geoff
Member of DD Central
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Post by geoff on Jan 22, 2019 16:58:21 GMT
Does anyone know why there is no interest or bonus paid on this capital repayment on 163 ? Because this loan has been non-performing since 13th Sept 2017 and therefore no interest has been paid since then. However interest and bonus interest is still accruing and showing as such on the IA tab.
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Post by peterpea on Jan 22, 2019 19:54:32 GMT
when a capital repayment is made I would expect the interest and bonus element to be paid on that part. I have however been told by Lendy that the interest and bonus element are being withheld until the full amount of the loan has been repaid and only then is the interest etc being considered. you may not be aware that capital repayments are being made but without to due interest etc.
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Post by charliebrown on Jan 23, 2019 5:17:00 GMT
when a capital repayment is made I would expect the interest and bonus element to be paid on that part. I have however been told by Lendy that the interest and bonus element are being withheld until the full amount of the loan has been repaid and only then is the interest etc being considered. you may not be aware that capital repayments are being made but without to due interest etc. I’ve stopped caring about the interest. It’s the least of our problems. Any action that returns some capital is a very welcome occurrence.
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Post by mrclondon on Nov 15, 2019 15:30:12 GMT
Partial recovery payments hve been credited to our accounts
PBL163 - R3 36.6% of capital (total to date 82.8% capital) vs now 100% reduction in security cover
PBL164 - R1 29.6% of capital vs 100% reduction in security cover
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sl75
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Post by sl75 on Nov 15, 2019 15:57:23 GMT
It seems that either RSM were lying to us, or there's a big further chunk to follow.
In July it was described as having been refinanced, which implies funds received to settle the existing loan in full (otherwise it'd be a partial refinance).
Given the progress for the previous partial payments of PBL163, this had not seemed unsurprising at the time.
My hope remains that RSM are simply unsure about how to apply the rules, so are withholding funds based on the "worst possible interpretation", representing even harsher deductions than Lendy themselves had used, and that the CLB / CC will between them have a few teeth to stand up to them and demand that at minimum they forward just as much as we would have received had Lendy been in charge (which based on previous loans described as "refinanced" would be full repayment including interest and bonus).
I take particular note of the fact that the repayments are described as "Interim", implying there's potentially a substantial further sum to follow.
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MarkT
Member of DD Central
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Post by MarkT on Nov 15, 2019 16:10:40 GMT
Partial recovery payments hve been credited to our accounts
PBL163 - R3 36.6% of capital (total to date 82.8% capital) vs now 100% reduction in security cover
PBL164 - R1 29.6% of capital vs 100% reduction in security cover
I'm in PBL164 and I have to say that I am pretty disappointed although, given the Lendy/RSM/Shoosmith performance so far, not terribly surprised.
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chriscross
Member of DD Central
Posts: 63
Likes: 70
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Post by chriscross on Nov 15, 2019 16:31:01 GMT
It seems that either RSM were lying to us, or there's a big further chunk to follow.
In July it was described as having been refinanced, which implies funds received to settle the existing loan in full (otherwise it'd be a partial refinance).
Given the progress for the previous partial payments of PBL163, this had not seemed unsurprising at the time.
My hope remains that RSM are simply unsure about how to apply the rules, so are withholding funds based on the "worst possible interpretation", representing even harsher deductions than Lendy themselves had used, and that the CLB / CC will between them have a few teeth to stand up to them and demand that at minimum they forward just as much as we would have received had Lendy been in charge (which based on previous loans described as "refinanced" would be full repayment including interest and bonus).
I take particular note of the fact that the repayments are described as "Interim", implying there's potentially a substantial further sum to follow.
I have to admit that my assumption of the "Interim Payments" were to allow RSM to hold moneys back in respect of how successful the further loan closures were and whether these funds would be needed to cover further costs, but I may of course be wrong. I too am hoping that we get a substantial further sum from these loans.
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toffeeboy
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Post by toffeeboy on Nov 15, 2019 17:13:41 GMT
Partial recovery payments hve been credited to our accounts
PBL163 - R3 36.6% of capital (total to date 82.8% capital) vs now 100% reduction in security cover
PBL164 - R1 29.6% of capital vs 100% reduction in security cover
I'm in PBL164 and I have to say that I am pretty disappointed although, given the Lendy/RSM/Shoosmith performance so far, not terribly surprised.
I have gone the other direction and assumed that all loans were written off so got all my disappointment over in one go. Now anything I get back is a massive bonus
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MarkT
Member of DD Central
Posts: 190
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Post by MarkT on Nov 15, 2019 17:19:47 GMT
I'm in PBL164 and I have to say that I am pretty disappointed although, given the Lendy/RSM/Shoosmith performance so far, not terribly surprised.
I have gone the other direction and assumed that all loans were written off so got all my disappointment over in one go. Now anything I get back is a massive bonus
That is probably the right approach.
Unfortunately, my hopes were raised somewhat when I saw that the loan had been refinanced. Over the two years I was in Lendy I have earned slightly more in interest than the amount I have left invested, so I guess I can't complain too much.
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chriscross
Member of DD Central
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Post by chriscross on Nov 15, 2019 17:25:16 GMT
I'm in PBL164 and I have to say that I am pretty disappointed although, given the Lendy/RSM/Shoosmith performance so far, not terribly surprised.
I have gone the other direction and assumed that all loans were written off so got all my disappointment over in one go. Now anything I get back is a massive bonus Unfortunately, not so easy to do if you have tens of thousands invested..
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Post by rooster on Nov 16, 2019 7:26:36 GMT
I have gone the other direction and assumed that all loans were written off so got all my disappointment over in one go. Now anything I get back is a massive bonus
That is probably the right approach.
Unfortunately, my hopes were raised somewhat when I saw that the loan had been refinanced. Over the two years I was in Lendy I have earned slightly more in interest than the amount I have left invested, so I guess I can't complain too much.
Hi MarkT et all, Are you able to describe a way that I could calculate how this (total deposited vs (capital returned + interest earned)) equates for my Lendy portfolio, either now or when it's all wrapped up and value hits zero? In terms of source data, I have a list of my deposits (should they be useful) and of course the Lendy website's reporting tools. Thanks for any advice, Paul
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quidco
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Post by quidco on Nov 16, 2019 9:38:42 GMT
So in Lendy collapse world it's possible that PBL164 could be refinanced: "The refinance of the outstanding loan completed on 18th July 2019. The proceeds have been received by our third-party solicitors and formalities are just being finalised", the security value therefore reduced to zero but the lenders only receive back 29.6% and no interest... the rest of the money going to Lendy and therefore its creditors. So my capital gets transferred to the creditors of a collapsed company that I have no responsibiility for...
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quidco
Member of DD Central
Posts: 295
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Post by quidco on Nov 16, 2019 9:41:53 GMT
That is probably the right approach.
Unfortunately, my hopes were raised somewhat when I saw that the loan had been refinanced. Over the two years I was in Lendy I have earned slightly more in interest than the amount I have left invested, so I guess I can't complain too much.
Hi MarkT et all, Are you able to describe a way that I could calculate how this (total deposited vs (capital returned + interest earned)) equates for my Lendy portfolio, either now or when it's all wrapped up and value hits zero? In terms of source data, I have a list of my deposits (should they be useful) and of course the Lendy website's reporting tools. Thanks for any advice, Paul Would you not be able to work out how much interest you have received from your Lendy tax statements and then subtract this from the amount you still have stuck in Loans, I think that's all he's doing? I don't think the capital returned tells you anything? It's basically just a calculation of whether you made an overall profit during your time with Lendy. I'm personally well under water...
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MarkT
Member of DD Central
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Post by MarkT on Nov 16, 2019 9:50:17 GMT
Hi MarkT et all, Are you able to describe a way that I could calculate how this (total deposited vs (capital returned + interest earned)) equates for my Lendy portfolio, either now or when it's all wrapped up and value hits zero? In terms of source data, I have a list of my deposits (should they be useful) and of course the Lendy website's reporting tools. Thanks for any advice, Paul Would you not be able to work out how much interest you have received from your Lendy tax statements and then subtract this from the amount you still have stuck in Loans, I think that's all he's doing? I don't think the capital returned tells you anything? It's basically just a calculation of whether you made an overall profit during your time with Lendy. I'm personally well under water...
That's exactly right. That is what I did to determine my overall position.
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bulletbill
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Post by bulletbill on Nov 17, 2019 1:35:08 GMT
Hi MarkT et all, Are you able to describe a way that I could calculate how this (total deposited vs (capital returned + interest earned)) equates for my Lendy portfolio, either now or when it's all wrapped up and value hits zero? In terms of source data, I have a list of my deposits (should they be useful) and of course the Lendy website's reporting tools. Thanks for any advice, Paul Would you not be able to work out how much interest you have received from your Lendy tax statements and then subtract this from the amount you still have stuck in Loans, I think that's all he's doing? I don't think the capital returned tells you anything? It's basically just a calculation of whether you made an overall profit during your time with Lendy. I'm personally well under water... The only person not under water is LB, unless he’s fallen in his lake. Oh, and the borrowers, the Lawyers, the administrators are all going to have a nice Christmas too.
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