treeman
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Post by treeman on Oct 17, 2017 17:46:33 GMT
I have no problem with not getting interest whilst the loan is for sale on SM. Company shares in a fund up for sale would incur a charge and that does not happen with Lendy. Therefore as there is no charge for the sale and transfer it is reasonable to offset those costs against the loss of interest. What is not logical (and in fact, entirely unreasonable) is for Lendy's "selling charge" to be determined by the length of time something takes to sell, and then for Lendy arbitrarily to extend that time by pushing lenders down the selling queues. If there must be a "selling charge" (and, Paul64 , I really question why Lendy needs it when other, much less profitable (!) platforms don't) then it should be a straightforward % of the sale amount, just like the fund selling fee in your analogy. A simple 0.1% (at maximum) should suffice, representing roughly 3 days of interest. Couldn't agree more - I'm another one who's been gazumped. Had finally crawled down to just 12k from the front. Not a happy chappy........... IF a fee is deemed necessary - make it a fee, clearly stated at the outset then on this at least we will all know where we stand.
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oldgrumpy
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Post by oldgrumpy on Oct 17, 2017 18:33:19 GMT
I have no problem with not getting interest whilst the loan is for sale on SM.Company shares in a fund up for sale would incur a charge and that does not happen with Lendy. Therefore as there is no charge for the sale and transfer it is reasonable to offset those costs against the loss of interest. Well that's all right then. Hardly any people have made a fuss about a charge being made for selling loan parts - just a bit of a grumble. That is not what the noise is about. You can sell your loans on Lendy, but not whenever you like. You may be lucky - sell immediately. Cost 0.0% It may take a week, cost 0.25% of lost interest (approx, on a 12% loan) It may take a fortnight - that's not so convenient, cost goes up to 0.5% It may take a month - cost 1% still no problem? It may take 6 weeks - extra cost for the extra inconvenience of waiting 1.5% Then Lendy dumps £70K of a new tranche pushing your six week wait right back again. That could then take: Another month - total cost 2.5%A total of three months? Cost now 3%. Still have no problems? Lendy effectively preventing sale of your loan and charging you an extra 1% every month - still got no problem? It would be instructive to read from some lenders just how long some of their loan parts have been waiting in the sales queue as a result of this appalling Lendy policy. Let me spell it out for Lendy representatives and any lenders who are still unaware . LENDY CHARGE YOU 1% PER MONTH FOR WAITING TO SELL YOUR LOAN PARTS.I'll shout it again even louder: LENDY CHARGE YOU FOR WAITING NOT FOR SELLING. THE LONGER YOU WAIT THE BETTER THEY LIKE IT.
Sell in a day (almost) no cost; sell in two months, cost 2%
webwizard Still no problem?
The only fair way to charge if that is deemed necessary is to have a set fee for selling, with interest (and risk) staying with the lender until sale. 0.5% or 0.25% used to be the norm.
Think about a lender who wants to sell a £20K loan part - there are plenty of them - apply that to my figures. £200 loss of interest (= charge) for the privilege of waiting a month; many have waited far longer, got to the front of the Q, and suddenly found themselves many thousands of pounds back again. Still no problem?
where's my pint?
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oldgrumpy
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Post by oldgrumpy on Oct 17, 2017 19:12:45 GMT
well that's cleared the room 
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dovap
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Post by dovap on Oct 17, 2017 19:23:28 GMT
and breathe  Not sure why anyone would buy into a DFL now unless 'happy' to hold til the bitter end. If the unexpected happens and my remaining unsellables actually repay that'll be my lot with them |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 17, 2017 19:26:23 GMT
Their original justification was that FC charged 0.25%. FK was 0.5% then 0.25%, (all charged when the loan part sold) and other platforms varied up to about 1% I think. That was all well and acceptable when Lendy loan parts could be sold in a short time, up to a couple of weeks sometimes. It is not all well and good if a lender waits five or six weeks (costing 1.5%), is about to sell, and then gets dumped multi tens of thousand pounds back in the queue when Lendy decides to prioritise a further tranche, thus incurring a further cost of 1-2 possibly 3% on top of the 1.5%. This putting unsold tranches ahead of existing lender loan part sales is a recent adverse (to lenders) change. THIS IS SHARP PRACTICE, and they don't want to talk about it. Lendy, "Sharp Practice", shurely shome mishtake???!
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Post by adspence on Oct 18, 2017 10:26:09 GMT
and breathe Not sure why anyone would buy into a DFL now unless 'happy' to hold til the bitter end. If the unexpected happens and my remaining unsellables actually repay that'll be my lot with them One problem with this DFL is that it was originally a PBL and we weren't given an opportunity to get out before that conversion. So even if we did want to just stick to PBLs then we still run the risk of getting stuck in the DFL Tranche and SM debacle. I'm certainly not planning to get into any more new DFLs right now.
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Post by p2plender on Oct 18, 2017 12:32:50 GMT
An hour ago, my chunk of this loan was waiting behind a sale queue of £800. The queue is now £70,000! I'm less than impressed! As I said when they invented the new rule, I'm getting the last out. I had a few good long dated DFLs with hardly any queue. Now I'd be well n truly trapped. Just hoping Wolves comes good and I'm done bar a couple of small late bits which I couldn't care less about. Lendy is a mess imo, a right mess.
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Post by skint4achange on Nov 28, 2017 10:45:46 GMT
There is already one. It's been in the pipeline for 3 days now!!  |
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Post by GSV3MIaC on Nov 28, 2017 13:11:37 GMT
Pic 6 identifies the photographer!!
But thanks for that .. very nice, for a POW camp!
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fasty
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Post by fasty on Nov 28, 2017 13:23:34 GMT
Is the idea that people pay to stay in one of these?
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southport
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Post by southport on Nov 28, 2017 13:33:03 GMT
How many £million, they're having a laugh aren't they?
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Post by skint4achange on Nov 28, 2017 14:02:19 GMT
How many £million, they're having a laugh aren't they? Please give the developer a break. That is quality pine wood I would have you know!! 
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moist
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Post by moist on Nov 28, 2017 18:36:16 GMT
seen a lot worse...my local pub charges £80 a night to stay in a B&Q shed....I kid you not.
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Post by shyinvestor on Nov 30, 2017 13:14:25 GMT
Where were the pictures of these sheds, sorry holiday lodges, posted? I cannot see them on the Lendy website. Are there any pictures of the proposed restaurant, shops etc?
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Post by skint4achange on Nov 30, 2017 13:29:54 GMT
Where were the pictures of these sheds, sorry holiday lodges, posted? I cannot see them on the Lendy website. Are there any pictures of the proposed restaurant, shops etc? They were used on the latest Tranche but they are not on the actual DFL. There could have been pictures of the proposed restaurant etc, but it is difficult to tell one pile of pine from another!!
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