jamesc
Member of DD Central
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Post by jamesc on Apr 18, 2017 14:35:53 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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ferdy
Member of DD Central
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Post by ferdy on Apr 18, 2017 15:03:46 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances. I feel I have been misled by Lendy regarding the repayment of PBL122. AFAICS no mention was made in the prefunding information that 122 would be repaid some considerable time after 167 had gone live. Consequently, it has put me to a great deal of inconvenience trying to sell loans that I had n't planned to. So given the confusion caused by Lendy, will you be extending the time to clear negative balances and will you be issuing an official Lendy email, explaining the situation. As you know the vast majority of Lendy customers are not members of this board and will be in ignorance of the current situation. Thanks
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toffeeboy
Member of DD Central
Posts: 538
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Post by toffeeboy on Apr 18, 2017 15:28:29 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances. I feel I have been misled by Lendy regarding the repayment of PBL122. AFAICS no mention was made in the prefunding information that 122 would be repaid some considerable time after 167 had gone live. Consequently, it has put me to a great deal of inconvenience trying to sell loans that I had n't planned to. So given the confusion caused by Lendy, will you be extending the time to clear negative balances and will you be issuing an official Lendy email, explaining the situation. As you know the vast majority of Lendy customers are not members of this board and will be in ignorance of the current situation. Thanks Where have they misled you, there is no mention of repayment being immediate? These are two separate loans as suggested by the fact PBL122 is being repaid not rolled over and should have been treated as such.
You misunderstood, Lendy didn't cause that. I am sure that vast majority would understood and treated it as two separate loans
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toffeeboy
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Post by toffeeboy on Apr 18, 2017 15:30:35 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances. But that is not what was said when the loans were in prefunding so basically you are a liar ! What was said? If you read the loan details it says that PBL122 will be repaid from PBL167 not rolled over so it means that the two loans aren't connected so it is said in the loan details.
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Post by lendinglawyer on Apr 18, 2017 15:32:55 GMT
I hate to say "I told you so", but here come the haters as I predicted above...
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ferdy
Member of DD Central
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Post by ferdy on Apr 18, 2017 15:39:06 GMT
Paul64 I feel I have been misled by Lendy regarding the repayment of PBL122. AFAICS no mention was made in the prefunding information that 122 would be repaid some considerable time after 167 had gone live. Consequently, it has put me to a great deal of inconvenience trying to sell loans that I had n't planned to. So given the confusion caused by Lendy, will you be extending the time to clear negative balances and will you be issuing an official Lendy email, explaining the situation. As you know the vast majority of Lendy customers are not members of this board and will be in ignorance of the current situation. Thanks Where have they misled you, there is no mention of repayment being immediate? These are two separate loans as suggested by the fact PBL122 is being repaid not rolled over and should have been treated as such.
You misunderstood, Lendy didn't cause that. I am sure that vast majority would understood and treated it as two separate loans
Since there was nothing mentioned to the contrary, I assumed (rightly or wrongly) that 167/122 would follow the same procedure as had occurred on previous occasions and be a simultaneous action. I had n't realised that they were separate loans. Am I alone in thinking that?
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Post by supernumerary on Apr 18, 2017 15:41:49 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!! IMHO, the best thing to do, is to just put PBL122 up for sale, to cover the negative balance.  Saving Stream will understand.
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dermot
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Post by dermot on Apr 18, 2017 15:59:54 GMT
I wasn't sure how the timing on this would play out, so ensured I had cash available to push in to cover the deficit.
I'm earning interest on both so happy enough, but Lendy could have been a bit more informative upfront, I certainly don't see signs of any particular intent to deceive.
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toffeeboy
Member of DD Central
Posts: 538
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Post by toffeeboy on Apr 18, 2017 16:10:27 GMT
Where have they misled you, there is no mention of repayment being immediate? These are two separate loans as suggested by the fact PBL122 is being repaid not rolled over and should have been treated as such.
You misunderstood, Lendy didn't cause that. I am sure that vast majority would understood and treated it as two separate loans
Since there was nothing mentioned to the contrary, I assumed (rightly or wrongly) that 167/122 would follow the same procedure as had occurred on previous occasions and be a simultaneous action. I had n't realised that they were separate loans. Am I alone in thinking that? As far as I can see the same procedure has been followed/is being followed as previously. PBL122 will be cleared when PBL167 is drawn down as has happened with all of the other loans, the difference is that the FCA no longer allow loans to be drawn down using Lendy money so therefore the loan can not be drawn down until all of the negative balances are cleared.
To accuse Lendy of misleading you was uncalled for but at least you didn't accuse them of being liars. As lendinglawyer had predicted people were always going to come out hating. Looks like some people worked out how it was going to work, some weren't sure so assumed that they would have to cover the pre funding and then some misunderstood and now blame Lendy for it.
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tombraider
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Post by tombraider on Apr 18, 2017 16:11:10 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!! IMHO, the best thing to do, is to just put PBL122 up for sale, to cover the negative balance. Saving Stream will understand. Judging by the loans on SM I think a number of people got caught out. I did. Hopefully when 122 is paid the SM will return to its usual levels....
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adrianc
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Post by adrianc on Apr 18, 2017 16:19:36 GMT
Hi, while there is a connection, they should be treated as two separate loans, so, yes, please clear any negative balances. , At risk of being labelled a "hater", this is bang out of order. Yes, I understand that the FCA approval has changed the way some things are done. But let's look at what's actually happened here. All along, 167 has been billed as a replacement for 122, which will repay. This situation has happened with several previous loans, and every single time it has played out as expected and as described beforehand. If you knew the FCA approval would change that, then why was this billed the way it was? The update on 122 on the 31st March said... The update on 122 last Friday, the very day 167 actually went live, said... Now you're saying that both of those were completely and utterly wrong, and these are two completely separate loans (despite being on the same properties and the same borrower)? Sorry, the message this sends is that you (as a company) really do not know what you're doing, and you're making it up on the fly. This is an accusation that's been levelled before - and I've defended you. Maybe they were right all along. Not only do I now have much greater exposure to this borrower than I want, but I also have a loan at what appears to be a MUCH higher LTV than Lendy have ever said they will expose lenders to. I am most unhappy about the way this is being (mis-)handled. I've been a staunch supporter of SS - to the point that you have my second-largest investment - but a lack of interesting loans recently have seen me withdrawing money, rather than paying in. Now I'm seriously wondering if I want to withdraw more than just "overflow".
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Post by supernumerary on Apr 18, 2017 16:31:44 GMT
IMHO, the best thing to do, is to just put PBL122 up for sale, to cover the negative balance. Saving Stream will understand. Judging by the loans on SM I think a number of people got caught out. I did. Hopefully when 122 is paid the SM will return to its usual levels.... It may also be due to a possible current depositing problem onto Saving Stream as well...  I am have been waiting for 1 hour 26 minutes and counting for a deposit to go on. This is unusual... 
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Post by Paul64 on Apr 18, 2017 18:34:36 GMT
Hi all, I do not agree that anyone has been misled, and would politely ask that people refrain from the more inflammatory language on the forum. I do however feel that we could have been clearer, and will keep an eye on rollovers in future. I am sorry if the loan has inconvenienced anyone.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Apr 18, 2017 18:45:50 GMT
Hi Paul.
So just tell us when will loan 122 be repaid?
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trevor
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Post by trevor on Apr 18, 2017 18:49:44 GMT
Paul, 600k added to the SM in the past few hours tells you how many have been misled, despite what you say. Thankfully we don't live in Turkey so we can voice an opinion whether you like it or not.
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