twoheads
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Post by twoheads on Apr 2, 2017 10:04:06 GMT
I did my usual monthly reconciliation of my SS account and found that I had a little extra interest than I expected.
The discrepancy turns out to be for DFL017.
I held £10,000 of DFL017 for 12 days (9th to 21st March) and should have received £36.16 (at 11%).
However, I received £39.45 which is exactly the figure for 12% interest.
I also hold £10 bought on 24th March which will have paid 8 days interest (2.41096 pence at 11%) and be rounded down to 2p. However, I received 3p and The 12% figure is 2.63014 which is rounded up to 3p.
Consequently I was paid £3.30 more interest than I expected.
Has anyone else checked the amount they received for DFL017?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 2, 2017 10:07:40 GMT
Don't hold so couldn't say, but that is interesting because if I remember correctly DFL017 was initially shown as 12% (for a couple of minutes)...
One does wonder if this was going to be a 12% loan, but SS tried their luck @11% (forgetting to alter actual % at the business end)
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twoheads
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Post by twoheads on Apr 2, 2017 10:14:16 GMT
Don't hold so couldn't say, but that is interesting because if I remember correctly DFL017 was initially shown as 12% (for a couple of minutes)... One does wonder if this was going to be a 12% loan, but SS tried their luck @11% (forgetting to alter actual % at the business end) Yes, your memory is correct: this loan was for a few minutes listed at 12%.
However, it's not so simple... The interest shown when I view that loan in my 'sold loan parts' is correct at 11%. Also correct at 11% is the figure for interest if I download my loan parts to excel.
However, the interest paid in the run and appearing in my account transactions list was the figure for 12%.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Apr 2, 2017 10:17:48 GMT
I also got 12%  |
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twoheads
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Post by twoheads on Apr 2, 2017 10:35:36 GMT
23 days, £7.4m loan, paying 12% instead of 11% has just cost Lendy £4696 in over paid interest.
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elliotn
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Post by elliotn on Apr 2, 2017 10:46:24 GMT
I need to up my holding 😎
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Liz
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Post by Liz on Apr 2, 2017 10:56:37 GMT
Don't hold so couldn't say, but that is interesting because if I remember correctly DFL017 was initially shown as 12% (for a couple of minutes)... One does wonder if this was going to be a 12% loan, but SS tried their luck @11% (forgetting to alter actual % at the business end) Yes, your memory is correct: this loan was for a few minutes listed at 12%.
However, it's not so simple... The interest shown when I view that loan in my 'sold loan parts' is correct at 11%. Also correct at 11% is the figure for interest if I download my loan parts to excel.
However, the interest paid in the run and appearing in my account transactions list was the figure for 12%.
Is anyone telling paul? I see everyone avoided tagging him.
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Post by mrclondon on Apr 2, 2017 10:58:01 GMT
I hold 3 loans at 11% (DFL013, DFL017, PBL160) but none less then 11%, and all three paid at 12% not 11%. They did however correctly pay at 11% last month.
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Balder
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Post by Balder on Apr 2, 2017 10:59:06 GMT
23 days, £7.4m loan, paying 12% instead of 11% has just cost Lendy £4696 in over paid interest. Quick check the 7% loans!! 
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dzo
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Post by dzo on Apr 2, 2017 11:02:50 GMT
Sounds like Lendy are trying to get back in our good books by creating secret 12% loans that only forumites know about.
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Liz
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Post by Liz on Apr 2, 2017 11:08:02 GMT
I hold 3 loans at 11% (DFL013, DFL017, PBL160) but none less then 11%, and all three paid at 12% not 11%. They did however correctly pay at 11% last month. That will cost them a lot of money. I expect once they find out they will recoup the overpaid amount.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 2, 2017 11:11:32 GMT
Yes, your memory is correct: this loan was for a few minutes listed at 12%.
However, it's not so simple... The interest shown when I view that loan in my 'sold loan parts' is correct at 11%. Also correct at 11% is the figure for interest if I download my loan parts to excel.
However, the interest paid in the run and appearing in my account transactions list was the figure for 12%.
Is anyone telling paul? I see everyone avoided tagging him. Including you  How do you tag again. I've forgotten. Put the @ somewhere, but where? Paul@... P@ul... where are you Pa@l?
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Liz
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Post by Liz on Apr 2, 2017 11:13:33 GMT
Is anyone telling paul? I see everyone avoided tagging him. Including you How do you tag again. I've forgotten. Put the @ somewhere, but where? Paul@... P@ul... where are you Pa@l? @cooling_dude Nope doesn't work
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twoheads
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Post by twoheads on Apr 2, 2017 11:19:38 GMT
It is not unreasonable to extrapolate from the three we know about and suggest that ALL loans were paid at 12% for March.
I can imagine that some glitch during the famous rebranding has caused the old 'default' of 12% to be applied to all loans.
This would be a serious 'bank error in your favour - collect £X' event. I leave it to others to calculate the full overpayment amount if this is true.
We need to know if further non-12% loans were over paid.
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Balder
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Post by Balder on Apr 2, 2017 11:30:27 GMT
Another use for the provision fund....
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