sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428 
Likes: 1,212
|
Post by sqh on Oct 25, 2017 4:03:50 GMT
Dear all, we are currently investigating this issue and will provide an update on Monday. Please accept our apologies while we resolve the error. Lendy Support Can you please explain what is being done to resolve this problem? This loan is going to go negative in 5 days time, just before the end of month interest run. That could compound the problem, and probably won't compound my interest.
|
|
garfield
Member of DD Central
Posts: 490 
Likes: 268
|
Post by garfield on Oct 28, 2017 11:16:55 GMT
And please could you explain why my loan parts are sat in a queue of -£6,212.30?? !!!
Has anyone seen this before?
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Oct 28, 2017 16:38:40 GMT
Even better! It's now in a queue of -£13,526.55 with £6541 available on the SM.
When I last looked, there was only ~£2K on the SM.
Does that mean I'm paying interest to Lendy?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on Oct 28, 2017 20:16:37 GMT
Even better! It's now in a queue of -£13,526.55 with £6541 available on the SM. When I last looked, there was only ~£2K on the SM. Does that mean I'm paying interest to Lendy? Yes is does, and you cannot cancel the sale until you pay up, or the sale queue grows longer than the loanpart you put up for sale. 
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Oct 30, 2017 7:33:17 GMT
Thankfully it sold yesterday (only listed for just over a day). Apart from a couple of DFLs, there's nothing much more I can sell now, though there are some promising signs of other loans being repaid. I'm not holding my breath though!
|
|
|
|
Post by jonboy73 on Nov 2, 2017 1:04:54 GMT
Not sure i understand what has gone on here, done by lendy not me... a purchase of 133 and a sale of 133r2 is this to do with partial repayments?
01/11/2017 Loan part salePBL133R2 - Woodlands, Crowborough 29/10/2017 01/11/2017£50.00 £11.70
01/11/2017 Loan part fund PBL133 - Woodlands, Crowborough 01/11/2017 02/11/2017 -£38.30 -£38.30
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Nov 2, 2017 4:32:10 GMT
Not sure i understand what has gone on here, done by lendy not me... a purchase of 133 and a sale of 133r2 is this to do with partial repayments? Hi, yes they split off the repaid amount into 133R2 and this appears in the Repaid loans. Then 133 is re-bought at a reduced amount. I think they have to do this to keep track of dates held. They did the same for 133R1. Things never used to be this complicated!
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on Nov 2, 2017 12:48:22 GMT
Not sure i understand what has gone on here, done by lendy not me... a purchase of 133 and a sale of 133r2 is this to do with partial repayments? Hi, yes they split off the repaid amount into 133R2 and this appears in the Repaid loans. Then 133 is re-bought at a reduced amount. I think they have to do this to keep track of dates held. They did the same for 133R1. Things never used to be this complicated! It's certainly very confusing, I think this is effectively what happened when the latest partial repayment was made. 1. Sometime after the interest run, Lendy changed the loan name from PBL133 to PBL133R2. 2. Lendy then funded lender accounts with a reduced holding and called it PBL133. 3. Lendy then sold your holding of PBL133R2. (These 3 steps happened in an instant.) The weird bit is Lendy use RATS (Retrospective Alteration of Transaction Statements), so October interest shows as PBL133R2, which is very confusing. And if that isn't enough, you should also have an interest payment for PBL133R1 paid 1/11/2017 to cover the period just before the first repayment when the loan had negative days. That's DRATS (Delayed RATS). This causes complications when calculating past interest, particularly because this loan was negative at the end of the last 2 months. So I have to conclude that Lendy now have PRATS (Problems with RATS).
|
|
|
|
Post by jonboy73 on Nov 2, 2017 13:16:50 GMT
an email would have been nice...
like most here I am selling out of this shower of...
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Nov 2, 2017 13:31:30 GMT
an email would have been nice... An e-mail would only be a Temporary Remuneration Alert Promoting Secrecy, i.e. PRATS TRAPS
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 4, 2017 4:20:12 GMT
And if that isn't enough, you should also have an interest payment for PBL133R1 paid 1/11/2017 to cover the period just before the first repayment when the loan had negative days. That day occurred at a time when the loan was accruing bonus interest. Will Lendy be paying the bonus to investors? It certainly doesn't look like it. I really don't understand how Lendy can reconcile telling investors that bonus interest is accruing and then not paying it with the requirements for treating customers fairly and not misleading them.
|
|
garfield
Member of DD Central
Posts: 490
Likes: 268
|
Post by garfield on Nov 4, 2017 5:01:07 GMT
As I recall, we were told that all bonus accruals will be paid when a loan is fully repaid.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 4, 2017 15:51:22 GMT
As I recall, we were told that all bonus accruals will be paid when a loan is fully repaid. : Sort of. IIRC, in the past, the emails announcing the partial repayments had three points... AIUI, only the first two points appeared in the recent email regarding the partial repayment of this loan. Could someone who received the recent repayment ask Lendy directly whether their bonus payment has been deferred -- or cancelled completely? If you receive a reply, please share it with us.
Or perhaps Lendy Support would clarify the situation here. Will the bonuses that were showing as having been accrued on this loan at the time of the most recent repayment be paid, presuming net proceeds are sufficient?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on Nov 23, 2017 14:53:08 GMT
Dear all, we are currently investigating this issue and will provide an update on Monday. Please accept our apologies while we resolve the error. Lendy Support Dear Lendy SupportIt is now 7 (SEVEN) Mondays later and still no update. There appears to be missing interest from September, but when a loan moves in and out of negativity, with partial repayments, it becomes very complicated to calculate the interest. I think it would be better to pay outstanding interest and bonus immediately a partial repayment is made.
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on Nov 23, 2017 20:59:14 GMT
Dear all, we are currently investigating this issue and will provide an update on Monday. Please accept our apologies while we resolve the error. Lendy Support Dear Lendy Support It is now 7 (SEVEN) Mondays later and still no update. There appears to be missing interest from September, but when a loan moves in and out of negativity, with partial repayments, it becomes very complicated to calculate the interest. I think it would be better to pay outstanding interest and bonus immediately a partial repayment is made. I like the idea of interest and bonus at partial repayment. What's the accounting difference at the end, if capital not returned? There'd still be an offset of interest earned by losses. The problem being % isn't promised, nor anything else; and the borrower thinks they are paying back the loan?
|
|
