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Post by Deleted on Jun 11, 2018 10:27:43 GMT
I have been paid incorrect interest amount of 10% rather than the upgraded 12% .... I asked Lendy to pay this difference to me .... the response -"Thank you for your query in relation to interest payments.
As of 1st June 2018, we have replaced two systems, one that displayed interest on the platform, and one that credited interest to investors accounts with a single system. These allow Lendy to ensure interest payment estimates are more accurately displayed prior to the payment of interest during the monthly interest run.
There are some changes to how interest is displayed and credited primarily the following:
· Estimated interest is now calculated to exclude the period during which a loan part is ‘for sale’
· During previous monthly interest runs some investors may have been credited interest for the period a loan part was ‘for sale’; this has now been corrected so that in the future any interest run will correctly exclude any period during which a loan part was ‘for sale’
· Previously accrued interest was incorrectly displayed as still accruing after the 180-day tolerance period. This has now been corrected
· The display of bonus accrual is now more accurate. We are intending to further improve the display of bonus accrual in a future update
· We have added the ability to correctly account for loans whose rate of return has increased during the loans term. This is in final testing and we will be apply these corrections in a future update"SOUNDS GREAT .... but will I get the interest owed paid back or not, why do the simple questions never get answered ? 
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SteveT
Member of DD Central
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Post by SteveT on Jun 11, 2018 10:43:18 GMT
I've just received the exact same response to the same request (ie. for my older DFL020 parts to be credited with the additional 2% they should have been getting since Dec 2017)
I take the final words "we will be apply these corrections in a future update" to mean that missing interest will be "corrected" in due course, but time will tell.
At least Lendy are clearly aware of the issue, from multiple sources!
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rocky1
Member of DD Central
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Post by rocky1 on Jun 11, 2018 14:55:49 GMT
same responce also, but shouldent these corrections have been made on 1st jan.my own fault for not noticing but you should be able to trust lendy to take care of things for its lenders.
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TitoPuente
Member of DD Central
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Post by TitoPuente on Sept 8, 2018 11:19:03 GMT
The interest calculation error is now fixed (at least for me), but they have not paid the 5 month shortfall they owe. Is anyone else in the same situation?
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SteveT
Member of DD Central
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Post by SteveT on Sept 8, 2018 11:57:47 GMT
Yes. I’ve been badgering them about this for months.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on Sept 8, 2018 12:05:47 GMT
The interest calculation error is now fixed (at least for me), but they have not paid the 5 month shortfall they owe. Is anyone else in the same situation? Probably. Same situation with regards DFL014 certainly.
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Yintara
Member of DD Central
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Post by Yintara on Sept 9, 2018 9:19:03 GMT
The interest calculation error is now fixed (at least for me), but they have not paid the 5 month shortfall they owe. Is anyone else in the same situation? I sent them a second email about it last month and had this reply: "We are still currently working on a technical solution which is taking longer than expected. In the meantime, we thank you again for your patience."
They're not working on it very hard, it shouldn't take nine months to pay the correct interest.
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geoff
Member of DD Central
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Post by geoff on Sept 14, 2018 21:49:59 GMT
Seems that a resolution to this long-standing issue is imminent. This taken from my support ticket response received today.
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sarahcount
Member of DD Central
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Post by sarahcount on Jan 24, 2019 15:39:56 GMT
In Administration
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Post by spareapennyor2 on Jun 11, 2019 12:07:05 GMT
borrower is the best offer received
so what happened to the valuer`s interested clients who would be interested in buying this property if the opprtunity ever arose.
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sl75
Posts: 2,092
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Post by sl75 on Jun 11, 2019 12:29:06 GMT
borrower is the best offer received so what happened to the valuer`s interested clients who would be interested in buying this property if the opprtunity ever arose. Perhaps those were the source of the unsolicited offer reported in the 15/09/2017 update?
Almost a year later, the 17/08/2018 update stated "monies spent to date relate to professional fees and site preliminaries." - which suggests to me a lot of extra money sunk into the borrower's plan which adds little to no value for any third-party purchaser with different plans... the other parties are probably still interested, but likely still at a similar price to what they'd have paid before the borrower started any work.
Edit: either that, or those clients were potentially interested in buying the *completed* development...
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Post by buryfc on Feb 23, 2020 9:04:02 GMT
Administrators latest report states the site was sold for £2.65m.
Less Administrators Fees
Less Agents Fees
Less Solicitors Fees
Balance of circa £2.5m back to RSM
Less RSM’s fees....
Then the waterfall.....
Balance back to us lenders will start with a 1....
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Balder
Member of DD Central
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Post by Balder on Feb 23, 2020 9:58:40 GMT
So this wasn't worthy of an update from RSM - really!
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Post by brightspark on Feb 23, 2020 10:32:36 GMT
So this wasn't worthy of an update from RSM - really! If something looks like a swindle and smells like a swindle then it is probably a ? If someone knows years in advance that their platform on a certain date is going into administration an opportunity is available to organise things accordingly. Helpful too if the FCA demands an unfunded contingency plan to be in place!
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 23, 2020 10:41:38 GMT
Administrators latest report states the site was sold for £2.65m. Less Administrators Fees Less Agents Fees Less Solicitors Fees Balance of circa £2.5m back to RSM Less RSM’s fees.... Then the waterfall..... Balance back to us lenders will start with a 1.... Hi buryfc. Where is this update. I've not had an email and I've looked on the Lendy site and I have no loan updates?
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