Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on May 9, 2019 13:38:43 GMT
I don't think April's interest will now be credited before tomorrow. Once they've missed the usual payout run of 9am, it means they can hold off transferring any real money to our bank accounts until Monday morning. But then, of course, why shouldn't Lendy hold out for another week ... fortnight ... month ... Lendy T&C: 2.12 Money in your Lendy lender account will be held by us in a segregated client account with Barclays Bank Plc until or unless it is lent to a borrower, at which time it will be transferred to the relevant Borrower's Lendy account. Any interest accruing on the client account balance shall accrue for the benefit of, and belong to, Lendy.Therefore, once interest is paid 9-13 days late this month, and finally withdrawn, lendy will have physically made a certain amount of interest over that time period on the entire Client account at Barclays and that will NOT be passed onto us and kept by Lendy. So there is no incentive whatsoever to be speedy with the payments to the clients for this months interest, as the longer Lendy drag it out, the more they will make.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333 
Likes: 11,552
|
Post by ilmoro on May 9, 2019 14:14:08 GMT
I don't think April's interest will now be credited before tomorrow. Once they've missed the usual payout run of 9am, it means they can hold off transferring any real money to our bank accounts until Monday morning. But then, of course, why shouldn't Lendy hold out for another week ... fortnight ... month ... Lendy T&C: 2.12 Money in your Lendy lender account will be held by us in a segregated client account with Barclays Bank Plc until or unless it is lent to a borrower, at which time it will be transferred to the relevant Borrower's Lendy account. Any interest accruing on the client account balance shall accrue for the benefit of, and belong to, Lendy.Therefore, once interest is paid 9-13 days late this month, and finally withdrawn, lendy will have physically made a certain amount of interest over that time period on the entire Client account at Barclays and that will NOT be passed onto us and kept by Lendy. So there is no incentive whatsoever to be speedy with the payments to the clients for this months interest, as the longer Lendy drag it out, the more they will make. Assuming of course that the client account pays interest. Think somewhere there is a comment on that from Lendy, and I vaguely recall the answer was no but thet might have been another platform.
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on May 9, 2019 15:37:24 GMT
Lendy T&C: 2.12 Money in your Lendy lender account will be held by us in a segregated client account with Barclays Bank Plc until or unless it is lent to a borrower, at which time it will be transferred to the relevant Borrower's Lendy account. Any interest accruing on the client account balance shall accrue for the benefit of, and belong to, Lendy.Therefore, once interest is paid 9-13 days late this month, and finally withdrawn, lendy will have physically made a certain amount of interest over that time period on the entire Client account at Barclays and that will NOT be passed onto us and kept by Lendy. So there is no incentive whatsoever to be speedy with the payments to the clients for this months interest, as the longer Lendy drag it out, the more they will make. Assuming of course that the client account pays interest. Think somewhere there is a comment on that from Lendy, and I vaguely recall the answer was no but thet might have been another platform. When I was undertaking the research for the London Loan fiasco, I did come across somewhere where Lendy stated that they do receive interest on the client account, due to the amounts involved. <- I firmly believe that is what I recall as it stuck in my mind, lets just say there is a 0.001% I am dreaming.
|
|
|
|
Post by supernumerary on May 10, 2019 6:35:48 GMT
Steady as she goes good ship Ly. No weekend sailing on a school day. Water ski in if you have to. Our hopes are invested in you and all who sail in her. The 1st of the month is the day I don't post any glass-half-empty doom and gloom, no whinging about rubbish updates, no worrying about being stuck with crappy looking loans that I can't shift. The 1st of the month is the day to worship SS and give thanks to the platform  Will today, be the day, that the 'interest rate payment run' for the April 2019 loan payments be made?  I don't think April's interest will now be credited before tomorrow. Once they've missed the usual payout run of 9am, it means they can hold off transferring any real money to our bank accounts until Monday morning. But then, of course, why shouldn't Lendy hold out for another week ... fortnight ... month ... …and all being well, fingers crossed, the April interest may be paid today. 
|
|
|
|
Post by supernumerary on May 10, 2019 17:12:13 GMT
…and all being well, fingers crossed, the April interest may be paid today. Nobody has yet confirmed whether the April interest due, has been paid today, Friday the 10th April 2019...  As I am sadly, now a member of the Zero Interest Payment Club, (although the interest is accruing), I won't know if the interest payment for April 2019 happened today.
|
|
epic
Posts: 14
Likes: 4
|
Post by epic on May 10, 2019 17:17:23 GMT
…and all being well, fingers crossed, the April interest may be paid today. Nobody has yet confirmed whether the April interest due, has been paid today, Friday the 10th April 2019... As I am sadly, now a member of the Zero Interest Payment Club, (although the interest is accruing), I won't know if the interest payment for April 2019 happened today. I think you can take an educated guess though...nothing received here
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on May 10, 2019 17:23:52 GMT
Nothing credited to my account, and no reason from Lendy as to why not, despite still being owed interest and not a member of the zero percent club yet.
|
|
|
|
Post by Deleted on May 11, 2019 10:24:04 GMT
Still showing ASAP. I feel a bit like Captain Mainwaring when the small town's cash flow stopped dead when Mrs Mainwaring failed to pay for her vegetables. Not an image I wanted when I joined the cut and thrust of a modern exciting investment industry.
I hope those buggers are working this weekend to pay the interest....
|
|
neal
Member of DD Central
Posts: 87
Likes: 55
|
Post by neal on May 13, 2019 8:52:35 GMT
Still no interest paid, only one of my twenty loans are actually paying and even that one does not seem to be.
|
|
Balder
Member of DD Central
Posts: 646
Likes: 622
|
Post by Balder on May 13, 2019 9:12:37 GMT
they seem to continually underestimate timescales for everything OR continually mislead to try and reduce criticism. I wonder if they worked the weekend clearing the backlog - I expect not! Lendy ASAP = at our own convenience.
|
|
|
|
Post by fhilomena on May 13, 2019 10:09:26 GMT
they seem to continually underestimate timescales for everything OR continually mislead to try and reduce criticism. I wonder if they worked the weekend clearing the backlog - I expect not! Lendy ASAP = at our own convenience. I'm contemplating e-mailing Lendy and informing them that if the interest due is not paid by end of play today, they will be charged at the rate of £100 per day for late payment for each loan that is late as they have breached their own terms and conditions of payment. No response to my communication from Lendy will be taken as acceptance by Lendy that they agree to these terms. The Fee is inline with what Lendy charge borrowers for copies of contracts, loan agreements etc., and this would apply would to all future late payments. Any one think I will get a response?
|
|
|
|
Post by loftankerman on May 13, 2019 10:31:41 GMT
they seem to continually underestimate timescales for everything OR continually mislead to try and reduce criticism. I wonder if they worked the weekend clearing the backlog - I expect not! Lendy ASAP = at our own convenience. It must be great working in an office where they pay you to mess people around instead of banging on about caring for customers.
|
|
|
|
Post by Deleted on May 13, 2019 12:10:39 GMT
"It's about my Ron, Mr Mainwaring he has such a sour throat."
Still, at Swallows bank,they may have used paper and pen but they paid their interest ontime.
Hidihi anyone?
|
|
|
|
Post by picanto on May 13, 2019 13:44:12 GMT
How can Lendy expect the latest tranches to get filled if they don't pay investors the interest which is already nearly 2 weeks overdue? Yes, okay, there were banking issues and I accept this caused a delay and Lendy communicated this to us which is great but that was resolved about a week ago. What is the issue now? It's getting ridiculous.
|
|
sydb
Member of DD Central
Posts: 345
Likes: 316
|
Post by sydb on May 13, 2019 17:39:58 GMT
Past experience means that I accept no explanation from Lendy as valid without an independent source/witness. I have found them quite unreliable.
|
|
