sl75
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Post by sl75 on Apr 18, 2017 7:27:07 GMT
Edit: another thought - until PBL122 is properly marked as repaid, the effective LTV of the funds held by and/or on behalf of the borrower would seem to be 81.6% Except that none of the PBL167 funds should be in the borrower's hands -- it ought to still be in the LfSS client account. ... but AIUI held in that client account on behalf of the borrower (they're no longer being held on our behalf, as LfSS have already reduced our cash balance). [edit: for others reading who may be unfamiliar with commonly used abbreviations, AIUI = "As I Understand It"]
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twoheads
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Programming
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Post by twoheads on Apr 18, 2017 7:58:20 GMT
Surely that's 'Just For General Interest'.
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ablender
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Post by ablender on Apr 18, 2017 9:20:12 GMT
Or they could just get a 'roll me over' tick box, like the MT one. BHs could the keep their large lumps. I think the 'roll over' boxes makes it easy to forget that it is rolling over and each time it does might become more of a risk. I think many of MT's 'rolled over' loans would be classified as overdue on Lendy/SS, which flatters one's MT portfolio. Jack P Each time it rolls over on MT, the lenders have the option to opt out. (This apart from the usual ability to sell on the SM - for both platforms) I cannot see it as an overdue.
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jimc99
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Post by jimc99 on Apr 18, 2017 9:44:46 GMT
Have I failed to understand this one? Just when will I get my money still tied up in 122?
Do I have to put it up for sale?
Am I getting interest on 122 and 167?
All a bit of a mess!!
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treeman
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Post by treeman on Apr 18, 2017 11:54:11 GMT
Paul64 - any chance of a bit of clarity on how this PBL122/167 process is supposed to work ?
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mikes1531
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Post by mikes1531 on Apr 18, 2017 12:41:16 GMT
Except that none of the PBL167 funds should be in the borrower's hands -- it ought to still be in the LfSS client account. ... but AIUI held in that client account on behalf of the borrower (they're no longer being held on our behalf, as LfSS have already reduced our cash balance). I would have thought that in all cases where a loan hasn't been drawn down -- and that includes PBL167 -- the funds should be in the client account. I know nothing about whether they're being held there on behalf of the borrower or the investor, but ISTM that no matter who they're being held for they won't come out of the client account until the loan draws down. And I wouldn't have thought that the borrower has any right to them until the loan draws down. So if something goes wrong and the loan doesn't draw down the funds can be repaid to the investors. As a result, I see no risk to investors until the money leaves the client account. Am I missing something?
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adrianc
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Post by adrianc on Apr 18, 2017 13:03:17 GMT
Paul64 - any chance of a bit of clarity on how this PBL122/167 process is supposed to work ? We know how it's supposed to work... It's how it's ACTUALLY working that's got us all mystified.
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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 Apr 18, 2017 13:19:11 GMT
... but AIUI held in that client account on behalf of the borrower (they're no longer being held on our behalf, as LfSS have already reduced our cash balance). I would have thought that in all cases where a loan hasn't been drawn down -- and that includes PBL167 -- the funds should be in the client account. I know nothing about whether they're being held there on behalf of the borrower or the investor, but ISTM that no matter who they're being held for they won't come out of the client account until the loan draws down. And I wouldn't have thought that the borrower has any right to them until the loan draws down. So if something goes wrong and the loan doesn't draw down the funds can be repaid to the investors. As a result, I see no risk to investors until the money leaves the client account. Am I missing something? Not AFAICS. I believe on the previous occassion this was raised, Lendy vehemently attested they were in the borrowers client account. here, here and very strongly here
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acky
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Post by acky on Apr 18, 2017 13:21:56 GMT
SS have confirmed to me by e-mail that PBL122 will only be repaid when PBL167 draws down. But they give they no indication as to when that might be, or whether in the interim my investment in PBL167 will be cancelled because of my negative balance (I have more PBL122 than I applied for in PBL167).
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guff
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Post by guff on Apr 18, 2017 13:22:01 GMT
Paul64 - any chance of a bit of clarity on how this PBL122/167 process is supposed to work ? We know how it's supposed to work... It's how it's ACTUALLY working that's got us all mystified. They've got both bases covered. Either: or:
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Post by Paul64 on Apr 18, 2017 13:26:49 GMT
All, PBL167 will repay PBL122 once 167 completes (i.e. is drawn down, which is expected this month). Until then all monies are held in the client account. If you're invested in both then you'll earn interest on both loans.
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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 Apr 18, 2017 13:31:20 GMT
All, PBL167 will repay PBL122 once 167 completes (i.e. is drawn down, which is expected this month). Until then all monies are held in the client account. If you're invested in both then you'll earn interest on both loans. Thank you. I would suggest that next time this scenario arises it would be advisable to be very clear that the existing loan will not be repaid when the new loan launches as there has clearly been a lot of confusion with people expecting PBL122 repayment to cover their PBL167 investment as has happened in all previous cases.
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Post by Paul64 on Apr 18, 2017 13:31:29 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances.
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jcb208
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Post by jcb208 on Apr 18, 2017 13:52:25 GMT
Should of told us this before hand so now I will end up with a surplus credit of 3.5K when it is repaid.
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treeman
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Post by treeman on Apr 18, 2017 13:52:46 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances. Aha! At least that's clear(er) ! Really do need a crystal clear statement on these (non)roll-overs and how to maintain your investment to avoid similar confusion in future .........
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