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Post by flobberchops on May 13, 2019 17:56:32 GMT
Well paint me red and call me a fire hydrant. Picture my shock and surprise when I saw that still no interest has been paid.
Quite how Lendy expect any lender loyalty in the face of these amateurish "dog ate my homework" non-explanations is beyond me. I would say I intend to wind down my investment ASAP, but to be honest I'm bracing myself for Collateral 2.0.
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ptr120
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Post by ptr120 on May 13, 2019 19:02:32 GMT
The interest is now so late that they could have posted me a cheque on the 2nd May (the day after it was contractually due) by second class post, meaning that I could have reasonably banked the cheque on the 7th May and I'd be in cleared funds by now.
Instead, we've had missed deadline after missed deadline. Promises of payment by a certain date have been missed more than once - leaving us with 'ASAP' as the best they can do. The regulator are 'aware' of the problem, but still fail to do anything. What a shambles.
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withnell
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Post by withnell on May 13, 2019 19:09:55 GMT
The bit I don't get is why an issue with their banking provider stops them from posting interest to individual accounts, especially as most interest is on account - if there's a reconciling difference on the client account they need to sort it'll exist with or without an interest posting run
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 14, 2019 0:43:50 GMT
The interest is now so late that they could have posted me a cheque on the 2nd May (the day after it was contractually due) by second class post, meaning that I could have reasonably banked the cheque on the 7th May and I'd be in cleared funds by now. Instead, we've had missed deadline after missed deadline. Promises of payment by a certain date have been missed more than once - leaving us with 'ASAP' as the best they can do. The regulator are 'aware' of the problem, but still fail to do anything. What a shambles. What do yo mean send you a cheque? The postage alone would be several times the interest due to be paid to most. 
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mary
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Post by mary on May 14, 2019 6:20:37 GMT
The bit I don't get is why an issue with their banking provider stops them from posting interest to individual accounts, especially as most interest is on account - if there's a reconciling difference on the client account they need to sort it'll exist with or without an interest posting run There is no connection. They could credit the interest to accounts, and then blame the banking issue for not processing any withdrawals. But the banking issue is fixed, so they say. Therefore one has to question if they actually have any money left? My bet is that when the money arrives from sale of DFL012, the fees they will take will be very large and sufficient to pay what little interest is owed, and they will manage to stutter on until next month. A crunch point is surely coming very soon, and as Collateral shows, it ain’t going to be pretty!
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sl75
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Post by sl75 on May 14, 2019 7:06:24 GMT
My bet is that when the money arrives from sale of DFL012, the fees they will take will be very large and sufficient to pay what little interest is owed, and they will manage to stutter on until next month. The main issue is the crediting of interest already held on account from about a dozen other loans.
Sale of DFL012 has no connection whatsoever with those.
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sydb
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Post by sydb on May 14, 2019 8:11:30 GMT
My bet is that when the money arrives from sale of DFL012, the fees they will take will be very large and sufficient to pay what little interest is owed, and they will manage to stutter on until next month. The main issue is the crediting of interest already held on account from about a dozen other loans.
Sale of DFL012 has no connection whatsoever with those.
You are, of course, assuming that Lendy is accounting and ring fencing funds in line with expectations. From some of the details that came out of the London loan, I am not so confident.
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sl75
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Post by sl75 on May 14, 2019 8:26:57 GMT
The main issue is the crediting of interest already held on account from about a dozen other loans.
Sale of DFL012 has no connection whatsoever with those.
You are, of course, assuming that Lendy is accounting and ring fencing funds in line with expectations. From some of the details that came out of the London loan, I am not so confident. I'm assuming that the FCA will require them to do so as a condition of providing written approval for the relevant transactions.
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mary
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Post by mary on May 14, 2019 8:47:41 GMT
You are, of course, assuming that Lendy is accounting and ring fencing funds in line with expectations. From some of the details that came out of the London loan, I am not so confident. I'm assuming that the FCA will require them to do so as a condition of providing written approval for the relevant transactions. As far as I know, no other platform has the FCA looking over their shoulder so closely. There is a reason for this, which is not public, but “borrowing” from IOA to keep the lights on could be a reason. The lack of an interest run suggests to me the cash has run out. I hope I am wrong. Edit: According to the DFL012 thread, the original Borrower has now been handed the site back from the Administor, implying that the sale had completed and that Lendy will imminently have an influx of cash. Therefore I expect the interest to be paid shortly and demise of the platform delayed for a period.
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neal
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Post by neal on May 14, 2019 10:42:36 GMT
I won't bother logging in to my Lendy account today to see If I have been paid Last months interest then.
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Post by investorni on May 14, 2019 13:14:06 GMT
I'm assuming that the FCA will require them to do so as a condition of providing written approval for the relevant transactions. As far as I know, no other platform has the FCA looking over their shoulder so closely. There is a reason for this, which is not public, but “borrowing” from IOA to keep the lights on could be a reason. The lack of an interest run suggests to me the cash has run out. I hope I am wrong. Edit: According to the DFL012 thread, the original Borrower has now been handed the site back from the Administor, implying that the sale had completed and that Lendy will imminently have an influx of cash. Therefore I expect the interest to be paid shortly and demise of the platform delayed for a period. If Lendy manages to successfully recover 2-3 of the loans I have outstanding I would probably just stick with it and re-invest albiet with more caution than before. There is not actually that many loans on the site even though the money is massive, I suspect lendy has went though a hugh growing up and maturing period in the past 12 months which means in future you would hope things wont get this bad again. But yes its good news for now, getting some cash back to investors THIS month is pretty crucial though so lets hope it happens.
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Post by brightspark on May 14, 2019 13:52:15 GMT
I'm assuming that the FCA will require them to do so as a condition of providing written approval for the relevant transactions. As far as I know, no other platform has the FCA looking over their shoulder so closely. There is a reason for this, which is not public, but “borrowing” from IOA to keep the lights on could be a reason. The lack of an interest run suggests to me the cash has run out. I hope I am wrong. Edit: According to the DFL012 thread, the original Borrower has now been handed the site back from the Administor, implying that the sale had completed and that Lendy will imminently have an influx of cash. Therefore I expect the interest to be paid shortly and demise of the platform delayed for a period. I too reckon that the cash has run out. That could be the explanation for the fact that nothing to date has been repaid from PBL178 which was auctioned nearly 6 weeks ago. Perhaps it is the FCA delaying repayment? Perhaps it is the auctioneers still doing their sums? Who knows? Bearing in mind the accusations being hurled at Lendy currently it would be in their best interests to pull out the proverbial finger. Perhaps the entire recovery amount has been gobbled up in Lendy charges with nothing available to the lenders - now that sounds plausible. Lendy could at least update to the effect that matters are progressing but things are taking a little longer than one might anticipate.
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invester
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Post by invester on May 14, 2019 14:08:24 GMT
Probably drawing lots on which creative excuse to use next.
If there is something they are good at, it is that.
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Post by picanto on May 15, 2019 8:24:53 GMT
Will we receive April's interest before May's interest is due?? People are saying that Lendy have run out of cash but the borrower is meant to pay the interest upfront and this money isn't (or at least shouldn't) be accessible by Lendy to use for any other purpose than to pay monthly interest to investors...
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bloodycat
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Post by bloodycat on May 15, 2019 8:56:55 GMT
Technically it is investors who pay the interest upfront, it is witheld from what is advanced to the borrower.
Since Lendy have chosen not to communicate about the delayed interest run obviously people will assume the worst. Their banking issues should not impact on their ability to credit the interest to our accounts - unless this is still a somewhat more manual process than it should be - even if withdrawals are delayed.
In theory money in the client account should be safe - but we have been made aware that in some cases IOA didn't actually mean that they had all the interest upfront. With so many loans being non-performing, some before they tightened up on how they dealt with interest it is entirely possible that some interest has been paid out that wasn't paid upfront and hasn't been recovered from the borrower.
It is also possible they have advanced money on some of the latest tranches before they were actually filled - again creating a deficit in the available funds.
We have no evidence thay have done anything wrong, but the longer they delay and fail to provide adequate explanation the less confidence people will have. I was considering putting this monthe interest into one of the few still viable loans - however the failure to credit it to my account for 2 weeks now means when it does appear I am far more likely to try and withdraw it instantly.
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