What's on the SM? (L)

It's not P2P related

I've not had much sales action myself - though did get 2 x £100 chunks of DFL005 away yesterday, which has left me tantalisingly close to a full exit from that particular loan. My final DFL005 loan parts were listed for sale on 28 June so it's not been easy or quick and I've sailed a bit too close to the wind on this one.

Monday is usually a busy day on the SM so fingers crossed.

Also worth noting is that PBL147 sold at auction on 20 July and completion is 28 days afterwards. A full repayment is on its way from that one and if my maths is right that should put £1.7m in investors' accounts on Thurs or Friday this week.

Just as well then

No defaults! They are all gone! Woohoo!


Well, ok, all gone from the SM, not the platform as a whole. It would appear that Lendy have removed the listing of people trying to sell parts of defaulted loans on the SM. Which makes sense as they said somewhere that they were going to stop selling default loans. Taking effect first of September I think, but who is counting.

Anyway, the value for 'default available on SM' is now zero. My script has nicely automatically picked this up (technically it crashed spectacularly, but as the end result, zero, is the desired one, I'll take that as a win! ). It also errored due to a tweak on the wording for IA (it was 'Accruing', now the keyword is 'Accrued') but that should be fixed in the next sweep or so.

So we have gone from 4x status' on the SM to 2. Conveniently I have one above the x axis and the other below, so I will probably leave them like that. I will look to tidy up the wording, labels etc in the next week or so.

And who said you couldn't have fun on a platform without having any investments there any longer?

When I read this I thought the point made was very reasonable and that interest should resume being accrued. However it occurred to me that there would be a significant probability that any ultimate recovery would fall  short of a perfect outcome. That being the case, it would seem fairer that whatever the proportion of notionally accrued interest was recovered, it should be divided amongst those who had stuck with the loan and exclude those who had failed in their attempt to bail out. 

In answer to a very specific question on this issue, George, Lendy Support, replied Aug 11th :

'Please note that interest for loan parts that are in default will accrue interest for the period on account.'


My question related to why my £400 in the DEF loan (PBL074 Huntingdon) STILL shows as 50% sold... but under 'Cancel Sale', I am told 'Not Available' !

In the absence of any other comment, I believe George's assurance means that interest IS accruing and WILL be paid (...assuming full recovery from the property sale, of course).

Thanks for your interest and comments, Mike...

Yes, the £400 part still appears on my (Mother's) 'For Sale' list, still shows as 50% sold - with a 'Sale Queue' of £0.00, and 'Cancel Sale' that says 'Not Available' !!
Of course no £200 HAS been received, hence my comment (as follows) to George on 8th August:-

'Actually the listing has shown that 50% of my Mother's £400 HAS been sold. However, I suspect this is simply wrong - your system has said this for DAYS, and nothing materialises, or changes.



Please would you check this and correct it as of Aug 1st . . . or else tell me if I am doing something wrong ?'

This is what generated his reply:- 

'Please note that interest for loan parts that are in default will accrue interest for the period on account.
'


SO - I suspect you're right about  'partially sold parts becoming stuck in limbo', and also I suspect you're right about George misunderstanding the question I was asking.

Sadly, I have had too many questions simply misunderstood - or simply ignored - which is one of the main reasons my Mother and I are gradually withdrawing all moneys from Lendys !