sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 30, 2017 2:11:52 GMT
The 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. If there is a tolerance period of 30 days, then that rule has also been broken. The replacement loan DFL030 has not yet drawndown, effectively making PBL142 in default by 31 days and counting. Lendy seem to have shot themselves in both feet at the same time? Firstly, they have upset lenders by not paying the bonus interest. Secondly, they are paying pre-drawdown interest on the increased loan size of DFL030.
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mikes1531
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Post by mikes1531 on Oct 30, 2017 3:49:37 GMT
If there is a tolerance period of 30 days, then that rule has also been broken. The replacement loan DFL030 has not yet drawndown, effectively making PBL142 in default by 31 days and counting. Lendy seem to have shot themselves in both feet at the same time? Firstly, they have upset lenders by not paying the bonus interest. Secondly, they are paying pre-drawdown interest on the increased loan size of DFL030. : There's one more thing you forgot to mention... Lendy clearly stated that PBL142 would be repaid when DFL030 was drawn down, and that isn't what happened inasmuch as PBL142 already has been repaid. Since DFL030 hasn't drawn down yet, the funds for that loan ought to be sitting safely in the Lendy client account, where the investors' funds for that loan would not be at risk of default. Either those funds are not in the client account, or Lendy have arranged for underwriters to provide the funds -- probably a rather expensive solution compared to simply keeping the PBL142 investors' funds tied up in that loan -- or Lendy are taking the risk until drawdown, which seems clearly against the guidance they have received from the FCA that has prompted various other changes on the platform.
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mikes1531
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Post by mikes1531 on Oct 30, 2017 14:51:14 GMT
The lies misinformation re repayment being linked to drawdown also deprived those of us who would happily have continued our investment in this project, but unwilling to add new money to the platform, from investing in DFL30. Be careful what you wish for... Depending on how things work out for Lendy in the coming year, you might later find that you're grateful that you were prevented from investing in DFL030! 
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hazellend
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Post by hazellend on Oct 30, 2017 15:55:15 GMT
The lies misinformation re repayment being linked to drawdown also deprived those of us who would happily have continued our investment in this project, but unwilling to add new money to the platform, from investing in DFL30. Be careful what you wish for... Depending on how things work out for Lendy in the coming year, you might later find that you're grateful that you were prevented from investing in DFL030! I don’t follow?
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Liz
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Post by Liz on Oct 30, 2017 16:55:30 GMT
Be careful what you wish for... Depending on how things work out for Lendy in the coming year, you might later find that you're grateful that you were prevented from investing in DFL030! I don’t follow? With defaults rising rapidly, some think the writing is on the walk for Lendy.
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hazellend
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Post by hazellend on Oct 30, 2017 17:00:49 GMT
With defaults rising rapidly, some think the writing is on the walk for Lendy. Sorry if I'm being dumb, but how would that affect DFL 30, a multimillion development in Manchester?
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fp
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Post by fp on Oct 30, 2017 17:24:28 GMT
With defaults rising rapidly, some think the writing is on the walk for Lendy. Sorry if I'm being dumb, but how would that affect DFL 30, a multimillion development in Manchester? Because of the amount of defaults, the financial impact of old terms loans where the money was leant to Lendy meaning they are obliged to stand any loss, with or without the provision fund, investor sentiment rapidly falling, it may be they struggle to continue raising new funds to go through with the DFL's which need regular new cash injections..... etc etc
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Liz
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Post by Liz on Oct 30, 2017 17:25:57 GMT
With defaults rising rapidly, some think the writing is on the walk for Lendy. Sorry if I'm being dumb, but how would that affect DFL 30, a multimillion development in Manchester? IF Lendy fails or lenders dessert Lendy(check DFl004vs DL030 no. of investors), the borrower won't have access to funding to complete the project and you could end with a partially finished development which is worth a lot less than the loan. All big if's of course and a lot of scenarios could play out.
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treeman
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Post by treeman on Oct 30, 2017 17:54:13 GMT
Perhaps DFL030 wasn't fully funded - £169k just appeared on SM ?
<EDIT> Still £90k after 10 mins or so
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Post by spareapennyor2 on Oct 30, 2017 18:19:09 GMT
all gone
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fp
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Post by fp on Oct 30, 2017 18:35:51 GMT
Perhaps DFL030 wasn't fully funded - £169k just appeared on SM ? <EDIT> Still £90k after 10 mins or so Possibly unsettled accounts, I do know the maximum allocation was very high and have a feeling that the BH's would have had more if it was available on the day
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treeman
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Post by treeman on Oct 30, 2017 18:52:26 GMT
Perhaps DFL030 wasn't fully funded - £169k just appeared on SM ? <EDIT> Still £90k after 10 mins or so Possibly unsettled accounts, I do know the maximum allocation was very high and have a feeling that the BH's would have had more if it was available on the day Quite likely - bit more on there now - maybe some are still struggling with the bottom up idea and got caught out 
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mikes1531
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Post by mikes1531 on Oct 30, 2017 19:10:09 GMT
Perhaps DFL030 wasn't fully funded - £169k just appeared on SM ? <EDIT> Still £90k after 10 mins or so Possibly unsettled accounts, I do know the maximum allocation was very high and have a feeling that the BH's would have had more if it was available on the day Unsettled accounts doesn't seem a very likely possibility to me. I received my allocation notice at 1330 today. The email included the usual request for bank transfers to be made within 24 hours. Surely Lendy wouldn't cancel allocations to people just because they haven't settled up within five hours, would they? Not that I have any better explanation to give. I wondered whether people might have been surprised by the size of their allocations and asked Lendy to relieve them of some of their obligation, but having £169k of that seems unlikely to me, especially nowadays when there's no point in pre-funding for more than you actually want to receive. Lendy haven't announced that they're going to deal with the cashback the same way they dealt with the PBL142 Bonus Accruals, have they? (You know, publish on their website that investors will receive a reward for investing, and then explain later why they've decided not to pay it after all.)
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fp
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Post by fp on Oct 30, 2017 19:21:42 GMT
Possibly unsettled accounts, I do know the maximum allocation was very high and have a feeling that the BH's would have had more if it was available on the day Unsettled accounts doesn't seem a very likely possibility to me. I received my allocation notice at 1330 today. The email included the usual request for bank transfers to be made within 24 hours. Surely Lendy wouldn't cancel allocations to people just because they haven't settled up within five hours, would they?
Not that I have any better explanation to give. I wondered whether people might have been surprised by the size of their allocations and asked Lendy to relieve them of some of their obligation, but having £169k of that seems unlikely to me, especially nowadays when there's no point in pre-funding for more than you actually want to receive. Lendy haven't announced that they're going to deal with the cashback the same way they dealt with the PBL142 Bonus Accruals, have they? (You know, publish on their website that investors will receive a reward for investing, and then explain later why they've decided not to pay it after all.) DFL030 went live on Friday, are we talking about the same loan?
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Doc
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Post by Doc on Oct 30, 2017 21:58:09 GMT
I've heard from someone that the loans listed earlier were cancellations because funds were not received in time.
Is it usual for Lendy to cancel loan parts one working day after the loan is issued ?
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