PBL167 Pickering Holiday Cottages DEFAULT Part Recovery

Its not the double interest I am worried its how I pay for 167 as I have more than enough to come back from 122. do I sell other loan parts ? What I should be doing is buying loan parts with my xs proceeds from 122. L/SS have really ***** me up this time !

Yes, I have put in sufficient to make up the difference between the new tranche and my existing holding,  leaving me with a negative balance equal to that existing holding. 

Are Lendy going to consider that I have not fully funded the new tranche within the target time and take it away - or what?

Don't pay for PBL167, wait for PBL122 to repay.    I don't know why they haven't repaid PBL122, a cock-up it seems that will cost LLfS as members will kick up a stink if they don't cough up.  
Don't worry it will be sorted today tomorrow Monday Tuesday 

My email said 24 hours (with no mention of when people were working or not) although people have confirmed their deposits have been processed (mine was by sales).

I don't think the complaints would be limited to the 'haters' -- everyone who had an allocation cancelled while awaiting a PBL122 repayment sufficient to cover their negative balance would have a grievance.

ISTM that LfSS have caused this problem themselves when they decided not to allow investments in PBL122 to be rolled forward into PBL167.  And I really can't understand why they decided to do that.  PBL167 is three times the size of PBL122, so even if every PBL122 investor wanted to roll their investment forward -- and we can guess that many would not have wanted to do that -- there still would have been about £1.7M of PBL167 to fund, which suggests that the only investors who would have noticed any difference in their allocations would be those who wanted more than, say, £2k of PBL167.  (And some of those wouldn't have been disadvantaged because they had more than £2k in PBL122 that they would have rolled forward.)

No doubt LfSS had reasons for handling this they way they did, but if they don't give us any clues to those reasons then all we can do is remain in the dark and speculate.

Not paying off PBL122 is costing them only £468.49 per day so it's not a significant sum in the grand scheme of things.

I am surprised that LfSS didn't have everything in place to send PBL167 live, drawn down and PBL122 paid off all in a nice little row. Maybe the Easter break got in the way and they were unable to do what they'd hoped.

I would be amazed if PBL122 isn't repaid well before LfSS start thinking about cancelling the PM purchases of PBL167 made on INPL.

If LfSS start cancelling PBL167 investments (for people with enough PBL122 to cover their negative balance) then amazement will be insufficient and I shall be forced to resort to astonishment. *

I suggest that anyone waiting for PBL122 repayments to fund their PBL167 should simply drop LfSS an e-mail stating that their negative balance will be resolved by the PBL122 repayment.

* Paraphrasing Douglas Adams

EDIT - Crossed with lendinglawyer who goes one better than astonishment by falling off his chair!

If I understand correctly the issue that caused the death of INPL for SM purchases, the FCA have told LfSS that they have to act as agent/broker and not as principal.  I believe the reason for the FCA position is to reduce platform risk.  This means LfSS can't hold parts waiting for investors to pay up or, put another way, that only client funds can be used for lending.  The implication of that for new loans is that they can't draw down until negative balances are cleared.  I expect an exception can be made where investments are being rolled forward, such as in this case, because those client funds already are with the borrower.  The upshot, however, is that PBL167 can't draw down until new investors have cleared their negative balances.  And PBL122 can't be repaid until PBL167 draws down because that would mean LfSS would have to use their own funds to allow non-renewing PBL122 investors to be repaid.

I wouldn't hold my breath waiting for that to happen!