Mucho P2P
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Post by Mucho P2P on Jan 10, 2019 16:59:07 GMT
I too have "capital shortfall". So would Lendy like to declare a loss on my tax statement under SAIM 12050 for that amount? Lets see how long to receive a PF payout cover to that shortfall amount. Not sure they can. For a loan to 'become' irrecoverable it has to be with reference to the funds or potential funds the borrower has. Not sure you could claim that the borrower has no funds or potential funds. Cant 'treat' as irrecoverable as never in legal recovery.
Tax lawyer required!
Thx for the reply ilmoro. My statement above was more of a sarcastic/rhetorical question than a real enquiry. Actually, I believe it would just be a simple capital loss declaration, (or set against capital gains), not set against interest received from P2P. I do however see that Lendy has since added something to my account under "interest" for the missing part! Credit where credit is due!
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Post by Deleted on Jan 16, 2019 18:40:08 GMT
So Lendy have confirmed my suspicions that in effect they have only used the PF to top up the repayment to an amount where the accrued interest is then also required to make it a 100% repayment.
If like in my case, you had this up for sale then there is no accrued interest to achieve this. Therefore I am a small token amount shy of a full capital repayment albeit I've had interest along the way.
I have no real issue with this but didn't fully understand it from their repayment email where I read it as the PF topping up to 100% in itself.
So does this allow Lendy to continue to state no investor has lost money or not? 🤔
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mary
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Post by mary on Jan 16, 2019 18:59:31 GMT
So Lendy have confirmed my suspicions that in effect they have only used the PF to top up the repayment to an amount where the accrued interest is then also required to make it a 100% repayment. If like in my case, you had this up for sale then there is no accrued interest to achieve this. Therefore I am a small token amount shy of a full capital repayment albeit I've had interest along the way. I have no real issue with this but didn't fully understand it from their repayment email where I read it as the PF topping up to 100% in itself. So does this allow Lendy to continue to state no investor has lost money or not? 🤔 A very good question! It will be interesting how this is reported on the tax statement. Interest and Capital are different. However, I suspect that many of us would willingly accept the same outcome on all our defaults or suspensions - even though we all know that the PF is insufficient to offer that option on the Defaulted (sorry, non-performing) Loans.
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adrianc
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Post by adrianc on Jan 17, 2019 10:49:56 GMT
Support have been emailed with my full loan part numbers and amounts. I shall report back, if and when... And here we go... Not sure I entirely buy that excuse... I had loan parts nominally worth 100% of £X and I've received a repayment of 99.251% of £X. I am down on capital across all loan parts, even those I've held for ages. But, for such a small shortfall, I don't think I can be arsed to chase it up further.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 17, 2019 11:14:05 GMT
Support have been emailed with my full loan part numbers and amounts. I shall report back, if and when... And here we go... Not sure I entirely buy that excuse... I had loan parts nominally worth 100% of £X and I've received a repayment of 99.251% of £X. I am down on capital across all loan parts, even those I've held for ages. But, for such a small shortfall, I don't think I can be arsed to chase it up further. You do, of course, realise the significance of that final statement by Lendy (implied by Jester but here from the horse's mouth so to speak). And the anti-Lendyites wont thank you for it as you have just deprived them of a main line of scarcastic retort.
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dApps
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Post by dApps on Jan 17, 2019 12:21:08 GMT
And here we go... Not sure I entirely buy that excuse... I had loan parts nominally worth 100% of £X and I've received a repayment of 99.251% of £X. I am down on capital across all loan parts, even those I've held for ages. But, for such a small shortfall, I don't think I can be arsed to chase it up further. You do, of course, realise the significance of that final statement by Lendy (implied by Jester but here from the horse's mouth so to speak). And the anti-Lendyites wont thank you for it as you have just deprived them of a main line of scarcastic retort. We might even get some meaningful performance statistics from Lendy now. (Just had a thought ... )
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adrianc
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Post by adrianc on Jan 17, 2019 12:23:43 GMT
You do, of course, realise the significance of that final statement by Lendy Oh, indeed. But I suspect they'll say that 99.251% is actually 100%, so no change. 
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adrianc
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Post by adrianc on Jan 17, 2019 16:51:56 GMT
So I thought I might as well have another try...
And back came the reply: So it's official. People have now officially lost capital. Not much, but some. Après moi, le déluge?
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Post by picanto on Jan 17, 2019 17:45:09 GMT
I wasn't in this loan and haven't followed it in much detail and I am probably being a bit of an idiot here but could somebody explain how there was a capital shortfall? When you click on the loan page, the loan value was £2.95 million. However, when you click on the loans repaid tab at the top of the page the loan value is £3.58 million, but the capital repaid value is £4.34 million. So surely the borrower has paid a higher sum than the loan value and thus paid the capital back in full?
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adrianc
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Post by adrianc on Jan 17, 2019 18:49:44 GMT
From the description... Tranche 1: £2,947,357 to repay existing lender - so there's the £2.95m figure.
Subsequent tranches drawn down against IMS reports
Will not exceed 70% of GDV (£5.305m, so £3.71m max total loan) - so that's probably the £3.58m figure, total of all tranches.
Partial repayments = £304k+£234k+£236k+£164k+£460k+£2.946k = £4.344m.
That'll include some of the interest due on the loan, so labelling it as "capital repaid" is a bit naughty. A cynic might wonder if that's deliberate to get around the "no capital lost" claim - "ah, but look, you actually walked away with more than you lent"... And they're right. We did. But if they don't know the difference between capital and interest...
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 17, 2019 18:50:05 GMT
I wasn't in this loan and haven't followed it in much detail and I am probably being a bit of an idiot here but could somebody explain how there was a capital shortfall? When you click on the loan page, the loan value was £2.95 million. However, when you click on the loans repaid tab at the top of the page the loan value is £3.58 million, but the capital repaid value is £4.34 million. So surely the borrower has paid a higher sum than the loan value and thus paid the capital back in full? The figure on the loan is the residual sum after previous partial payments. The figure on the repayment list I suspect is the figure left after partial repayments at the time Lendy stopped showing partial repayments as separate entries on the repaid page & just flagged them on the live page. Just a display error.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 18, 2019 0:24:12 GMT
From the description... Tranche 1: £2,947,357 to repay existing lender - so there's the £2.95m figure.
Subsequent tranches drawn down against IMS reports
Will not exceed 70% of GDV (£5.305m, so £3.71m max total loan) - so that's probably the £3.58m figure, total of all tranches.
Partial repayments = £304k+£234k+£236k+£164k+£460k+£2.946k = £4.344m.
That'll include some of the interest due on the loan, so labelling it as "capital repaid" is a bit naughty. A cynic might wonder if that's deliberate to get around the "no capital lost" claim - "ah, but look, you actually walked away with more than you lent"... And they're right. We did. But if they don't know the difference between capital and interest...
AIUI GDV was 6.6m, the current figure is the net after the security reductions for the partial repayments. We lent the interest in the first place so it forms part of the capital so the only extra interest is any for the accrual period.
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ian
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Post by ian on Jan 20, 2019 12:37:40 GMT
Whilst no one has lost a fortune on this investment I intend to make a formal complaint and inform the FCA ... this sets an important present where lendy has arbitrarily decided to accept a capital shortfall without consultation with investors. Had full repayment been made without interest then fair enough, however 2 weeks ago the loan was still up for sale with latest narrative indicating full repayment would be made shortly. If this precedent is followed who is to say the shortfall, might bec25% next time. You invest £50k today and tomorrow capital repayment is made of £40k. To bring into the arguement an 18% return if you invested from the start is disingenuous and makes the platforms investment ethos questionable.
I stronly suggest every investor vest or complains about their shortfall even if it is pennies. The decision was a bad one and needs readdressing.
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SteveT
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Post by SteveT on Jan 20, 2019 13:16:15 GMT
Whilst no one has lost a fortune on this investment I intend to make a formal complaint and inform the FCA ... this sets an important present where lendy has arbitrarily decided to accept a capital shortfall without consultation with investors.Assuming you meant "precedent", no it doesn't. You appointed Lendy as your agent and expressly authorised them to make decisions on your behalf (go read the T&Cs you agreed to if you dispute this). Therefore your complaint has a snowball's chance in hell of being upheld.
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ilmoro
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Post by ilmoro on Jan 20, 2019 15:05:43 GMT
Whilst no one has lost a fortune on this investment I intend to make a formal complaint and inform the FCA ... this sets an important present where lendy has arbitrarily decided to accept a capital shortfall without consultation with investors.Assuming you meant "precedent", no it doesn't. You appointed Lendy as your agent and expressly authorised them to make decisions on your behalf (go read the T&Cs you agreed to if you dispute this). Therefore your complaint has a snowball's chance in hell of being upheld. Furthermore the t&cs also state that interest takes priority over capital when it comes to repayment in the event of a shortfall. Therefore a capital shortage is inevitable in such circumstances. Lendy are unusual in this respect because most platforms prioritise capital repayment over interest.
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