twoheads
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Post by twoheads on Jul 22, 2017 17:35:35 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 I raised this question in this post from July 10th. As yet Lendy have not really clarified the point.
However, it seems likely that the holder of loan parts at repayment time will simply get a bonus based on 0.5 per whole month overdue. I think this will be irrespective of whether the loan was overdue at sometime in the past and was extended.
Of course Lendy will be pleased to 'arrange' extensions on overdue loans when repayment is imminent!
But don't take this as gospel. I've been wrong in many assumptions based on (and required by) the inadequate information provided by Lendy.
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bfish
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Post by bfish on Jul 22, 2017 18:31:33 GMT
From Lendy Support - "How can I cancel the sale of my loan part?" (updated 3 days ago) > Well spotted, CD ! So Lendy cannot suggest that many lenders knew all about this from the previous wording, and in view of this perhaps it might be reasonable to ask for an amnesty this month for anyone who wishes to withdraw their investments from the SM . . . i.e. that their interest WILL be re-instated if they withdraw before month-end. How about it, Paul, Lendy Support - pretty P L E A S E !!??
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david42
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Post by david42 on Jul 22, 2017 20:49:28 GMT
Has this been announced anywhere separately to the lenders? The changes on this thread (bonus, cashback etc) should only start from August 1st, so it would be very surprising and certainly not something good to see a change of this nature back applied to us without even sending a message... From Lendy Support - "How can I cancel the sale of my loan part?" (updated 3 days ago) > I am not so confident that this rule has been implemented yet. As a test, I put a loan part up for sale a week ago, and cancelled the sale the next day. That loan part is now back in my loan parts list with an age of 8 months looking as if it had never been put up for sale. If the change had been implemented I would have expected to see a new loan part start the day I cancelled the loan. Unfortunately I will need to wait until until the month end interest run to see for sure whether a day's worth of interest has been subtracted.
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bfish
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Post by bfish on Jul 22, 2017 22:48:47 GMT
Well spotted, CD ! So Lendy cannot suggest that many lenders knew all about this from the previous wording, and in view of this perhaps it might be reasonable to ask for an amnesty this month for anyone who wishes to withdraw their investments from the SM . . . i.e. that their interest WILL be re-instated if they withdraw before month-end. How about it, Paul, Lendy Support - pretty P L E A S E !!?? I think they are only quoting / clarifying the Ts & Cs which all lenders are deemed to be aware of. Jaydee, it is only a week since Paul wrote on this thread:- 'Hi, thanks for the question c_d. The FAQ is correct. Interest will not be paid. It was never meant to. There was a small technical anomaly that has been corrected. Paul'So . . . if Paul (who doesn't post much on here!) feels he needs to answer the very direct question from c_d (a long-standing, well respected member of this community), acknowledging that interest payments HAVE been made on 'cancelled-sale' loans, in spite of the company's own Ts & Cs, then I would suggest a precedent has been set which perhaps MANY investors have relied upon - until now. Correcting ' a small technical anomaly' that effects the investment planning of 100s of us - might be best not applied without a modicum of notice ! I appreciate that running the SM must cost the company something . . . but nearly £80,000 a month seems a little O.T.T., doesn't it ? EDIT: £80k was a guesstimate based of 1% of SM + DEF loans. Forgot about Ly's 6/12% mark up, thus figure could be... say £150,000 per month !! (?)
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dzo
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Post by dzo on Jul 23, 2017 7:49:56 GMT
My question is more about how sales queues will be amalgamated, if for instance someone puts parts up for sale now from the cash back tranche and it does not sell, although it is highly unlikely unless something occurs which makes the loan a lot less attractive, where would it fall in the sales queue when the two separate loan listings are amalgamated at the end of the month. 's question is reasonable, and deserves a reply. OTOH, I was thinking that the likelihood of the situation actually happening may be slim. If Lendy developers had similar thoughts, they might not have given much consideration to providing a solution. It might have been totally ignored as a possibility when the programming was done, so could cause a system problem if it actually does occur. ISTM that there are a t least a couple of simple ways of dealing with the situation... - Order the parts based on the date they were offered for sale; or
- Dump the cashback parts at the end of the main queue.
Meanwhile, it will be interesting to see whether there are are any cashback parts for sale at the end of the day on 31/Jul. At the rate the DFL024 cashback parts aren't being snapped up, there well may be!
If they have any sense they'll have just attached the cashback to an investor rather than a loan part. That's how cashback normally works.
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bfish
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Post by bfish on Jul 23, 2017 12:02:06 GMT
I am certainly NOT supporting Ly when I say that they may now be applying the original Terms & Conditions that we all signed up for. Rightly, if Terms are changed from the originals, they are obliged to give us notice and a lead period before they apply the new terms. However if they decide to implement Terms & Conditions that formed part of the original SM procedure, then no notice needs to be given as we are all deemed to be aware of these. True, Jaydee - but on that basis the Company could simply apologise for their ' small technical anomaly', and arrange to clawback all the interest paid out in error !! Whoops, my mistake, I don't think there's any mention of 'apology' in Lendy's Ts & Cs... and anyway, perhaps I shouldn't give them more unscrupulous ideas. This is why I suggested a temporary amnesty, to allow investors with money locked up for sale in the SM, not to lose the July interest payment, should they choose THIS MONTH ONLY to withdraw from the SM. It would cost the Company something, but MIGHT, just might, reduce the SM size enough to make it worth while. And surely, I am asking SO nicely, Lendy . . . LOL?
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Post by portlandbill on Jul 24, 2017 7:49:22 GMT
What an incredibly patronising update email from Lendy last Friday -
"Fail fast and pivot
What I have enjoyed the most over recent years, however, has been working with a great many start-ups, and companies like Google and Facebook, who work at the cutting edge of technology and who adopt what is known as a "fail fast”, or "pivot", approach to innovation.
"Fail fast" or "pivoting" are about looking at ways to fix the short term. The smaller things. Of trying something, getting fast feedback, and then honing it. Many entrepreneurial businesses, whether in the UK's world-beating fintech centre, operating out of innovation hubs like wework, or the start-up capital of the world, Silicon Valley, operate in this way. "
i wonder how many of those "entrepreneurial businesses" do it with their customer's money? I know, great idea, don't know if it'll work, but it doesn't matter, it's only our customer's money we're risking!
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mikes1531
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Post by mikes1531 on Jul 24, 2017 12:49:30 GMT
i wonder how many of those "entrepreneurial businesses" do it with their customer's money? I know, great idea, don't know if it'll work, but it doesn't matter, it's only our customer's money we're risking! Does it really make any difference whether these entrepreneurs are doing it with customers' money or with venture capitalists' money? Either way, it isn't their money.
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mosaic
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Post by mosaic on Jul 24, 2017 13:54:32 GMT
i wonder how many of those "entrepreneurial businesses" do it with their customer's money? I know, great idea, don't know if it'll work, but it doesn't matter, it's only our customer's money we're risking! Does it really make any difference whether these entrepreneurs are doing it with customers' money or with venture capitalists' money? Either way, it isn't their money. But it is MY money.
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twoheads
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Post by twoheads on Jul 24, 2017 21:59:14 GMT
From Lendy Support - "How can I cancel the sale of my loan part?" (updated 3 days ago) > I am not so confident that this rule has been implemented yet. As a test, I put a loan part up for sale a week ago, and cancelled the sale the next day. That loan part is now back in my loan parts list with an age of 8 months looking as if it had never been put up for sale. If the change had been implemented I would have expected to see a new loan part start the day I cancelled the loan. Unfortunately I will need to wait until until the month end interest run to see for sure whether a day's worth of interest has been subtracted. I completely agree with david42.
I've done exactly the same trick, with exactly the same result: expecting a new loan part with a new 'start date' and another sold loan part with an 'end date' equal to the start of sale. I had exactly the same result as david42: the original selling loan part was reinstated as if the sale had never been attempted.
I wonder if Paul64 actually knows whether this 'change' is really going to happen, and also when the change will take effect. It could be that it will be rolled out in September for the August interest. I have my doubts as to whether it will apply to the July interest on August 1st.
As always with the Lendy information guessing game... we will have to wait and see.
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twoheads
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Post by twoheads on Jul 25, 2017 7:45:30 GMT
Paul64 , savingstream , Lendy Support ,
Why are there no bonuses on default loans?
Bonuses are there for overdue (IA and SBL) loans and, when the bonuses were added to the web site two weeks ago, they were also there for default loans (at the same 0.5% per whole month overdue) but were removed from the default loans after a couple of days, never to return to the default loans page.
I had a small stake in PBL101 which showed a bonus of 1.5% in 'my loans' before I sold it. I also have a minute amount of PBLs 066 and 067 which show zero bonus - which seems odd.
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Post by portlandbill on Jul 25, 2017 10:25:42 GMT
i wonder how many of those "entrepreneurial businesses" do it with their customer's money? I know, great idea, don't know if it'll work, but it doesn't matter, it's only our customer's money we're risking! Does it really make any difference whether these entrepreneurs are doing it with customers' money or with venture capitalists' money? Either way, it isn't their money. Venture capitalists usual know what they're getting involved with. Lendy have just suddenly announced that their new approach is to try lots of things and if they "fail fast" (i.e. lose their customers money) they'll "pivot" on it, whilst their customers can swivel on it.
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Post by Deleted on Jul 25, 2017 11:05:16 GMT
It will be interesting to see how "contractural terms and conditions" bounce up against "agile changes to how we manage loans" I suspect a Judge will have a view one day and Ts&Cs will win. Still good luck Lendy.  |
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nick
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Post by nick on Jul 25, 2017 14:43:03 GMT
Paul64 , savingstream , Lendy Support ,
Why are there no bonuses on default loans?
Bonuses are there for overdue (IA and SBL) loans and, when the bonuses were added to the web site two weeks ago, they were also there for default loans (at the same 0.5% per whole month overdue) but were removed from the default loans after a couple of days, never to return to the default loans page.
I had a small stake in PBL101 which showed a bonus of 1.5% in 'my loans' before I sold it. I also have a minute amount of PBLs 066 and 067 which show zero bonus - which seems odd. , savingstream , Lendy SupportFurther to twoheads query, please can you confirm that the new bonus accrual feature only applies to the 'Tolerance Period' and ceases to apply when the loan is in default as implied in the FAQ (https://support.lendy.co.uk/hc/en-us/articles/115004162069-Can-you-tell-me-more-about-the-new-bonus-accrual-scheme-). Thanks.
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mikes1531
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Post by mikes1531 on Jul 25, 2017 14:50:11 GMT
Paul64 , savingstream , Lendy Support Further to twoheads query, please can you confirm that the new bonus accrual feature only applies to the 'Tolerance Period' and ceases to apply when the loan is in default as implied in the FAQ (https://support.lendy.co.uk/hc/en-us/articles/115004162069-Can-you-tell-me-more-about-the-new-bonus-accrual-scheme-). Thanks. : Are you suggesting that you think bonus interest accrues through the Tolerance period until it reaches 3% when the loan is reclassified DEF -- and then it evaporates/disappears?
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