markdirac
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Post by markdirac on Apr 21, 2017 14:33:52 GMT
I am wondering if there is anyone else who has not yet had these interest adjustments completed correctly? I explained the anomaly to Lendy in a clear email. Lendy responded with a trivial reply telling me to check the website. I wrote a second time elaborating that their calculations are wrong, and eventually received a second trivial reply asking me to check if my loans are in default. So now I have phoned them, but spoke to someone who was unable to help with anything, simply recording that I am not happy with the two responses. I am disturbed at Lendy's inability or refusal to investigate an erroneous calculation. Anyone else? Were either of you holders of DFL002 in March 2016? I was.
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mosaic
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Post by mosaic on Apr 21, 2017 14:38:46 GMT
I bought £140 in Oct 2016 and still hold it. I'd be happier if Lendy said - you're right, there is an error we are investigating it.
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Liz
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Post by Liz on Apr 21, 2017 14:41:41 GMT
Check you got interest on that loan part on 31/3/16. That was the transaction that went missing on my account and was subsequently reinstated.
if not it must be another transaction that got deleted. It may take some work to find it. Start by looking when the negative balance first appears in your transactions.
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twoheads
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Programming
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Post by twoheads on Apr 21, 2017 14:47:10 GMT
Me too. My March interest has been reduced by 6%. And yet I only have a half-dozen loans at <12% - a few at 11% and a couple at 10%. This should not result in an overall overpayment/interest reduction of 6%. So I too am not yet confident that the recalculation is right now. There is a spreadsheet here to calculate the monthly interest.
Download it and follow the instructions in the post. It will calculate the interest which you should have received for March (the correct total is in cell O8).
Then if you go to the setup tab and delete all the non-12% loans (or set all rates to 12%) then the sheet will calculate the interest you will have received in error on April 1st, with ALL loans paying at 12%.
This spreadsheet calculates ALL interest due INCLUDING any from loans which have the status IA or DEF (i.e. loans at -91 remaining days or worse). Thus if you have overdue loans in these categories then this would need to be factored in.
This way you can quickly verify whether LfSS have got it right or wrong.
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mosaic
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Post by mosaic on Apr 21, 2017 14:55:29 GMT
Check you got interest on that loan part on 31/3/16. That was the transaction that went missing on my account and was subsequently reinstated. if not it must be another transaction that got deleted. It may take some work to find it. Start by looking when the negative balance first appears in your transactions. In my case my balance was at Zero on 1st Apr this year, before the negative balance appeared.
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mikes1531
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Post by mikes1531 on Apr 24, 2017 1:25:18 GMT
My error was corrected when the numbers were revised. That's fine. (Though I still don't like the platform changing numbers retrospectively so there's no way to see what happened.) What's not fine is the explanation I got from LfSS -- from George -- when I asked why my balance on 21/Mar, which had been nil, had become negative. It was the standard one about all loans having been credited with 12% interest on 31/Mar. That made no sense to me -- how could an error in 31/Mar credits have affected balances before that date? So I had to reply asking that very question, and requesting that they try again to answer my original question, and hopefully provide a sensible explanation. I'm still waiting for a response.  |
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markdirac
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Post by markdirac on Apr 24, 2017 16:07:38 GMT
... I'm still waiting for a response. I telephoned and explained my problem a third time. I was told someone would call me back. Instead, I have received (a third time) the trivial, patronising email to visit the website. Puzzlingly, and unhelpfully, the email was headed "Message from Need More Time".
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