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Post by skint4achange on Jan 29, 2018 11:00:25 GMT
I am a little unsure about how much missing interest I have on this. Lendy support are keeping mum. Does anyone have thoughts on whether bonus accrual interest is due to be paid on this loan ? If so, when ? Although I do not have the exact dates/days, I do not believe this loan has been set to IA for some months. This borrower is keeping up the regular interest payments but not sufficiently in time to get this loan back into positive territory. e.g. in January, it went to c. -36 days and then back to c. -6 days. So I do not think that it went back into a "new extended loan period which attracts interest at the published rate" which is the Lendy rule. So does anyone think that bonus interest is due ? Lendy's rule: "Notes if a loan is extended, taking it out of the Tolerance Period and back into a new extended loan period which attracts interest at the published rate, any bonus accrued will be cancelled." The Bonus accrual is only payable if/when the loan is repaid in full. If this involves legal action in the case of a default, the bonus accrual will only be paid after all capital and accrued interest has been paid, but the bonus payment is in preference to Lendy's own payments other than fees associated with recovery.
This will only be paid if the loan is in negative terms when it is repaid. It does not matter if the loan was 150 days in arrears and then bought up to date but then went into arrears again before being repaid. The bonus is only payable on the days the loan is overdue on the date the repayment takes place.
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SteveT
Member of DD Central
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Post by SteveT on Jan 29, 2018 11:02:16 GMT
The Bonus accrual is only payable if/when the loan is repaid in full. If this involves legal action in the case of a default, the bonus accrual will only be paid after all capital and accrued interest has been paid, but the bonus payment is in preference to Lendy's own payments other than fees associated with recovery.
This will only be paid if the loan is in negative terms when it is repaid. It does not matter if the loan was 150 days in arrears and then bought up to date but then went into arrears again before being repaid. The bonus is only payable on the days the loan is overdue on the date the repayment takes place.
And yet the accrued Bonus Interest was paid out recently on PBL133 when it was extended from IA back to IOA, following drawdown of the 2nd charge loan
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Post by skint4achange on Jan 29, 2018 11:04:07 GMT
The Bonus accrual is only payable if/when the loan is repaid in full. If this involves legal action in the case of a default, the bonus accrual will only be paid after all capital and accrued interest has been paid, but the bonus payment is in preference to Lendy's own payments other than fees associated with recovery.
This will only be paid if the loan is in negative terms when it is repaid. It does not matter if the loan was 150 days in arrears and then bought up to date but then went into arrears again before being repaid. The bonus is only payable on the days the loan is overdue on the date the repayment takes place.
And yet the accrued Bonus Interest was paid out recently on PBL133 when it was extended from IA back to IOA, following drawdown of the 2nd charge loan Yeah, I get that, but what I am saying is that DFL006 has not come back into positive territory and so no bonus is due. I.e. DFL006 has not been IOA for a long time.
The bonus paid on PBL133 was a real bonus as under Lendy terms, the payment was not due.
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ingwer
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Post by ingwer on Jan 29, 2018 11:38:49 GMT
Thanks for help. Perhaps this shows how confusing the rules are / open to interpretation.
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Brainer
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Post by Brainer on Jan 30, 2018 13:03:29 GMT
I received some interest for this loan today, having sold out in September. Possibly the bonus accrual mentioned above?
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Post by skint4achange on Jan 30, 2018 13:13:34 GMT
I received some interest for this loan today, having sold out in September. Possibly the bonus accrual mentioned above? You received interest from this loan? DFL006? I am not in this loan so I am not sure if there has been any communication out of the ordinary, but from what I can see nothing should have been paid out from this loan? Do you mean PBL133 or DFL006?
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ptr120
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Post by ptr120 on Jan 30, 2018 13:17:07 GMT
I've also received some interest today for DFL006
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Post by skint4achange on Jan 30, 2018 13:22:00 GMT
Good to see some people getting money when they were not expecting it! Makes people have a warm fuzzy feeling. 
Now.......................When do you think they will tell you they paid it out in error and they want it back? 
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ptr120
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Post by ptr120 on Jan 30, 2018 13:37:39 GMT
An email has just been sent to investors. The payment relates to the period of 22/09/2017 - 30/09/2017 which was missed in October's interest run.
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ingwer
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Post by ingwer on Jan 30, 2018 15:31:50 GMT
The main problem, I assume, is a software issue as their systems cannot cope with a loan at status IA in perpetuity.
I have been moaning seeking advice from Lendy for weeks about this without even an admission of an issue from Lendy.
I assume that the length of their inquiry is for "commercial" reasons.
DFL006 is currently set to IA @ -10 days (so -11 days at month end).
So a part of January's interest will be "withheld" too. I have no issue with January as it is within the rules.
But the interesting thing will be if the "withheld" interest for December is paid on 1st Feb. Now, I wonder...
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mikes1531
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Post by mikes1531 on Jan 30, 2018 16:01:47 GMT
But the interesting thing will be if the "withheld" interest for December is paid on 1st Feb. Now, I wonder... Wouldn't that be the same problem they created when they failed to pay the withheld interest for September on 1st Nov? (The one they finally corrected with the payments made today?)
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ingwer
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Post by ingwer on Jan 30, 2018 16:37:00 GMT
"problem"... sitting on a pile of interest from September to January? Seems to me a good problem to have.
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guff
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Post by guff on Feb 9, 2018 14:57:05 GMT
Interest aside and despite the community centre revolt, there have been some interesting developments at the planning office. No doubt we proles will be notified through the appropriate channels in due course.
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SteveT
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Post by SteveT on Feb 10, 2018 11:46:05 GMT
Interest aside and despite the community centre revolt, there have been some interesting developments at the planning office. No doubt we proles will be notified through the appropriate channels in due course. No need to wait. There's a link on DD Central to the webcast of last Wed's Cardiff Council Planning Committee meeting where the long-awaited planning consent was granted. This loan now looks a decent bet for anyone seeking a bit of Brucie Bonus 
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guff
Posts: 730
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Post by guff on Feb 11, 2018 9:31:32 GMT
Interest aside and despite the community centre revolt, there have been some interesting developments at the planning office. No doubt we proles will be notified through the appropriate channels in due course. No need to wait. There's a link on DD Central to the webcast of last Wed's Cardiff Council Planning Committee meeting where the long-awaited planning consent was granted. This loan now looks a decent bet for anyone seeking a bit of Brucie Bonus Meanwhile, those who can't/won't join ddc are still waiting.
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