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Post by ladywhitenap on Sept 27, 2017 8:41:02 GMT
A further update alert overnight from the Manchester Planners to say the plans have now been approved!  LW |
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Post by Deleted on Oct 26, 2017 9:00:58 GMT
Looks like tomorrow will see the arrival of the DFL, just maybe a rare Lendy loan worth raiding the coffers for! If we aren't all already in over our heads on the borrowers existing loans ....
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jcb208
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Post by jcb208 on Oct 26, 2017 9:08:28 GMT
I wonder if PBL150-152 are going to repay today/Friday as they have given advance notices for 3 other loan tranches as well
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nick
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Post by nick on Oct 26, 2017 10:49:14 GMT
Given the original loan has overrun into the tolerance period and will be repaid from a new DFL rather than extended, I assume that existing holders of the original loan should be paid the bonus accrual? Why do I have the feeling this won't be the case.........
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bloodycat
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Post by bloodycat on Oct 26, 2017 11:28:38 GMT
interesting to note that the new valuation is somewhat below the projected valuation on receipt of planning permission shown in the original valuation.
Is this the result of more realistic valuations being sought, or indicative of falling market values generally? (or increased building costs)
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fp
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Post by fp on Oct 27, 2017 18:28:55 GMT
Repaid
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mikes1531
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Post by mikes1531 on Oct 28, 2017 2:56:06 GMT
And the email that announced the repayment stated that "Outstanding interest will be paid at the end of the month." It didn't specifically mention what was going to happen with the accrued bonus interest as was mentioned separately when they reported the repayment of capital on other loan repayment emails. I fear that Lendy are trying to tell us that they aren't going to honour the bonus interest that they have been showing on the website as accruing daily for nearly a month now. If that's the case, then they are going to upset a lot of their investors -- especially those who invested in this loan after it became overdue -- and undo a lot of the good they've achieved in making their other recent repayments.
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fp
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Post by fp on Oct 28, 2017 8:40:38 GMT
And the email that announced the repayment stated that "Outstanding interest will be paid at the end of the month." It didn't specifically mention what was going to happen with the accrued bonus interest as was mentioned separately when they reported the repayment of capital on other loan repayment emails. I fear that Lendy are trying to tell us that they aren't going to honour the bonus interest that they have been showing on the website as accruing daily for nearly a month now. If that's the case, then they are going to upset a lot of their investors -- especially those who invested in this loan after it became overdue -- and undo a lot of the good they've achieved in making their other recent repayments. If accrued bonus interest was due then it should be paid, but I agree with what you are saying, its almost certain nobody will receive what they are legally entitled to.... .If you're reading this Lendy Support .....
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treeman
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Post by treeman on Oct 28, 2017 9:02:34 GMT
And the email that announced the repayment stated that "Outstanding interest will be paid at the end of the month." It didn't specifically mention what was going to happen with the accrued bonus interest as was mentioned separately when they reported the repayment of capital on other loan repayment emails. I fear that Lendy are trying to tell us that they aren't going to honour the bonus interest that they have been showing on the website as accruing daily for nearly a month now. If that's the case, then they are going to upset a lot of their investors -- especially those who invested in this loan after it became overdue -- and undo a lot of the good they've achieved in making their other recent repayments. No bonus interest will be paid apparently - see update 27/10 on PBL142 on Lendy site. See also new version (courtesy of @new2p2p) of the updates list p2pindependentforum.com/post/224919/threadlink
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mary
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Post by mary on Oct 28, 2017 9:48:46 GMT
And the email that announced the repayment stated that "Outstanding interest will be paid at the end of the month." It didn't specifically mention what was going to happen with the accrued bonus interest as was mentioned separately when they reported the repayment of capital on other loan repayment emails. I fear that Lendy are trying to tell us that they aren't going to honour the bonus interest that they have been showing on the website as accruing daily for nearly a month now. If that's the case, then they are going to upset a lot of their investors -- especially those who invested in this loan after it became overdue -- and undo a lot of the good they've achieved in making their other recent repayments. No bonus interest will be paid apparently - see update 27/10 on PBL142 on Lendy site. See also new version (courtesy of @new2p2p ) of the updates list p2pindependentforum.com/post/224919/threadlinkThe bonus field on the website has been implemented as a very simple function of days overdue and interest rate, when in fact it seems that there is a 'tolerance period' of at least 30 days when, if the loan is repaid or extended, then zero bonus is paid. Clearly its very misleading, but up (down?) to usual Lendy standards.
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nick
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Post by nick on Oct 28, 2017 13:51:17 GMT
Their FAQ clearly states that accrued bonuses are payable whenever a loan becomes overdue and enters its tolerance period and is subsequently repaid. The only exceptions are :"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" or "if a loan part is up for sale". Clearly PBL 142 was repaid and not merely extended with a separate DFL issued.
Lendy seem to try to justify the non honouring of the bonus accrual by the fact they did not charge late payment fees. Nowhere is it stated that the bonus accrual is dependent on Lendy being paid late payment fees. The fact Lendy decided to waive these fees is their prerogative, but I'm sure it was part of the commercial negotiation of the DFL - which would have earn't them significant arrangement fees.
I do fee like we have been unfairly treated and that Lendy had a clear obligation to pay based on their promoted operation of the bonus and created an expectation that it would be paid. I only invested in some of this loan after it became overdue. Whilst in my case the amounts of accrued bonus are not material, I find Lendy's blatant disregard of its own terms disproportionately infuriating...........
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jonah
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Post by jonah on Oct 28, 2017 15:40:25 GMT
Aren’t ‘unfairly treated’ words which break some fca rules?
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mikes1531
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Post by mikes1531 on Oct 28, 2017 16:56:55 GMT
Aren’t ‘unfairly treated’ words which break some fca rules? Didn't Lendy refer to their need to comply with the FCA's rules about treating customers fairly when trying to justify some of the other changes they've made recently?
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guff
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Post by guff on Oct 28, 2017 20:12:24 GMT
Aren’t ‘unfairly treated’ words which break some fca rules? Didn't Lendy refer to their need to comply with the FCA's rules about treating customers fairly when trying to justify some of the other changes they've made recently? You mean things like acting with integrity, acting with due skill, care & diligence and paying due regard to the interests of customers and treating them fairly?
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mikes1531
Member of DD Central
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Post by mikes1531 on Oct 29, 2017 23:35:20 GMT
Their FAQ clearly states that accrued bonuses are payable whenever a loan becomes overdue and enters its tolerance period and is subsequently repaid. The only exceptions are :"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" or "if a loan part is up for sale". Clearly PBL 142 was repaid and not merely extended with a separate DFL issued. Lendy seem to try to justify the non honouring of the bonus accrual by the fact they did not charge late payment fees. Nowhere is it stated that the bonus accrual is dependent on Lendy being paid late payment fees. The fact Lendy decided to waive these fees is their prerogative, but I'm sure it was part of the commercial negotiation of the DFL - which would have earn't them significant arrangement fees. I do fee like we have been unfairly treated and that Lendy had a clear obligation to pay based on their promoted operation of the bonus and created an expectation that it would be paid. I only invested in some of this loan after it became overdue. Whilst in my case the amounts of accrued bonus are not material, I find Lendy's blatant disregard of its own terms disproportionately infuriating........... : All very valid points. It looks like we're going to have to submit formal complaints. And it struck me that Lendy have brought this on themselves so that they could save what is a relatively small amount of money -- less than £6.5k, which is peanuts in the grand scheme of things. That's less than £4 per affected person, but it appears they'd rather alienate 1779 investors. IMHO they really do seem to be trying their best to commit corporate suicide. PS. It's a minor point, but I have a screenshot taken at 1730 on Friday that showed Bonus Accrual at 0.48% with -29 days Remaining Term, whereas on the Repaid tab the loan is showing BA of 0.46% and -28 days Remaining Term now. (And yes, the repayment date is shown as Friday.)
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