yet again. Has anyone else had a response? I will update if/when I get a response (away for a few days so not till next week). However they did pay bonus on PBL107 1st repayment. Copy of transactions posted to my account below
07/02/2018 Bonus 1657846 PBL107R1 - Flat in Cheyne Gardens, London, SW3 5QT 27/11/2017 30/11/2017 £0.94
07/02/2018 Bonus 1657841 PBL107R1 - Flat in Cheyne Gardens, London, SW3 5QT 26/11/2017 30/11/2017 £1.13
07/02/2018 Bonus 1657837 PBL107R1 - Flat in Cheyne Gardens, London, SW3 5QT 25/11/2017 30/11/2017 £1.33
07/02/2018 Bonus 1657831 PBL107R1 - Flat in Cheyne Gardens, London, SW3 5QT 25/11/2017 30/11/2017 £0.26
07/02/2018 Bonus 1657700 PBL107R1 - Flat in Cheyne Gardens, London, SW3 5QT 17/10/2017 30/11/2017 £4.63
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locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
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Post by locutus on Jun 4, 2018 10:37:05 GMT
ncp I also see that if I go to Repaid Loan Parts in my account, I can see bonuses totalling £x.xx (adding up all the bonus column amounts). However, when I check my Transaction List, I can see my bonuses only add up to £y.yy. Does anyone else have this discrepancy?
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ncp
Posts: 19
Likes: 20
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Post by ncp on Jun 4, 2018 10:55:24 GMT
ncp I also see that if I go to Repaid Loan Parts in my account, I can see bonuses totalling £x.xx (adding up all the bonus column amounts). However, when I check my Transaction List, I can see my bonuses only add up to £y.yy. Does anyone else have this discrepancy? From what I can work out the bonus (and probably the interest) information displayed on all 'my loans' screens is incorrect, and is calculated using generic formulas that do not necessarily apply (e.g. Bonus on those screens is calculated at a maximum of 2.5%, not 2.98% for 180 loans in default. If I add up the totals for interest on each screen (live/selling/sold/repaid) and compare it to the Tax Statement figures, after accounting for interest on IA loans there is a discrepancy of a few hundred pounds. I therefore place no reliance on those figures and just keep a note of actual interest paid each moth and check that against the Tax Statement.
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locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
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Post by locutus on Jun 4, 2018 11:43:42 GMT
It seems that Lendy's strong point is not Maths and for a financial institution, that really gives me no confidence. There are numerous examples reported on here and by myself where the interest and bonus amounts are either calculated incorrectly, displayed incorrectly, missed completely or bungled in some other way.
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Post by loftankerman on Jun 4, 2018 12:07:08 GMT
It seems that Lendy's strong point is not Maths and for a financial institution, that really gives me no confidence. There are numerous examples reported on here and by myself where the interest and bonus amounts are either calculated incorrectly, displayed incorrectly, missed completely or bungled in some other way. Which is what happens if you hire beta test oriented web wranglers and make the assumption that they have a thorough understanding of systems development, accountancy and programming business systems.
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ncp
Posts: 19
Likes: 20
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Post by ncp on Jun 4, 2018 16:00:37 GMT
This makes zero sense and is moving the goal posts yet again. Has anyone else had a response? Said I would update. responded very quickly with "Thank you for your email.
We are investigating this and will come back to you as soon as we can.
Thank you for your patience regarding this matter."
I await the outcome
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mickj
Member of DD Central
Posts: 435
Likes: 191
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Post by mickj on Jun 4, 2018 17:00:42 GMT
It seems that Lendy's strong point is not Maths and for a financial institution, that really gives me no confidence. There are numerous examples reported on here and by myself where the interest and bonus amounts are either calculated incorrectly, displayed incorrectly, missed completely or bungled in some other way. Which is what happens if you hire beta test oriented web wranglers and make the assumption that they have a thorough understanding of systems development, accountancy and programming business systems. Lenders seem to be the 'beta testers' software and payments adjusted as hickups are noticed and excuses and quick replies are scrutinized, something about turning or spinning quickly.
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empirica
Member of DD Central
Posts: 326
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Post by empirica on Jun 4, 2018 21:05:12 GMT
From Lendy Support: This makes zero sense and is moving the goal posts yet again. Has anyone else had a response? And directly contradicts the support note on Bonus Accruals: "The bonus is attached to the loan part and is payable to whoever owns the live loan part at the date of repayment." and "We believe this feature helps balance the risk/reward investment opportunity of overdue loans." Not if it isn't paid on part-repayments it doesn't. This might explain the situation, more so than poor programming or numeracy skills: "This is paid in preference to Lendy's share of margins and fees." I can see the attraction of slogans like 'Every little helps' but penny-pinching from your customers is rarely a good promotional technique.
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