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Post by skint4achange on Jan 1, 2018 14:47:42 GMT
Barely into the new year, and already the whining has started, give Lendy a break and let us see what the new year brings.... or just pack it all in and go elsewhere. My sentiments exactly. Oh my, my interest may be 24 hrs late because of the bank holiday. Time to jump off the multi-story roof. I agree that there appears to be a certain level of over-reaction to the interest not being paid until tomorrow, nut I also think you are missing the point of what has been said.
ALL interest repayments from now on will be paid on the first working day of the month. This months late payment has nothing to do with it being New Year bank holiday. It is the new policy of Lendy.
I think they may revoke this though come the end of August when people are waiting until the 3rd of September for their money. Time will tell. 
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ingwer
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Post by ingwer on Jan 1, 2018 15:24:10 GMT
I don't think it is an over reaction but a reaction to a policy by Lendy that is at first glance is quite unnecessary. If the interest run does not involve 20 people coming into Lendy Towers today, then Lendy could explain that and peeps might be a bit more understanding - just might  |
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Liz
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Post by Liz on Jan 1, 2018 15:37:40 GMT
I would be more worried about the loans where no interest is being received, than a day or two delay on the loans that are still paying interest!
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ingwer
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Post by ingwer on Jan 1, 2018 15:50:26 GMT
Barely into the new year, and already the whining has started, give Lendy a break and let us see what the new year brings.... or just pack it all in and go elsewhere. I think some probably have gone elsewhere (or are anxiously waiting to do so once the DEFs are resolved).
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Jeepers
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Post by Jeepers on Jan 1, 2018 16:05:06 GMT
Put simply, the only reason for delayed interest is to save the interest on the interest. Just an extra day will save about £1500.
There's no reason it couldn't be made automated and credited on a non-working day.
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Post by skint4achange on Jan 1, 2018 16:10:07 GMT
I don't think it is an over reaction but a reaction to a policy by Lendy that is at first glance is quite unnecessary. If the interest run does not involve 20 people coming into Lendy Towers today, then Lendy could explain that and peeps might be a bit more understanding - just might I do not understand your point as I was actually agreeing with you that this is not a reaction to a one day delay but rather the change in policy of Lendy (Maybe I should have worded my initial response a bit clearer!  )
Also this scenario will not raise it's head again until April. It will happen again in July but the big kick in the teeth will be September and December when all will have to wait 3 days to get their interest.
I do not believe that this would take a multitude of personnel to go to Lendy towers, in fact I could probably bet that they can do the run from their laptop PC at home. But, they will not change this new policy until people do walk, but, with the influx of money that will be coming in from IFISA managers, the day of the individual investor may be numbered anyway.
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nush
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Post by nush on Jan 1, 2018 16:11:32 GMT
just my pennies worth, good on lendy for giving your staff the day off on a BANK HOLIDAY, as someone that in the past had to work some of these days i am happy to wait a day.
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ingwer
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Post by ingwer on Jan 1, 2018 17:32:40 GMT
I don't think it is an over reaction but a reaction to a policy by Lendy that is at first glance is quite unnecessary. If the interest run does not involve 20 people coming into Lendy Towers today, then Lendy could explain that and peeps might be a bit more understanding - just might I do not understand your point as I was actually agreeing with you that this is not a reaction to a one day delay but rather the change in policy of Lendy (Maybe I should have worded my initial response a bit clearer! )
Also this scenario will not raise it's head again until April. It will happen again in July but the big kick in the teeth will be September and December when all will have to wait 3 days to get their interest.
I do not believe that this would take a multitude of personnel to go to Lendy towers, in fact I could probably bet that they can do the run from their laptop PC at home. But, they will not change this new policy until people do walk, but, with the influx of money that will be coming in from IFISA managers, the day of the individual investor may be numbered anyway.
As you say the fall of the month ends make this new policy even more meaningless. So it becomes just annoying as changing something that was not broke just seems so unnecessary. As most people are at home today, giving them something to do (*joke) would have been useful. Or from a selfish point, they could have bought my sale parts
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kermie
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Post by kermie on Jan 1, 2018 18:04:57 GMT
Whilst I am as cynical as the next person, I think you'll find this is just about Lendy moving to a more sustainable, grown-up set of business practices.
If Lendy have any sense, most of the process will be automated, but there will be some manual checks to double check that no horrendous errors have crept in - hence needing someone to both (a) press-the-button and (b) sanity-check the results.
Whilst it was a two-man business, clearly Liam/Tim would be willing to do the interest run on any day - keeping lenders 100% happy was a top concern - now it's likely to be delegated to a staffer, they have multiple stakeholders to keep happy - both lenders and staff. The staffer cannot be expected to come in to work just for that - they are not quite incentivised the way Liam/Tim are! Everyone deserves a weekend / holiday. Start asking your staff to work silly hours/days is a recipe for losing staff, and that's a recipe for a failing business.
I've seen other platforms adapt in similar ways; I really don't think it's about retaining the money for an extra day.
Whilst I think about it - it's also a good thing to give lenders a break too - this P2P malarkey takes up too much time as it is, and having the weekend "off" for lenders may also be a good thing!
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hector
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Post by hector on Jan 1, 2018 18:31:14 GMT
Barely into the new year, and already the whining has started, give Lendy a break and let us see what the new year brings.... or just pack it all in and go elsewhere. My sentiments exactly. Oh my, my interest may be 24 hrs late because of the bank holiday. Time to jump off the multi-story roof. Sadly xpubman1 life is not that simple as to.... 'just pack it all in and go elsewhere'. With a SM que stretching twice around the world, & loans with the catch phrase ......' This loan cannot be invested in because it is in default'......catching the SM up almost by the day, those who are not 150 day 'flippers' but believe what they are told by their platform & invest to term are trapped. The nearest one can get to 'going elsewhere' is to stop investing in new loans, no matter how sexy the packaging, & 'go elsewhere' with new money, but are we then in danger of throwing out the baby with the bathwater? Happy 2018.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 1, 2018 19:12:35 GMT
While undoubtably a retrograde step, it seems odd that Lendy are being castigated for adopting what is the norm amongst financial institutions. How many banks pay interest on a non working day or indeed carry out any transactions outside of FP (obviously those computers dont get holidays even though the rest do)? Quite a few platforms also dont pay interest on non-working days, IIRC correctly Ablrate recently stopped doing so, dont think RS do, AC dont pay except on the QAA/30DAA. It isnt an untelegraphed move as they told us three weeks ago, even if some didnt notice. Could well be automated but someone still has to be available to deal with issues and who would volunteer for that NYE curtailing short straw.
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rocky1
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Post by rocky1 on Jan 1, 2018 20:08:29 GMT
not to worried about waiting for interest for 1 day more concerned with IA and DEFwith more of my funds now doing nothing. mentioned on here a few times when IFISA managers start to move in us little minnows will not be required if i could take my little high 5 figure funds out today i would be gone.we all know the risks this is not so much investing more i would say as a bit of gambling.
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averageguy
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Post by averageguy on Jan 2, 2018 10:12:35 GMT
Barely into the new year, and already the whining has started, give Lendy a break and let us see what the new year brings.... or just pack it all in and go elsewhere. Back in the real world, factual comment when the facts show that there is a move of benefit from lenders to Lendy is not whinging. The change makes little difference to me, but assuming that 50% is reinvested (big assumption these days) Lendy benefit to the tune of about £15k. I thought part of the reason for the forum was to be able to share analysis, and it would be nice to be able to do that without sneering comments. A nicely put and entirely reasonable point PS..still waiting
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Post by spareapennyor2 on Jan 2, 2018 10:17:52 GMT
now started
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Jeepers
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Post by Jeepers on Jan 2, 2018 11:05:28 GMT
DFL 20 is still showing as 10% in my live loan parts. If I put it up for sale, it's advertised at 12%.
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