jjc
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Post by jjc on Jul 19, 2017 19:00:41 GMT
Not really got my head around the new policies, but 1 obvious question that springs to mind on the bonuses is whether they accrue (until repayment) on a loan that has gone beyond term, irrespective of if it then subsequently drifts back in & out of negative days? Lendy Support? |
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twoheads
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Post by twoheads on Jul 20, 2017 7:30:41 GMT
Bonus accrual Scheme details from Lendy Support site as at 13:07 19/07/17: Just tagging Lendy Support for their awareness and a reminder that, as with any financial explanation, things are clearer and less ambiguous when supported by numeric illustration. Please. Well, I got it completely wrong. I had assumed it was bonus interest.
It seems it is a simple percentage of investment to be paid as a bonus at repayment.
I'm very sorry for misleading people with my incorrect interpretation of this!
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fp
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Post by fp on Jul 20, 2017 7:37:09 GMT
Bonus accrual Scheme details from Lendy Support site as at 13:07 19/07/17: Just tagging Lendy Support for their awareness and a reminder that, as with any financial explanation, things are clearer and less ambiguous when supported by numeric illustration. Please. Well, I got it completely wrong. I had assumed it was bonus interest.
It seems it is a simple percentage of investment to be paid as a bonus at repayment.
I'm very sorry for misleading people with my incorrect interpretation of this!
I wouldn't worry twoheads, to be fair with proper explanation from the people creating it, then nobody would need to try to interpret it!
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twoheads
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Post by twoheads on Jul 20, 2017 8:43:14 GMT
All the SBL loans just became IA.
The end of SBL!
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mikes1531
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Post by mikes1531 on Jul 20, 2017 10:48:42 GMT
Bonus accrual Scheme details from Lendy Support site as at 13:07 19/07/17: , Lendy Support: The above implies that loans 'sold' -- did you mean 'repaid'? -- after the end of the Tolerance Period, i.e. a DEF loan, are treated differently. If so, how? (I have seen nothing in the information published so far that addresses that situation.)
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twoheads
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Post by twoheads on Jul 20, 2017 14:10:16 GMT
mikes1531 , I believe that Lendy are going to disallow SM trading in DEF loans. I expect this is also being rolled out on August 1st.
Thus their statement makes reasonable sense.
Bonuses only apply to overdue loans and, of the overdue loans, only those within the tolerance period will be tradable, not the DEFs.
Note that the tolerance period is synonymous with the new IA definition which has swallowed the defunct SBL status. IA now covers the entire tolerance period from -1 to -180 days. This change hit the web site today. I assume that SBL interest for the whole of July will be paid even though the status disappeared today - but what do I know!
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mikes1531
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Post by mikes1531 on Jul 20, 2017 21:03:25 GMT
Paul64 , Lendy Support : The above implies that loans 'sold' -- did you mean 'repaid'? -- after the end of the Tolerance Period, i.e. a DEF loan, are treated differently. If so, how? (I have seen nothing in the information published so far that addresses that situation.) mikes1531 , I believe that Lendy are going to disallow SM trading in DEF loans. I expect this is also being rolled out on August 1st.
Thus their statement makes reasonable sense.
Bonuses only apply to overdue loans and, of the overdue loans, only those within the tolerance period will be tradable, not the DEFs. OK. So Lendy were talking about loan parts being sold, and their statement now makes sense to me. I still have the question, though, of whether bonus interest continues to accrue on DEF loans for whoever is stuck holding the unsaleable parts. It seemed clear that it would accrue when the bonus accrual column was added to the Default Loans table. However, now that column has disappeared, the question has to be asked of Paul64 and/or Lendy Support. Unless, of course, they've already answered the question and someone here can point me to the evidence of that.
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bfish
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Post by bfish on Jul 20, 2017 23:33:15 GMT
I do hope so given that this action today conflicts with their advisory statement. Already annoyed at the overnight/no warning retrospective removal of the interest on selling parts that are cancelled within the month, having lost considerable money on that. Surely the FCA must have some rules re notice period over changes in terms and conditions? If not, then this month's experience with Ly would suggest they should. I agree . . . ! And another thing - I have been asking Paul and George, Lendy Support, what the Tolerance Period represents. Silly me, it is clearly defined in the website's extensive Glossary . . . ' Tolerance Period (TP)
A mark to signal that the loan has entered the Tolerance Period and that we are paying monthly interest out of our own funds.' And, just to clarify that:- 'Tolerance Period Accruing
A mark to signal that the loan has entered the last 90 days of the Tolerance Period and that monthly interest is now accrued.'Alas, my personal glossary has a better definition . . . and sadly, it has very nearly run out! Period !!
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twoheads
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Post by twoheads on Jul 21, 2017 8:29:53 GMT
All the SBL loans just became IA.
The end of SBL! <snip/> (PS: twoheads , I wouldn't be surprised if this is 'just a pilot' for the real thing and switches back for 10/11 days.) You called it perfectly @new2p2p .
The SBL status just came back for all -1 to -90 day loans!
EDIT: I guess this is to reassure investors that the July interest on SBLs will be paid.
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Post by rebull on Jul 22, 2017 11:56:36 GMT
Maybe this question has been asked before, but does anyone know if we still get the extra 0.5% per month bonus accrual if a borrower has requested a 12 month extention, after the end date of a loan, as in DFL003
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ilmoro
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Post by ilmoro on Jul 22, 2017 12:46:52 GMT
Maybe this question has been asked before, but does anyone know if we still get the extra 0.5% per month bonus accrual if a borrower has requested a 12 month extention, after the end date of a loan, as in DFL003 Further to CD comment I would supect the answer is no. If a loan has been given a formal extension then that means LY are in funds (usually from the borower) to pay the interest, the loan term would be positive and bonus is only applied to negative 30 days+ loans. The recent extensions to PBL103 saw it lose its bonus %.
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ablender
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Post by ablender on Jul 22, 2017 13:16:16 GMT
Kiss the KISS principle good bye.
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pom
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Post by pom on Jul 22, 2017 14:10:17 GMT
I think you're all being far too optimistic. I'd be very surprised if it does actually accrue as we would consider it - my guess is that actually it'll only accrue *once*, in that they'll calculate it purely on the number of days overdue on the day it all gets settled, and any changes in status before then will be irrelevant, as after all those days will have been paid for, albeit late. I think it's also quite possible that there'll be some that keep bouncing in/out of bonus status but actually end up paying nothing if they happen to have paid some interest shortly before repaying.
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Post by Deleted on Jul 22, 2017 14:58:10 GMT
What an absolute nonsense of a deal.
You buy the part on the basis of the bonus, but for all you know it may go into positive days again, upon which you probably won't get the bonus if it then repays (but who actually knows because they wont tell us)!
Clear as mud and a bonus you may never get but then why should Lendy care, as they state themselves, they only introduced this as they are such (self claimed) great guys!
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Post by GSV3MIaC on Jul 22, 2017 15:23:01 GMT
As far as I am concerned once a bonus has been listed (and I do archive screen shots) the loan is in arrears until such time as the owing interest INCLUDING THE STATED BONUS has been received by L and dished out to lenders. At least.
Ideally any loan over-running it's allotted duration should STAY in 'bonus interest' mode until you/we get our capital back (or until it gets floated as a whole new loan, so folks have a chance to either roll it over, or get their money out). Which is more or less how it works elsewhere.
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