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Post by Harland Kearney on Mar 20, 2018 13:49:36 GMT
Yep, withdrew immediately. This is my last loan in Lendy, I have been lucky to avoid any defaults and sold amount my portfolio about 1 month ago and I'm so glad I did  |
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locutus
Member of DD Central
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Post by locutus on Mar 20, 2018 13:51:05 GMT
Am I right in thinking that the usual practice is capital repayment, followed by interest and bonus with the monthly payment run? I wonder why they have done things differently this time? A rhetorical question I'm sure but the answer is that the power dynamic between lenders and platform has changed. Lendy now have to work that little bit harder to attract funding.
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withnell
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Post by withnell on Mar 20, 2018 14:02:06 GMT
Am I right in thinking that the usual practice is capital repayment, followed by interest and bonus with the monthly payment run? I wonder why they have done things differently this time? A rhetorical question I'm sure but the answer is that the power dynamic between lenders and platform has changed. Lendy now have to work that little bit harder to attract funding. It'll be the payment of back interest from when the loan was in negative days - normally a repayment with interest credited in the usual cycle isn't both overdue and being extended
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withnell
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Post by withnell on Mar 20, 2018 14:03:37 GMT
current abridged IMS update summary(s) provided to investors are inadequate IMO... And several loans seem to have over 2 month's worth of "report soon" updates, which also provide little insight!
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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.
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Post by sqh on Mar 20, 2018 14:28:32 GMT
My bonus interest for this loan has dropped from about £25 to £17.24 and the bonus accrual was about 0.7% and now is 0.5% . Has anybody else's bonus interest dropped and if so...why? There does seem to be a bug as bonus should accrue at 0.5% per month, so at -46 days should be ~0.75%. Looks like PLB156 is correct at -96 days =1.5%, but DFL024 is wrong at -42 days a= 0.5%, and PLB163 and 164 also wrong. Plus all the defaulted loans have reduced to a maximum bonus of 2.5%. Someone is making online, live code changes and not bothering to do any testing again! Edit - unless they've changed the T&Cs and not bothered to tell anyone? My calculations show that 69 days bonus interest was paid. Do other lenders agree, and was that the number of days overdue ? I've quoted a post from Feb 21st that suggests it was -46 days at that time, so should be 73 days now !!!
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Post by picanto on Mar 20, 2018 15:06:40 GMT
Finally! Fair play to Lendy for eventually getting some capital repayment and interest paid on this loan. Like @magenta14 I have reinvested some money back into the platform and give Lendy gratitude but Lendy still have a long way to go to regain my trust to how it was over 12 months ago. But this is a start.
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Jeepers
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Post by Jeepers on Mar 20, 2018 15:14:07 GMT
I've also put the repayment back into this loan, only £475 but still, it's a start after winding down for months.
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hazellend
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Post by hazellend on Mar 20, 2018 15:16:40 GMT
I’ve reinvested. Lendy may need a lot of improvent but they have some good loans
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Jeepers
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Post by Jeepers on Mar 20, 2018 15:23:19 GMT
I’ve reinvested. Lendy may need a lot of improvent but they have some good loans Not many, but there are a few. Only going for the low LTV's now (under 50%) DFL 14 looks decent at 24% LTGDV.
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Post by loftankerman on Mar 20, 2018 15:24:28 GMT
Finally! Fair play to Lendy for eventually getting a capital repayment and interest paid on this loan. Like @magenta14 I have reinvested some money back into the platform but Lendy still have a long way to go to regain my trust to how it was over 12 months ago. But this is a start. The full amount of capital repayment would have been nicer, tbh. IF the borrower received £4M for the freehold, £2M was returned to lenders, c. £1M used to repay outstanding interest and extend the loan for 6 months, which suggests c. £1M was kept by the borrower for 'working capital'. Given this development has completed, I don't see how further capital was required on this loan, and to my way of thinking, it should have been returned to lenders. (I'm not usually this much of a nit-picker, but £1M gets you a lot of nits.) I assumed that the sudden rule change so that Lendy no longer had any need to ensure a loan was being used for the stated purposes, was to give a nudge nudge, wink wink and facilitate the working capital being set working busily at Stalag Luft Yorkshire.
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poppyland
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Post by poppyland on Mar 20, 2018 15:54:40 GMT
While I admire you brave folks who are reinvesting in Lendy, I have whisked my money straight out in order to put it somewhere safer. I won't even consider reinvesting money into Lendy until every single one of my defaulted loans has repaid.
I am somewhat consoled today by the fact that the value of my capital currently being sat on by Lendy is now slightly less than the total earnings I have made on the platform in the 2+ years I have invested with them. So my worst case scenario at the moment is a slight overall gain. But hopefully you optimists are right, and Lendy are getting their act together. These partial repayments, though not exactly exciting, are a lot better than nothing, and a move in the right direction.
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Post by investor1925 on Mar 20, 2018 16:09:05 GMT
While I admire you brave folks who are reinvesting in Lendy, I have whisked my money straight out in order to put it somewhere safer. I won't even consider reinvesting money into Lendy until every single one of my defaulted loans has repaid. I am somewhat consoled today by the fact that the value of my capital currently being sat on by Lendy is now slightly less than the total earnings I have made on the platform in the 2+ years I have invested with them. So my worst case scenario at the moment is a slight overall gain. But hopefully you optimists are right, and Lendy are getting their act together. These partial repayments, though not exactly exciting, are a lot better than nothing, and a move in the right direction. Your comment reminded me of my father in law, who was 96 a couple of weeks ago. He has a wonderful sense of humour & keeps coming out with the comment "I'm going to live to 100, or die trying". I think I'll live to 100 or till every single one of my defaulted loans has repaid, whichever is the earlier. Joking aside, I'm with you.
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hazellend
Member of DD Central
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Post by hazellend on Mar 20, 2018 16:12:29 GMT
The psychology of not investing anymore until your defaulted loans are repaid is an interesting one.
It is vaguely similar to the behavioural error stocks and shares investors make called “anchoring” where they hold onto an investment they bought for a much higher price.
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poppyland
Member of DD Central
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Post by poppyland on Mar 20, 2018 16:38:28 GMT
The psychology of not investing anyone until your defaulted loans are repaid is an interesting one. It’s is vaguely similar to the behavioural error stocks and shares investors make called “anchoring” where they hold onto an investment they bought for a much higher price. I would agree with you that giving up on investing in P2P in general might be an over-reaction, but deciding not to invest in Lendy until they've paid me all that they're going to, and I have had a chance to assess how I did overall just seems prudent to me. Why risk more money on a platform that is clearly in trouble when there are better and safer places to get a 12% return? Anyway, like I said hats off to the Lendy loyalists, but for myself, I'm a Lendy lets-get-the-hell-outta-here.
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bugs4me
Member of DD Central
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Post by bugs4me on Mar 20, 2018 16:55:34 GMT
The psychology of not investing anyone until your defaulted loans are repaid is an interesting one. It’s is vaguely similar to the behavioural error stocks and shares investors make called “anchoring” where they hold onto an investment they bought for a much higher price. I would agree with you that giving up on investing in P2P in general might be an over-reaction, but deciding not to invest in Lendy until they've paid me all that they're going to, and I have had a chance to assess how I did overall just seems prudent to me. Why risk more money on a platform that is clearly in trouble when there are better and safer places to get a 12% return? Anyway, like I said hats off to the Lendy loyalists, but for myself, I'm a Lendy lets-get-the-hell-outta-here. I'm not convinced LY are in trouble but they've certainly got their work cut out restoring investor relations. This particular loan seems to have changed beyond recognition.
Update - 16/02/2018 A Certificate of Practical Completion has been issued... The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon.
Update - 01/03/2018 ...extend the entire facility for a further 6 months and provide working capital to the borrower. ..
LY - to state the obvious, it's now gone from a DFL to providing working capital to the borrower for another project - something I did not sign up for. So the reality is that the original loan terms can be changed whenever you feel like doing so without any reference to the original loan investors. No doubt if you had put this up as a new loan it's highly debatable whether it would have got funding although there's nothing stopping yourselves from doing it direct. But that's the problem, it's easier to 'play around' with investors funds than your own. Shoddy practice IMO.
Rant over.
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