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Post by skint4achange on Jan 22, 2018 14:19:12 GMT
My point was it is not contractual. It is not mentioned in the T&C's of the lender. So it does not have to be paid.
That said, Lendy appear to be listening and are even paying the bonus when they do not have to do so. So the likelihood of them not paying it on this loan appears to be negligible.
If you open a savings account, the interest rate is not in the terms and conditions but if it's advertised on their website at 2%, are they obliged to pay the 2% ? Are they not also within their rights to change their interest rates at anytime? So.................No. They can change that rate at any time and as Lendy have said on THEIR website, the bonus may or may not be paid.
Think we need to agree to disagree on this one as you don't seem to be able to grasp what I am saying to you. Must be my accent! 
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Post by skint4achange on Jan 22, 2018 14:27:36 GMT
My point was it is not contractual. It is not mentioned in the T&C's of the lender. So it does not have to be paid.
That said, Lendy appear to be listening and are even paying the bonus when they do not have to do so. So the likelihood of them not paying it on this loan appears to be negligible.
If you open a savings account, the interest rate is not in the terms and conditions but if it's advertised on their website at 2%, are they obliged to pay the 2% ? Also, in the T&C's of the savings account will be a clause that reads something along the lines of " We agree to pay an interest rate as set by the bank etc." but at no point in the Lendy T&C's does it mention the bonus interest.
The bonus was just invented to stop people from moaning.........................................apparently!
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copacetic
Member of DD Central
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Post by copacetic on Jan 22, 2018 16:17:15 GMT
Whether or not Lendy are obliged to pay the bonus advertised on an overdue loan by either advertising rules, their terms and conditions, the FCA, etc. they ought to realise from a business perspective that implying to lenders they are going to get a bonus then not paying it after all is likely to irritate us. I would have thought that the last thing Lendy want at the moment is lenders taking the hump and reducing their holdings.
IMO the way the bonus interest is implemented automatically based on negative days on the website could be improved significantly by having a manual checkbox in the 'back end' of the site that only enables bonus interest to accrue on a particular loan on a case by case basis. That way if it's in the process of renewal and the bonus is unlikely to be repaid it will never show up.
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blata
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Post by blata on Jan 26, 2018 9:56:00 GMT
Do you think Lendy has any idea of a Timescale, hope to be proved wrong. Words like hopefully, could be, might be, do not inspire any confidence in the platform. This loan needs to pay before then end of the month. Any confidence I had in the platform has now deteriorated to slightly below zero.
Can only think they must have blue-sky thinking meetings to decide on how to let the investors down gently however Lendy need new blood as the rubbish they spout is getting to sound the same.
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Post by skint4achange on Jan 26, 2018 10:02:08 GMT
Lendy won't commit themselves to a timescale on repayment as they leave themselves open to all kinds of comments about how bad they are.
However, it is not uncommon for a loan of this type to go over the due date and be extended for quite a while, as I am sure you know.
The loan will pay when the BORRWER is ready and not just because people say that their confidence in Lendy is waning. I am afraid to say that Lendy actually have no influence as to when a loan is repaid.
If you think that any of the other platforms are any better, good luck with them. No matter which platform you check on the forum, someone will always have a gripe with them.
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blata
Posts: 77
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Post by blata on Jan 26, 2018 10:06:31 GMT
I appreciate that Lendy have no concrete date when a payment is due, but too many of the Updates contain similar statements, and until a large DFL has paid confidence will be low. I have a substantial 6 figure sum invested which is going down rapidly.
Lendy have to sort rectify a lot of the default loans until this is done investors will not be happy
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Post by GSV3MIaC on Jan 26, 2018 10:18:42 GMT
IMO, a lot of Ly's problem is that they don't apply what I was taught way-back-when I used to have to earn a living .. 'Always UNDER-commit and OVER-deliver'. Not the other way round.
Other platforms get rather closer to this ideal (but indeed none are perfect .. you don't get perfect borrowers paying 12-25%).
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Post by skint4achange on Jan 26, 2018 10:20:14 GMT
I agree with you fully and I have been saying for a long time that people will start to take a step back from Lendy until a BIG DFL repays. Not just for confidence, but for a release of funds.
I haven't had a loan repay in over 2 months and as such I have no funds available for new loans/tranches. That may in part be due to the loans of I have and how long they have left to run, but I have also noticed a drop of in loans that are repaying.
In December there were 8 loan repayments (Notice I didn't say loans repaid?). Out of these 8, 3 were full repayments (All small PBL's.), 1 was a refinance (Another Lendy loan) and the remaining 4 were all partial payments only.
My pre-funding is now set to £0 for all new loans because until I actually have some money to invest, I will not be piling more into the platform.
I am hopeful that a big DFL will repay soon. When that does happy I will happily reinvest the money into other loans.
As for the defaulted loans, that again is really out of the hands of Lendy. The legal process in this country is a joke in all honesty. But, there is a process and Lendy (And all other platforms!) have to stick to it. It can't be rushed and unless you want to take a severe loss on the defaulted property, the sales can also take a long time once the security has been handed to Lendy. A certain house in Surrey springs to mind here.
It is frustrating, but let them do their job and not have to spend all day writing a meaningful update when they really don't have anything more to say.
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blata
Posts: 77
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Post by blata on Jan 26, 2018 10:51:35 GMT
All singing of the same song sheet.
They have a press officer whos job is to put out information, just make it accurate.
As said above, over deliver sneak in an unexpected payment, spirits will rise. It is the expectation of re-payment that never happens, shatters platform confidence.
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hazellend
Member of DD Central
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Post by hazellend on Jan 26, 2018 10:51:53 GMT
There are a few big DFLs looking likely to repay in the near future (this year).
People are deluded into thinking that the glorious days of constant liquidity for every loan were likely to continue indefinitely.
Lendy have made a number of mistakes for sure, but they have some good loans and my confidence is no less than any other platform. If there is a good loan, I will invest.
To be fair, I am a bit more selective now but that is across the board and not just with Lendy.
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Post by skint4achange on Jan 26, 2018 11:24:49 GMT
I think everyone should be selective about the loans they take as mentioned above.
On my own Lendy account I have a mix of 13 loans with a mid 5 figure sum invested across them all. On my wife's account, which was opened later, I only have 6 loans with about the same level of investment. Once I had found this website, I became a LOT more selective with my investments.
My own account will eventually mirror my wife's account, assuming the London flat sells along with the hideous chalet! 
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r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
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Post by r1200gs on Jan 26, 2018 12:27:52 GMT
There are a few big DFLs looking likely to repay in the near future (this year).
People are deluded into thinking that the glorious days of constant liquidity for every loan were likely to continue indefinitely.
Lendy have made a number of mistakes for sure, but they have some good loans and my confidence is no less than any other platform. If there is a good loan, I will invest.
To be fair, I am a bit more selective now but that is across the board and not just with Lendy.
I think that is probably true for all of us that have been at this a few years now. Sadly, I no longer trust any platform and that has been the main driver of my investment behaviour changes. Several near misses on Lendy (only the security matters?) and two direct hits on FS (wind turbine just needs connecting actually needing major work, Whitehaven, well advanced building project totally unsupervised and actually a partially cleared building site) have made a different investor of me. I still invest with Lendy but I'm VERY choosy about my loans.
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Post by loftankerman on Jan 26, 2018 16:43:49 GMT
Do you think Lendy has any idea of a Timescale, hope to be proved wrong. Words like hopefully, could be, might be, do not inspire any confidence in the platform. This loan needs to pay before then end of the month. Any confidence I had in the platform has now deteriorated to slightly below zero. Can only think they must have blue-sky thinking meetings to decide on how to let the investors down gently however Lendy need new blood as the rubbish they spout is getting to sound the same. This one was expected to pay up a good while ago before getting an extension, which would have been inconceivable if the expectations had been based on truth. The failure of the almost certainty of them coughing up more recently was, as previously noted, a consequence of the unexpected arrival of the Christmas and New Year periods. The explanations relating to that calendar based technicality were accompanied by assurances of coming greater certainty, that doesn't seem to have materialised so far, 'before the end of the month'. I am beginning to wonder if January 2018 will be a rare January that has 90 days in it.
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guff
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Post by guff on Jan 26, 2018 18:53:58 GMT
... I am beginning to wonder if January 2018 will be a rare January that has 90 days in it. It would need to have 180 days in it before Lendy recognised it as being a problem  Maybe they're using this.
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Post by picanto on Jan 27, 2018 16:31:11 GMT
What's actually caused the delay? Anybody know because Lendy haven't actually said?
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